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▪ Sagicor Group Jamaica Limited’ rating reaffirmed at CariA

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▪ Transjamaican Highway Limited’s rating assigned at CariA-

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▪ Island Car Rentals Limited’s J $2.2 billion debt issue rating reaffirmed at jmBBB+

▪ HMB’s collateralised mortgage obligation’s (CMO 2019-01) rating reaffirmed at CariAA- (SO)

▪ Government of Barbados’ rating reaffirmed at CariBB-

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

▪ PanJam Investment Limited’s rating upgraded to CariA-

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

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

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REGIONAL

Trinidad and Tobago

VAT, tax refunds being posted'

FINANCE MINISTER Colm Imbert is reassuring the business community that

cheques for VAT refunds of up to $250,000 and income tax refunds of up

to $20,000 will be delivered by the Trinidad and Tobago Postal

Corporation (TTPost), as previously announced.

ANSA McAL cancels final 2019 dividend

ANSA McAL's directors have decided not to recommend the payment of

a final dividend for 2019, despite the conglomerate recording after-tax

profit that increased by 7.5 per cent to $776.3 million.

Massy falls $6.80

OVERALL market activity resulted from trading in 16 securities of which four

advanced, nine declined and three traded firm.

$53m for Tobago covid19 fight

The Tobago House of Assembly (THA) has pumped some $53 million into

the fight against the coronavirus (covid19) thus far, Health, Wellness and

Family Development Secretary Tracy Davidson-Celestine has revealed.

Barbados

Money voted to shore up social agencies

Government has approved a $28 million supplementary to ensure the

country, including its most vulnerable citizens, will be in a better position

during the current coronavirus pandemic and the upcoming hurricane

season.

Jamaica

Cut in GCT takes effect today

Effective today, the standard rate of General Consumption Tax (GCT)

payable in respect to taxable goods and services will be 15%.

Jamaica Continued

KingAlarm forgoing profits to pay workers, cut prices

Effective today, KingAlarm will be reducing prices on security guard

services for an initial period of one month.

US providing J$95 million towards Jamaica's COVID-19 fight

The United States Government has committed $95 million or US$700,000 to

mitigate the spread of the COVID-19 outbreak in Jamaica.

Guyana

Eco Atlantic undertakes strict cost-cutting programme in response to oil

price crisis

Given the recent lower oil price environment and current market

conditions resulting from COVID-19 since February 2020, Eco Atlantic

announced that it has undertaken a strict cost-cutting programme across

all aspects of the business, aside from the necessary maintenance of

certain operations.

The Bahamas

$300m Baha Mar Water Park To Complete 2021

Baha Mar’s $300m water-based theme park remains in schedule to be

completed next year despite the COVID-19 enforced construction

suspension, its president revealed yesterday.

Bahamas Faces $2.7bn Tourism Shutdown Loss

The Bahamas stands to lose $2.7bn in tourism revenues if the COVID-19

pandemic shuts down stopover visitors for the rest of 2020, Royal Bank’s

(RBC) former top Caribbean economist is warning.

Pandemic To Expose NIB Delinquents

The COVID-19 pandemic will “expose” Bahamian employers who have

failed to pay National Insurance Board (NIB) contributions on behalf of

their workers, a Cabinet minister warned yesterday.

Cuba

Cuba suspends arrival of international flights to stop coronavirus

Cuba said on Tuesday it was suspending the arrival of international

passenger flights and asking all foreign boats to withdraw from the

Caribbean island’s waters to curb the spread of the new coronavirus.

The Dominican Republic

Word Bank US$150M to meet Dominicans’ needs in crisis

The Dominican Government will use financing for US$150 million, previously

contracted with the Inter-American Bank for Reconstruction and

Development (IBRD) of the World Bank Group, to meet the needs of the

Dominican population affected by coronavirus.

Laid off workers top 118K, grow by the hour: Labour chief

As of noon on Monday, 8,879 companies had laid off 118,375 workers, a

figure that grows by the hour, Labour Minister, Winston Santos, told Diario

Libre.

Central Bank: Dominican economy grew 5% in Jan., Feb.

Central Banker, Héctor Valdez Albizu, on Fri. said the Dominican economy

grew on average 5% in the first two months, as the result of the incidence

of the cessation of activities caused by COVID-19 that have yet to be

measured.

Grenada

Grenada Going into One-Week Lockdown

A 24-hour curfew will go into effect tonight in Grenada, for one week in

the first instance, as government steps up measures to stem the spread of

COVID-19.

St. Vincent and the Grenadines

Gov’t, minibus group reach subsidy deal

The government and the Vincentian Transportation Association (VINTAS)

on Monday announced that they have reached an agreement on an

economic support package in light of the COVID-19 pandemic.

St. Vincent and the Grenadines Continued

PM orders closure of 3 Grenadine ports of entry

St. Vincent and the Grenadines closed at 7 p.m. Friday, until further

notice, its ports of entry in Union Island, Canouan, and Bequia.

AA, Air Canada suspend flights into AIA

American Airlines (AA) is expected to have its last service operating

between Miami International Airport and St. Vincent’s Argyle International

Airport (AIA) next Wednesday, April 1.

COVID-19 Relief Package Announced

With countries across the globe, St. Vincent and the Grenadines being no

except, expected to endure severe economic slowdowns if not

meltdowns, this country’s government has outlined a

Relief/Recovery/Stimulus package to ease the burden of its citizens.

Venezuela

Russian state gave up majority stake in Rosneft in Venezuela deal

The Russian state has cut its holding in oil giant Rosneft to below a majority

stake as part of its deal to buy the group’s Venezuelan assets, announced

over the weekend, a source familiar with the details told Reuters.

Venezuela's oil output falls to five-month low amid sanctions, demand fall

Venezuela’s crude production ended last week at around 670,000 barrels

per day (bpd), according to documents seen by Reuters and two people

with access to output data, the lowest level in five months amid U.S.

sanctions and falling global demand.

U.S. offers to lift Venezuela sanctions for power-sharing deal, shifting policy

The Trump administration on Tuesday offered to begin lifting Venezuela

sanctions if the opposition and members of President Nicolas Maduro’s

Socialist Party form an interim government without him, marking a shift in a

U.S. policy that has failed to end his grip on power.

Other Regional

More than 130,000 Students Across the Caribbean to Benefit from Virtual

Learning Platform

Over 130,000 kindergarten, primary and secondary school students across

the Caribbean will benefit from the Flow Study program FREE of charge

from now through June 15.

Barbuda, Anguilla, Barbados, British Virgin Islands, Cayman Islands,

INTERNATIONAL

United States

U.S. weekly jobless claims seen at record high

The number of Americans filing claims for unemployment benefits likely

shot to a record high for a second week in a row as more jurisdictions

enforced stay-at-home measures to curb the coronavirus pandemic,

which economists say has pushed the economy into recession.

Futures gain as oil tensions ease; jobless data awaited

U.S. stock index futures bounced on Thursday as oil prices recovered on

hopes of a Saudi-Russia deal to cut output, but expectations of another

surge in U.S. jobless claims due to the coronavirus kept investors on edge.

United Kingdom

BlackRock, Schroders suspend UK real estate funds

Investment managers BlackRock (BLK.N) and Schroders (SDR.L) said they

have suspended trading in UK real estate funds aimed at institutional

investors, citing difficulty in getting an accurate price for their assets.

Europe

Norway's wealth fund lost $114 billion in first quarter as stocks crash

Norway’s $930 billion sovereign wealth fund, the world’s largest, lost 1.17

trillion Norwegian crowns ($114 billion) in the first quarter as stock markets

plunged amid the coronavirus outbreak, it said on Thursday.

Europe Continued

Energy stocks prop up European shares after coronavirus-led rout

European shares rose in choppy trading on Thursday, driven by a recovery

in energy stocks on hopes of a truce in the Saudi-Russia oil price war, even

as fears about the coronavirus pandemic lingered ahead of another

expected surge in U.S. jobless claims.

China

China says to ease car buying curbs to boost sales

China’s commerce ministry will relax or remove restrictions on car

purchases in some regions to help sales of new vehicles, while

accelerating plans to boost the scrapping of old ones.

Global

World stocks drift as wary investors expect grim U.S. jobs data

World stocks were mixed on Thursday, as the death toll from coronavirus

rose and economic pain deepened, with another record week of jobless

claims expected in the United States.

Oil ends lower after U.S. crude stockpiles jump, gasoline demand sinks

Oil prices fell on Wednesday after U.S. crude inventories rose last week by

the most since 2016, while gasoline demand suffered its biggest weekly

drop ever due to the coronavirus pandemic.

Dollar maintains gains after weeks of rallying

The dollar firmed on Thursday but paused its strong rally of recent weeks

after the Federal Reserve helped U.S. currency liquidity in financial markets

by making it easier for other central banks to access the greenback.

Russian state gave up majority stake in Rosneft in Venezuela deal Monday 30th March, 2020 - Reuters

The Russian state has cut its holding in oil giant Rosneft to below a majority

stake as part of its deal to buy the group’s Venezuelan assets, announced

over the weekend, a source familiar with the details told Reuters.

That will limit the risk of new U.S. sanctions on Rosneft, which pumps 4.7

million barrels of oil a day, at a time when the United States and Saudi

Arabia are considering joint cuts to oil supply and will not want Moscow

ramping up output, analysts say.

Rosneft, Russia’s largest oil producer, said on Saturday it had sold all its

assets in Venezuela to an unnamed company owned by the Russian

government.

The group said it would receive in return payment worth 9.6% of Rosneft’s

equity capital, which would be held by a subsidiary. It did not say who the

seller of that stake was.

Before the deal, Russia, via state holding company Rosneftegaz, owned

slightly more than 50% of Kremlin-controlled Rosneft’s capital.

The source said Rosneftegaz had reduced its stake in Rosneft by 9.6% as

part of the Venezuela deal, passing the stake to Rosneft as payment for its

Venezuela assets.

“This means that on paper, the state does not have control (over Rosneft)

anymore,” the source said.

Other Rosneft shareholders include BP, which has a 19.75% stake, and the

Qatar Investment Authority (QIA), via QH Oil Investments LLC, which owns

another 18.93%.

BP did not reply to a Reuters request for a comment, while QIA declined

to comment.

Rosneft did not immediately reply to a Reuters request for comment. A

spokesman for the Russian government declined to comment.

RAISING THE STAKES

Neither the government nor Rosneft has said which state entity bought

the Venezuelan assets. The divestment of its interests in Venezuela may

shield the oil company from future sanctions risks.

Washington has long criticized Rosneft for working in the South American

country and trading its barrels.

This year, U.S. sanctions were put on two Swiss-based Rosneft units -

Rosneft Trading and TNK Trading International - that Washington said had

provided Venezuelan President Nicolas Maduro and his state energy

company PDVSA with a lifeline.

“The deal with the Venezuelan assets shows that the Kremlin was

considering a risk of sanctions on Rosneft as high,” Kirill Tremasov, head of

investment research at Loko-Invest bank, said on social media.

“(Fresh) sanctions on Rosneft would quite logically fit into the new oil

market construction when the United States and Saudi Arabia are talking

about jointly cutting production and don’t need Russia to fill Saudi’s place

in the market.”

The State Department did not address a Reuters question on whether

Rosneft was believed to have acted to avoid further sanctions on its units

or the United States’ targeting of the main company.

The Kremlin spokesman Dmitry Peskov declined to comment.

The U.S. Treasury Department has said it will “consider lifting sanctions for

those who take concrete, meaningful, and verifiable actions to support

democratic order in Venezuela”.

“Now it is our right to expect the fulfilment of the promises that were made

publicly by American regulators,” Rosneft said on Saturday.

<< Back to news headlines >>

Venezuela's oil output falls to five-month low amid sanctions, demand fall Monday 30th March, 2020 - Reuters

Venezuela’s crude production ended last week at around 670,000 barrels

per day (bpd), according to documents seen by Reuters and two people

with access to output data, the lowest level in five months amid U.S.

sanctions and falling global demand.

The Orinoco oil belt, Venezuela’s largest producing region, produced an

average of 364,930 bpd so far in March, according to an internal report

by state oil company PDVSA seen by Reuters and dated March 27,

though on Friday projects there produced some 420,340 barrels of extra-

heavy crude.

The region had produced nearly 500,000 bpd in January, according to

private estimates.

Output in the western Zulia region was at 150,000 barrels on Friday, while

Venezuela’s northeast oilfields produced 100,000 barrels after an

explosion at a key pumping station earlier this month left some 40,000 bpd

offline, according to oil workers’ union leader Ivan Freites and a person

with access to the data who spoke on condition of anonymity.

Neither PDVSA nor Venezuela’s oil ministry responded to requests for

comment.

The March figures mark the end of a period of relative stabilization from

November through February, when output remained between 865,000

bpd and 912,000 bpd, according to the country’s reports to OPEC.

Venezuela’s is among the group of OPEC members struggling the most to

cover their public budgets amid very low oil prices caused by a

combination of falling demand due to the coronavirus outbreak and a

price war between the world’s biggest producing nations after a failed

attempt to curb output.

President Nicolas Maduro, who confirmed Venezuela is selling its oil below

production costs, earlier this month called on an alliance between OPEC

and non-OPEC nations to stabilize the market through a new production

agreement.

Besides falling output, PDVSA is again struggling with mounting inventories

of unsold oil as exports dwindle and its portfolio of customers shrinks.

The drop in March came after Washington, seeking to oust Maduro,

sanctioned two units of Russian oil giant Rosneft which had been key

intermediaries for PDVSA crude.

Rosneft on Saturday announced its withdrawal from Venezuelan projects

through a coordinated sale of assets to an undisclosed firm controlled by

the Russian government.

It is yet unknown how that move will affect Rosneft’s projects with PDVSA.

The main joint venture, Petromonagas in the Orinoco belt, produced

79,000 barrels on Friday but was running out of storage space, according

to a PDVSA document.

<< Back to news headlines >>

U.S. offers to lift Venezuela sanctions for power-sharing deal, shifting policy Tuesday 31st March, 2020 - Reuters

The Trump administration on Tuesday offered to begin lifting Venezuela

sanctions if the opposition and members of President Nicolas Maduro’s

Socialist Party form an interim government without him, marking a shift in a

U.S. policy that has failed to end his grip on power.

With the South American nation squeezed by low world oil prices, a

spreading coronavirus pandemic and a U.S. economic pressure

campaign, Washington moved to a more toned-down approach aimed

at promoting fair elections as soon as this year to end the political crisis

there.

Secretary of State Mike Pompeo formally announced the administration’s

power-sharing “Democratic Transition Framework” for Venezuela, which

proposes for the first time a “sequenced exit path” from tough U.S.

sanctions, including on the vital oil sector, if Maduro and his allies

cooperate.

But it will be no easy task to draw Maduro or his associates onto a path of

political reconciliation with opposition leader Juan Guaido, recognized by

the United States and more than 50 other countries as the legitimate

interim president.

Maduro has held onto power despite repeated U.S. efforts to oust him and

shown no willingness to seriously negotiate an end to his rule. As such,

Tuesday’s announcement could be seen as a bid by the administration to

cut its losses and move on.

Under the U.S. proposal, both Maduro and Guaido would step aside and

neither would be part of the transitional government.

The initiative comes less than a week after the U.S. government took a

more confrontational tack, indicting Maduro and more than a dozen

other current and former top Venezuelan officials on charges of “narco-

terrorism,” accusations he dismissed as false and racist.

Maduro’s staying power has become a source of frustration for President

Donald Trump, U.S. officials have said privately. Maduro retains the

backing of the military as well as Russia, China and Cuba.

But the Trump administration hopes an energy dispute between Russia

and Saudi Arabia that has contributed to the plunging price of oil -

Maduro’s main financial lifeline - and the growing coronavirus threat will

help make Maduro and his loyalists more pliable.

“The regime is now under heavier pressure than it has ever been,” U.S.

Special Representative for Venezuela Elliott Abrams told Reuters earlier.

“Maybe this pressure will lead to a serious discussion within the regime.”

The U.S. proposal, which Abrams said was approved by Trump, calls for

the opposition-controlled National Assembly “to elect an inclusive

transitional government acceptable to the major factions.” A council of

state would govern until it oversees elections, which Pompeo said the

United States hoped could be held in six to 12 months.

Though the administration has never wavered in public about its support

for Guaido, he has struggled to muster the street protests of his first few

months as opposition leader. Ordinary Venezuelans, weighed down by

food shortages and hyperinflation, have increasingly expressed

disappointment at his failure to achieve a change of government.

Venezuela’s foreign ministry dismissed the U.S. proposal as “an effort to

win geopolitical advantage in the midst of a frightening global

pandemic.” Abrams, in a conference call with reporters, called the

Venezuelan government’s response “totally predictable.”

QUESTIONS ABOUT MADURO’S FUTURE

In an apparent softening of tone, Abrams told Reuters that while Maduro

would have to step aside, the plan did not call for him to be forced into

exile and even suggested that he “could theoretically run” in the election.

Pompeo insisted that “Nicolas Maduro will never again govern

Venezuela,” but said the administration hoped he would take the U.S.

proposal seriously.

“If the conditions of the framework are met, including the departure of all

foreign security forces,” Pompeo told reporters, “then all remaining U.S.

sanctions would be lifted.”

With experts deeming OPEC member Venezuela among the countries

that could be hardest hit by the coronavirus, Guaido proposed over the

weekend the formation of an emergency government of members across

the political spectrum.

The U.S. plan seeks to build on the effort by Guaido as well as a failed

round of negotiations between the two sides in Barbados last year, which

the Trump administration dismissed at the time.

The proposal represents a significantly less bellicose tone from the

administration’s pronouncements since January of last year, when Guaido

invoked the constitution to assume a rival interim presidency, arguing that

Maduro’s 2018 re-election was a sham. Maduro calls Guaido a U.S.

puppet.

Asked whether the new proposal indicated the United States was backing

away from Guaido, Pompeo said the administration remained “supportive

of the work that the rightful president of the Venezuelan people, Juan

Guaido, is engaged in.”

But the success of the plan, which calls for power-sharing between the

Guaido-led opposition and Socialist lawmakers, would ultimately hinge on

Socialist leaders turning on Maduro, the same strategy that Guaido has

been unable to execute.

Under the proposal, individual sanctions on dozens of Venezuelan

government officials could be lifted as soon as they give up their posts

during the transition.

Broader economic sanctions, including on Venezuela’s oil sector and

state oil company PDVSA, would be removed only after Maduro leaves

office and all Cuban security forces and small Russian contingent are

withdrawn, Abrams said.

“People should hire lawyers and start talking to the Department of

Justice,” he added, saying the proposal would not have a mechanism to

revoke U.S. indictments against Maduro and his loyalists.

<< Back to news headlines >>

Gov’t, minibus group reach subsidy deal Tuesday 31st March, 2020 – iWitness News

The government and the Vincentian Transportation Association (VINTAS)

on Monday announced that they have reached an agreement on an

economic support package in light of the COVID-19 pandemic.

VINTAS is a 200-member group representing the interest of stakeholders in

the land transportation sector.

In a press release on Monday, the group, which was founded in

September 2018, urged omnibus operators and commuters to adhere to

the government’s recommendation to reduce the number of passengers

in omnibuses from 18 to 12 or three passengers per row.

“This measure is temporary and represents the commitment of omnibus

operators to minimize the risks in spreading the COVID-19 virus,” the group

noted.

The group said that at a meeting with the government on Monday, the

government agreed that omnibus operators will be given a stipend for

two months in the first instance beginning in April 2020.

The stipend will be between EC$250 and EC$300 and the registration

process for collection of the stipend and the amount to be collected will

be determined by the Government after further consultation with the

Ministry of Finance, VINTAS said.

Further, gasoline was reduced from EC$12.97 to EC$11.97 per gallon and

the price of diesel was reduced from EC$11.79 to EC$10.79 per gallon,

effective March 23.

Gas and diesel prices are to be further reduced within the next three

weeks, the group said.

The meeting also agreed that all vans will be sanitised by the Ministry of

Health at two designated, centralised locations in Kingstown at least

twice daily.

The details are to be fine-tuned and communicated to the omnibus

operators.

The statement said that omnibus operators who are credit/loan customers

of certain banks and credit unions may also be eligible for a loan

repayment moratorium.

“Omnibus operators are encouraged to contact their banks or credit

unions to clarify what support they may be eligible to receive,” the

statement said.

“VINTAS affirmed that the Association is willing and ready to co-operate

with the Government in implementing measures that would forestall and

prevent the community spread of the pernicious COVID-19 virus,

commonly called the Novel Corona Virus.”

On Monday, Burton Williams, president of VINTAS, told iWitness News that

since its formation, the group has been actively participating, at the

invitation of the government, with the Ministry of Transport and Works on

the revision of the Road Traffic Bill.

“The association has the full support of the minibus owners, drivers and

conductors and is committed to working assiduously to fully represent their

best interest,” Williams said.

<< Back to news headlines >>

PM orders closure of 3 Grenadine ports of entry Friday 27th March, 2020 – iWitness News

St. Vincent and the Grenadines closed at 7 p.m. Friday, until further

notice, its ports of entry in Union Island, Canouan, and Bequia.

Prime Minister and Minister of National Security, Ralph Gonsalves, acting

under the authority of the Cabinet, ordered that all yachts and other

vessels entering the country’s territorial waters clear at one of three ports

on St. Vincent Island.

A press release from the Office of the Prime Minister Friday night said that

the decision was taken after four incidents on Friday, including

“aggressive conduct towards the State authorities” by the captain and

crew of a US-registered vessel.

The statement said that the decision was taken to focus the state’s

resources “on better border security” and was prompted by four

immediate incidents on Friday.

The first incident, the statement said, was the illegal entry into

Cumberland, a port on the west coast of St. Vincent, by a yacht, the

captain of which was advised by the Coast Guard to leave immediately.

The second was “aggressive conduct towards the state authorities by the

captain and crew of an American-registered vessel which failed to clear

Customs and Immigration in a timely manner.

“This vessel was eventually escorted south of the waters of St. Vincent and

the Grenadines by the Coast Guard Service of St. Vincent and the

Grenadines,” the statement said.

The third and fourth incidents, the release said, was the refusal by the

crew and passengers on two vessels berthed in Bequia (one a US-flagged

vessel; the other, Canadian-flagged) to be quarantined consequent

upon their interaction with Customs, Immigration, port security and health

authorities.

“They were thus denied entry. The vessels were then escorted by the

Coast Guard Service out of the waters of St. Vincent and the

Grenadines.”

The statement said that as a consequence of the closure of these three

ports of entry, following upon an earlier closure of the Chateaubelair port

of entry, all yachts are required to enter at one of three ports on St.

Vincent, namely Kingstown, Blue Lagoon, and Wallilabou.

“The government of St. Vincent and the Grenadines urges all owners,

operators, crew, and passengers of yachts to cooperate with the State

authorities. If there is any attempt to circumvent the integrity and laws of

St. Vincent and the Grenadines, especially at the time of Covid-19, the

government will take further action promptly,” the statement said.

It continued: “The government of St. Vincent and the Grenadines is

determined to protect the people of St. Vincent and the Grenadines in

every material particular. The government and people of St. Vincent and

the Grenadines expect reasonableness and cooperation from those

engaged in yachting; if they do not, the government will respond

appropriately and firmly.”

<< Back to news headlines >>

AA, Air Canada suspend flights into AIA Friday 27th March, 2020 – The Vincentian

American Airlines (AA) is expected to have its last service operating

between Miami International Airport and St. Vincent’s Argyle International

Airport (AIA) next Wednesday, April 1.

This follows Air Canada’s previous announcement that it will temporarily

suspend flights to the AIA as of yesterday, Thursday 26th March.

Both airlines have taken this action as a result of the COVID-19 pandemic

and the extent to which air transport has been affected across the globe.

Air Canada, though, says that it will suspend flights to St Vincent and the

Grenadines for at least one month, but has set May 4 as a possible date

for resumption.

There has been no similar indication from American Airlines.

Regional carrier LIAT has said it is continuing to fly across the region, but

has reduced its flight schedule by 40%. The reduced schedule is in

response to the decline in travel as well as travel restrictions and border

closures imposed by governments of destinations into which LIAT

operates, the airline stated.

According to the Tourism Authority, in a statement on Wednesday, "The

situation is evolving rapidly, and non-residents of the United States

currently booked to travel are advised to contact their travel agent or

airline contact to make the necessary changes to their ticket as they may

not be allowed to board.”

As of Monday, March 23, all travellers arriving to SVG from the following

countries are now required to quarantine for 14 days: Iran, China, South

Korea, Italy, United States of America, United Kingdom and European

Union Member Countries.

All persons with a travel history including countries not listed will only be

allowed into SVG, once no symptoms of COVID-19 are exhibited. In

addition, upon entering the country, all persons will be issued a card with

the COVID-19 hotline number and indicating that they are required by

law to report any symptom, which may develop after entry and during

their stay.

The Prime Minister also announced that he has given permission to hire

between 20 and 25 additional Vincentian nurses to strengthen

surveillance, maintenance and management of COVID 19 especially at

airports and other ports of entry.

<< Back to news headlines >>

COVID-19 Relief Package Announced Friday 27th March, 2020 – The Vincentian

With countries across the globe, St. Vincent and the Grenadines being no

except, expected to endure severe economic slowdowns if not

meltdowns, this country’s government has outlined a

Relief/Recovery/Stimulus package to ease the burden of its citizens.

The measures were announced by Prime Minister Dr Ralph Gonsalves in a

nearly hour-long address last Wednesday (March 25) evening.

The estimated cost of the package is put at EC$74.05 million.

Sources of this revenue include The World Bank, International Monetary

Fund, United Arab Emirates, the East Caribbean Central Bank and the

Contingency Fund of the Government of St. Vincent and the Grenadines.

Support will also come from local entities to include National Insurance

Services, SVG Port Authority, Agricultural Input Warehouse and the East

Caribbean Group of Companies.

"The Arrowroot Association, Central Water and Sewerage Authority,

VINLEC, Telecom Companies, the Private Sector, workers and trade

unions, farmers, fisherfolk, all state employees, and all Vincentians, are

expected to play significant roles in our economic recovery,” the Prime

Minister indicated.

Banks, etc

Among the measures the Prime Minister listed, was an agreement that will

see commercial banks, credit unions and other financial

institutions deferring the payment of principal and interest on home

mortgages, business loans, personal and consumer loans, and credit

cards.

"All these financial institutions will further arrange specific customised

packages of financing/refinancing for their clients,” Dr. Gonsalves said.

Utilities

Utility companies - VINLEC and the Central Water and Sewerage Authority

(CWSA) - will not disconnect any customer who is currently not in arrears

not more than two months, for a three-month period starting now. Any

indebtedness on those bills following this period will be settled as per an

agreed incremental basis over a period of two years, the Prime Minister

continued.

Any customer who has been in arrears and is currently disconnected, will

not be required to pay the reconnection fee either to VINLEC or CWSA.

Both companies have also agreed to waive the reconnection fee

effected within the next three months, as of March 25.

Additionally, there will be a waiver of duty and VAT on electricity for

domestic, hotels and guest house consumers beginning March 20 until

June 30.

Telecommunications companies are being asked to provide appropriate

relief for hotels and business consumers on the delivery of the range of

telecoms services.

NIS support

The National Insurance Services (NIS) is expected to provide a pre-

payment of up to two months pension benefits to all categories of

pensioners, to facilitate upfront costs of pensioners at this time.

The NIS was also expected to provide EC$1.25 million in the form of

temporary unemployment relief across economic sectors for active

employee registrants.

A further EC$5 million has been set aside as benefits for persons not on

public assistance or in receipt of a pension until December 31.

This is expected to provide support for displaced workers in the hotel and

tourism sector, including cruise buses and taxi operators.

Commerce

It is expected that the St Vincent and the Grenadines Port Authority will

engage the business community in respect of granting a measure of relief

in respect of certain port charges, with effect from April 2020. This relief is

expected to be reflected in prices to consumers.

Notwithstanding the above, VAT will be removed on the following items:

bleach, disinfectants, liquid hand soaps, hand sanitizers, rubbing alcohol,

oral rehydration salts, acetaminophen, hydrogen peroxide, glycerine,

soap dispensers, bath soap, toilet paper and paper towels.

Tax ease

The Prime Minister also announced that the Department of Inland

Revenue will grant extensions of deadlines for citizens to file their personal

income tax returns, payment of motor vehicle licences in respect of

vehicles ending with the last digit ‘3’, and for payment by persons paying

second half-year licences for motor vehicles with last digit ‘9’.

The extension will also be offered to second quarter 2020 liquor licences.

"These deadlines range between 3 – 4 weeks,” Gonsalves said in his

address to the nation on March 25.

The Christmas Barrel Programme of reduced duty will be applied from

May 01 to August 31.

Departure tax for all holders of CARICOM passport, has been reduced by

half to US $20 "to facilitate regional travel,” Dr. Gonsalves said, adding

that LIAT is expected to benefit in part from an Assistance Plan to be

offered by the Caribbean Development Bank.

<< Back to news headlines >>

Grenada Going into One-Week Lockdown Monday 30th March, 2020 – Caribbean 360

A 24-hour curfew will go into effect tonight in Grenada, for one week in

the first instance, as government steps up measures to stem the spread of

COVID-19.

From 7 p.m. today until 7 p.m. on April 6, residents will have to stay at

home and will only be allowed to leave to buy food on specific days, or

for emergency medical care.

Health Minister Nickolas Steele, who made the announcement in an

address last night, said the government had to escalate action since

some residents were not adhering to the social distancing protocol.

Grenada currently has nine cases of COVID-19.

During the one-week period of the curfew, “every person shall remain

confined to their place of residence (inclusive of their yard space), to

avoid contact outside of their household, except as provided in the

Regulations or as may be authorized in writing by the Commissioner of

Police”, he said.

“This means that you are not permitted to go to the beach, go for a walk

or visit your neighbour. You are only to leave for food or medical

emergency, and grocery stores and shops will be open, but only on

specified days.”

Under the new measure, grocery shops will be open from 8 a.m. to noon

on days specified by the Commissioner of Police, and only one person

from each household will be allowed to leave their residence once during

a grocery day to buy groceries in their own parish. If a bus is used to

transport people for that purpose, it can only carry one person per row of

seats; and if a car is used, only one person other than the driver is allowed.

Hired vehicles will not be allowed.

There will be no sale or consumption of alcohol in or in the vicinity of any

shop, grocery store, or supermarket or in any public place

Suppliers who are approved by the Commissioner of Police will be

allowed to work to supply shops which sell groceries, grocery stores on the

days that those shops, grocery stores and supermarkets are open in

accordance to permission given by the Commissioner of Police.

A limited state of emergency was declared last week but the Health

Minister said that despite pleas to residents to stay indoors and observe

social distancing, “many have ignored us”.

“What is more alarming, they have ignored the medical experts, and they

have seemingly blocked out the gruesome images of the impacts of this

virus that they have seen around the world. Those images alone should

have been enough to show you how very dire the situation is, and that we

are not to take the chances that many of you continue to take,” Steele

said.

“Every time you venture outside of your house, you put yourself and others

at risk. Every time you leave your house, you are in danger of getting

infected or killed. Every time you break or ignore guidelines to quarantine

when you have been exposed, you are potentially taking the life of one

of our citizens. Maybe you are prepared to take the gamble, but

unfortunately, it’s not only to your detriment. You are endangering the

lives of each of us.”

Minister Steele said the new curfew will give medical authorities the

necessary mechanisms to contain the very real possibility of a community

spread of COVID-19, and also ensure that there is proper maintenance of

supplies and services.

The other measures announced include the closure of all businesses,

including restaurants and gas stations.

Hotels can remain open, but not their amenities, except takeaway from

restaurants or room service. Where a hotel remains open, the staff must

remain on the premises for the duration of the one-week curfew period.

Hotel employers have been told they have to bear the costs of the board

and lodging of such staff members.

“I am confident that where if we all do our part, for the next seven days, in

the first instance, we will see the COVID-19 tide changing in our tri-island

state,” Minister Steele said.

<< Back to news headlines >>

Word Bank US$150M to meet Dominicans’ needs in crisis Monday 30th March, 2020 – Dominican Today

The Dominican Government will use financing for US$150 million, previously

contracted with the Inter-American Bank for Reconstruction and

Development (IBRD) of the World Bank Group, to meet the needs of the

Dominican population affected by coronavirus.

After the declaration of the State of National Emergency on March 19,

2020, the Finance Ministry, in coordination with the Ministry of Economy as

coordinator with the World Bank, decided to request the first disbursement

of the Disaster Risk Management Policy Development Loan with the

Deferred Disaster Disbursement Option (CAT-DDO), which functions as a

contingent credit line of up to US$$150 million to provide “timely liquidity

to the Dominican State to respond to emergency situations such as the

one the country is in today.”

“The resources received will be freely available to support the budget of

the Central Government,” the Finance Ministry said.

<< Back to news headlines >>

Laid off workers top 118K, grow by the hour: Labour chief Monday 30th March, 2020 – Dominican Today

As of noon on Monday, 8,879 companies had laid off 118,375 workers, a

figure that grows by the hour, Labour Minister, Winston Santos, told Diario

Libre.

He said there are more and more notices of suspensions and that, just

between 8am Monday until noon, more than 10,000 new workers got the

pink slip. “In the early hours of Monday, 107,831 workers affected by the

suspensions of 8,056 companies were registered.”

The head of Labour office added that he fears the situation will continue.

“The temporary deletions of contracts that were registered at the noon

cut already represent 5% of the number of people working in the formal

sector of the economy, which amounted to 2,299,153 people by the end

of 2019.”

<< Back to news headlines >>

Central Bank: Dominican economy grew 5% in Jan., Feb. Friday 27th March, 2020 – Dominican Today

Central Banker, Héctor Valdez Albizu, on Fri. said the Dominican economy

grew on average 5% in the first two months, as the result of the incidence

of the cessation of activities caused by COVID-19 that have yet to be

measured.

The official said the GDP grew 5 3% in February but acknowledged that

there will be difficulties in maintaining that pace in the face of the

challenges posed by the coronavirus and its effects on the economy.

“There will be difficulties in continuing to maintain that growth and it will

probably drop significantly, but we can solve it due to the economic

fundamentals we have in the medium term,” the official said in a press

conference.

<< Back to news headlines >>

Cuba suspends arrival of international flights to stop coronavirus Tuesday 31st March, 2020 - Reuters

Cuba said on Tuesday it was suspending the arrival of international

passenger flights and asking all foreign boats to withdraw from the

Caribbean island’s waters to curb the spread of the new coronavirus.

Cuba, which has confirmed 186 cases of the fast-spreading disease,

partially closed its borders last week, banning the arrival of foreign tourists

and the departure of Cubans.

But Cubans and foreigners with Cuban residency continued to return on a

dwindling number of flights, although they were required to spend two

weeks in quarantine at state isolation centres. The new measures appear

to close that door.

“We need to eliminate the arrival of passengers who continue to pose a

risk to people’s health,” state television showed Prime Minister Manuel

Marrero saying during a high-level crisis response meeting.

Marrero clarified that Cuba would remain open for commerce and

donations.

Cuba first reported cases of the new coronavirus three weeks ago in a

group of Italian tourists and has since reported six deaths from the disease.

Nearly 3,000 people it suspects could have it are being monitored in state

isolation facilities. Authorities have carried out 2,322 tests.

<< Back to news headlines >>

Cut in GCT takes effect today Wednesday 1st April, 2020 – Jamaica Gleaner

Effective today, the standard rate of General Consumption Tax (GCT)

payable in respect to taxable goods and services will be 15%.

This is a reduction from the previous rate of 16.5%.

The new GCT rate of 15% was published in the Jamaica Gazette on

March 30.

<< Back to news headlines >>

KingAlarm forgoing profits to pay workers, cut prices Wednesday 1st April, 2020 – Jamaica Gleaner

Effective today, KingAlarm will be reducing prices on security guard

services for an initial period of one month.

Additionally, KingAlarm Managing Director, John P. Azar, indicated that

for the month of April, the company would be foregoing all profits on

guarding services and operating "at flat cost" with all monies being

charged going directly to pay its security officers, mobile supervisors and

other administrative charges.

The company employs more than 3,000 security professionals.

"While this gesture will be at a significant cost to us, now more than ever,

we realise that this should not be about profiteering in a time of crisis, but

for each person who can help to do so in whatever way they can with the

greater good of the nation and all Jamaicans in mind," said Azar in a

media release.

He called for other businesses that could afford to reduce prices of

certain essential goods and services "to have the social conscience to do

so in solidarity with the Jamaican people all of whom are being

negatively affected by the COVID-19 coronavirus."

"In these scary and uncertain times, it is critical that we band together as

a society and fully appreciate that we are truly stronger together than we

are individually."

KingAlarm will also be offering special security packages to doctors and

nurses as a gesture of gratitude for their service to the country during the

COVID crisis.

"These individuals work on the frontlines to safeguard the lives of others

and keep our society functional. It is important that they feel our love and

appreciation as a society in any way possible," Azar said.

Azar is also hoping that other companies across other sectors will follow

suit in offering special discounts "to the everyday heroes within the

essential services and really make them understand just how deeply we

appreciate their efforts."

<< Back to news headlines >>

US providing J$95 million towards Jamaica's COVID-19 fight Wednesday 1st April, 2020 – Jamaica Gleaner

The United States Government has committed $95 million or US$700,000 to

mitigate the spread of the COVID-19 outbreak in Jamaica.

These funds will go directly toward the country’s emergency response.

The US Agency for International Development (USAID) intends to provide

these funds to meet the COVID-19 response needs of the Government.

The US, via USAID, is coordinating with the Government, international

humanitarian partners, and other stakeholders to identify priority areas for

investment.

“To date, the Government of Jamaica has done a commendable job at

addressing the spread of COVID-19 in country. These funds will directly

support emergency response activities that are vital for helping to

#flattenthecurve here in Jamaica,” said US Ambassador to Jamaica,

Donald Tapia.

With these emergency response resources, USAID will seek opportunities to

support:

● Case management to strengthen clinical care while minimising the risk

of onwards transmission to others.

● Infection prevention and control in health-care facilities.

● Laboratory strengthening to prepare laboratory systems for large-scale

testing of COVID-19.

● Communications to help educate people on steps they can take to

prevent and respond to the spread of the virus through country-specific

media campaigns.

● Surveillance and rapid response to enhance with case-finding and

event-based surveillance for COVID-19.

<< Back to news headlines >>

Money voted to shore up social agencies Thursday 2nd April, 2020 – Barbados Today

Government has approved a $28 million supplementary to ensure the

country, including its most vulnerable citizens, will be in a better position

during the current coronavirus pandemic and the upcoming hurricane

season.

The action was taken during an emergency meeting of Parliament this

morning.

Speaking before the Standing Finance Committee on the Supplementary

Estimates No. 1, Minister in the Ministry of Finance Ryan Straughn explained

that $10 million would be allocated to the Prime Minister’s Office for the

purpose of the Household Survivor Programme; $8.5 million would go to

Government’s Procurement Department and $10 million to the Welfare

Department.

“It is unusual, certainly, for the House to meet on the first day of any

financial year to introduce supplementaries…but we are meeting here on

April 1. It is not an April Fool’s joke by any stretch of the imagination, and

we are doing so because of the very serious impact with respect to

COVID-19 not just globally but certainly on the Barbados economy,”

Straughn explained.

“The Chamber is here this morning to bring to reality the start of a number

of relief programmes with respect to cash transfers to certain vulnerable

households across the country in Barbados and therefore we are here this

morning to do that in a very serious way.”

He maintained that Government was working towards controlling the

spread of COVID-19 on the island so that “the broader economic fallout”

would be kept to a minimum.

Straughn said the Household Survivor Programme was extremely crucial at

this time as it would assist those families hardest hit by the pandemic.

“It is critically important at this time that we allow ordinary Barbadians and

their households who are truly, truly vulnerable in an environment that is

particularly uncertain, that this $10 million under the programme will, for

the most part, go to the most vulnerable families across this land to

provide grants of $600 per month to allow families to be capable of going

to the supermarket, the minimart, the village shop, to be able to procure

basic items for their families to be capable of surviving,” the Minister

explained.

Straughn said the programme would be closely monitored to determine if

more money should be allocated at a later date.

But Opposition Leader Reverend Joseph Atherley questioned why the

money was going to the Prime Minister’s Office instead of to one of the

many agencies capable of doing the job.

He also enquired as to how those vulnerable families would be selected.

In response, Straughn explained the Office of the Prime Minister had taken

the lead as a much more coordinated response was needed.

“The Prime Minister is very, very clear about what is required to be done to

support all families right now in the country, therefore this particular

programme is intended to be a temporary programme just to deal

specifically with COVID-19 over and above those families that would

normally engage the suite of social services in the country,” he noted.

Straughn said the money being requested for the Procurement

Department was to ensure Government would be able to purchase

enough additional food supplies, especially with the hurricane season

approaching.

“This is to allow Government to acquire stores of foodstuff to be capable

of delivering, as required, for the next few months. We’re also very

conscious we are approaching the hurricane season and therefore while

we hope this is a very short disruption with respect to the impact of

COVID-19 on the global logistics supply, we are ensuring the Government

will be capable of ensuring there is a stock of food on island, separate

and distinct from what is in the normal distribution network, so that if there

is to be any specific disruption we would have critical stores of food,” the

Minister said.

Straughn further explained that the Welfare Department was being

“topped up” due to an increase in grants being disbursed.

He said it meant the finances to the department would be increased by

40 per cent.

Straughn revealed that over the weekend the Ministry of People

Empowerment had delivered care packages to hundreds of families

across the country.

<< Back to news headlines >>

World stocks drift as wary investors expect grim U.S. jobs data Thursday 2nd April, 2020 – Reuters

World stocks were mixed on Thursday, as the death toll from coronavirus

rose and economic pain deepened, with another record week of jobless

claims expected in the United States.

Investors sought the safety of the U.S. dollar, which hung on to recent

gains. Oil futures surged after U.S. President Donald Trump said he

expected Saudi Arabia and Russia to reach a deal soon to end their oil

price war.

In Japan, the Nikkei index ended down 1.37%, taking its losses to 25% so

far this year. European stocks made tentative gains, with the pan-

European STOXX 600 gaining 0.5%. Wall Street futures added 1.8% after

plunging overnight.

“U.S. jobless claims are expected to surge again, and in this environment

we cannot talk about a recovery in equities in the short term. The best you

can hope for is stabilisation in the current environment,” said Francois

Savary, chief investment officer at Swiss wealth manager Prime Partners.

In Europe, oil and gas stocks gained, with Royal Dutch Shell, Total SA and

BP jumping 4% to 9.0%, thanks to the rise in oil prices.

Brent crude futures rose 11.0%, or $2.72, to $27.46. U.S. West Texas

Intermediate (WTI) crude futures increased 10.14% or $2.08, at $22.39.

Trump said he had talked recently with the leaders of both Russia and

Saudi Arabia and believed the two countries would make a deal within a

“few days” to lower production and thereby bring prices back up.

Shares in British Airways owner IAG added 3.0% after a person familiar with

the matter said British Airways was in talks with its union about a plan to

suspend around 32,000 staff so it can survive the coronavirus pandemic.

Euro zone government bond yields rose as investors cautiously moved

back into riskier assets. The 10-year German government bond yield rose 4

basis points to -0.426%, pulling away from the lows of -0.55% touched on

Monday.

The yield on safe-haven 10-year U.S. Treasuries - which falls when prices

rise - fell as far as 0.5680%.

“There had been fears about the bond market blowing up, but for the

time being there’s a return to normal correlation in the market, so we

don’t see a vicious cycle where bonds bring down equities and equities

brings down bonds,” said Savary.

U.S. labour market data is likely to provide the next test of market

sentiment and of the pain in the world’s largest economy.

Initial claims for jobless benefits last week probably broke the previous

week’s record of 3.3 million, with 3.5 million expected, according to a

Reuters survey of economists.

Goldman Sachs said on Thursday it expected the U.S. jobless claims to

jump to a record 6 million for March 22-28.

“Jobless claims will be the timeliest hard data point for assessing the depth

of the recession and catching the start of the recovery,” Goldman Sachs

economists wrote in a note to clients.

DIFFICULT DAYS

China and South Korea have shown signs of controlling the virus, reporting

falling numbers of new cases, but progress remains fragile and infections

are soaring globally.

The World Health Organization said the global case count would reach 1

million and the death toll 50,000 in the next few days. It currently stands at

46,906.

Trump, who had initially played down the outbreak, told reporters at the

White House on Wednesday that he is considering a plan to halt flights to

coronavirus hot zones in the United States.

In currency markets, the dollar index against a basket of six major

currencies stood flat at 99.625 after a gain of 0.53% overnight. The euro

traded down 0.3% at $1.0934 as the dollar advanced.

Sterling reached a three-week high versus the euro and gained against

the dollar on Thursday. It was last up 0.9% versus the euro at 87.81 pence

per euro, its highest since March 11.

The Hungarian forint gained after the central bank used what analysts

labelled an “implicit rate hike” to halt the slide of central Europe’s worst-

performing currency.

Spot gold fell 0.1% to $1,589.71 per ounce.

<< Back to news headlines >>

Oil ends lower after U.S. crude stockpiles jump, gasoline demand sinks Thursday 2nd April, 2020 – Reuters

Oil prices fell on Wednesday after U.S. crude inventories rose last week by

the most since 2016, while gasoline demand suffered its biggest weekly

drop ever due to the coronavirus pandemic.

Crude inventories USOILC=ECI rose by 13.8 million barrels last week, the

U.S. Energy Information Administration said. That was the biggest one-

week rise since 2016, and analysts expect similar data in coming weeks, as

refineries curb output further and gasoline demand continues to decline.

West Texas Intermediate (WTI) crude CLc1 fell 17 cents to settle at $20.31 a

barrel, after hitting a low at $19.90.

June Brent crude LCOc1 fell $1.61 , or 6.1%, to $24.74 a barrel. The global

benchmark fell to $21.65 on Monday, its lowest since 2002, when the now-

expired May contract was the front month.

The market has slumped on the sharp fall in demand because of the

coronavirus pandemic and rising output from Saudi Arabia and Russia

after a supply pact collapsed last month. Brent crude fell 66% in the first

three months of 2020, its biggest ever quarterly loss. Saudi Arabia’s

production rose to more than 12 million bpd in the most recent months,

according to sources.

“The likelihood of distressed cargoes, increased freight rates, force

majeures, strains on storage capacity, VLCC availability will be combining

in placing additional downside pressures on petroleum prices,” Jim

Ritterbusch, president of Ritterbusch and Associates, said in a report.

Russian President Vladimir Putin called on Wednesday for global oil

producers and consumers to address “challenging” oil markets while U.S.

President Donald Trump complained that oil cheaper “than water” was

hurting the industry.

Trump invited several energy industry executives, including the chief

executives of Exxon Mobil and Chevron Corp, to a meeting on Friday to

discuss aid for the industry, including possible tariffs on oil imports from

Saudi Arabia, an administration source confirmed.

News of those efforts has intermittently bolstered futures prices, but

physical grades of crude are deteriorating, as refiners and shippers

confront the coming wave of supply and freeze-up in demand. Gasoline

demand fell by the most ever in one week, with products supplied, a

proxy for demand, dropping by 2.2 million barrels per day to 6.7 million

bpd. That augurs for more refining cutbacks down the road.

“Demand is a disaster,” said Bob Yawger, director of energy futures at

Mizuho in New York. “That’s the whole problem here. It’s horrible.”

The bearish mood has been fueled by a rift within the Organization of the

Petroleum Exporting Countries (OPEC). Saudi Arabia and other OPEC

members have been unable to agree to a technical meeting in April to

discuss sliding prices.

An OPEC-led supply deal fell apart on March 6 when Russia refused to cut

output further. Saudi Arabia has already begun to boost output, a Reuters

OPEC survey showed on Tuesday, and is expected to pump more in April.

[OPEC/O]

“It is very unlikely that OPEC, with or without Russia or the United States, will

agree a sufficient volumetric solution to offset oil demand losses,” BNP

Paribas analyst Harry Tchilinguirian said in a report on Tuesday.

<< Back to news headlines >>

Dollar maintains gains after weeks of rallying Thursday 2nd April, 2020 – Reuters

The dollar firmed on Thursday but paused its strong rally of recent weeks

after the Federal Reserve helped U.S. currency liquidity in financial markets

by making it easier for other central banks to access the greenback.

Markets have been spooked since U.S. President Donald Trump’s warning

on Tuesday of a painful two weeks ahead in fighting the coronavirus,

even with strict social distancing measures.

The United States now has over 200,000 confirmed COVID-19 cases - the

most worldwide - which has sent investors flocking to safe-haven assets

such as the U.S. dollar.

Still, analysts do not expect the dollar rally of recent weeks to continue

further, following the Federal Reserve measures in March, when it

established dollar swap lines with other central banks and let them enter

repurchase agreements.

The cost to borrow dollars in the euro and yen funding markets fell

considerably after the Fed liquidity injections, with three-month FX swap

spreads snapping back from 2008 global financial crisis levels last month.

Costs blew out in mid-March as stress in the dollar funding market caused

by the coronavirus pandemic led to a global scramble to secure dollar

funds. EURCBS3M=ICAP JPYCBS3M=ICAP

“Flow-wise this must mean a preference out there to receive dollar Libor,

which translates into a bias to lend dollars,” said Padhraic Garvey,

regional head of research at ING.

The euro traded down 0.3% at $1.0934 as the dollar advanced. EUR=EBS

The greenback also rose against the Japanese yen, trading last up 0.2% at

107.38 yen JPY=EBS, though the Japanese currency protected well its

safe-haven status this week, advancing against its U.S. counterpart.

The Fed’s efforts to improve dollar liquidity have turned out to be

beneficial for other currencies too, such as the Norwegian crown, which

advanced further on Thursday to hit a three-week high of 11.1820 against

the euro. It was last trading up 2% at 11.24 EURNOK=D3

“The Norwegian crown is the least liquid currency in the G10 space so

when a crisis hits, it gets hammered. So the improvement in dollar funding

has already started manifesting itself in the crown, which has rallied

sharply so far this week,” said Petr Krpata, chief EMEA FX and IR strategist

at ING.

On top of that, “the crown is the cheapest currency in the G10 space”, so

is appealing, he said.

To combat the economic slowdown inflicted by the pandemic, the Fed

said on Wednesday it was temporarily easing its leverage rules for large

banks by exempting certain investments from a key leverage calculation.

<< Back to news headlines >>

BlackRock, Schroders suspend UK real estate funds Thursday 2nd April, 2020 – Reuters

Investment managers BlackRock (BLK.N) and Schroders (SDR.L) said they

have suspended trading in UK real estate funds aimed at institutional

investors, citing difficulty in getting an accurate price for their assets.

The suspensions of funds with quarterly or monthly redemptions follows the

freezing last month of several funds aimed at retail investors, which allow

people to get their money out daily.

<< Back to news headlines >>

U.S. weekly jobless claims seen at record high Thursday 2nd April, 2020 – Reuters

The number of Americans filing claims for unemployment benefits likely

shot to a record high for a second week in a row as more jurisdictions

enforced stay-at-home measures to curb the coronavirus pandemic,

which economists say has pushed the economy into recession.

Thursday’s weekly jobless claims report from the Labor Department, the

most timely data on the economy’s health, is expected to show that

claims blew past the previous week’s record 3.3 million. It will likely

reinforce economists’ views that the longest employment boom in U.S.

history probably ended in March.

More than 80% of Americans are under some form of lockdown, up from

less than 50% a couple of weeks ago, leaving state employment offices

overwhelmed by an avalanche of applications.

The United States has the highest number of confirmed cases of COVID-

19, the respiratory illness caused by the virus, with nearly 188,000 people

infected. Almost 4,000 people in the country have died from the illness,

according to a Reuters tally.

“The U.S. labor market is in free-fall,” said Gregory Daco, chief U.S.

economist at Oxford Economics in New York. “The prospect of more

stringent lockdown measures and the fact that many states have not yet

been able to process the full amount of jobless claim applications suggest

the worst is still to come.”

Initial claims for state unemployment benefits probably raced to a

seasonally adjusted 3.50 million for the week ended March 28, according

to a Reuters survey of economists. Estimates in the survey were as high as

5.25 million.

Claims data for the week ended March 21 is likely to be revised higher as

many state employment offices reported challenges processing

applications. Applications for unemployment benefits peaked at 665,000

during the 2007-2009 recession, during which 8.7 million jobs were lost.

Economists say the country should brace for jobless claims to continue

escalating, partly citing generous provisions of a historic $2.2 trillion fiscal

package signed by President Donald Trump last Friday and the federal

government’s easing of requirements for workers to seek benefits.

As a result, self-employed and gig-workers who previously were unable to

claim unemployment benefits are now eligible. In addition, the

unemployed will get up to $600 per week for up to four months, which is

equivalent to $15 per hour for a 40-hour workweek. By comparison, the

government-mandated minimum wage is about $7.25 per hour and the

average jobless benefits payment was roughly $385 per person per month

at the start of this year.

“Why work when one is better off not working financially and health

wise?” said a Sung Won Sohn, a business economics professor at Loyola

Marymount University in Los Angeles.

WAVE OF LAYOFFS

Bank of America Securities said based on its tracking of reports from states

and its own data models, it was forecasting claims in excess of 5.50 million

for last week.

“Based on our read, 22 states are expecting approximately 2.5 million

unemployment insurance claims, up from the prior week’s official

nonseasonally adjusted figures of 1.4 million,” said Joseph Song, a U.S.

economist at Bank of America Securities in New York.

“Meanwhile, several other states have given general guidance that

claims will be higher in the upcoming report. A rough back-of-the-

envelope calculation extrapolating out to all 50 states would imply close

to 5.6 million new applications.”

Last week’s claims data has no bearing on the closely watched

employment report for March, which is scheduled for release on Friday.

For the latter, the government surveyed businesses and households in the

middle of the month, when just a handful of states were enforcing “stay-

at-home” or “shelter-in-place” orders.

It is, however, a preview of the carnage that awaits. Retailers, including

Macy’s (M.N), Kohl’s Corp (KSS.N) and Gap Inc (GPS.N), said on Monday

they would furlough tens of thousands of employees, as they prepare to

keep stores shut for longer.

According to a Reuters survey of economists, the government report on

Friday is likely to show nonfarm payrolls dropped by 100,000 jobs last

month after a robust increase of 273,000 in February. The unemployment

rate is forecast to rise three-tenths of a percentage point to 3.8% in March.

“A rough look at the most affected industries suggests a potential payroll

job loss of over 16 million jobs,” said David Kelly, chief global strategist at

JPMorgan Funds in New York. “The loss would be enough to boost the

unemployment rate from roughly 3.5% to 12.5%, which would be its highest

rate since the Great Depression.”

<< Back to news headlines >>

Futures gain as oil tensions ease; jobless data awaited Thursday 2nd April, 2020 – Reuters

U.S. stock index futures bounced on Thursday as oil prices recovered on

hopes of a Saudi-Russia deal to cut output, but expectations of another

surge in U.S. jobless claims due to the coronavirus kept investors on edge.

Exxon Mobil Corp (XOM.N) and Chevron Corp (CVX.N) jumped more than

5% in premarket trading, as crude prices surged after U.S. President

Donald Trump said he expected the oil titans to reach an agreement to

cope with plunging demand. [O/R]

Wall Street fell 4% on Wednesday, with the Dow .DJI and S&P 500 .SPX

deepening losses from their worst quarter in a decade, as more U.S.

companies cut production and withdrew financial forecasts, raising the

risk of corporate defaults.

Boeing Co (BA.N), once a symbol of U.S. industrial strength, said on

Thursday it would offer buyout and early retirement packages to

employees in the face of a near collapse in global travel demand. Its

shares rose 3% before the bell. [L1N2BQ07O]

“Until investors are able to put a price on the final cost of the economic

impact from the virus pandemic, any predictions of where the bottom is

for stocks will be deemed premature,” said Raffi Boyadjian, senior

investment analyst at XM in Cyprus.

At 7:50 a.m. ET, Dow e-minis 1YMcv1 were up 401 points, or 1.93%. S&P 500

e-minis EScv1 were up 46 points, or 1.88% and Nasdaq 100 e-minis NQcv1

were up 118.25 points, or 1.59%.

The S&P 500 has lost about $8 trillion in market value since a mid-February

record high as the outbreak spread deeper in the United States and

Trump warned of more economic pain in the next two weeks as efforts to

contain the virus crush business activity.

Initial claims for state unemployment benefits are likely to have shot up to

a seasonally adjusted 3.5 million for the week ended March 28, racing

ahead of the previous week’s record 3.3 million figure. Some estimates

range as high as 5.25 million.

“Another record in initial jobless claims could raise questions as to what

other measures officials could adopt,” said Charalambos Pissouros, senior

market analyst at JFD Group.

“The Fed was never in favor of the ‘negative rates regime’, but it remains

to be seen whether the damages caused by the virus outbreak will force

them to make an exception.”

Across the Atlantic, British Airways (ICAG.L) jumped 3% after reports it was

in talks with its union about a plan to suspend around 32,000 staff, marking

one of the industry’s most dramatic moves yet to survive the coronavirus

impact.

Delta Airlines DAL.O, United Airlines Holding (UAL.O) and American Airlines

(AAL.O), among the most battered U.S. stocks this year, rose about

5%.Southwest Airlines Co (LUV.N) jumped 3% as it said it intended to file an

application with the U.S. Treasury department for aid related to the

disruption caused by the health crisis.

<< Back to news headlines >>

Norway's wealth fund lost $114 billion in first quarter as stocks crash Thursday 2nd April, 2020 – Reuters

Norway’s $930 billion sovereign wealth fund, the world’s largest, lost 1.17

trillion Norwegian crowns ($114 billion) in the first quarter as stock markets

plunged amid the coronavirus outbreak, it said on Thursday.

The loss for the full quarter was slightly smaller than the 1.33 trillion crowns

the fund reported it had lost year-to-date on March 26.

The overall return in the first quarter was minus 14.6% compared with minus

16.2% reported year-to-date on March 26.

The fund funnels the revenues from Norway’s oil and gas production into

stocks, bonds and unlisted real estate abroad.

BUYING EQUITIES?

Last week, the fund said the share of equities in its overall portfolio was

65.3%, compared with a long-term target of 70%, and that it would not say

when it would start rebuilding its position.

On Thursday, the fund did not give a fresh number for the share of equities

in the portfolio.

The Norwegian government has launched a series of economic measures

to support the economy during the coronavirus outbreak, which will

increase the amount of money it uses from the fund.

Spending from the fund, which in average years is expected to be no

more than 3% of the fund’s value, could rise to between 3.9% and 4.7% in

2020, from an original plan of spending just 2.5%, the finance ministry said

on Monday.

Any withdrawals from the fund by the government would come from

selling assets from the fixed income portfolio, not equities or real estate,

fund CEO Yngve Slyngstad said on March 26.

($1 = 10.2933 Norwegian crowns)

<< Back to news headlines >>

Energy stocks prop up European shares after coronavirus-led rout Thursday 2nd April, 2020 – Reuters

European shares rose in choppy trading on Thursday, driven by a recovery

in energy stocks on hopes of a truce in the Saudi-Russia oil price war, even

as fears about the coronavirus pandemic lingered ahead of another

expected surge in U.S. jobless claims.

The pan-European STOXX 600 was up 0.3%, after starting the second

quarter on a dour note as latest figures showed a collapse in euro zone

factory activity in March, upending businesses and sparking mass staff

furloughs.

The energy sector .SXEP jumped 4.4%, with Royal Dutch Shell (RDSa.L),

Total SA (TOTF.PA) and BP (BP.L) providing the biggest boosts to the STOXX

600, but gains were capped by a 1% decline for travel & leisure stocks

.SXTP, financial services .SXFP and utilities .SX6P.

“Sentiment remains exceptionally fragile as investors are a flat-out bundle

of nerves fretting over the potential impact the coronavirus will have in

the U.S. markets and the economy,” said Stephen Innes, chief global

markets strategist at AxiCorp.

“Economists continue to downgrade the macro forecast (and) for many

market observers, all roads lead lower.”

The pan-European STOXX 600 was up 0.3%, after starting the second

quarter on a dour note as latest figures showed a collapse in euro zone

factory activity in March, upending businesses and sparking mass staff

furloughs.

The energy sector .SXEP jumped 4.4%, with Royal Dutch Shell (RDSa.L),

Total SA (TOTF.PA) and BP (BP.L) providing the biggest boosts to the STOXX

600, but gains were capped by a 1% decline for travel & leisure stocks

.SXTP, financial services .SXFP and utilities .SX6P.

“Sentiment remains exceptionally fragile as investors are a flat-out bundle

of nerves fretting over the potential impact the coronavirus will have in

the U.S. markets and the economy,” said Stephen Innes, chief global

markets strategist at AxiCorp.

“Economists continue to downgrade the macro forecast (and) for many

market observers, all roads lead lower.”

“Call it whatever you like, but as long as infection rates continue to grow

at the current pace, this more or less guarantees weak economic

performance going forward and a collapse in earnings.”

One of the world’s biggest recruiters Hays (HAYS.L) slumped 7% after

announcing an emergency 200 million pounds ($248.36 million) issue of

shares on Thursday.

<< Back to news headlines >>

China says to ease car buying curbs to boost sales Thursday 2nd April, 2020 – Reuters

China’s commerce ministry will relax or remove restrictions on car

purchases in some regions to help sales of new vehicles, while

accelerating plans to boost the scrapping of old ones.

Wang Bin, the deputy head of the ministry’s consumption promotion

division, said the ministry will continue to help “realize the consumption

potential” in the world’s largest auto market, during a weekly briefing held

online on Thursday.

China’s auto industry suffered a 79% drop in sales in February and expects

a fall of around 10% in the first half of this year.

While the coronavirus outbreak has been mostly contained at home, Liu

Changyu, another senior commerce ministry official, said, its spread

overseas will inevitably impact China’s auto trade and its supply chain.

The ministry will therefore guide Chinese automakers to expand orders

from overseas suppliers, stock up on inventory and make alternative plans,

Liu said.

<< Back to news headlines >>

Eco Atlantic undertakes strict cost-cutting programme in response to oil

price crisis Thursday 2nd April, 2020 – Kaieteur News

Given the recent lower oil price environment and current market

conditions resulting from COVID-19 since February 2020, Eco Atlantic

announced that it has undertaken a strict cost-cutting programme across

all aspects of the business, aside from the necessary maintenance of

certain operations.

These include the termination of non-core services and cessation of

business-related travel. In addition, the Board and management are

voluntarily taking pay cuts of up to 40 percent starting in April 2020. Eco

said that this will be kept under review on a monthly basis thereafter.

Further to this, the company said that it will continue to monitor its

operating budget for 2020 and work closely with its partners to discuss and

plan next steps.

To date, Eco has met all of its work commitments for 2020 under the

various petroleum agreements offshore Guyana and Namibia, and thus

only minimal costs are expected to be incurred over the remainder of the

year.

As at March 31, 2020, the company continues to benefit from its strong

balance sheet, with cash and cash equivalents of CAD$26.5 million

(US$18.8 million) and zero debt. Eco also reminded that it remains fully

funded for its share of further appraisal and exploration drilling at Orinduik

Block offshore Guyana, up to US$120 million (gross).

In light of the cost-cutting measures described above to preserve the

company’s significant cash balance, the Board believes Eco will be in a

robust position to progress its exploration strategy when market conditions

improve and operations are able to resume.

ORINDUIK JV PARTNERS

In January 2016, Eco signed a Petroleum Agreement and is party to a

Petroleum Licence with the Government of Guyana and Tullow Oil for the

Orinduik Block offshore Guyana.

Tullow Oil, as the Operator of the Block, paid past costs and carried Eco

for the first 1000km2 of the 2550km2 3D Survey. Further, Tullow contributed

an extensive 2D seismic data set and interpretation.

The Company’s 2550 km2 3D seismic survey was completed in September

2017, well within the initial four-year work commitment the Company

made for the initial 1000km2.

In September 2017, Eco announced that its subsidiary, Eco Atlantic

(Guyana) Inc. entered into an option agreement on its Orinduik Block with

Total, a wholly-owned subsidiary of Total S.A. Pursuant to the option.

Total paid an option fee of US$1 million to farm-in to the Orinduik Block. An

additional payment of US$12,500,000 was made when Total exercised its

option to earn 25 percent of Eco’s working interest in September 2018.

Following the exercise of the option by Total, the Block’s working interests

became: Tullow – 60% (Operator), Total – 25% and Eco – 15%.

<< Back to news headlines >>

$300m Baha Mar Water Park To Complete 2021 Wednesday 1st April, 2020 – Tribune 242

Baha Mar’s $300m water-based theme park remains in schedule to be

completed next year despite the COVID-19 enforced construction

suspension, its president revealed yesterday.

Graeme Davis, in an e-mailed response to Tribune Business questions, said

Baha Mar Bay had also been impacted by the resort’s closure and

national lockdown under the government’s emergency orders.

“We have made the difficult decision to temporarily suspend all

operations, including construction on property,” he added. “As health,

safety and well-being of our associates and Baha Mar guests is of utmost

importance, the construction work will resume once it is determined safe

by the Ministry of Health to continue. The Baha Mar Bay development is

scheduled to be completed in 2021.”

The $300m Baha Mar Bay investment, launched last October, includes

significant renovations and enhancements to the Melia Nassau Beach

Resort; the arrival of new luxury, beachfront adventure experiences for

guests; and developments at Long Cay in addition to the added

attraction of a water park. This was scheduled to be completed within 12

to 24 months.

Mr Davis promised “unwavering support” for Baha Mar’s estimated 5,500

staff during the property’s enforced closure, and said: “We are working

hard to support our associates and their families during these challenging

and uncertain times.

“Our incredible associates are the very heart of Baha Mar, and we are

dedicated to their health, safety and wellbeing, first and foremost. Our

unwavering support to all associates is at the core of every decision at

Baha Mar.

“We stand by the commitment we’ve made to our Baha Mar family to

ensure all full-time associates receive the equivalent of 40 percent of their

base pay, as of March 26, for up to 90 days,” Mr Davis continued.

“Baha Mar will continue to pay the insurance premiums necessary to

maintain health insurance, life and accidental death and

dismemberment (ADD) insurance coverage. I thank our associates from

the bottom of my heart for their incredible perseverance, dedication and

patience as we look ahead.”

Mr Davis declined to give a firm date on when Baha Mar will be

reopening, although its mega destination resort rival, Atlantis, has

tentatively set May 15 as the date when it will consider its next move.

He added: “We are closely monitoring the situation around the world, and

look forward with hope and anticipation to a time when we will welcome

our guests and associates back to our property for the spectacular

experiences that Baha Mar is known for around the world. Baha Mar is

working with the Bahamian government, airlines and local partners to

determine the re-opening date.”

<< Back to news headlines >>

Bahamas Faces $2.7bn Tourism Shutdown Loss Wednesday 1st April, 2020 – Tribune 242

The Bahamas stands to lose $2.7bn in tourism revenues if the COVID-19

pandemic shuts down stopover visitors for the rest of 2020, Royal Bank’s

(RBC) former top Caribbean economist is warning.

Marla Dukharan, analysing the pandemic’s likely impact on the region,

revealed that this nation stands to lose up to 83 percent of its high-yielding

land-based tourists if the global crisis lasts through year-end in a “worst

case” scenario.

Should that play out, her research suggests The Bahamas’ annual revenue

earnings from stopover visitors will plummet to $548m from $3.244bn in

2019 - a drop of some $2.7bn, which again highlights the potentially

catastrophic fall-out from COVID-19 for this nation’s largest industry and

the wider economy.

Ms Dukharan said the “best case” and “base case” scenarios for The

Bahamas were a 60 percent and 80 percent drop in annual stopover

visitor numbers, respectively, the latter of which mirrored the Ministry of

Finance’s initial estimates albeit for a four-month period. Both assumed a

complete loss of cruise ship passengers.

Should the COVID-19 pandemic clear up quickly, the former RBC chief

economist said The Bahamas will only lose 50 percent of its 1.78m stopover

visitors and half last year’s revenues. That, though, would still drop 2020

stopover earnings to $1.627bn.

As for the “base case”, The Bahamas would lose 64 percent - or nearly

two-thirds - of its annual stopover visitors, slashing earnings from this sector

to $1.088bn. That would result in a more than-$2bn drop on 2019 figures,

further exposing the country’s dependency on a single industry and

relatively few source markets for almost half its economic output and

employment.

Ms Dukharan’s figures also appear to be in line with those of two Inter-

American Development Bank (IDB) economists, who projected that The

Bahamas could suffer a catastrophic 26 percent gross domestic product

(GDP) cut if the worst-case coronavirus scenario comes true,

Warning that The Bahamas is potentially exposed to the most severe

economic contraction out of all Caribbean nations, the IDB duo said it

would suffer the loss of a staggering $3.337bn in economic output (GDP)

based on the $12.739bn current GDP estimates given in the revised mid-

year budget forecasts should the worst-case scenario they mapped out

become reality.

Under a scenario where The Bahamas lost 75 percent of its normal tourism

activity during a coronavirus outbreak that lasted until the end of the

year, they estimated that this nation could suffer a 10.5 percent GDP loss

just from the impact on its major industry alone.

And the wider effects would more than twice as great, with GDP or

economic output slashed by more than one-quarter or 26.2 percent as

the ripple effects from the tourism impact are felt throughout the

Bahamian economy.

Ms Dukharan, meanwhile, in her March 30 research paper that has been

obtained by Tribune Business, said the COVID-19 pandemic is the greatest

economic shock that The Bahamas and wider Caribbean have suffered

for a century.

“The socio-economic effects of COVID-19’s sudden-stop represent the

most significant shock we have experienced in about 100 years, with

global implications that we can’t yet imagine,” she wrote. “In the last two

weeks, global financial markets have gyrated unbelievably, international

travel and shipping have all but collapsed, supply chains have buckled,

and the global safe-haven - the US Dollar - has strengthened to the

highest level in three years.”

Given that the Bahamian dollar is pegged to its US counterpart, Ms

Dukharan said this nation’s currency will also have appreciated in value

thereby undermining its external competitiveness. “Note that all the

currencies pegged to the US dollar would have strengthened against

other major currencies in similar fashion, meaning that their external

competitiveness would have deteriorated,” she added.

Warning of an ‘L’ shaped economic recovery, the former RBC chief

economist warned that the probability of downward pressure on

economic activity continuing for “many years to come” is “growing higher

every day”.

Pointing out that the Cayman Islands is the only Caribbean-based territory

with sufficient fiscal and monetary headroom to employ counter-cyclical

policies in response to COVID-19, Ms Dukharan said: “The Caribbean is

one of the most heavily indebted regions in the world, which puts us in a

vulnerable position to start with.

“Tax revenues will decrease across the board (hotel and lodging taxes,

arrivals tax, departure tax, airport tax, consumption tax, sales tax, VAT,

income tax, corporation tax, etc.) while demands on governments are

rising as containment actions and the necessary social protection

measures will put further strains on fiscal accounts.

“Countries should in first instance draw down their credit lines with

multilateral lenders, before they turn to commercial sources,” she added.

“As credit spreads continue to widen with investors reallocating funds

toward more secure assets, high-yield and emerging-market bonds are

particularly vulnerable, which translates into higher borrowing costs for

regional Governments, and credit rating downgrades add to this pressure.

Also important to note for the region is the impact fiscal accounts have on

external accounts, with government spending largely inflating imports.”

Darrin Woods, the Bahamas Hotel, Catering and Allied Workers Union’s

(BHCAWU) president, yesterday voiced concern that the COVID-19

pandemic will prolong the suffering of workers and their employers by

taking the tourism industry into the slower part of its annual calendar.

“My biggest concern is that we don’t know how long this is going to last,”

he told Tribune Business. “We pray for something to break sooner rather

than later. We don’t want to get too far into the good months and end up

in the low months. Then what? It would have a negative impact.”

The September period through to Thanksgiving is traditionally the slowest

period for the hotel and tourism industries, with staff typically told to take

vacations and prepare for reduced work weeks during a time that

includes the peak hurricane season and Back-to-School.

Many observers believe that the 2020 third quarter, which includes

September will be the earliest that The Bahamas’ major US tourist source

markets will start to recover from the pandemic. Mr Woods said the

industry will have to employ “creative advertising and offerings” to entice

visitors who have cancelled or rebooked to visit during this period.

“All it does is that it extends it further and it goes deeper,” Mr Woods

added of COVID-19’s economic impact on tourism. “The slow months will

be extended by three to four months. It’s very concerning but, at the end

of the day, it’s going to happen.

“If we were certain as to what was going to happen we’d be able to

adjust to that, but because we don’t know when this is going to break

and how it’s going to break, we cannot plan and the uncertainty is just

creating more hysteria.

“People get hysterical when they don’t know what’s happening from one

day to the next. It’s difficult to preach to the man when he’s hungry. The

uncertainty is the biggest concern.”

<< Back to news headlines >>

Pandemic To Expose NIB Delinquents Wednesday 1st April, 2020 – Tribune 242

The COVID-19 pandemic will “expose” Bahamian employers who have

failed to pay National Insurance Board (NIB) contributions on behalf of

their workers, a Cabinet minister warned yesterday.

Brensil Rolle, minister for the public service who has responsibility for NIB,

said the government and social security system will likely exploit the

situation to negotiate with delinquent companies and agree payment

plans to bring them current.

“What I will say is that we are negotiating with these businesses,” Mr Rolle

said. “This process will really expose businesses that have not been

forthright in making payments to NIB, but this is a time where we can

negotiate with those businesses, come up with arrangements and get

things done.”

His comments came after the Fusion Superplex movie and entertainment

complex, located at the junction of Gladstone Road and the airport

highway, was exposed after it temporarily laid-off 350 staff and sent them

to claim unemployment benefits at NIB.

Those workers subsequently went public on social media after

encountering difficulties in obtaining essential financial assistance from

NIB, and after learning that contributions deducted from their salaries had

not been passed to the social security system.

Carlos Foulkes, Fusion’s chief executive, admitted that the company had

been placed on a payment plan with NIB but blamed delays in

processing paperwork and contribution forms for the problems.

And Fusion is far from the only Bahamian employer in this situation. Mr

Rolle last year said non-compliant employers owe NIB between $14m to

$17m in unpaid contributions.

The minister, asked yesterday whether self-employed persons who have

failed to pay the necessary NIB contributions will also be impacted in their

efforts to obtain financial assistance, replied: “We want persons to

acknowledge that a Bill exists, and we will set some parameters upon

which we could make those arrangements to soften the blow of COVID-

19.”

Without giving a definitive position, Mr Rolle added: “It depends on the

number of payments in some cases, but again come into NIB, talk with

one of our representatives. Get on the phone and talk with one of our

representatives, and they will tell you exactly what your status is at the

Board.”

Mr Rolle continued: “This emergency order has caused NIB to become

one of the government agencies that must work from home, because of

the general contact with seniors and with individuals on a high level.

“So we have created a form and applications so that individuals can just

go to NIB’s website, download the form, fill it out and get it back to NIB,

and it will be processed rather quickly. Then we will be able to distribute

cheques. In terms of what we do moving forward, what I will say is that a

significant number of NIB officers can work from home. So that is a good

thing.”

The minster confirmed that NIB is trying to “reduce the face-to-face

contact” and the number of persons that have to visit NIB offices to limit

COVID-19’s spread. He added that NIB is asking persons to provide their

bank account number, confirm where they are, and then it will process

their claims - “in many instances” depositing directly to the claimant’s

bank account

“We have been in constant contact with the Family Islands,” Mr Rolle

added. “My team at NIB is doing a wonderful job with complying with

social distances and trying to engage individuals though the electronic

platforms that they have established, and to work quickly on their behalf.”

Responding to concerns that some persons may be able to access NIB’s

electronic platform, Mr Rolle added: “Most of these older persons have a

child who has a telephone. Children can download the application on

their behalf and get it back to NIB.

“But we want to reduce face-based contact as much as possible, and

where that is absolutely impossible then we invite persons to come into NIB

and we have set up a protocol down at the building so that we can

accept applications.”

<< Back to news headlines >>

VAT, tax refunds being posted' Thursday 2nd April, 2020 – Trinidad Express Newspaper

FINANCE MINISTER Colm Imbert is reassuring the business community that

cheques for VAT refunds of up to $250,000 and income tax refunds of up

to $20,000 will be delivered by the Trinidad and Tobago Postal

Corporation (TTPost), as previously announced.

On Tuesday, TTPost, in a public notice, indicated a suspension of certain

services during the period March 31 to April 15.

But in a statement yesterday, the Ministry of Finance said the Inland

Revenue Division (IRD) is working closely with TTPost to ensure that, as with

the other special services identified in the TTPost public notice, cheques

for VAT refunds of up to $250,000 and income tax refunds of up to $20,000

will be delivered as the ministry had previously announced.

In an updated social media post, Imbert said the Inland Revenue Division

has so far during this week issued 13,274 income tax refunds totalling $98

million, and 3,841 VAT refunds totalling $260 million.

Info on salary relief soon

And regarding the salary relief grant announced last month, Imbert, in a

tweet, said the criteria, procedures and application forms will be

published shortly for people within the National Insurance Board (NIB)

database.

'After this phase is operational, we shall move to assist other workers who

are outside of the NIB system.'

On Tuesday, an employee of the NIB told the Express the organisation was

yet to receive information about the grant.

On March 23, the minister announced that the temporary salary relief

grant of up to $1,500 would be offered for a period of up to three months.

<< Back to news headlines >>

ANSA McAL cancels final 2019 dividend Thursday 2nd April, 2020 – Trinidad Express Newspaper

ANSA McAL's directors have decided not to recommend the payment of

a final dividend for 2019, despite the conglomerate recording after-tax

profit that increased by 7.5 per cent to $776.3 million.

In comments accompanying the group's publication of its audited

financial results on Tuesday, ANSA McAL executive chairman Norman

Sabga attributed the impact of the COVID-19 pandemic to the decision

not to pay the final dividend.

Sabga said: 'Our results are positive due to a strong fourth quarter.

However, we are facing rapidly deteriorating and uncertain macro-

economic circumstances. Whilst our group is resilient and has a strong

balance sheet, in such fluid and dynamic times and with extended

business curtailment, your directors believe that we should be cautious

and prudent. Therefore, we have decided not to recommend a final

dividend for 2019.'

ANSA McAL paid a dividend of $1.50 for 2018, and an interim dividend of

$0.30 for the first half of its 2019 financial year. The conglomerate reported

its cash and cash equivalents position at the end of 2019 was $1.76 billion.

Sabga said he was pleased to report the group recorded profit before tax

growth of two per cent to $1,036 million ($1,017 million-2018), whilst

revenues were up three per cent to $6.6 billion ($6.4 billion-2018). The

group's profit after tax increased by 7.5 per cent in 2019 from $722.1 million

to $776.3 million.

Safety measures

On the issue of the health emergency, Sabga said: 'While the COVID-19

pandemic crisis presents several immediate risks to the safety of our

employees and the performance of our businesses, public health and

safety remain our paramount concerns.

'On March 13, 2020, ahead of requests from respective governments, we

implemented work-from-home procedures for all employees for whom

such an arrangement was possible.

'We implemented paid leave for staff unable to come to work as a result

of primary care responsibilities for family members within the 'at-risk'

category; and implemented rostering, social distancing and enhanced

occupational hygiene measures particularly for operations staff in

companies engaged in manufacturing, food processing and distribution.'

Sabga said while the directors were encouraged by 2019 results, he is

even more impressed by the resilience and commitment of executives

and staff.

<< Back to news headlines >>

Massy falls $6.80 Thursday 2nd April, 2020 – Trinidad Express Newspaper

OVERALL market activity resulted from trading in 16 securities of which four

advanced, nine declined and three traded firm.

Trading activity on the first tier market registered a volume of 250,521

shares crossing the floor of the Exchange valued at $ 5,447,706.78.

The Composite Index declined by 43.70 points (3.32 per cent) to close at

1,273.44.

The All T& T Index declined by 32.67 points (1.88 per cent) to close at

1,707.90.

The Cross Listed Index declined by 7.47 points (6.18 per cent) to close at

113.44.

The SME Index remained at 67.69.

JMMB Group was the volume leader with 122,167 shares changing hands

for a value of $243,714, followed by Scotia bank with a volume of 81,671

shares being traded for $4,491,905. GraceKennedy contributed 10,000

shares with a value of $29,000, while National Flour Mills add ed 8,805

shares valued at $9,272.01.

Guardian Holdings Ltd registered the day's largest gain, increasing $0.52

to end the day at $17.93. Conversely, Massy Holdings registered the day's

largest decline, falling $6.80 to close at $44.95.

CLICO Investment Fund was the only active security on the mutual fund

market, posting a volume of 63,666 shares valued at $1,379,654. CLICO

Investment Fund advanced by $0.11 to end at $21.67. Calypso Macro

Index Fund remained at $14. The second tier market did not witness any

activity.

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

$5.97. Endeavour Holdings Ltd remained at $ 12.60. The USD equity market

did not witness any activity. MPC Caribbean Clean Energy Ltd remained

at US$1.08.

<< Back to news headlines >>

$53m for Tobago covid19 fight Thursday 2nd April, 2020 – Trinidad and Tobago Newsday

The Tobago House of Assembly (THA) has pumped some $53 million into

the fight against the coronavirus (covid19) thus far, Health, Wellness and

Family Development Secretary Tracy Davidson-Celestine has revealed.

Speaking on Tuesday at a virtual news conference, hosted by the division

at Scarborough Library, Davidson-Celestine said the sum will also be used

to pay some of the Tobago Regional Health Authority's (TRHA's)

outstanding bills." I want to indicate that as the Tobago House of

Assembly, we have put aside $53 million to fight covid to ensure that we

are able to treat with any outstanding bills at the TRHA and to ensure that

we are able to procure the services, the equipment, whatever is needed

for us to fight this fight that we are all engaged in as individuals,

communities and residents of Tobago," she said." Representation was

made to Central Government and they have acceded to our request

and to date we have just about $53 million to help us in that fight with

covid."The division said in a statement on Friday a third individual has

tested positive for the virus and is being closely monitored at Scarborough

General Hospital. Last week, a male health care worker was also

diagnosed with covid19 and was expected to be transferred to Trinidad

on Tuesday for further treatment. Davidson-Celestine observed the

pandemic has caused much panic and anxiety among members of the

public. She said within the past week, the division has been utilising the

services of its mental health officers and psychologists to share information

so as to reduce the level of panic in the society. Davidson-Celestine also

assured the division, through the THA, is doing all in its power to provide

health care workers with the necessary resources to fight the virus." I know

there has been some noise in the public domain about the relationship

between central government and the Tobago House of Assembly in

treating with covid but I want to give you, the members of the public, the

assurance that whenever we request any additional support, whether it

be from the Ministry of Health or even central government, we will be able

to obtain where necessary that support. And so we have been receiving

the financial support."

Davidson-Celestine also observed people are still congregating outside of

supermarkets and banks." Do not take this two-week stay (Government

restriction on non-essential activity) to mean that we should lime and buss

a cook somewhere. I am using this opportunity to ask you to stay at

home." That has been the message. We are asking you if you stay at

home that you will prevent the spread of the virus as soon as is possible."

Davidson-Celestine said Tobago's ability to overcome covid19 depends

on how well citizens respond to it within their respective communities.

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More than 130,000 Students Across the Caribbean to Benefit from Virtual

Learning Platform Thursday 2nd April, 2020 – The Anguillian

Over 130,000 kindergarten, primary and secondary school students across

the Caribbean will benefit from the Flow Study program FREE of charge

from now through June 15.

The Cable and Wireless Charitable Foundation (CWCF) in partnership with

Flow and One on One Educational Services Limited joined forces to

provide access to the comprehensive virtual education platform, which

offers a wide array of educational content enabling students to continue

their studies at home during the COVID-19 crisis. Students in Antigua &

Barbuda, Anguilla, Barbados, British Virgin Islands, Cayman Islands,

Dominica, Grenada, Montserrat, St. Kitts & Nevis, St. Lucia, St. Vincent &

the Grenadines, Trinidad & Tobago and Turks & Caicos will benefit from

this initiative.

The Flow Study program powered by One on One is available to all

students across the Caribbean regardless of their network operator. Inge

Smidts, CEO of C&W Communications, operator of the Flow brand, and

Chairperson of the CWCF, said, “during these times of crisis we must join

forces to ensure that our children, families and communities are

supported. Given that parents are now faced with the reality of

homeschooling their kids, we wanted to find a way to support them

despite which network they subscribe to.” Smidts added, “our primary

concern is to ensure that students across the region continue to have

access to the education they deserve and that there is minimal disruption

to their learning.”

Students age 5 to 18 will have access to the curriculum used in their

schools. Access is available via Flow Study e-Learning services through

the Flow Study mobile apps (Android), https://flowstudy.co/registration

and Flow EVO – Flow on Demand. The ability to continue with classes is

even more critical for students who are preparing for CSEC and CAPE. For

instruction on how to sign up click here. Flow Study offers:

Over 500 video lessons spanning the CSEC curriculum

Access to digital courses for the K – 8 curriculum

Question bank and solutions with over 40,000 exam style questions and

solutions for 35 subjects

10 years of past paper solutions for over 17 subjects

Digital encyclopaedia with over 9,500 digital animations and simulations

for four subject areas

Virtual science labs with more than 500 digital laboratory simulations for

science subjects and skills gap testing for over 30 subjects.

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