SME eSmart- Powering Your Potential Find out more today by calling: (868)-627-8879 ext. 228 or email: esmart@caricris.com

▪ Eastern Credit Union Co-operative Society Limited rating reaffirmed at CariBBB- ▪ The Port Authority of Jamaica’s rating assigned at CariA-

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

▪ Massy Holdings Limited rating reaffirmed at CariAA+

▪ The Government of the British Virgin Islands rating reaffirmed at CariAA-

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

▪ Sagicor Life Jamaica Limited’ rating reaffirmed at jmAAA

▪ Sagicor Group Jamaica Limited’ rating reaffirmed at CariA

▪ Transjamaican Highway Limited’s rating assigned at CariA-

▪ HMB’s collateralised mortgage obligation’s (CMO 2020-01) rating assigned at ttAA- (SO)

▪ 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-

OUR UPCOMING WORKSHOPS!

Cash Flow Based Lending for Banks & Credit Unions Postponed Antigua

Benefits of CariCRIS’ Bond Valuation Services:

Latest Rating Actions by CariCRIS

• Independent fair value prices for non-traded securities

• Pricing done by qualified experts

• Quick turnaround and affordable fees

DATE

WORKSHOP

COUNTRY

Please visit our website at www.caricris.com for the detailed Rationales on these and other ratings

CariCRIS’ credit ratings and daily Newswire can also be found on the Bloomberg Professional Service.

REGIONAL

Trinidad and Tobago

CIF jumps $1.62

Overall market activity resulted from trading in 14 securities of which ten

advanced, one declined and three traded firm.

NFM up 15.2%

Last week saw 741,097 shares trade on the first-tier market, a decrease of

16.97 per cent on the previous week's total of 892,580 shares traded.

Government grant to fund Tobago company's expansion

J Mac Industries Ltd is the first Tobago company to receive funding from

the Government's Grant Fund Facility (GFF).

No rice shortage in TT

Although many people are worried about the possibility of a food

shortage due to the covid19 pandemic, the Food Distributors Association

says there is no rice shortage.

$85m spent on COVID relief

Some $85 million has been spent on COVID- 19 relief measures to date.

Digicel TT cuts staff salaries

Staff on a basic annual salary of US$10,000 or less will not be affected and

similar changes are being made across the entire Digicel Group to share

the burden equally. The company estimated that 68 per cent of staff

would be affected by the pay cut, which it described as “a solution that

will help us to get through this together.”

Barbados

Consolidated Finance’s ‘steady’ FY 2019

Consolidated Finance has described its performance in 2019 as “stable”

even though the company registered a sizeable drop in pre-tax profits

when compared to the previous year.

Jamaica

DunnCox lays off staff amid COVID-19 crunch

Local top-flight law firm DunnCox yesterday laid off all salaried employees

for just over eight weeks as the financial crunch from he COVID-19

pandemic continues to hit businesses in the country.

Despite criticisms, Senate signs off on tourism pension regulations

THE Senate yesterday cleared the final hurdle in terms of legislation to

introduce a pension scheme for both employed and self-employed

workers in the tourism sector.

Peart reacquires majority ownership of Bluedot

Larren Peart, founder and CEO of Bluedot Data Intelligence Limited, has

reacquired SSL Venture Capital (SSLVC) Limited's 50 per cent

shareholdings in the company. SSLVC originally entered the equity

agreement with the data insights company in 2018.

Sterling Investments achieves record profit

With $101.2 million in net profit recorded for its 2019 financial year ended

December 31 — an 88 per cent increase when compared with the

previous corresponding period — Sterling Investments (SIL) has reported its

highest profit since its listing on the Jamaica Stock Exchange in 2014.

Export revenues decline for January

The Statistical Institute of Jamaica (STATIN) reported that for the month of

January, revenues from exports amounted to US$102.7 million or 27.8 per

cent lower than the US$142.3 million earned in the similar period last year.

Jamaica Producers annual profit up 35 per cent

Jamaica Producers Group Limited (JP) on Wednesday last reported after-

tax profit of $2.7 billion for the financial year ended December 31, 2019 –

a 35 per cent increase when compared with the previous corresponding

period.

NCB kicks digital transformation into high gear

Given the contraction in some of its business and the challenges resulting

from the COVID-19 pandemic, Jamaica's largest commercial bank,

National Commercial Bank Jamaica Limited (NCB), is accelerating its

digital transformation initiative.

Alorica spends over $80 million to assist staff affected by COVID-19

Call centre Alorica says it has spent over US$600,000 or J$80 million

towards the welfare of staff impacted by the COVID-19 crisis.

Jamaica continued

PSOJ COVID response fund raises $110 million

The Private Sector Organisation of Jamaica is reporting that its PSOJ

COVID-19 Jamaica Response Fund has so far raised $110 million.

Guyana

Recount to begin Wednesday

SHOULD plans remain on track, the Guyana Elections Commission

(GECOM) will commence the long-awaited national recount process on

Wednesday with an order, expected today, to solidify the process.

Digicel Guyana employees to take pay cut

DIGICEL Guyana has asked its employees to take between five to 20 per

cent pay cuts in response to the coronavirus pandemic, which has

negatively impacted businesses locally and globally.

The Bahamas

Govt Revenues In 50% March Slump

Government revenues declined by 50 percent in March, the deputy

prime minister revealed yesterday, as the COVID-19 crisis threw a better-

than-expected post-Dorian fiscal showing “out of whack”.

Cruise Port Requires $284m Total Funding

The Nassau Cruise Port’s transformation has $284.3m in total financing

needs with its developer/operator having the ability to introduce new

services and charges at its “discretion”.

Ansbacher Adds $1bn By Buying Departing Bank

A Bahamian-owned institution yesterday rescued several financial services

jobs by acquiring a $1bn asset portfolio from its departing Swiss-

headquartered owner.

Haiti

US Giving Haiti $16M in Coronavirus Aid

The government of Haiti has received funds amounting to US$16.1 million

from the United States, to help the country respond to the COVID-19

pandemic.

St. Lucia

Government Planning to Create Jobs Through ‘Significant Construction

Activity’

The government of Saint Lucia is looking create jobs during the current

COVID-19 pandemic through construction.

Anguilla

Anguilla’s Government Lifts Restrictions on Movement *As of Wednesday,

April 29*

H.E. Governor Tim Foy and the Hon. Premier Victor Banks have announced

the removal of all regulations restricting movement and gatherings,

effective Wednesday, April 29. Testing has now shown that there are no

active or suspected cases of Covid-19 in Anguilla, and the Chief Medical

Officer advised the Executive Council on April 27 that these restrictions

can be safely removed.

Anguilla’s Annual Summer Festival Rescheduled For 2021

The Anguilla Tourist Board (ATB) has announced that the Anguilla Summer

Festival Committee and the Department of Youth and Culture have

made the difficult decision to cancel the staging of Anguilla Summer

Festival 2020.

Dominica

Stabilisation and Growth: Health, Livelihood, and the Economy –

Embracing Opportunities for Growth

The Dominica Business Forum Inc (DBF Inc.) is a legally registered umbrella

business service organization (UBSO), under the Companies Act of the

Commonwealth of Dominica. Dominica Hotel and Tourism Association

(DHTA), Dominica Manufacturers Association (DMA), Dominica Employers

Federation (DEF), Builders and Contractors Association of Dominica

(BCAD) and Dominica Coalition of Service Industries (DCSI) are the current

participatory sectoral business service organisations.

Venezuela

Wildfires pose heightened risk to Venezuelan crude output

Wildfires during Venezuela’s dry season are posing heightened risk to

crude output this year due to lack of maintenance in state-owned oil

company’s PDVSA’s oilfields and fuel shortages leaving firefighters without

fuel, according to interviews with a half-dozen workers and other industry

sources.

INTERNATIONAL

United States

Tyson Foods expects sales volume to fall in second half of 2020

Tyson Foods Inc said on Monday it expects meat sales volume to fall in the

second half of this year, as restaurants are being forced to operate at a

limited capacity due to the COVID-19 pandemic.

J.P. Morgan raises U.S. stocks to 'neutral'

J.P. Morgan analysts raised their rating on U.S. stocks to “neutral” on

Monday, saying they expected equity markets globally to consolidate

from current levels, while not ruling out more weakness.

Goldman Sachs says it remains bullish on oil prices in 2021

Lower crude production due to reduced activity and OPEC+ cuts,

coupled with a partial recovery in oil demand, should drive prices higher

next year, Goldman Sachs Equity Research said in a note.

Futures hit by U.S.-China tension; airlines tumble as Berkshire pulls away

U.S. stock index futures retreated on Monday after a fresh spat between

Washington and Beijing over the origin of the novel coronavirus, while

airlines slumped as Berkshire Hathaway dumped its holdings in the sector.

United Kingdom

UK starts state-backed loans for smallest firms

A government-backed loan scheme to help Britain’s small businesses

survive the coronavirus lockdown comes into effect on Monday, allowing

firms such as hairdressing salons, coffee shops and florists to receive

emergency cash.

United Kingdom continued

UK-U.S. trade talks to start on Tuesday

Trade talks between Britain and the United States will begin via a video

conferencing call on Tuesday, Prime Minister Boris Johnson’s spokesman

said, as the two countries seek to strike an “ambitious free trade

agreement”.

Europe

Euro zone investor morale improves but current situation at record low

Investor morale in the euro zone improved marginally in May but the

assessment of current conditions hit an all-time low as the bloc faces

unprecedented challenges posed by the coronavirus crisis, a survey

showed on Monday.

Euro zone manufacturing collapses in April as virus spreads

Manufacturing activity in the euro zone collapsed last month as

government-imposed lockdowns to stop the spread of the new

coronavirus forced factories to close and consumers to stay indoors, a

survey showed on Monday.

India

India's Reliance to sell $750 million stake in unit to Silver Lake, on track to

cut debt

India’s Reliance Industries Ltd (RELI.NS) said on Monday private equity firm

Silver Lake will invest nearly $750 million in its digital arm, days after

securing a $5.7 billion investment from Facebook Inc (FB.O), boosting its

efforts to cut debt.

Global

Oil falls on renewed U.S.-China tensions, global glut

Oil prices fell on Monday on worries that a global oil glut may persist even

as coronavirus pandemic lockdowns start to ease and amid a fresh spat

between the United States and China over the origin of the virus.

Global stocks fall as U.S.-China tensions threaten rebound

European stock markets and oil prices fell on Monday as a spat between

top U.S. officials and China over the origin of the coronavirus fuelled fears

of a new trade war, derailing a rebound in global markets.

Global continued

Dollar surges on worries that U.S.-China trade war will resume

The U.S. dollar surged against most major currencies on Monday amid

fears that last year’s U.S.-China dispute will be re-ignited, this time over the

novel coronavirus.

Oil falls on renewed U.S.-China tensions, global glut Monday 4th May, 2020 – Reuters

Oil prices fell on Monday on worries that a global oil glut may persist even

as coronavirus pandemic lockdowns start to ease and amid a fresh spat

between the United States and China over the origin of the virus.

Brent crude LCOc1 was down 30 cents, or 1.1%, at $26.14 at 1201 GMT

while U.S. West Texas Intermediate (WTI) crude CLc1 fell 63 cents, or 3.2%,

to $19.15.

While global oil demand is expected to recover modestly from April lows

as countries ease some lockdown measures, the glut created over months

in storage facilities will loom over the markets.

“As oil inventories are likely still increasing over the coming weeks, oil

prices remain vulnerable to renewed setbacks,” said UBS analyst Giovanni

Staunovo.

However, Goldman Sachs was more optimistic than before about the rise

of oil prices next year due to lower crude production and a partial

recovery in oil demand.

The Wall Street bank raised its 2021 forecast for global benchmark Brent to

$55.63 per barrel from $52.50 earlier. The bank hiked its estimate for WTI to

$51.38 a barrel from $48.50 previously.

Signs that the output cuts may help reduce the supply overhang have

emerged with the narrowing of Brent’s contango - the market structure in

which later-dated prices are higher than prompt supplies.

The six-month spread of Brent futures LCOc1-LCOc7 hit its narrowest in

almost a month at a discount of around $6.50, up from a record wide

discount of almost $14 in late-March, reflecting decreasing oversupply

expectations and making storage for later sale less profitable.

The re-emergence of trade tensions between the United State and China

also weighed on prices.

Adding to U.S. President Donald Trump’s threat last week to impose tariffs

on China, Secretary of State Mike Pompeo said on Sunday there was “a

significant amount of evidence” that the new coronavirus emerged from

a Chinese laboratory.

“Demand projections have sobered up last week’s enthusiasm and this,

together with the prospect of new U.S.-China trade tensions, have

weighted heavily on prices today,” said Rystad’s senior oil markets analyst

Paola Rodriguez-Masiu.

Concerns about weak manufacturing data in Asia and Europe, assessed

by Purchasing Managers’ Index (PMI) of manufacturing companies, also

put pressure on oil prices.

In Asia, a series of PMIs from IHS Markit fell deeper into contraction from

March, with some diving to all-time lows and others hitting levels last seen

during the 2008-2009 global financial crisis.

PMIs in France, the euro zone’s second-biggest economy, dropped in

April to the lowest level on record. IHS Markit’s Final PMI for German

manufacturing, which accounts for about a fifth of Europe’s largest

economy, shrank at the fastest rate on record.

The U.S. dollar surged against most major currencies on Monday amid

fears that last year’s U.S.-China dispute will be re-ignited.

Oil is usually priced in dollars so a stronger greenback makes crude more

expensive for buyers with other currencies.

<< Back to news headlines >>

Global stocks fall as U.S.-China tensions threaten rebound Monday 4th May, 2020 – Reuters

European stock markets and oil prices fell on Monday as a spat between

top U.S. officials and China over the origin of the coronavirus fuelled fears

of a new trade war, derailing a rebound in global markets.

European shares were down 2.5% in mid-morning trading, with sectors

sensitive to economic growth including oil and gas, automakers and

banks falling between about 4% and 5.5%.

Volatility gauges for European and American blue-chip stocks shot up to

a two-week high while U.S. stock futures were about 1% in the red.

Earlier, MSCI’s broadest index of Asia-Pacific shares outside Japan fell

2.5%, pulled down by Hong Kong where the Hang Seng returned from a

two-session holiday with its biggest drop in six weeks.

U.S. Secretary of State Mike Pompeo said on Sunday there was “a

significant amount of evidence” that the novel coronavirus emerged from

a laboratory in the central Chinese city of Wuhan.

The U.S. dollar rose against most major currencies amid fears that last

year’s U.S.-China dispute would be reignited, this time over the origins of

the pandemic that has stalled economies around the world.

The euro was down 0.37% at $1.0933 and the pound retreated 0.72% to

$1.2407.

Gold prices also rose as investors sought safety. Spot gold was up 0.3% at

$1,704.31 per ounce.

Pompeo did not provide evidence or dispute an earlier U.S. intelligence

conclusion that the virus was not man-made.

An editorial in China’s Global Times said he was “bluffing” and called on

the United States to present its evidence.

“Concern on the potential for another flare up between the U.S. and

China is dominating price action,” RBC strategist Adam Cole said in a

morning note.

Simon Black, head of investment management at wealth management

firm Dolfin said investors were also adjusting their forecasts for the depth of

the economic damage the pandemic will inflict.

“It’s also the economic reality sinking in,” he said, adding that a rebound

by global equities of over 20% from lows hit in March was not likely to be

sustainable.

Companies listed on the pan-European STOXX 600 are currently expected

to report a 40% decline in earnings in the second quarter.

Manufacturing activity in the euro zone collapsed last month as

government-imposed lockdowns to stop the spread of the new

coronavirus forced factories to close and consumers to stay at home, a

survey showed on Monday.

“We’ve just come off a rally of hopes, not a rally on fundamentals”, Black

said, pointing to the massive monetary and fiscal stimulus pledged by

governments and central banks around the world.

Recent economic data paints a dire picture of the global economy after

weeks of lockdowns.

In the United States, manufacturing plunged to an 11-year low last month

and consumer spending collapsed. Some 30.3 million Americans have

filed unemployment claims.

Oil prices fell again, paring last week’s gains, on worries a global oil glut

may persist even as lockdowns start to ease.

U.S. West Texas Intermediate (WTI) crude futures fell 5.5% to $18.69 a barrel

while Brent crude futures were down 2.8% at $25.70.

Global coronavirus cases have surpassed 3.5 million and deaths have

neared a quarter of a million, according to a Reuters tally.

<< Back to news headlines >>

Dollar surges on worries that U.S.-China trade war will resume Monday 4th May, 2020 – Reuters

The U.S. dollar surged against most major currencies on Monday amid

fears that last year’s U.S.-China dispute will be re-ignited, this time over the

novel coronavirus.

U.S. President Donald Trump and Secretary of State Mike Pompeo have

pinned the blame for the pandemic on China, where the new coronavirus

outbreak is believed to have originated.

The latest salvo came from Pompeo on Sunday, who said there was “a

significant amount of evidence” that the virus emerged from a laboratory

in the central Chinese city of Wuhan.

“This morning’s session is being dominated by risk-averse trading as

investors weigh the negative consequences to global growth from

another escalation in U.S.-China tensions,” said Simon Harvey, currency

analyst at broker Monex Europe.

“The headlines of further tariffs and supply-chain disruptions come at a

time where global growth expectations are already fragile, causing

currencies such as sterling and the euro to trade on the back foot this

morning despite exit measures set to be announced or implemented in

their respective economies,” Harvey said.

The euro was last down 0.3% at $1.0939 EUR=EBS. Sterling was also down

by 0.6% to $1.2420 GBP=D3.

The dollar was also rising against Scandinavian currencies, which are

vulnerable to global trade risks. The Swedish crown was last down 0.7% at

9.9105 versus the dollar SEK=D3 and the Norwegian crown was falling by

0.6% at 10.4045 NOK=D3.

Chinese yuan falls to lowest in 6 weeks vs dollar

However, the biggest move in the currency markets was the Chinese

yuan, which fell to a six-week low of 7.1555 against the dollar in the

offshore market CNH=EBS. It was last up 0.2% at 7.1238, but if falls again,

the next levels to watch would be the mid-March low of 7.1651 and early-

September low of 7.1975.

Analysts were debating how the United States might attack China again -

with more trade tariffs or even cancelling the payments on the U.S.

Treasurys that China owns - but they all agreed the dollar/yuan cross

would see higher volatility.

“A re-escalation in U.S.-China trade tensions has the potential to bring an

end to the relative stability in USD/CNY,” said Lee Hardman, a forex

strategist at MUFG.

The moves extended a dour start for May, which began with Friday’s

bleak U.S. data and the threat of a fresh trade-war between the world’s

two biggest economies.

Pompeo did not provide evidence, or dispute a U.S. intelligence

conclusion that the virus was not man-made. But the comments double

down on Washington’s pressure on China as U.S. deaths and economic

damage mount.

The ultimate safe-haven currency - the Japanese yen - was the only major

currency that rose against the U.S. dollar, last trading up 0.1% at 106.78

JPY=EBS.

With signs pointing to a stronger dollar, speculators cut slightly their net

short positions on the U.S. currency against G10 currencies to $9.39 billion

in the week to April 28 from $10.67 billion in the week prior to that, when

they reached a near two-year high.

<< Back to news headlines >>

Tyson Foods expects sales volume to fall in second half of 2020 Monday 4th May, 2020 – Reuters

Tyson Foods Inc (TSN.N) said on Monday it expects meat sales volume to

fall in the second half of this year, as restaurants are being forced to

operate at a limited capacity due to the COVID-19 pandemic.

The biggest U.S. meat processor’s sales rose to $10.89 billion from $10.44

billion, in the second quarter ended March 28.

Net income attributable to Tyson fell to $364 million, or $1 per share, from

$426 million, or $1.17 per share, a year earlier.

<< Back to news headlines >>

J.P. Morgan raises U.S. stocks to 'neutral' Monday 4th May, 2020 – Reuters

J.P. Morgan analysts raised their rating on U.S. stocks to “neutral” on

Monday, saying they expected equity markets globally to consolidate

from current levels, while not ruling out more weakness.

“... As the virus impact and the activity/policy response are the dominant

drivers now, we add back to the US weight, moving it to Neutral,” Mislav

Matejka said in a note.

Matejka also reduced his rating on Eurozone stocks to “neutral” from

“overweight”.

<< Back to news headlines >>

Goldman Sachs says it remains bullish on oil prices in 2021 Monday 4th May, 2020 – Reuters

Lower crude production due to reduced activity and OPEC+ cuts,

coupled with a partial recovery in oil demand, should drive prices higher

next year, Goldman Sachs Equity Research said in a note.

The Wall Street bank raised its 2021 forecast for global benchmark Brent

crude LCOc1 prices to $55.63 per barrel from $52.50 earlier. The bank

hiked its estimate for U.S. West Texas Intermediate (WTI) crude CLc1 to

$51.38 a barrel from $48.50 previously.

“Oil production has started to decline quickly from a combination of

scaleback in activity, shut-ins and core-OPEC/Russia production cuts.

Demand is also beginning to recover from a low base, led by a restarting

Chinese economy and inflecting transportation demand in developed

market economies,” it said.

Oil prices fell on Monday, having posted their first weekly gain in four on

Friday as the Organization of the Petroleum Exporting Countries, Russia

and other producers, known as OPEC+, began their record output cuts.

[O/R]

Brent was last trading around $25.97 a barrel, while WTI was at $18.31.

<< Back to news headlines >>

Futures hit by U.S.-China tension; airlines tumble as Berkshire pulls away Monday 4th May, 2020 – Reuters

U.S. stock index futures retreated on Monday after a fresh spat between

Washington and Beijing over the origin of the novel coronavirus, while

airlines slumped as Berkshire Hathaway dumped its holdings in the sector.

Delta Air Lines (DAL.N), American Airlines Co (AAL.O), Southwest Airlines

Co (LUV.N) and United Airlines (UAL.O) fell between 8% and 11% in

premarket trading, adding to their woes as air travel remains restricted

due to the COVID-19 pandemic.

Warren Buffett-backed Berkshire’s (BRKa.N) move also shaved more than

5% off planemaker Boeing Co’s (BA.N) shares.

Berkshire Hathaway itself posted a record quarterly net loss of nearly $50

billion and said its performance was suffering in several major operating

businesses. Its shares fell 1.4%.

Over the weekend, U.S. Secretary of State Mike Pompeo said there was “a

significant amount of evidence” that the coronavirus emerged from a

Chinese laboratory, but did not dispute U.S. intelligence agencies’

conclusion that it was not man-made. An editorial in China’s Global Times

said Pompeo was “bluffing”.

Pompeo’s statement comes after Wall Street started May on a grim note

as President Donald Trump revived a threat of new tariffs against China in

response to the COVID-19 pandemic.

“When you think how nervous markets got about the U.S.-China trade war

then if this theme continues you can’t help thinking that the end game is

far worse than it would be from a simple trade war,” said Jim Reid, a

strategist at Deutsche Bank.

The S&P 500 index's .SPX 29% recovery from its March lows stands to be

tested as investors weigh renewed U.S.-China tensions and the economic

damage of the health crisis.

At 7:28 a.m. ET, Dow e-minis 1YMcv1 were down 267 points, or 1.13%. S&P

500 e-minis EScv1 were down 24 points, or 0.85% and Nasdaq 100 e-minis

NQcv1 were down 74 points, or 0.85%.

Investors are also awaiting factory orders data for March, which is

expected to show a sharp decline.

With more than half of the S&P 500 companies having reported earnings

so far, analysts now see first-quarter S&P 500 earnings falling 12.7% from a

year ago, and an even sharper 37.8% decline for the second quarter.

<< Back to news headlines >>

Euro zone investor morale improves but current situation at record low Monday 4th May, 2020 – Reuters

Investor morale in the euro zone improved marginally in May but the

assessment of current conditions hit an all-time low as the bloc faces

unprecedented challenges posed by the coronavirus crisis, a survey

showed on Monday.

Sentix’s index for the euro zone edged up to -41.8 from -42.9 in April. That

compared with the Reuters consensus forecast for a reading of -33.5.

The current situation index dropped for a fourth straight month, hitting a

record low of -73.0 after -66.0 in April.

“The economy in the euro zone has experienced a breathtaking crash in

recent weeks,” said Sentix managing director Manfred Huebner. “This

collapse goes far beyond the distortions caused by the financial crisis.”

The expectations index for the bloc rose to -3.0 from -15.8, with Huebner

saying this showed investors believed there was light at the end of the

tunnel.

“Countries like Germany and Austria are in a position to gradually lift the

often drastic measures,” he said.

Germany has been in lockdown for weeks, with companies closing

facilities and switching workers to shorter hours under a government

scheme aimed at avoiding mass layoffs. But small shops reopened last

week.

In Germany, the assessment of the current situation fell to a record low but

expectations picked up.

“There is now a danger that recessionary tendencies will become

entrenched if the economy is too slow to recover,” Huebner said.

Sentix, which surveyed 1,213 investors between April 30 and May 2, said

there were signs that the economy in China - where the coronavirus

outbreak started - was picking up.

<< Back to news headlines >>

Euro zone manufacturing collapses in April as virus spreads Monday 4th May, 2020 – Reuters

Manufacturing activity in the euro zone collapsed last month as

government-imposed lockdowns to stop the spread of the new

coronavirus forced factories to close and consumers to stay indoors, a

survey showed on Monday.

The coronavirus has infected more than 3.5 million people globally and

killed around 247,000 so with citizens told to stay at home economic

activity has plummeted and supply chains have been massively

disrupted.

IHS Markit’s final Manufacturing Purchasing Managers’ Index (PMI) for the

euro zone sank to 33.4 from March’s 44.5, its lowest since the survey

began in mid-1997, below an earlier flash reading of 33.6 and significantly

below the 50 mark separating growth from contraction.

An index measuring output, which feeds into a composite PMI due on

Wednesday and seen as good indicator of economic health, sank to a

survey low of 18.1 from 38.5.

“Euro area manufacturing output plunged to an extent greatly exceeding

any decline previously seen in the near 23-year history of the PMI survey in

April, reflecting a combination of factors including widespread factory

closures, slumping demand and supply shortages, all linked to the COVID-

19 outbreak,” said Chris Williamson, chief business economist at IHS Markit.

The slump came despite the European Central Bank easing policy and

ramping up its quantitative easing programme alongside unprecedented

amounts of fiscal stimulus from governments to help an economy ravaged

by the pandemic.

With shops closed and consumers concerned about their health and

employment prospects, demand sank last month to by far the lowest in

the survey’s history. The new orders PMI came in at 18.8, almost half

March’s already weak reading of 37.5.

Scant demand forced factories to cut prices, reduce headcount at one

of the sharpest rates on record and complete backlogs of work to stay

active. Unsurprisingly, optimism was at a survey low.

While some countries have begun to ease lockdown measures, offering

some hope for a rebound this month, IHS Markit cautioned any pick up

would be modest.

“Steps needed to keep workers safe will mean even businesses that are

able to restart production will generally be running at low capacity, and

most will be operating in an environment of greatly reduced demand,”

Williamson said.

<< Back to news headlines >>

UK starts state-backed loans for smallest firms Monday 4th May, 2020 – Reuters

A government-backed loan scheme to help Britain’s small businesses

survive the coronavirus lockdown comes into effect on Monday, allowing

firms such as hairdressing salons, coffee shops and florists to receive

emergency cash.

Finance minister Rishi Sunak, who previously opposed 100% state backing

for commercial loans, announced the new facility on April 27, bowing to

pressure to do more for the smallest companies after a previous scheme

got off to a slow start.

The new “Bounce Back Loans” allow businesses including sole traders to

borrow between 2,000 and 50,000 pounds ($2,500-$62,500) for up to six

years. The first year is interest-free for firms, after which they pay an interest

rate of 2.5%.

Banks handling the loans will not be required to run credit checks or assess

the long-term viability of applicants.

“Small businesses will play a key role creating jobs and securing economic

growth as we recover from the coronavirus pandemic,” Sunak said in a

statement to mark the first day when the Bounce Back scheme goes into

operation.

“The Bounce Back loan scheme will make sure they get the finance they

need - helping them bounce back and protect jobs,” he said.

Most British businesses have been shut to the public since March 23, when

the government imposed social distancing measures to slow the spread of

the virus. Government forecasters have said the economy could contract

by 35% in the second quarter.

Britain last month announced an emergency 330 billion-pound credit

scheme including loans of up to 5 million pounds for small and medium-

sized companies, with state guarantees of 80%.

But many companies said they struggled to secure bank approvals,

putting pressure on Sunak to provide full state guarantees for commercial

loans to the smallest businesses.

From Monday, any firm that has already taken out a loan of 50,000

pounds or less under the 80%-state-backed scheme can apply to have it

switched over to the Bounce Back scheme.

<< Back to news headlines >>

UK-U.S. trade talks to start on Tuesday Monday 4th May, 2020 – Reuters

Trade talks between Britain and the United States will begin via a video

conferencing call on Tuesday, Prime Minister Boris Johnson’s spokesman

said, as the two countries seek to strike an “ambitious free trade

agreement”.

“Both sides have expressed their willingness to make progress as quickly as

possible, so we look forward to a constructive two weeks of talks,” the

spokesman told reporters.

“We want to strike an ambitious free trade agreement with our biggest

single trading partner.”

Britain left the European Union in January and is now negotiating future

trading terms with Brussels and other major economies.

<< Back to news headlines >>

India's Reliance to sell $750 million stake in unit to Silver Lake, on track to

cut debt Monday 4th May, 2020 – Reuters

India’s Reliance Industries Ltd (RELI.NS) said on Monday private equity firm

Silver Lake will invest nearly $750 million in its digital arm, days after

securing a $5.7 billion investment from Facebook Inc (FB.O), boosting its

efforts to cut debt.

The deal adds to a flurry of fund-raising activity announced by the oil-to-

telecoms conglomerate in recent weeks including a $7 billion share sale,

with plans to eliminate $21.4 billion of net debt by the end of the year.

Reliance last week reported a 39% slump in March quarter profit, hit by a

sharp fall in oil prices and lower fuel demand, and said at the time it that

had received investor interest for a Facebook-like deal. It did not give

further details.

The 56.56 billion rupees ($746.7 million) deal with Silver Lake values Jio

Platforms - the digital services entity that houses Reliance's telecoms arm

Jio Infocomm, its music and video streaming apps, at about $65 billion,

Reliance said in a regulatory filing here

Silver Lake’s investment, at a 12.5% premium to the equity valuation of the

Facebook deal, gives it slightly more than a 1%stake in Jio Platforms.

“Silver Lake has an outstanding record of being a valuable partner for

leading technology companies globally,” Reliance Chairman and tycoon

billionaire Mukesh Ambani said in a statement. “We are excited to

leverage insights from their global technology relationships for the Indian

digital society’s transformation.”

Silver Lake has about $40 billion in assets under management, and its

portfolio of companies includes social media firm Twitter Inc (TWTR.N),

computer hardware maker Dell Technologies Inc (DELL.N), and movie

theatre chain AMC Entertainment Holdings Inc (AMC.N).

Unlike traditional mobile carriers, which depended on voice services to

make money, Ambani has always pitched Jio, which launched in late

2016, as a trailblazer tech company that has helped hundreds of millions

of Indians use the Internet for the first time.

Facebook said late last month it would buy a 9.99% stake in Jio Platforms,

as it looks to capitalise on WhatsApp’s 400-million strong user base in India

and roll out services for grocers and small businesses.

The partnership will help Reliance use Facebook’s tech in its new

businesses, while giving the U.S. tech giant’s India reach a massive fillip

with a formidable partner in Ambani, who is widely perceived to be

influential in government circles.

Silver Lake’s investment highlights Reliance’s ability to monetise its digital

services business and further adds to the company’s already strong

financial flexibility, Moody’s Investors Service said in a note.

Shares in the Mumbai-headquartered Reliance were trading down 1.3 in

a broader Mumbai market .NSEI that was down 4.9% at of 0455 GMT.

<< Back to news headlines >>

Recount to begin Wednesday Monday 4th May, 2020 – Guyana Chronicle

SHOULD plans remain on track, the Guyana Elections Commission

(GECOM) will commence the long-awaited national recount process on

Wednesday with an order, expected today, to solidify the process.

This was one of the main decisions coming out of an extremely heated

meeting, at the Commission’s Cowan and High Streets office, on Sunday.

The meeting was particularly heated, as members of the media, from their

position on the pavement, could hear loud screams emanating from the

building, as the Commissioners engaged in a verbal battle on the issue of

live streaming the recount. “Transparency! Transparency!” one

Commissioner shouted while another argued that no one should “hide

behind the law.”

Coming out of the meeting, a much more composed Commissioner, Sase

Gunraj said: “We intend to gazette the Order tomorrow, after some very

minor changes which we will do tomorrow morning, and we’re looking at

a start date of the recount process to be Wednesday, May 6, 2020.”

The minor changes include matters in relation to the CARICOM team and

a decision to go ahead with live streaming, the latter which drew ‘the

heat’ of the discussions.

LIVE STREAMING

On Sunday, according to Gunraj, GECOM’s Chair, Justice (Ret’d)

Claudette Singh, decided that the entire tabulation exercise will be live

video and audio streamed and the entire counting process will be audio

streamed.

He said that Justice Singh placed the matter up for discussion, again, as

she had reservations about the persons behind the conduct of the

proposed live stream. The Commission is expected to finalise these

changes within the Order, at the meeting today.

“Live streaming will inject the necessary credibility and transparency in this

process,” Gunraj submitted, while adding that “GECOM has nothing and

ought to have nothing to hide in this process, and, as a consequence,

that is something that we should focus on.”

Gunraj believes that due to the availability of technology here in Guyana,

live streaming should not be a major technical issue.

However, Commissioner Vincent Alexander has questioned the

effectiveness of live streaming the procedure to the public as there is no

provision for the public to object or intervene should there be a

disagreement with the processes.

He is also displeased that Opposition-nominated Commissioners have

quoted Article 162 of the Constitution and Section 22 of the Election Laws

(Amendment) Act to justify GECOM’s flexibility to facilitate a live stream,

but ignored the provisions altogether, when it comes to the Commission’s

intention to conduct more than a numerical count.

“There is no provision for streaming in any of the legislation so if we talk

about streaming we can only go to 162 of the Constitution and Section 22

[of the Election Laws (Amendment) Act] that gives us latitude. But, at the

same time, those who are trying to use that latitude are seeking to object

for the use of that latitude for other things,” he said.

Alexander further added: “You want to take away that latitude when it

comes to how we conduct the count. My question is, if you’re

transparent, what is it you want to hide in relation to matters such as

taking the List, which was used at the place of poll…to determine how

many persons turned up to vote and then to check the actual ballots to

see if there is a correlation.”

Alexander said that, apart from the live stream, the GECOM Chair

indicated that a clear photo should be taken of the ballot boxes, upon

their removal from the containers, for record, and to rule out any claims of

tampering. She also would prefer that there be an audio broadcast of the

counting process.

Though Alexander does not know how such an audio broadcast would

take place with multiple counting stations to be present, he explained the

possible reason behind Singh’s thinking.

“The Chairperson is very, very conscious of what is taking place in the

media -the electronic media, the print media, and, probably, more so, on

social media. Therefore, she is trying to respond by lowering that tempo of

aggression — much of which is directed to her — by doing these things,”

he said.

SCRUTINIZING TEAM

As it relates to the CARICOM team, Alexander said that the individuals will

no longer be described as a “high-level team” but a CARICOM

“scrutinizing team” which is still separate and apart from observers.

Unlike observers, during the course of the process, they can express

opinions or be asked to express opinions by the District Coordinators, the

Chief Elections Officer (CEO) or the Commission. At the level of the work

stations, they may only seek clarification.

The scrutinizing team is also expected to provide a report on its

observations following the recount.

Should a conflict arise and a resolution does not come from the

Supervisors, there is a hierarchy for conflict resolution continuing on to the

District Coordinator, CEO and finally the Commission.

Meanwhile, the Chair did not budge on some matters, such as the

objection of the Opposition to the opening of the envelopes to determine

whether there were errors by the Presiding Officers (POs) during the

election tabulation process.

When it comes to the involvement of local and international observers,

this was not largely debated by Commissioners as it was agreed that their

initial status stands and they remain invited to the process.

“The elections process has not ended, so the issue of re-inviting observers

does not arise. What will happen is a reminder or statement will go out

there to say that the observers remain engaged and remain invited to the

process to observe as is necessary,” Gunraj said.

He added that, thus far, the Carter Centre and the International

Republican Institute (IRI) have indicated their interest in sending

representatives to Guyana.

Before the recount date, local and international observers, as well as

party representatives, will be briefed by the CEO on the guidelines of

participation in the process.

While there is an ongoing discussion about whether the Carter Centre was

denied entry into the country, Alexander said that he has heard two

separate accounts of the matter, and, either way, their entry into the

country is a matter for the National COVID-19 Task Force (NCTF).

Although Gunraj described the meeting as long, tiring and vociferous with

“rank disagreement”, Alexander said that he was confident that

everything was set for the recount to begin as planned but he could not

speak to ulterior motives.

<< Back to news headlines >>

Digicel Guyana employees to take pay cut Monday 4th May, 2020 – Guyana Chronicle

DIGICEL Guyana has asked its employees to take between five to 20 per

cent pay cuts in response to the coronavirus pandemic, which has

negatively impacted businesses locally and globally.

When contacted by the Guyana Chronicle on Sunday, Digicel Guyana

Communications Manager Vidya Sanichara confirmed that the

communications giant will be cutting the salaries of its workers in view of

the epidemic which has resulted in a partial shutdown of the country.

“Whilst we recognise that this will be an extremely challenging period for

everyone, we have reluctantly decided that we must ask every employee

to take a temporary reduction in salary until the end of FY21. This has been

a very difficult decision; however, it is necessary in order to keep as many

people as possible in employment and in the interests [sic] of business

continuity,” Sanichara told this newspaper.

The pay reductions will be implemented on a tiered basis – dependent on

salary level — with the lowest reduction at five per cent and the highest at

20 per cent. Staff on a basic salary of US$10,000 or less will not be

affected.

Digicel Guyana noted that the world has been hit by an unprecedented

crisis with “serious knock-on effects” already being witnessed in

economies in the Caribbean, Central America and the Pacific.

It said that while it cannot yet quantify how severe the impact will be, it

will be worse than the global financial crisis. It also highlighted that

leading global economists have predicted that economies could shrink

by 15 to 20 per cent — especially those relying on tourism – and it could

take up to two-four years before they recover.

“Against this very difficult backdrop, our own business is similarly affected.

Consumers have lower disposable income and lockdowns have altered

customer behaviour, while businesses of all sizes are negatively impacted.

As such, we find ourselves having to make tough decisions in tough

circumstances and must reset our cost structure in line with these new

realities…we realise that this is going to be hard for everyone, but we are

asking our staff to accept these measures in the hope that, by taking

these significant steps now, we can come through this together,” Digicel

Guyana said.

Just three days ago Digicel Trinidad and Tobago reported that similar pay

cuts would have to be taken by its staff, noting that the same would

occur across the entire Digicel Group.

According to T&T Newsday, the company estimated that 68 per cent of

staff would be affected by the pay cut which the board said is a difficult

but necessary decision to prevent job losses.

The decision came after the company realised a significant impact from

prepaid customers as many have lost their jobs or have had reduced

incomes because of the COVID-19 restrictions.

Digicel Group is a total communications and entertainment provider with

operations in 31 markets throughout the Caribbean, Central America and

the Asia-Pacific region.

Digicel Guyana said it will continue to invest strongly in its networks, in

content, in digital and in our community outreach programmes and

Digicel Foundations.

<< Back to news headlines >>

Govt Revenues In 50% March Slump Friday 1st May, 2020 – Tribune 242

Government revenues declined by 50 percent in March, the deputy

prime minister revealed yesterday, as the COVID-19 crisis threw a better-

than-expected post-Dorian fiscal showing “out of whack”.

K Peter Turnquest, speaking as the government unveiled its finances for

the first nine months of the fiscal year, told Tribune Business that its

performance had been tracking “ahead of where we anticipated we

would be” in the revised budget passed by the House of Assembly in

February.

Despite the VAT and multiple tax breaks granted to aid reconstruction

efforts on Abaco and Grand Bahama, total government revenue still

expanded by four percent or $67.9m year-over-year. However, the fiscal

deficit - measuring the difference between the government’s income and

its expenses - inevitably widened by 79.3 percent to $251.5m due to

increased Dorian-related expenditure.

However, the bulk of Dorian-related costs were set to be incurred during

the final three months of a 2019-2020 fiscal year that closes at end-June.

That quarter, which the government is a full month into, will now also

contain the full impact of COVID-19’s economic fall-out as well as the bulk

of hurricane restoration costs.

Marlon Johnson, the Ministry of Finance’s acting financial secretary, told

this newspaper that April’s revenues were in line with the Government’s

latest revised projections although he declined to provide a figure.

Echoing Mr Turnquest, he added that it had been “slightly ahead” of

forecast pre-COVID-19 with revenues remaining “healthy” despite the

Dorian tax breaks.

Bahamians will likely gain their first true insight into the economic and fiscal

devastation caused by the pandemic when Mr Turnquest presents the

2020-2021 Budget on May 27, together with the Government’s short,

medium and long-term plans for reviving and rescuing the economy and

preventing its collapse.

Mr Turnquest yesterday said the Government has $240m worth of funding

remaining in its current borrowing “envelope” which it believes will be

sufficient to carry it through to the June 30 year-end without having to

take on any further debt.

Warning that COVID-19’s fall-out will impose “a significant burden” on

families and businesses, he again reiterated that there was “no question

we’ll have to make difficult decisions” concerning loss-making state-

owned enterprises (SOEs) and other drains on the Public Treasury in the

pandemic’s wake.

The depth of the likely economic contraction will force the Minnis

administration to urgently consider reforms that its predecessors may have

shied away from due to their perceived unpopularity with voters, and Mr

Turnquest indicated that “additional options” will be discussed ahead of a

2020-2021 Budget year that starts on July 1.

“We were ahead of where we’d budgeted, or thought we’d be in the

revised Budget,” the deputy prime minister told Tribune Business of the

nine-month period to end-March. “Some of the post-Dorian expenditure

was still to come through in this [fourth quarter] period, all things being

equal, but prior to the time COVID-19 started we were ahead of where

we anticipated we would be.

“Nobody could have seen this coming, and it’s thrown everything out of

whack including the progress we’d hoped to achieve by now..... We

know March was about 50 percent off [in revenues], and we expect a just

as significant or maybe even a little bit more for April this year, but we’ll

see.” Mr Turnquest had previously indicated government revenues could

be off as much as 70 percent.

March and the 2019-2020 fiscal third quarter contained around two

weeks’ of COVID-19 impact as a result of the global tourism shutdown and

subsequent national lockdown/curfew imposed by the Government. The

full impact, and that of Dorian recovery costs, will only become evident

once the third quarter is completed.

Mr Johnson, the Ministry of Finance’s top official, yesterday confirmed that

April’s revenue performance had met the third set of Budget projections

for the year. “The trends for April are in line with what we anticipated

given the impact of COVID-19,” he added, with much economic activity

having ground to a halt.

“Things had been lining up consistently with what we anticipated would

be the refreshed Budget based on Dorian. You really wouldn’t see the

impact of COVID-19 on the economy until the fourth quarter numbers are

complete.

“As the deputy prime minister would have said, coming into the third

quarter before COVID-19 the Government felt confident it would meet

the revised Budget numbers or slightly over-perform the Budget numbers

but COVID-19 presents a slightly different reality,” he added.

“It looked like we were tracking slightly ahead of where the revised

Budget was. Revenue looked fairly health even though Abaco and Grand

Bahama were enjoying their concessions and were into their rebuilding.

The rest of economy was performing well, and all things were consistently

lining up against projections. Then COVID-19 happened. We’ve just got to

ride it out.”

Mr Turnquest, meanwhile, said the Government felt it will fully “take up”

the $240m remaining from its previous borrowing activities between now

and end-June. “Hopefully it will take us to the end of the fiscal year,” he

added. “If it doesn’t, we might have to do some things in the interim. We

are trying to be prudent and delay any unnecessary expenditure so that

we don’t have to get into that situation.”

Similarly, the $119.5m COVID-19 stimulus package enacted to-date -

measured in combined spending and revenue foregone - is intended to

prop up the economy, private sector and jobless Bahamians until the

fiscal year-end when it will be reviewed and the impact assessed. Mr

Turnquest added that “most firms taking advantage of the incentives are

meeting their commitments”.

The deputy prime minister said the Government was “certainly going to

try” and stick to the three-year schedule it set to pay off $360m worth of

unfunded arrears, which was one of the key justifications for hiking the VAT

rate to 12 percent.

A further $8.9m worth of payments were made during the three months to

end-March 2020, taking the total to $230.1m or 64 percent of the total due

to be paid off by the end of the 2020-2021 fiscal year. However, Mr

Turnquest added a caveat, saying: “Circumstances have obviously

changed quite a bit since, but we’ll still do our best to make payments on

that commitment.

“But circumstances are fluid here, and we’ll see have to see how that

fleshes out in the fiscal numbers with the potential deficit for the new year

and what that means in terms of financing.”

Acknowledging that the $414m collective subsidy to state-owned

enterprises (SOEs) was an obvious area to look for spending cutbacks, Mr

Turnquest added: “I think we recognise that in order to cut the level of

subsidies to those entities, and the consequential drain on the public

purse, we’re going to have to be very creative and make some hard

decisions for sure.

“What that might look like is up to the SOEs, and we have some ideas

we’ve shared with them. We’re going to have to make some difficult

decisions, no question about that, to make them cost recovery entities.”

Mr Turnquest argued that previous fiscal reforms enacted by the Minnis

administration would give the Government “a jump start” on re-opening

the economy, but he conceded: “We do understand the burden on

individual families as well as businesses is going to be significant as we

come out of this curfew and shutdown period.

“We have to be mindful of that as we stimulate business and consumer

demand, and try and get some kind of economy going. We keep hearing

the comparison with depressions, and the 2008-2009 financial crisis being

less of a concern as that was confined to the financial system. This is

definitely a significant trauma to our economy and fiscal health.”

The $58.7m worth of Dorian-related outlays helped ensure the

Government’s spending grew faster than its income during the nine

months to end-March 2020. While revenues were up 4 percent, total

spending rose by 9.8 percent or $179.4m year-over-year to hit $2.009bn.

This compared to $1.829bn at the same point in 2018-2019.

“Tourism-related payments declined by $29.1m (81.5 percent) to $6.6m,

reflecting the suspension of several marketing subventions provided for

under various Heads of Agreements for visiting cruise ships and hotel

properties in Abaco and Grand Bahama,” the Government’s “fiscal

snapshot” said.

“Interest payments grew by $7.4m (3.1 percent) to $242.3m over the nine-

month period to represent 64.3 percent of the revised budget.

Approximately $151.9m was directed to Bahamian dollar debt, while the

balance of $90.5m was used to settle foreign currency obligations.”

The Bahamas’ total national debt, measuring the money owed by the

Government as well as loans it has guaranteed on behalf of state-owned

enterprises (SOEs), stood at $8.457bn at year-end 2019.

<< Back to news headlines >>

Cruise Port Requires $284m Total Funding Friday 1st May, 2020 – Tribune 242

The Nassau Cruise Port’s transformation has $284.3m in total financing

needs with its developer/operator having the ability to introduce new

services and charges at its “discretion”.

The details are revealed in documents issued to potential investors for the

port’s upcoming $130m bond offering this month, which is aiming to raise

sufficient capital to finance construction work for the next 12 months.

The documents, which have been seen by Tribune Business ahead of a

meeting between Nassau Cruise Port, its CFAL financial advisers and

capital markets players today, reveal that the developer is seeing to raise

a mixture of $80m Bahamian dollars and $50m US dollars from both local

and international sources in the current financing round.

Its financial plans involve raising a further $80m in additional debt during

the 2021 first half, taking the total debt component to $210m.

The balance will feature $74.3m in equity that will be split between its

shareholders. Global Ports Holding and The Bahamas Investment Fund, the

latter of which will be the vehicle through which Bahamian investors will

have an ownership interest in the cruise port, will each invest for a 49

percent stake while the non-profit Yes Foundation will own the remaining

two percent.

Of the total $284.3m raised, some $204m will cover construction work that

is designed to transform Prince George Wharf into a true destination that

will help to increase both cruise passenger per capita spending and act

as a catalyst for downtown Nassau’s redevelopment.

A further $20m has been earmarked to cover development, design,

engineering and inspection costs, while $34.3m of expenses are

accounted for by financing costs. The $26m balance, according to the

document, will go towards “ancillary community contributions”.

The current $130m bond offering, which the document says is due to

launch on Monday, May 4, will carry an eight percent interest coupon

that is payable semi-annually. Principal repayments will take place in ten

annual instalments beginning on June 30, 2021.

One financial markets source, speaking on condition of anonymity, said

the eight percent interest rate was attractive compared to the meagre

returns investors currently obtain on bank deposits. However, they voiced

concern over the current COVID-19 uncertainty engulfing the global

cruise industry, especially when it would resume sailing and how long

passenger volumes will take to recover.

“There’s a lot of unknown territory, and the timing of this offering with

everything else going on is not great,” they added. However, Mehmet

Kutman, Global Ports Holding’s chairman, told a recent conference call

that he personally believed “the cruise industry will bounce back from this

crisis stronger than before” and that demand will “remain undiminished in

the medium to long-term”.

The projections contained in the Nassau Cruise Port bond offering

document show a “V-shaped” dip in passenger arrivals to The Bahamas’

main cruise port in 2020, with volumes rebounding in 2021 and recovering

to pre-COVID-19 levels in around 2023. From there they are forecast to

grow steadily to between 7-8m passengers by 2040.

Revenues are also projected to grow to over $100m by that same year,

with operating income (EBITDA) reaching just below $80m at the same

point. The document adds that Nassau Cruise Port, armed with its 25-year

concession from the Government to manage and operate Prince George

Wharf, “has the right to increase the port charges by the rate of inflation”.

It also has the “right to introduce additional services and charge for the

same in Nassau Cruise Port’s commercial discretion”. With 113 new cruise

ships on order as at March 2020, representing additional capacity of

232,172 passengers and schedule for delivery through 2027, Nassau Cruise

Port said industry capacity was set to grow by around 50 percent.

<< Back to news headlines >>

Ansbacher Adds $1bn By Buying Departing Bank Friday 1st May, 2020 – Tribune 242

A Bahamian-owned institution yesterday rescued several financial services

jobs by acquiring a $1bn asset portfolio from its departing Swiss-

headquartered owner.

Julius Baer, which earlier this year dealt a significant blow to the Bahamian

financial industry by announcing the closure of its Nassau "booking centre"

with the loss of around 30 jobs, announced that it agreed to sell its

Bahamian portfolio to Ansbacher (Bahamas) for an undisclosed sum.

The Swiss institution yesterday acknowledged that Ansbacher (Bahamas),

which is owned by AF Holdings (the former Colina Financial Group), was

unlikely to retain all former Julius Baer staff as it will seek to extract

efficiency gains and cost savings from the deal.

It argued, though, that keeping the book of business in The Bahamas and

rescue of some jobs is a better result than simply liquidating its subsidiary

and winding-up its affairs.

"We believe a sale is a better outcome for all stakeholders than a

liquidation, which would ultimately lead to a discontinuation of

employment for all employees," Julius Baer's head office said in a

statement.

"The buyer [Ansbacher Bahamas] will conduct interviews in the coming

weeks and subsequently decide which employees it intends to retain.

Julius Baer intends to honour any completion bonus that is due, at the

latest by the transaction closing date. Employees who are not retained by

the buyer will receive their severance payment and any completion

bonus that is due from Julius Baer."

The sale is due to close in the 2020 second half once all the relevant

regulatory approvals are received. Julius Baer, which indicated it had

received multiple approaches for its Bahamian subsidiary after

announcing its intention to exit this jurisdiction, did not reveal who else it

received "purchase offers" from. It added that it may now withdraw from

The Bahamas earlier than planned while operations continue ahead of

the transaction completing.

The Julius Baer purchase is the latest in Ansbacher's decade-old strategy

to grow by acquisition. This began when A. F. Holdings and its principals,

Emanuel Alexiou and Anthony Ferguson, used their Sentinel International

Bank & Trust to acquire the Ansbacher (Bahamas) business in May 2009.

The merged business retained the Ansbacher name given its stronger

brand identity, and the acquisition strategy has continued over the

following 11 years with the purchase of Finter Bank & Trust (Bahamas),

Lyford International Bank and now Julius Baer.

One financial services source, speaking on condition of anonymity, said of

the latest deal: "There's really only one buyer of these foreign banks, so

when they sell they always end up selling to Ansbacher.

"I've watched them buy a number of these small banks that are exiting. I

think it's consistent with what they've been doing. It's a strategy they've

had for years, rolling up all the offshore banks. That's always been the

plan. When they first bought Ansbacher it was to get an offshore entity to

use as a springboard to enter the international market as people exited."

Ansbacher (Bahamas) website states it has $7bn in client assets under

administration, meaning that the Julius Baer acquisition will now take it

over the $8bn mark. The bank, which has 80 staff, is said to offer wealth

management, private banking and fiduciary services in 75 countries, and

is headed by managing director Andrew Alexiou, Mr Alexiou's son.

Ansbacher (Bahamas) generated $5.342m in total profits on $26.858m in

revenues for the 12 months to end-2019, an improvement on the prior

year's $4.836. Its parent, A. F. Holdings, is said to have $11bn in assets

under administration and $230m in total equity.

<< Back to news headlines >>

Government Planning to Create Jobs Through ‘Significant Construction

Activity’ Sunday 3rd April, 2020 – St. Lucia Times

The government of Saint Lucia is looking create jobs during the current

COVID-19 pandemic through construction.

Prime Minister Allen Chastanet made the disclosure on his official

Facebook page.

“As part of our COVID-19 Economic Response, a major part of our plan to

generate jobs and economic activity during this crisis and to make up for

some of the losses due to an absence of tourism, will be through the

generation of significant Construction activity in every corner of our

country,” Chastanet stated.

According to the PM, during the last 4 years, his administration has been

working hard to negotiate and secure financing for the implementation of

several strategic projects.

He explained that over the coming days, weeks and months, “your

Government will be extremely focused on the implementation of major

capital projects.”

Chastanet said they include the continuation of the St Jude Hospital

Construction project, the Islandwide road rehabilitation project, the

rehabilitation of schools across the island, the upgrading of key sporting

facilities, the Castries Redevelopment project, the new Hewanorra

International Airport, Water projects in the south of the island, major

desilting and debushing in preparation for the hurricane season, the

Police Headquarters and several other vital employment and economic

generating projects.

<< Back to news headlines >>

US Giving Haiti $16M in Coronavirus Aid Wednesday 29th April, 2020 – St. Kitts & Nevis Observer

The government of Haiti has received funds amounting to US$16.1 million

from the United States, to help the country respond to the COVID-19

pandemic.

The funds from the United States Agency for International Development

(USAID) will support the Haitian government’s national Covid-19 response

plan, led by the Ministry of Public Health, the Department of Civil

Protection of the Ministry of the Interior, the Haitian intensive care hospital

network and local organizations and international.

“The American people have a long history of helping their neighbours

both at home and abroad. The United States provides aid because we

believe it’s the right thing to do; we also provide assistance as a matter of

pragmatism. If we can help countries contain outbreaks, we’ll save lives

abroad and at home in the United States,” said US Ambassador to Haiti,

Michèle Sison.

Through the USAID and the Centres for Disease Control, the United States

will support, among other things, the purchase and distribution of hand

washing kits to reach approximately 400,000 Haitians ; launch a national

hand washing campaign in health facilities, religious centres,

marketplaces and public spaces in French and Creole and to amplify the

government’s messaging through national and local radio, sound trucks,

megaphone announcement and visual materials to specifically address

any stigmas, discrimination, misinformation and myths.

To date, the number of active cases in Haiti now stands at 61 cases.

<< Back to news headlines >>

CIF jumps $1.62 Saturday 2nd May, 2020 – Trinidad Express Newspaper

OVERALL market activity resulted from trading in 14 securities of which ten

advanced, one declined and three traded firm.

Trading activity on the First Tier Market registered a volume of 24,968

shares crossing the floor of the Exchange valued at $653,818.81.

The Composite Index advanced by 1.79 points (0.14 per cent) to close at

1,268.45.

The All T& T Index advanced by 1.56 points (0.09 per cent) to close at

1,672.95.

The Cross Listed Index advanced by 0.27 points (0.23 per cent) to close at

116.90. The SME Index remained at 67.25.

Massy Holdings Ltd was the volume leader with 9,871 shares changing

hands for a value of $493,550.00, followed by OneCaribbean Media with

a volume of 4,485 shares being traded for $29,152.50. National Enterprises

Ltd contributed 2,247 shares with a value of $8,763.30, while Guardian

Media Ltd added 2,076 shares valued at $13,486.40.

CLICO Investment Fund registered the day's largest gain, increasing $1.62

to end the day at $26.43. Conversely, National Enterprises Ltd suffered the

day's sole decline, falling $0.10 to end the day at $3.90.

CLICO Investment Fund was the only active security on the mutual fund

market, posting a volume of 42,889 shares valued at $1,133,720. CLICO

Investment Fund advanced by $1.62 to end at $26.43. Calypso Macro

Index Fund remained at $15.75.

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 $12.51.

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

Energy Ltd remained at $1.08.

<< Back to news headlines >>

NFM up 15.2% Sunday 3rd May, 2020 – Trinidad Express Newspaper

LAST week saw 741,097 shares trade on the first-tier market, a decrease of

16.97 per cent on the previous week's total of 892,580 shares traded.

The value of the shares traded fell by 44.06 per cent to $13,299,515.42 from

the last week's value of $23,773,733.99.

The volume leader this week was JMMB Group Ltd (JMMBGL) with 30.81

per cent of the market activity or 228,328 shares, followed Grace-Kennedy

(GKC) with 28.20 per cent or 209,000 shares. In third place was West Indian

Tobacco Company (WCO) with 12.93 per cent or 95.850 shares traded.

The Indices ended the week in negative territory. The Composite Index

dropped by 0.27 per cent or 3.42 points to close at 1,268.45. The All

Trinidad and Tobago Index end at 1,672.95, down 0.02 per cent or 0.31

points. The Cross Listed Index closed at 116.90, a decline of 0.76 per cent

or 0.90 points. The Small and Medium Enterprise Index end the week at

67.25, down 0.65 per cent or 0.44 points.

Last week there were five stocks advancing and ten stocks declining,

while one stock was at its 52-week high and seven stocks at their 52 week

low.

National Flour Mills (NFM) was the major advance, up 15.18 per cent or

$0.17 to close the week at $1.29. In second place was Prestige Holdings

Ltd (PHL) with an increase of 3.60 per cent or $0.27 to close at $7.77,

followed by ANSA Merchant Bank Ltd (AMBL) up 1.93 per cent or $0.70 to

close at $37.

For the third consecutive week National Enterprises Ltd (NEL) was the

major decline, down 6.02 per cent or $0.25 to close at $3.90 its 52 week

low, Guardian Media Limited (GML) followed with a decrease of 5.66 per

cent or $0.39 to close at $6.50. In third place was Unilever Caribbean Ltd

(UCL) followed with, 5.01 per cent or $0.90 to close at $17.05.

There was no activity on the second tier market last week.

On the TTD Mutual Fund Market 348,103 CLICO Investment Fund (CIF) units

traded with a value of $8,393,851.85. CIF's unit price closed at $26.43 an

increase of 8.10 per cent or $1.98 from last week. In addition 375 Calypso

Macro Index Fund (CALYP) units traded with week valued at $5,906.25,

down 0.82 per cent or $0.13 to close at a price of $15.75.

On the Small and Medium Enterprise Market, CinemaOne (CINE1) closed

the week at $5.97 unchanged from the previous week with no shares

traded. 5,075 Endeavour Holdings Ltd (EHL) shares traded with a value of

$63,488.25. EHL price closed the week at $12.51 a decrease of 0.71 per

cent or $0.09 from last week.

On the USD Equity Market, MPC Caribbean Clean Energy Ltd (MPCCEL)

closed at US$1.08 with no shares traded.

<< Back to news headlines >>

Government grant to fund Tobago company's expansion Monday 4th May, 2020 – Trinidad Express Newspaper

J MAC Industries Ltd is the first Tobago company to receive funding from

the Government's Grant Fund Facility (GFF).

Entrepreneurs Edward Jones and Glewis Jones, managing directors of J

Mac Industries Ltd, received funding for their company's business

operations and export expansion, recently.

J Mac Industries Ltd, located in a small "at-home" factory in Orange Hill,

Tobago, manufactures and distributes eco-friendly detergents and

dishwashing liquids under the brand Support.

The company took the decision to relocate to a larger facility and

required funding to automate its processes to satisfy the increasing

demand for its products.

While the company currently distributes within Tobago, the expansion will

facilitate increased production and distribution in Trinidad, as well as

exports to seven Caricom markets and eventual product diversification.

Trade and Industry Minister Paula Gopee-Scoon commended the

company's directors for their strategic move and overall vision.

'Now more than ever, Trinidad and Tobago requires the innovative

thinking and the foresight of the business community to secure this

country's present and future economic success,' she stated. 'This

company's growth trajectory is a direct product of the directors' business

acumen, strategic vision and utilisation of Government's business support

programmes.'

Gopee-Scoon said J Mac Industries Ltd has been able to capitalise on

several Government programmes offered to the business community,

including the Tobago House of Assembly (THA) Business Development Unit

Loan Programme; funding from the Venture Capital Equity Fund

Company Ltd; and export training offered by ExporTT.

She noted that the Tobago company has show cased its products in

several business shows, including the 2019 Tobago Road Show, the

Trinidad and Tobago Manufacturers' Association's 2019 Trade and

Investment Convention, and the 2019 Expo Caribe Trade Show held in

Santiago de Cuba.

The minister added that J Mac Industries Ltd is the latest manufacturer to

receive funding under the GFF, which offers up to a maximum of $250,000

to producers of export-oriented/import-substituting products.

The facility was expanded in August 2019 and now makes funding

available for SMEs in eight different sectors, including: financial services,

maritime services, aviation services, fishing and fish processing, software

design and applications, creative industries, agriculture and agro-

processing, and manufacturing.

<< Back to news headlines >>

No rice shortage in TT Monday 4th May, 2020 – Trinidad and Tobago Newsday

ALTHOUGH many people are worried about the possibility of a food

shortage due to the covid19 pandemic, the Food Distributors Association

says there is no rice shortage.

The association’s president Marc Pontifex told Newsday the rice sector is

not in any trouble and there is a sufficient supply to meet demand. He

said, “Based on feedback from major supermarkets, they are not

experiencing any shortages.”

Over the past few months, there have been calls from several sectors,

especially the agricultural sector, for the government to look into a sound

food security policy. CEO of Old Mac Parboiled Rice, Liaquat Ali, said

while there is no shortage of rice there are some challenges in getting it

into the country.

He said, “With the restrictions in place because of covid19, the logistics of

getting from the regional and international suppliers are challenging.

Workers are unable to disembark the vessel as it docks, and a lot of safety

checks must be carried out before the product is released. This delay

makes the process longer to get the product on the shelf for consumers.”

Ali added that there is an “artificial shortage” because people have been

panic-buying and storing more than they need. Agricultural economist

Omardath Maharaj said although there is no shortage, because of the

covid19 pandemic and other world issues such as US military action near

Venezuela, rice imports from Guyana could be affected.

Maharaj said, “In 2018 TT imported approximately $107 million, or 19, 853

tons of rice. Although the reported import volume fell by almost 50 per

cent, import value did not. Even if quantity remains available going

forward, we have to be mindful of foreign-exchange pressure.

“The decline in imports may be due to incomplete data reporting by

some countries generally, since local production remains relatively

dormant, as farmers have since migrated to other fields of endeavour and

production to survive.” He said while a majority of rice imports are from

Guyana and Brazil, TT has the capacity to produce “a tremendous

amount” of rice.

“There remains significant potential for its revitalisation. There are arable

lands, equipment and machinery, private and state-operated milling

capacity, experienced farmers and indigenous knowledge, marketing

and distribution channels, and an established consumer market, among

other opportunities.”

<< Back to news headlines >>

$85m spent on COVID relief Sunday 3rd May, 2020 – Trinidad Express Newspaper

SOME $85 million has been spent on COVID- 19 relief measures to date.

So said Minister of Social Development and Family Services Camille

Robinson-Regis yesterday as she disclosed 92,000 individuals and families

have accessed grants and food support thus far. Robinson-Regis was

speaking during yesterday's virtual media conference hosted by the

Ministry of Health. 'I want to report that 92,000 individuals and families

benefited from social-protection measures implemented by the Ministry of

Social Development and Family Services so far. In fact, the ministry has

touched the lives of over 278,274 persons in a short space of time. The

total expenditure so far for measures associated with COVID-19 alone is in

excess of $85 million,' she said.

This includes $30,587,760 spent on food cards for families with children in

the school feeding programme.

Robinson-Regis said 19,992 food cards were delivered to MPs to distribute

to these families. The cards are topped up with $510 a month for three

months.

Families already in receipt of food cards have received additional top-ups

on their cards, ranging from $150 for families of up to three people to $500

for families of six or more persons.

A total of $17,144,100 has been spent on this initiative, Robinson-Regis said.

Additionally, food hampers have been provided for those who were not

able to receive food cards.

Those receiving disability and public assistance grants received increases

ranging from $150 for individuals to $500 for families of five or more

persons.

To date, 37,090 persons have benefited from this measure, to the tune of

$22,520,250.

Robinson-Regis said the ministry received over 30,000 applications for

income support from persons who lost jobs as a result of COVID-19.

Successful applicants will receive $1,500 per month for up to six months.

The expenditure for this measure amounted to $7,677,000.

A total of $12,681,000 has been spent to provide temporary income

support to senior citizens whose senior citizen pension applications are

outstanding while persons with outstanding disability grant applications

received assistance to the tune of $1,464,000.

Robinson-Regis said 100 food hampers were delivered to each of the 14

municipalities and to date, 1,067 households have received hampers.

The ministry also recently launched another initiative, in collaboration with

the Ministry of Agriculture, whereby recipients will get a $250 supermarket

voucher and a box of locally grown fresh fruit, vegetables and two

chickens. This initiative is projected to cost the Government $15 million,

Robinson-Regis said.

Helping the homeless

A further $190,000 was spent to upgrade accommodation for homeless

persons at a Port of Spain shelter.

The ministry is also processing rental assistance grants to help those who

lost income to meet their housing costs. Robinson-Regis appealed to

landlords to be patient while this is being done. She said all these

measures are intended to ease the impact of the COVID-19 fallout on the

most vulnerable in the population. She called for unity and togetherness

as the country battles the virus.

'As a citizen, I can tell you that what is happening today is nothing we

have ever seen before. My prayer is that as a nation, we will all recognise

and embrace our new normal and new way of life post-COVID-19.

'For now, however, the impetus is on us as Government for all the people

in Trinidad and Tobago to ensure that no one is left behind as we journey

on a pathway to recovery. We must unite for the common good of all,'

she said.

Robinson-Regis said it will not be an easy fight but everyone must play

their part.

'We are all in this together. We have to fight it together. What is required is

collective consciousness for the sake of those who are most vulnerable at

this time those vulnerable to the virus and those who are now asked to

bear the burden of the adjustment that is required in this fight to keep the

virus away,' she added.

<< Back to news headlines >>

Digicel TT cuts staff salaries Saturday 2nd May, 2020 – Trinidad and Tobago Newsday

Staff on a basic annual salary of US$10,000 or less will not be affected and

similar changes are being made across the entire Digicel Group to share

the burden equally. The company estimated that 68 per cent of staff

would be affected by the pay cut, which it described as “a solution that

will help us to get through this together.”

The board said this is a difficult decision but it is necessary to prevent job

losses.

The decision came after the company realised a significant impact from

prepaid customers as many have lost their jobs or have reduced incomes

because of the covid19 restrictions.

The company predicts the more serious effect of covid19 on the

economy, predicting it will be worse than the global financial crisis of

2011.

“We could witness our economies shrinking by 15 to 20 per cent,

especially those relying on tourism and oil – and it could take up to a few

months/years before we see them recover.”

Last Friday, the company said, the local market team hosted a virtual

leadership retreat where revenue lines, future projections, and mitigation

options were considered as a way to minimise the negative impact of the

pandemic.

“Working off the assumption that trading conditions will be very difficult in

the first half, with only a modest improvement in the second half of the

year, we find ourselves having to make tough decisions in tough

circumstances and we must reset our cost structure in line with these new

realities.”

<< Back to news headlines >>

Stabilisation and Growth: Health, Livelihood, and the Economy –

Embracing Opportunities for Growth Saturday 2nd May, 2020 – Dominica News Online

The Dominica Business Forum Inc (DBF Inc.) is a legally registered umbrella

business service organization (UBSO), under the Companies Act of the

Commonwealth of Dominica. Dominica Hotel and Tourism Association

(DHTA), Dominica Manufacturers Association (DMA), Dominica Employers

Federation (DEF), Builders and Contractors Association of Dominica

(BCAD) and Dominica Coalition of Service Industries (DCSI) are the current

participatory sectoral business service organisations.

The DBF Inc. is pleased to submit a position document re COVID-19

Dominica, Stabilisation and Growth: Health, Livelihood, and the Economy

– Embracing Opportunities for Growth, on the behalf of its membership

and the broader private sector who are not represented by any

representative organization.

Coping with the impact of Covid-19 requires an all-inclusive approach of

the public sector, the private sector and civil society, since all facets of

society are affected.

The objective of this presentation is to inform and generate discussion on

the most appropriate approach of coping with the Covid-19 pandemic

and to chart a roadmap for future events.

With God’s help, the Ministry of Health has done a very commendable job

in both managing and curtailing the spread of COVID-19 cases in the

Commonwealth of Dominica since the first reported case on the 22nd

March 2020. The business community lead by the Dominica Business

Forum Inc. commends the health professionals and the other frontline

officers, including the members of the Commonwealth of Dominica Police

Force, for a job done well.

However, it is generally accepted that we are likely to continue to have

continued public health challenges from the corona virus extending for at

least a few more months. This continued public health threat will result in

parallel economic impact for a considerable time. The DBF Inc. urges the

general public to continue its exemplary efforts at following the protocols

and recommendations of the health authorities. Dominica should not let

our guard down and risk further damage to its economy.

We therefore have to exist in a state of preparedness but not a state of

economic decay. It is therefore imperative that we cooperate with each

other to harness all the opportunities we can in this period, in order to

carry us to a better economic state than we experienced before the

impact of the corona virus.

Our actions must constitute a balance between public health and

livelihood, with neither being completely sacrificed for the other. As

indicated by the Minister of Health at the 25th April 2020 press briefing, we

have to amend the SRO15 and relax measures that will allow for a gradual

revitalization of the economy post COVID-19 pandemic. This will require

not only the opening of a few businesses, but the majority of businesses

and returning workers to full employment as far as possible.

In the new state of approximate normalcy, we cannot pretend that the

damages done were not real. We have to provide financial, fiscal and

emotional support to our workers and students. We have also to provide

the type of structured support to our economic engines in the business

community that will not only assist their recovery and secure employment,

but also put them on a better position to sustain Dominica’s economic

growth and improve our balance of payments position. All the major

sectors recognise the need for structured support with special emphasis

on the smaller businesses.

The Dominica Business Forum Inc. is convinced that Dominica can rise

from the impact of COVID-19 better than it entered, if its people, the

private sector and government have the will and determination to work

together while resolving differences and old conflicts.

In this regard, the Dominica Business Forum Inc. will convene a virtual

private sector meeting at 6:30 p.m. on Wednesday 6th May, 2020, to

which all private sector businesses and organizations are invited. The link

to the meeting will be circulated via email dbfinc2020@gmail.com and

participation is open but restricted for the private sector, as a priority.

The Dominica Business Forum Inc. extends its sincere gratitude to all the

private sector entities that are assisting in the battle against COVID-19,

employees of the utility companies, supermarkets, pharmacies, farmers

and all those who continue provide goods and services to the nation,

while the state authorities manage the pandemic. The population is

encouraged to continue to cooperate with the health and security

authorities, obey the curfew order, practice social distancing, wash hands

regularly, wear face masks and stay at home where possible.

With God’s grace the Commonwealth of Dominica will emerge from this

Covid-19 pandemic better and stronger.

<< Back to news headlines >>

Anguilla’s Government Lifts Restrictions On Movement *As Of Wednesday,

April 29* Friday 1st May, 2020 – The Anguillian

H.E. Governor Tim Foy and the Hon. Premier Victor Banks have announced

the removal of all regulations restricting movement and gatherings,

effective Wednesday, April 29. Testing has now shown that there are no

active or suspected cases of Covid-19 in Anguilla, and the Chief Medical

Officer advised the Executive Council on April 27 that these restrictions

can be safely removed.

This means that churches, places of worship, all retail stores, hair salons

and barber shops, accommodation suppliers, gyms and spas,

recreational facilities, official lotteries, restaurants and bars can re-open

from Wednesday, 29 April.

The Governor and Premier thanked Anguillians for their support in

following the restrictions while they were in place, and in bringing about

this great achievement. They also cautioned against becoming

complacent and asked that everyone continue to practice social

distancing. Environmental health officials in Anguilla will be visiting all

commercial premises in the coming weeks to check compliance with

established environmental health regulations, bearing in mind the

importance of good basic hygiene in preventing the spread of all

infectious diseases.

The Governor and Premier also noted that these or other restrictions may

be re-introduced if circumstances change.

Anguilla’s ports will remain closed for passenger movements until the

situation outside Anguilla allows for the safe reopening to external traffic.

No definitive date has yet been set, but it is unlikely to be before the end

of May. A limited number of repatriation flights for foreign nationals will

take place this week. These flights – all of which have been formally

requested by overseas governments – will take place under the same

controlled arrangements as those previously implemented. All aircraft will

arrive empty, with the aircrew remaining on board so avoiding any

contact with ground staff.

The Hon. Premier Victor Banks is painfully aware that there are many

Anguillians overseas who wish to return home but can’t because of the

current border closure. They are working now to put in place

arrangements to enable their safe return, and details will be announced

in the coming days. Establishing an on-island capability to reliably test for

the virus, expanding quarantine facilities and creating a phased program

of returns that will match the island’s ability to test and quarantine people

are the key requirements that are being addressed.

Illegal boat landings remain the greatest threat to Anguilla’s health and

security and protecting Anguilla from illegal entry is a top priority for the

Government. Coordinated land, sea and air patrols remain in place, and

anyone attempting or assisting an illegal crossing will be arrested.

H.E. Governor Tim Foy and the Hon Premier Victor Banks acknowledged

that the steps that Anguilla has been taking are helping to keep the island

safe. However, no active cases does not mean that hygienic practices or

respiratory etiquette should cease, and they urged all Anguillians to take

the simple steps that save lives:

Wash your hands frequently;

Cover coughs and sneezes with a disposable tissue, or in the crook of a

flexed elbow;

Frequently clean and disinfect shared spaces and work surfaces; and

Avoid contact with persons suffering from or exhibiting symptoms of acute

respiratory infections such as the flu, coughs, and colds.

<< Back to news headlines >>

Anguilla’s Annual Summer Festival Rescheduled For 2021 Friday 1st May, 2020 – The Anguillian

The Anguilla Tourist Board (ATB) has announced that the Anguilla Summer

Festival Committee and the Department of Youth and Culture have

made the difficult decision to cancel the staging of Anguilla Summer

Festival 2020.

This follows on similar decisions made with regard to Extraordinary Eats!,

the island’s premiere culinary celebration held in April; Anguilla LitFest, A

Literary Jollification and the Round the Island Boat Race on Anguilla Day

in May; and a month-long series of events in June, promoting relaxation,

health and wellness on Anguilla.

These decisions have been taken in compliance with the global and

national guidelines issued with the objective of mitigating and containing

the COVID-19 pandemic. Anguilla has had just three (3) confirmed cases

to date, with none currently pending, and no new cases reported within

the past 28 days. All three individuals have fully recovered and have

tested clear of the virus.

“We believe that rescheduling these events is the only responsible course

of action to take,” said Donna A. Daniels-Banks, ATB Chairperson. “The

health and safety of both our residents and our guests is always of

paramount importance, and we take the principle of social distancing

very seriously. Hosting large gatherings at this time is premature; we are

confident that all our events will be bigger and even more spectacular

next year, and we look forward to welcoming everyone to Anguilla to

celebrate with us.”

The Anguilla Tourist Board is focused on the development and expansion

of the island’s tourism product offerings, to fulfil the destination’s Beyond

Extraordinary! brand promise. In 2019 the Destination Experience Unit

launched five experiential pillars – Adventure, Extraordinary Eats, Spa and

Wellness, Events and Culture and Romance – and created a series of

corresponding events on island to market and promote these authentic

experiences.

Planning for 2021 has already begun. Extraordinary Eats! will once again

take place next April, expanded to a month-long event for “foodies” and

culinary enthusiasts. From March to August the focus is on Events and

Culture, with the iconic MoonSplash, LitFest, Anguilla Day and Summer

Festival, which includes the popular Poker Run.

The month of June 2021 has been designated Health & Wellness Month,

featuring the best wellness escape packages and spa services – that are

uniquely Anguillian – yoga, healthy eating and much more.

The Fall months of September, October and November are intended to

bring awareness to the Adventure Pillar, with new excursions and activities

such as cave tours, sporting events, watersports, nature walks and more.

The final pillar, Romance, will be highlighted in November from the 1st to

the 15th, when all of Anguilla’s romantic getaway packages, weddings,

honeymoon and one-of-a-kind assets will be showcased.

<< Back to news headlines >>

DunnCox lays off staff amid COVID-19 crunch Saturday 2nd May, 2020 – Jamaica Observer

Local top-flight law firm DunnCox yesterday laid off all salaried employees

for just over eight weeks as the financial crunch from he COVID-19

pandemic continues to hit businesses in the country.

However, the company has invited the laid off staff to apply to work on a

reduced scale and with varied compensation during the period.

Notice of the firm's move was communicated to employees yesterday in

what was described as a Microsoft Teams video conference.

The firm said it was forced to take the action, “given the financial

challenges being experienced as a result of the COVID-19 pandemic, the

Government measures in response, and the downturn in economic

activity”.

It said that notwithstanding the circumstances, it is seeking to earn

whatever fees it can during the layoff period.

<< Back to news headlines >>

Despite criticisms, Senate signs off on tourism pension regulations Saturday 2nd May, 2020 – Jamaica Observer

THE Senate yesterday cleared the final hurdle in terms of legislation to

introduce a pension scheme for both employed and self-employed

workers in the tourism sector.

The regulations, which are needed to guide implementation of the much-

anticipated Tourism Workers' Pension Scheme Act, will provide pension

benefits for thousands of workers.

The regulations were passed in the House of Representatives last week

Tuesday, in keeping the Government's efforts, led by Tourism Minister

Edmund Bartlett, to create a social security network within the sector.

Opposition spokesman Dr Wykeham McNeill supported the passage of

the legislation in the House, on behalf of his side.

Despite the spread of COVID-19, Bartlett has been able to push the

legislation through both Houses of Parliament early enough to grab the

attention of his Cabinet colleagues and the industry, as his ministry is

already laying the foundation for the recovery of the sector.

But, while welcoming the effort to finally sign off on a Bill that has

straddled more than one political administration, Opposition senators

Damion Crawford, Lambert Brown and Wensworth Skeffrey criticised the

Government going ahead with the Act at this time, when it is still unclear

how destructive the pandemic will be to the local economy.

Senator Skeffery questioned several aspects of the Bill, including the fact

that the membership forms require that applicants state whether they are

related to any “politically exposed persons”, and suggested that passage

of the Bill be delayed to allow for amendments.

Senator Brown, who raised that point, insisted that, in going forward with

its passage at this time, the Government should also consider reimagining

the whole tourism infrastructure.

“The reality is that we have to pause a little and reimagine what the

tourism sector will be like post-COVID-19, and how soon it will come back.

That's something I am urging us to do,” Brown said.

Senator Crawford also questioned whether there is any evidence that the

high level of competitiveness that existed in the industry prior to COVID-19

will remain after the pandemic.

“If we are assuming with this Bill that the workers will be able to get in by

January 2021, it is an unlikely assumption. If they even know if there will still

be a tourism worker by 2021 is an unlikely assumption,” he insisted.

Another Opposition senator, Dr Andre Haughton, felt that the Government

was placing too much emphasis on the role of the tourism industry in

inducing growth, and stoutly defended his call for a cashless society.

Senator Haughton urged the Government members to table a motion to

minimise cash transactions, and promote smartphone technology to

reduce the need for cash transactions and reduce the need for

customers of financial institutions crowding their branches.

However, Government Senator Donald Wehby and Senator Kavan Gayle

gave strong support to Senator Matthew Samuda, who piloted the

regulations through the Senate.

<< Back to news headlines >>

Peart reacquires majority ownership of Bluedot Sunday 3rd May, 2020 – Jamaica Observer

Larren Peart, founder and CEO of Bluedot Data Intelligence Limited, has

reacquired SSL Venture Capital (SSLVC) Limited's 50 per cent

shareholdings in the company. SSLVC originally entered the equity

agreement with the data insights company in 2018.

According to Peart, the partnership with SSLVC was instructive and

contributed significantly to the company's growth, setting the stage for

the next phase.

“I want to thank the team at SSLVC for their partnership over the past 20

months,” Peart said. “In looking at the future and the opportunities for

expansion we both felt it was the perfect time to fully empower the

Bluedot team to chart its own course.”

He added that the company will be more targeted and agile in its

business operations as it looks to establish itself as the region's preeminent

insights agency.

Among Bluedot's short- to medium-term goals are expansion to other

Caribbean territories, and growing market share through continued

innovation and client satisfaction.

SSLVC Chief Operating Officer Anthony Dunn indicated that Bluedot is

now at the forefront of data insights and has the expertise and the right

leadership for continued growth.

Bluedot is one of the three companies in which SSL Venture Capital

Jamaica has acquired equity.

Founded in 2015, Bluedot Data Intelligence Limited is a full-service market

research, social media and data insights agency that provides critical-

decision support services, data-driven strategy recommendations, social

media optimisation solutions and management consulting services to a

wide variety of clients across industries and regions.

Its client portfolio includes Government, corporations and NGOs and the

agency boasts the Caribbean's first online insights community – Bluedot

Comuna.

<< Back to news headlines >>

Sterling Investments achieves record profit Sunday 3rd May, 2020 – Jamaica Observer

With $101.2 million in net profit recorded for its 2019 financial year ended

December 31 — an 88 per cent increase when compared with the

previous corresponding period — Sterling Investments (SIL) has reported its

highest profit since its listing on the Jamaica Stock Exchange in 2014.

This growth, according to SIL in its report to shareholders posted on

Thursday, is a result of higher interest income and equity gains.

The investment holding company, which is managed by Sterling Asset

Management, for the period under review, recorded a net interest

income of $98.3 million, a 19.6 per cent increase when compared with the

$82.2 million recorded in the previous corresponding period.

In addition, SIL indicated that its total assets for the 2019 financial year

amounted to $1.6 billion, an increase of 35.2 per cent over the $1.2 billion

recorded in the corresponding period in 2018. This growth was mainly

funded by the proceeds of the rights issue held during the financial year

under review and driven by an increase in the prices of the securities in

SIL's portfolio.

According to Chairman Derek Jones, in a display of confidence in the

company, the number of shareholders increased by 67 per cent over the

prior corresponding period.

“During 2019, SIL continued to execute its value investing strategy. The

company took advantage of the decline in global asset prices in early

2019 and purchased a variety of undervalued US dollar bonds. The price

of these bonds rose substantially later in the year. Similarly, the purchase

and sale of undervalued local equities enabled the company to enjoy

attractive capital gains,” Jones stated.

Earnings per share (EPS) totalled $0.28 per share, this was due to the full

impact of the 5:1 stock split which was effected in November 2018.

According to SIL, without the stock split, the EPS would have been $1.35

compared to $0.64 the prior year, reflecting an increase of 110.9 per cent.

<< Back to news headlines >>

Export revenues decline for January Sunday 3rd May, 2020 – Jamaica Observer

The Statistical Institute of Jamaica (STATIN) reported that for the month of

January, revenues from exports amounted to US$102.7 million or 27.8 per

cent lower than the US$142.3 million earned in the similar period last year.

According to the International Merchandise Trade (IMT) bulletin released

last Thursday by the data processing entity, the country's imports for the

period valued at US$514.4 million also decreased by 14.7 per cent when

compared to US$603.1 million spent in the same period of the previous

year.

“Expenditure on imports from the United States of America (USA),

Jamaica's main trading partner, was valued at US$172.1 million. This is 33.0

per cent below the US$256.7 million recorded in the period January 2019.

Earnings from total exports to the USA amounted to US$57.0 million, an

increase of 7.7 per cent when compared to the US$52.9 million earned

during January 2019,” the bulletin said.

For imports, the major commodities that accounted for the decline were

“machinery and transport equip”, “mineral fuels etcetera” and

“chemicals”.

Machinery and transport equip which were valued at US$118.1 million

recorded a decrease of 32.1 per cent; mineral fuels, etcetera a decrease

of 9.6 per cent at a value of US$140.1 million; and chemicals dropped by

19.7 per cent below the US$58.8 million spent in 2019.

Meanwhile, for exports there was a 59.2 per cent decrease in traditional

domestic exports compared to the US$88.1 million exported last year.

Traditional domestic exports accounted for 36.2 per cent of total

domestic exports. There was, however a 24.7 per cent increase in non–

traditional domestic exports.

CARICOM TRADE

Jamaica's imports from Caricom were valued at US$22.7 million at the end

of the January – 43.7 per cent below the US$40.3 million recorded in the

comparable period.

“The major commodity group that contributed to this decline were

imports of 'mineral fuels, etcetera' and 'chemicals'.”

“Total exports to Caricom were valued at US$5.3 million, 3.7 per cent

above the US$5.5 million earned in the similar January 2019 period. Re-

exports for January decreased to value US$0.6 million, moving down by

22.5 per cent from the US$0.8 million recorded in similar period,” the

release further stated.

Domestic exports for the period earned US$4.7 million, a decrease of 0.6

per cent when compared to the US$4.8 million earned in 2019.

<< Back to news headlines >>

Jamaica Producers annual profit up 35 per cent Sunday 3rd May, 2020 – Jamaica Observer

Jamaica Producers Group Limited (JP) on Wednesday last reported after-

tax profit of $2.7 billion for the financial year ended December 31, 2019 –

a 35 per cent increase when compared with the previous corresponding

period.

In its report to shareholders, the group indicated that during the 2019

financial year, total revenues increased by 9 per cent to $21.5 billion. As

with 2018, the revenue growth came entirely from improved performance

of the existing operations, and was principally related to volume growth

from successful execution of sales strategies.

For the period under review, the Logistics and Infrastructure division —

which comprises Kingston Wharves Limited and JP Shipping Services

Limited – achieved revenues of $8.8 billion, seven per cent more than the

prior corresponding period.

JP's Food and Drink division earned revenues of $12.6 billion, an increase

of 11 per cent when compared with the previous corresponding period.

This growth was mainly attributed to the solid results of its European juice

business, supported by improvements in its production capabilities with

the launch of a new high-speed bottling line, and new juice extraction

and high-pressure processing line.

The division has production facilities in Europe and the Caribbean and

operates a distribution centre.

In addition, total assets grew by 10 per cent to $38.6 billion while non-

current assets grew six per cent to $27.6 billion.

JP shareholders' earnings grew by 48 per cent to $1.2 billion. This

represents a return on average stockholders' equity of 9.3 per cent and

earnings per share of 115.22 after exclusion of units held by the group's

employee share ownership plan.

<< Back to news headlines >>

NCB kicks digital transformation into high gear Sunday 3rd May, 2020 – Jamaica Observer

Given the contraction in some of its business and the challenges resulting

from the COVID-19 pandemic, Jamaica's largest commercial bank,

National Commercial Bank Jamaica Limited (NCB), is accelerating its

digital transformation initiative.

The announcement has come as NCB reports a decline in profits

attributable to shareholders for the six months ended March 31, 2020. The

bank also reports that it is now experiencing the negative effects of

COVID-19 on the fair valuation of investment securities, which resulted in

losses on investment activities for the quarter and loan provisioning.

Speaking at Friday's NCB Virtual Investor's Briefing, president and group

CEO, Patrick Hylton, made out a case for accelerating its digital

transformation initiative and putting in place now some of the initiatives

which were planned for 2024.

While not giving any specifics, Hylton asserted, “As we battle the spread

of COVID-19, social distancing and personal safety have conspired to

create an environment that requires digital first as a key part of the

solution.”

CIRCUMSTANCES FUELLING PUSH

NCB started its digital transformation initiative in November 2015 with the

objectives of enhancing customer experiences, improving organisational

efficiency, and creating a viable business model for the future.

According to the NCB president, “We have the opportunity to leapfrog

and bring forward at an accelerated pace many of the goals and

objectives we had for the digital transformation of our business.”

Arguing that the current circumstances have conspired to create this

need to accelerate the digital transformation, Hylton recounted

something he read, which stated that in most of the big corporate firms

across the world the back-end offices — which deal with issues like

branch services and customer care — have been transferred in a matter

of days and weeks to the kitchen, bedrooms, and living rooms of a

number of their employees.

The NCB CEO explained that the bank has been spending a lot of time

focusing on how it can better enable a higher quality service and better

customer experience in the present context of social distancing, while

spending less time in physical contact with customers.

NCB MARCH FINANCIALS

Dennis Cohen, NCB Group chief financial officer (CFO) and Deputy CEO,

NCB Financial Group presented the latest figures for the six months ended

March 30 in which the group reported a net profit of $13.4 billion and net

profit attributable to our stockholders of $9.6 billion, which was a 23 per

cent or $2.9 billion decline from the prior year.

He explained that the prior year's results benefited from a one-off gain of

$3.3 billion from the disposal of NCB's interest in an associate company.

Excluding this gain, net profit would actually have increased by $408

million or four per cent over the prior year.

The operating profit of $13.1 billion, represented a 24 per cent uplift over

the prior year, which was significant due to the inclusion of six months of

Guardian Holdings Limited's (GHL) results in the current period with no

comparable results in the prior year, given that the majority stake in GHL

was acquired in May 2019.

The improved operating profit was supported by revenues, growing by

$18.3 billion; this was partially offset by a $15.8 billion increase in expenses.

The group's loans and advances, net of credit impairment losses totalled

$431 billion, an increase of $47.1 billion or 12 per cent over the prior year.

Non-performing loans for the group totalled $25.8 billion as at March 31,

2020 (March 31, 2019: $19.2 billion) and represented 5.8 per cent of the

gross loans compared to 5.0 per cent as at March 31, 2019.

DEPOSITS

Customer deposits totalled $520 billion, a notable increase of $41.6 billion

or nine per cent over the prior year demonstrating customers' confidence

in NCB. This continues to be the banking group's largest source of funding.

<< Back to news headlines >>

Alorica spends over $80 million to assist staff affected by COVID-19 Friday 1st May, 2020 – Jamaica Gleaner

Call centre Alorica says it has spent over US$600,000 or J$80 million

towards the welfare of staff impacted by the COVID-19 crisis.

Alorica says the support included a recent care package of $13,500 or

US$100 per person for the purchase of essentials like food and water.

That intervention has so far totalled approximately US$270,000 or J$36

million

Alorica says the roughly US$330,000 or J$44 million remaining was

allocated to cover full salaries and other interventions.

The company has pledged to continue providing medical insurance

coverage for all participating team members through Alorica’s health

plan.

“It is our ongoing commitment to Jamaica and our employees to do

everything we can to help during this crisis. We remain in complete

solidarity with the people and Government of Jamaica as we combine

our collective efforts to fight this threat together as one country.

“The health and well-being of our entire Alorica team is our highest

priority. For this reason, we have and will continue to explore all possible

ways in which we can support them to help alleviate the challenges that

they and their families may be facing right now,” a company

spokesperson said in a statement.

<< Back to news headlines >>

PSOJ COVID response fund raises $110 million Saturday 2nd May, 2020 – Jamaica Gleaner

The Private Sector Organisation of Jamaica is reporting that its PSOJ

COVID-19 Jamaica Response Fund has so far raised $110 million.

The fund, which is aimed at mobilising and distributing resources for the

protection and welfare of Jamaican, is a multi-sectoral partnership

including another umbrella organisation, the Council of Voluntary Social

Services (CVSS) as well as the United Way of Jamaica (UWJ), American

Friends of Jamaica (AFJ), and other key stakeholders.

The PSOJ says its initial goal is to reach a total of $250 million, to assist in

Jamaica’s fight against the COVID-19 pandemic.

CVSS Chair Saffrey Brown explained that her organisation will begin the

allocation of resources to communities through its network of volunteer

and social service organisations.

“There is a lot of planning and logistics involved to help the process

along,” said Brown.

“We want to ensure at all times that the aid is delivered to those people

who are directly impacted by the COVID-19 pandemic, and so we are

working closely with the Jamaica Defence Force, who are leading on

logistics, and also the Jamaica Constabulary Force, who are going to

help us distribute the relief to residents. Our approach has been to

engage multiple partners and to utilise their strengths in order to maximise

impact.”

Brown noted that the partners work closely together to identify those

communities and individuals in the greatest need.

“We are also working with the Ministry of Health and Wellness to ensure

that we have health protocols in place so that our volunteers, and

community members, are as protected as can be, against the COVID

threat.”

The funds donated will be allocated to support food security and health

services in Jamaica.

Food packages and prepared meals where necessary will be delivered to

those most at-risk of severe illness if they were to contract the virus, and

via food kitchens for those displaced by the economic fallout.

Funds raised will also boost supplies of medical equipment, including

Personal Protective Equipment for frontline and emergency workers such

as medical personnel, first responders, police, firefighters and volunteers

involved in combating the virus on a day-to-day basis.

How to donate

Locally, individuals or companies that prefer to make wire transfers are

asked to do so through the CVSS Account at National Commercial Bank

(NCB) chequing account number 061052429.

Alternately companies and/or individuals can use the CVSS USD account

at JMMB – 006000181484

If you are overseas or would like to donate using your credit card, visit

www.theafj.org.

Alternatively, US-based cheques may also be sent to the American Friends

of Jamaica (AFJ) so long as the purpose of the donation is noted on the

document.

Once donations are channelled through AFJ, companies and individuals

based in the US will be able to receive the added benefit of a 501 c (3)

tax allowance.

<< Back to news headlines >>

Consolidated Finance’s ‘steady’ FY 2019 Friday 1st May, 2020 – Barbados Today

Consolidated Finance has described its performance in 2019 as “stable”

even though the company registered a sizeable drop in pre-tax profits

when compared to the previous year.

Chairman Gregory N. Hill used his report to express concern about the

impact which COVID-19 was having on humanity generally. He did not

comment on how the pandemic might affect the company going

forward.

In the company’s latest financials, Hill commended the “proactive

measures” being taken by the Barbados Government in response to the

virus.

Consolidated Finance, a subsidiary of the Trinidadian conglomerate ANSA

McAL, earned operating income of $13.4 million during the financial year

ending December 31, 2019, which Hill said was on par with the

corresponding period in 2018.

Noting that this performance occurred “despite challenging

macroeconomic conditions”, Hill reported that the non-bank financial

institution recorded a 10 per cent drop in interest income compared to

the previous year. It fell from $7.7 million in 2018 to $7 million last year.

Consolidated Finance, which has a sizeable auto loan portfolio, saw its

income before tax fall from $4.4 million in 2018 to $2.0 million for the

current reporting period.

Hill said in the accompanying commentary to the financial statement:

“We remain one of the best-capitalized operations, as our capital base

closed strong at $53.0 million, with a capital adequacy ratio of 30 per cent

which is well above the regulatory requirement of eight per cent. This

reflects the strength of our business.”

<< Back to news headlines >>

Wildfires pose heightened risk to Venezuelan crude output Friday 1st May, 2020 – Reuters

Wildfires during Venezuela’s dry season are posing heightened risk to

crude output this year due to lack of maintenance in state-owned oil

company’s PDVSA’s oilfields and fuel shortages leaving firefighters without

fuel, according to interviews with a half-dozen workers and other industry

sources.

The fires come as Venezuela’s crude output has already fallen by 20% so

far this year to around 700,000 barrels per day (bpd), its lowest level in

decades, due to years of underinvestment, U.S. sanctions on cash-

strapped PDVSA, and more recently the collapse in crude prices as

demand falls due to the coronavirus pandemic.

At least three forest fires reached oil infrastructure in the Orinoco extra-

heavy oil belt in eastern Venezuela, one of the world’s largest crude

deposits, during the month of April, according to incident reports seen by

Reuters and the sources, some of whom spoke on condition of anonymity

for fear of retribution.

Wildfires are common in Venezuela’s eastern plains in the dry season in

the first half of the year. Most key infrastructure have firebreaks intended

to halt the flames, and PDVSA units have their own teams of firefighters.

But with PDVSA short on resources, several workers said the company has

not trimmed scrubs in recent years as much as it used to, and that small

puddles of spilled crude around pumping stations and storage tanks have

gone uncleaned, adding to the fire risk.

“Vegetation fires are seasonal, but what is happening now is they have

not done maintenance around the installations,” said Guillermo Morillo, an

oil consultant and former PDVSA manager in eastern Monagas state,

where several of the fires have occurred.

The most severe incident so far took place at PDVSA’s Morichal operating

center earlier this week, which began when a spark from a welding shop

in the plant set the outside vegetation on fire on Sunday, according to

two people familiar with the matter.

The fire took more than 24 hours to put out, disrupting crude output at the

Petrocarabobo and Petroindependencia fields, which together

produced some 26,000 bpd in March, according to PDVSA figures.

PDVSA did not immediately respond to requests for comment.

The other fires affecting infrastructure in the Orinoco belt took place on

April 11 at the 6,000 bpd Petrocedeno field and the PDVSA’s 57,000 bpd

Morichal field. Those incidents did not affect output.

“These fires never used to hit the stations before because they did the

necessary maintenance,” said one PDVSA Morichal worker.

The response has been hampered by an acute fuel shortage across

Venezuela, the result of the near-total collapse of the country’s 1.3 million

bpd refining network and U.S. sanctions complicating fuel imports.

“There’s not even gasoline for people to get in their cars to get to the fire

trucks,” said Igor Miranda, president of the Monagas chapter of the Oil

Chamber of private oilfield services company, adding that his company

has provided water and equipment to help PDVSA to put out fires this

year.

<< Back to news headlines >>