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REGIONAL

Trinidad and Tobago

Five years of ‘tremendous growth

LOCALLY listed, financial services firm, JMMB has seen its total operating

triple in the last five years as a result of a several acquisitions and startups

in that period, says the group’s CEO Keith Duncan.

T&T willing to buy Grenada’s natural gas

Energy Minister Franklin Khan has confirmed that T&T is willing to purchase

natural gas discovered by a Russian company in Grenada waters.

Speaking to Express Business after addressing a recent European Union-

funded forum at The University of the West Indies (The UWI) St Augustine

campus, Khan said: “Grenada has drilled an exploration well and they

have indicated that they have found some gas. The quantity is still

unknown, in terms of the volume, however, no matter how you look at it,

it’s a positive sign.

Pennywise patriarch inducted into Hall of Fame

Service. For both of this year’s inductees into the Trinidad and Tobago

Chamber of Industry and Commerce’s Business Hall of Fame— the late

Pennywise patriarch Lall Paladee and Southern Medical Clinic’s Executive

Chairman Dr Rubert Indar, Sr — service has been their ethos and the

hallmark of their success.

Sagicor’s income declines 13%

The Sagicor Group’s net income for the nine months ended September

30, fell 13 per cent to US$78.1 million, compared to the prior year result of

US$89.9 million.

Jamaica

Sagicor X Fund reduced holdings to acquire Palmyra

Chief executive Officer of Sagicor X Fund Limited Rohan Miller said the

group has sold down its Sigma portfolio holdings in order to pay expenses

attached to the US$90 million acquisition and renovation of the Palmyra

hotel in western Jamaica, which opened in September as the Jewel

Grande.

Jamaica Cont’d

Jamaica to host IMF high level Caribbean forum

Regional heads of government, finance ministers, central bank governors,

and private-sector representatives are scheduled to arrive in Kingston for

the sixth International Monetary Fund (IMF) High-level Caribbean forum to

be held at the Jamaica Pegasus hotel in Kingston tomorrow

Kingston Wharves eyes further growth with new logistics facility

Chairman of Kingston Wharves Ltd (KWL), Jeffrey Hall, has expressed

confidence that operating profit at the Wharves will continue on an

upward trajectory, as the company puts finishing touches on the total

logistics facility and the KWL Global Automotive Logistics Centre.

Both are expected to be operational by KWL financial year end

December 2017.

Barbados

Sealy offers assurances to Hilton hotel employees

With the sale of the Hilton Barbados Resort said to be at “an advanced

stage”, Minister of Tourism Richard Sealy is assuring employees at the

Needhams Point property that their jobs are safe.

Bahamas

PM: 2022 For Gov’t Accounting Switch

The Prime Minister yesterday revealed that the Government is targeting

end-June 2022 to fully switch to accrual-based accounting, describing the

move as “no small feat”.

Haiti

Former Haiti PM rejects report of PetroCaribe fraud

Following the publication of a report on the use of PetroCaribe fund by a

Special Senatorial Commission of Inquiry (CSSE), which identified a large-

scale fraud, former prime minister, Laurent Lamothe, whose name

appears frequently in the report as then minister of planning and external

cooperation and then as prime minister, as co-signatory of many

contracts, has rejected its findings.

INTERNATIONAL

United States

Shareholders take aim at Murdochs with Fox voting rights push

A shareholder proposal calling for Twenty-First Century Fox Inc to do away

with its dual-class share structure may inflict a symbolic black eye on the

media company’s founder Rupert Murdoch and his family at its annual

meeting on Wednesday.

Target's holiday-quarter profit forecast disappoints

Target Corp (TGT.N) issued an underwhelming profit forecast for the key

holiday quarter, as it continues to depend on price cuts to drive traffic to

its stores and websites, sending its shares down 3 percent in premarket

trade.

Europe

Euro jumps to three-week highs as risk appetite returns

The euro consolidated gains at a three-week high on Wednesday as

investors grew optimistic about the single currency’s outlook with growing

doubts about the prospects of the U.S. tax plan also underpinning gains.

China

China calls for advancing free trade talks with South Korea, Japan

Chinese Premier Li Keqiang called on Tuesday for advancing free trade

agreement talks between China, Japan and South Korea, state news

agency Xinhua reported.

Japan

Japan's Abe offers $1 billion in rural aid to Myanmar's Suu Kyi

Japan’s Prime Minister Shinzo Abe on Tuesday pledge up to 117 billion yen

($1.03 billion) of development aid to Myanmar in a meeting in Manila with

government leader Aung San Suu Kyi.

India

India advances launch of Euro-VI fuels for smog-hit Delhi

India advanced the rollout of cleaner Euro-VI compliant fuels in Delhi by

two years on Wednesday to reduce high pollution levels in the capital

city.

Five years of ‘tremendous growth Tuesday November 14th November, 2017 – Trinidad Express

LOCALLY listed, financial services firm, JMMB has seen its total operating

triple in the last five years as a result of a several acquisitions and startups

in that period, says the group’s CEO Keith Duncan.

“Our operating revenue has tripled from J$5 billion in 2012 to almost J$15

billion in 2017. There has been tremendous growth in the company’s top

line and the balance sheet has doubled in that period,” said Duncan in

an interview with Express Business following a JMMB investor briefing and

25th anniversary celebration last Thursday at the Hyatt Regency hotel in

downtown Port of Spain.

<< Back to news headlines >>

T&T willing to buy Grenada’s natural gas Tuesday November 14th November, 2017 – Trinidad Express

Energy Minister Franklin Khan has confirmed that T&T is willing to purchase

natural gas discovered by a Russian company in Grenada waters.

Speaking to Express Business after addressing a recent European Union-

funded forum at The University of the West Indies (The UWI) St Augustine

campus, Khan said: “Grenada has drilled an exploration well and they

have indicated that they have found some gas. The quantity is still

unknown, in terms of the volume, however, no matter how you look at it,

it’s a positive sign.

<< Back to news headlines >>

Pennywise patriarch inducted into Hall of Fame Monday November 13th November, 2017 – Trinidad Newsday

Service. For both of this year’s inductees into the Trinidad and Tobago

Chamber of Industry and Commerce’s Business Hall of Fame— the late

Pennywise patriarch Lall Paladee and Southern Medical Clinic’s Executive

Chairman Dr Rubert Indar, Sr — service has been their ethos and the

hallmark of their success.

Paladee’s son, Dalvi accepted his father’s award Saturday night at the

Chamber’s annual Champions of Business Ceremony, held at the National

Academy for the Performing Arts in Port of Spain.

Paladee’s story is a legendary “rags to riches” in local business. He started

off selling his wares door to door on a bicycle, he won in a raffle,

eventually moving to a stall at the Chaguanas Market when another

vendor decided to vacate and allowed him to have his spot. Today, his

legacy is one of the biggest cosmetics and pharmaceutical retailers in the

Caribbean.

“He would share whatever he had with people. That was his vision in order

to fix the country - and by serving the less fortunate— and we will use

Pennywise to continue that vision,” the younger Paladee said.

He added that as business leaders, he and his colleagues present should

understand how important Trinidad and Tobago was to their success, and

no matter the negatives, they should all use their resources to touch the

lives of people everyday with love.

Dr Indar also had a message of service. “Service has been my life and I

have given it,” he said, thanking the staff at Southern Medical for sharing

in and supporting his vision.

Dr Indar, a General Surgeon, started Southern Medical in 1969 with his

colleague, Dr Percival Harnarayna, an obstetrician and gynaecologist.

Their mission was to bring top-class healthcare to TT, comparable to any

first-world system. The institution was the first in the country to install and

use Magnetic Resonance Imaging (MRI) machines and computed

tomography (CT) scanners.

He quoted Indian Nobel Laureate Rabindranath Tagore:

“I slept and dreamt that life was joy. I awoke and saw that life was service.

I acted and behold, service was joy.”

“I’m hoping that the people who give service in Trinidad might eventually

know something of this and eventually give service to the people in the

country,” Dr Indar said.

Among the night’s big winners were Cheryl-Ann Baptiste and Nigel Jordan

for best Start-Up Entrepreneur (for businesses less than five years old),

founders of herbal tea and spice company Twigs Naturals Ltd. Jordan said

the idea for his company came when he and his son were experimenting

with at-home crafts using herbs from his backyard kitchen garden to

make teabags. “I just wanted people to enjoy a good cup of tea,” he

said.

Chief executive of local entertainment juggernaut Caesar’s Army, Jules

Sobion, took home the prize for best Emerging Entrepreneur (businesses

between five and ten years old). “I think it’s apt to say we came, we saw

and we conquered,” Sobion said, referencing the famous words the

legendary Roman General, Julius Caesar.

<< Back to news headlines >>

Sealy offers assurances to Hilton hotel employees Tuesday 14th November, 2017 – Barbados Today

With the sale of the Hilton Barbados Resort said to be at “an advanced

stage”, Minister of Tourism Richard Sealy is assuring employees at the

Needhams Point property that their jobs are safe.

In fact, he told supporters of the ruling Democratic Labour Party (DLP)

during a joint meeting of DLP branches in the St Michael constituencies on

Sunday night that the sale of the hotel, valued at US$100 million, would be

based on the strict condition that no workers would be sent home.

“Whatever decision we make, there are two things that had to happen.

The first was that it had to remain a Hilton and the management contract

would have to go over to the new owners. Secondly, not a single member

of staff is to be affected or impacted by that transaction,” Sealy said.

“So my words tonight to all of the families who might be impacted by that

decision is that there would be no job losses whatsoever,” he assured.

It was back in May during his Budget presentation that Minister of Finance

Chris Sinckler had announced plans to put up for sale, the Needham’s

Point property, which first opened its doors as Barbados became an

independent nation in November 1966, and has remained one of the

island’s best known hotel properties.

However, Sinckler had sought to make it clear at the time that

Government would only accept offers in line with the hotel’s real value

and that it expected “to receive no less than BDS$100 million as the net

proceeds from the sale, taking into account the liquidation of existing

debt liabilities attached to the property”.

The announcement came as the Freundel Stuart administration

desperately sought to shore up the island’s fast depleting foreign reserves,

which stood at $749 million, or near 11 weeks of import cover at the time,

but have since slumped even further below the desired 12 weeks of

import cover to just 8.6 weeks or $549.7 million at the end of September.

Sinckler reported last week that the Hilton sale was at “an advanced

stage”, but gave no details on the prospective buyer or any insight into

the actual agreement; neither did Sealy who sought to explain before

Sunday’s DLP gathering at St Michael School that the parameters

governing the sale agreement were yet to be finalized.

“You would have heard the Minister of Finance speak on the issue of the

Hilton, but before we can give out any details with respect to what’s

happening with the Hilton there is the negotiation and the very important

business of talking to the workers’ representatives before we say anything

to the public. We have to get everything in the correct order. We will be

meeting with the staff shortly and then we will talk more about the entire

process to the public at large,” he stressed.

However, Sealy stated that Cabinet was moving full steam ahead with

plans to divest the property, as it was crucial to bolstering the island’s

dwindling reserves.

“I know that many of you are on the defence about this issue of the

foreign reserves and the way it is falling. I understand that completely

because certainly the foreign reserves ensure that the [dollar] peg is

protected and we have to keep an eagle eye on it. But the truth is you

can do things to improve the reserves almost overnight,” he said, while

joining with Sinckler in criticizing the Fair Trading Commission over the

length of time it was taking to issue a ruling on the sale of the state owned

Barbados National Terminal Company Limited to the Sir Kiffin Simpson-led

Sol Group of Companies — another multi-million dollar divestment which

the Government is currently banking on.

<< Back to news headlines >>

Sagicor X Fund reduced holdings to acquire Palmyra Wednesday 15th November, 2017 – Jamaica gleaner

Chief executive Officer of Sagicor X Fund Limited Rohan Miller said the

group has sold down its Sigma portfolio holdings in order to pay expenses

attached to the US$90 million acquisition and renovation of the Palmyra

hotel in western Jamaica, which opened in September as the Jewel

Grande.

The fund was otherwise rewarded, with the Sagicor Group subsidiary

reporting a 40 per cent improvement in third-quarter earnings, said to be

due to revalued property as well as higher tourist arrivals.

For the quarter ended September, net profit climbed to J$2.36 billion, 40

per cent higher than the September 2016 net profit of $1.69 billion. This

was rebounding from second quarter ending June when it saw its half-

year profit fell by 30 per cent to $785 million, compared to $1.124 billion

the previous year, partly attributable to renovation costs.

Miller said attention will now be focused on consolidation for the next

year. He said that year 2018 will be about "consolidation of all operations

to maximise efficiency and increase net income. It's about revenue and

expense management, and getting more out of the guest experience."

Holdings in the Sigma portfolio now stands at 38 per cent interest, from 46

per cent at December 2016.

The Sigma portfolio has property investments in the tourism sector through

full ownership of three of the Jewel Resorts branded hotels, a 56 per cent

holding in Jewel Grande Montego Bay, and the real estate sector

involving ownership of several office/retail shopping buildings, industrial/

warehousing properties and prime land holdings slated for development.

HOTELS BRINGING IN PROFITS

Nine months' net earnings for the portfolio, based on revenue of $9.76

billion - of which $5.81 billion was earned by the Jewel hotels - was $3.96

billion.

The overall results for the period for Sagicor X Fund were credited by

directors to the performance of the hotels and restaurants industry, which

grew by an estimated eight per cent from stopover arrivals, with visitor

spend of US$671 million, up 8.5 per cent year-on-year.

The directors said that otherwise, the results were due to appreciation and

realised gain of $2.146 billion from investment in Sigma Fund units, linked to

the revaluation of the Jewel hotels and Northern Estate.

There was also a $254-million gain on the revaluation of direct investment

in the Palmyra, now Jewel Grande.

The directors said the Hilton DoubleTree, the fund's hotel in Atlanta,

Georgia, United States, had year-over-year growth of 10 per cent and 13

per cent, respectively, "and confirmed business on the books for the next

two months is pacing ahead of budget".

The fund's hotel operation is comprised of two hotels directly owned by

the group - the Hilton Rose Hall Resort and Spa and DoubleTree Universal

in Orlando, Florida. There are four others which represent partnerships with

the Sigma portfolio.

Overall, hotel revenue of $7.7 billion grew by 15 per cent over the $6.7

billion for the corresponding period last year, driven by improved

occupancy and room rates.

Management said tighter expense control resulted in a two per cent

improvement in efficiency in the hotels. Ongoing initiatives are being

implemented to reduce energy consumption and further improve

efficiency, management added.

The group had cash and cash equivalents of $1.36 billion, up from $659

million at December 2016.

<< Back to news headlines >>

Jamaica to host IMF high level Caribbean forum Wednesday 15th November, 2017 – Jamaica gleaner

Regional heads of government, finance ministers, central bank governors,

and private-sector representatives are scheduled to arrive in Kingston for

the sixth International Monetary Fund (IMF) High-level Caribbean forum to

be held at the Jamaica Pegasus hotel in Kingston tomorrow.

The forum, to be held under the theme, Unleashing Growth and

Strengthening Resilience in the Caribbean, will focus on issues impacting

the region and the potential opportunities within the context of an ever-

changing global landscape.

Jamaica's prime minister, Andrew Holness, and IMF managing director,

Christine Lagarde, are the keynote speakers at the opening ceremony.

During the forum, four discussions will be held featuring presentations by a

wide cross section of local, regional and international stakeholders.

The first will focus on The Caribbean Growth Challenge: Crime and Youth

Unemployment.

The others will cover Fiscal Policy and Political Cycles, The Financial Sector:

Stability and Growth Trade-offs, and Challenges and Opportunities in the

Caribbean.

The last will feature presentations by Holness and the prime ministers of St

Lucia, Allen Chastanet; Grenada, Dr Keith Mitchell; and Trinidad and

Tobago, Dr Keith Rowley.

Jamaica previously hosted the IMF forum in 2014 in Montego Bay

<< Back to news headlines >>

Kingston Wharves eyes further growth with new logistics facility Wednesday 15th November, 2017 – Jamaica Observer

Chairman of Kingston Wharves Ltd (KWL), Jeffrey Hall, has expressed

confidence that operating profit at the Wharves will continue on an

upward trajectory, as the company puts finishing touches on the total

logistics facility and the KWL Global Automotive Logistics Centre.

Both are expected to be operational by KWL financial year end

December 2017.

Last year, the company announced that it had invested US$15 million in

the state-of-the-art logistics complex, which was anticipated to have

been completed by May 2017. KWL noted that the operationalisation of

the facility would make businesses and householders who normally spend

up to a day or longer to clear containers and barrels with personal effects

from the port in Kingston, able to do so within a few hours.

In addition, the logistics centre will facilitate domestic motor vehicle

imports which have increased by approximately 36 per cent since 2015,

according to KWL.

The new facility is expected to be a one stop centre which offers

opportunities for global logistics; warehousing of parts, tyres and other

motor vehicle accessories; as well as the efficient storage and delivery of

services to the domestic market.

“Kingston Wharves Limited maintains a positive outlook for both its

Terminal Operations Division and its Logistics and Ancillary Services

Division,” Hall said in adjoining remarks to shareholders in KWL's September

2017 financial statements.

“During the quarter, KWL distinguished itself on the basis of its service

levels. The business takes seriously its role as a service provider to the full

range of industrial, manufacturing, distributive and service sectors in

Jamaica and across the region who depend on international trade,” he

continued.

KWL's Terminal Operations Division achieved revenues of $3.5 billion, an

increase of 18 per cent year-on-year. Divisional operating profits

increased by 48 per cent from $766 million to $1,130 million. Total revenues

earned in the Logistics and Ancillary Services Division amounted to $997

million, with operating profits totalling $310 million, an increase of 13 per

cent and four per cent respectively, over the corresponding period of the

prior year.

According to Hall, the growth came from increased domestic,

containerised cargo and domestic and trans-shipment moves of other

cargo types, including automotive, bulk and break bulk cargo.

“We now have an established track record for working closely with carriers

as well as users of the cargo to tailor our land space, equipment, berths,

warehousing, security systems and human resources to meet their needs.

This flexible approach and heightened attention to service levels will

continue,” he promised.

Kingston Wharves Ltd achieved revenues of $4.5 billion for the nine months

ended September 30, 2017, a 17 per cent or $667-million increase over the

corresponding period in 2016.

Profit before taxation increased from $1,011 million in 2016 to $1,348 million

in 2017, representing growth of 33 per cent.

Net profit attributable to shareholders increased by 36 per cent or $315

million, that is, from $865 million to $1,180 million over the relative period in

2016.

Accordingly, earnings per stock unit as at September 30, 2017 grew to

82.49 cents over 2016: 60.51 cents.

<< Back to news headlines >>

Sagicor’s income declines 13% Tuesday November 14th November, 2017 – Trinidad Express

The Sagicor Group’s net income for the nine months ended September

30, fell 13 per cent to US$78.1 million, compared to the prior year result of

US$89.9 million.

The Caribbean insurer, which is listed on the Barbados, T&T and London

stock exchanges, said in a release yesterday: “The results for the period

were impacted by a net provision of US$7.5 million related to claims

exposure from hurricane activity during the year, while the prior year

included exchange gains amounting to US$7.9 million relating to the

depreciation of the Trinidad dollar, when compared to the United States

dollar on financial investments.”

<< Back to news headlines >>

PM: 2022 For Gov’t Accounting Switch Tuesday 14th November, 2017 – Tribune242

The Prime Minister yesterday revealed that the Government is targeting

end-June 2022 to fully switch to accrual-based accounting, describing the

move as “no small feat”.

Dr Hubert Minnis, giving the opening address at the Bahamas Institute of

Chartered Accountants’ (BICA) Accountants Week, added that 2023

was the timeline for rolling-out the accounting system to the wider public

sector beyond central government.

He acknowledged that the Government’s current cash-based

accounting system was“woefully lacking” when it came to providing a

complete and accurate view of the Government’s financial position,

activities and performance.

“As policymakers we value the importance of financial reporting that

meets international standards. It is essential that we are in a position to

utilise high-quality information to make informed and sound spending

decisions, while properly managing our assets and our liabilities,” said Dr

Minnis.

The Government currently operates a cash-based accounting system,

which only recognises revenues when they come in, and expenditures

when they become due for payment. An accrual-based system will give a

more accurate picture of the Government’s finances, as it will also

recognise expenditures for which future commitments have been given,

but monies not yet released.

Dr Minnis said the process towards moving to an accrual system was

initiated by the former Christie administration during the 2015-2016 fiscal

year, with a Government working group producing a paper outlining the

road map for accrual accounting implementation.

“Moving to accrual-based accounting will ensure greater transparency

and accountability in public sector finances, as well as a better

monitoring of government debt and liabilities. The potential harm of the

absence of these prudent practices was exposed in our recent

assessment of the fiscal outcome for the year 2016-2017. As we now know,

high levels of unbudgeted expenditure are poised to elevate the actual

fiscal deficit some five times higher than originally budgeted,” said Dr

Minnis.

“With the assistance of the IMF we are making progress towards finding a

sound framework that will include controls of certain recurrent

expenditures, taking more decisive steps with pension reforms and better

managing subsidies to our state-owned enterprises.”

The need for government accounting reform was highlighted in the wake

of the May 10 general election and subsequent 2017-2018 Budget, when

the newly-elected Minnis administration revealed that the prior year’s

deficit was expected to come in at $500 million.

This was five times’ the Christie government’s original $100 million estimate,

and some $150 million more than its revised post-Hurricane Matthew

forecast of $350 million, given just two months before the May Budget.

It subsequently emerged that the Minnis administration’s figures, and

subsequent $695 million deficit estimate, had been produced by

switching the Government’s accounting method to the accrual basis.

Moody’s, the credit rating agency, later reported that the Government’s

deficit would have come in close to the Christie administration’s projected

$350 million had cash-based accounting been retained, sparking political

controversy between the two major parties.

Dr Minnis noted that transitioning to accrual based accounting is no small

feat. “Transitioning public financial reporting to accrual based accounting

is no small feat. We have targeted a date of end of June 2022 for full

central government transition to accrual accounting and 2023 for the

public sector at large.” Dr Minnis noted that based on regional and

international experience, the lack of adequate technical resources can

be a major setback to the successful implementation of accrual

accounting in the public sector.

<< Back to news headlines >>

Former Haiti PM rejects report of PetroCaribe fraud Wednesday 14th November, 2017 – Caribbean News Now

Following the publication of a report on the use of PetroCaribe fund by a

Special Senatorial Commission of Inquiry (CSSE), which identified a large-

scale fraud, former prime minister, Laurent Lamothe, whose name

appears frequently in the report as then minister of planning and external

cooperation and then as prime minister, as co-signatory of many

contracts, has rejected its findings.

The report recommends action against Lamothe for alleged fraud,

corruption and misappropriation of public money, HaitiLibre reported.

In response, Lamothe’s Private Secretariat said it categorically rejects “the

hasty general conclusions and abusive extrapolations of the report of the

Senate Special Committee to deepen the investigation into the use of

PetroCaribe funds”.

“While no compelling evidence has been advanced to justify the

gratuitous allegations contained in this document, the Secretariat notes

with great astonishment the flippancy with which the commission

conducted its work by totally disregarding the principles of ethics and

impartiality that should characterize such an approach. The Secretariat

denounces the inherently subjective and particularly prejudicial nature of

this ‘” investigation report’,” it said.

According to the Secretariat, the three main charges outlined in the

report against Lamothe have not been subject to rigorous verification,

thus proving the negligence or even bad faith of the drafters of the

document.

“The Secretariat is willing to confront the data and review each proven lie

referred to in this report. The former head of government remains

unmistakably committed to the republican principle of accountability and

is determined to shine the truth in this case,” it concluded.

<< Back to news headlines >>

India advances launch of Euro-VI fuels for smog-hit Delhi Wednesday 15th November, 2017 – Reuters

India advanced the rollout of cleaner Euro-VI compliant fuels in Delhi by

two years on Wednesday to reduce high pollution levels in the capital

city.

Vehicular emissions as well as illegal crop burning in the farm states

surrounding New Delhi have caused air quality to deteriorate

dramatically, prompting calls for tough action.

The oil ministry said all vehicles plying in the capital will have to move to

the new fuel from April 2018 to reduce emissions.

India uses Euro-IV compliant fuels but last year decided to migrate to the

Euro-VI level from April 2020, leapfrogging over Euro V norms.

In a statement the oil ministry said while Delhi will move to the new fuel

called BS-VI next year, it has asked oil companies if they can introduce it

for the national capital region of Delhi involving all its suburbs by 2019.

“This (new) measure is expected to help mitigate the problem of air

pollution in NCT (National Capital Territory) of Delhi and surrounding

areas,” it said in a statement.

Vehicular emissions contribute toward high particulate matter in the air

posing a health risk.

On Wednesday, a U.S. embassy measure of particulate matter PM 2.5 in

the air showed a reading of 265 for Delhi when the safe limit is 50, less than

last week’s levels but still unhealthy.

A woman covers her face with a cloth on a smoggy morning in New

Delhi, India, November 14, 2017. REUTERS/Saumya Khandelwal

These particles lodge deep in the lungs causing heart attacks, strokes,

lung cancer and respiratory diseases, doctors say.

Indian refiners are investing billions of dollars to upgrade their plants for

producing Euro VI fuels. The new norms require gasoline and diesel to

have a sulfur content of 10 parts per million down from 50 in the fuel

currently in use.

“The government of India has been making concerted efforts to reduce

vehicular emissions and improve fuel efficiency with an aim to reduce the

carbon footprints and keep a healthy environment,” the oil ministry said.

The federal government is expected to issue a formal notification for

advancing the roll out to next year.

Editing by Sanjeev Miglani; Editing by Sunil Nair

<< Back to news headlines >>

Japan's Abe offers $1 billion in rural aid to Myanmar's Suu Kyi Wednesday 15th November, 2017 – Reuters

Japan’s Prime Minister Shinzo Abe on Tuesday pledge up to 117 billion yen

($1.03 billion) of development aid to Myanmar in a meeting in Manila with

government leader Aung San Suu Kyi.

The package of low-interest loans will be used to fund projects including

infrastructure and small company financing meant to help improve rural

incomes, Japan’s Ministry of Foreign Affairs said in a release.

The aid pledge comes as Myanmar comes under intense criticism from

human rights groups, the United Nations and other countries for a counter-

insurgency operation that has sparked an exodus of more than 600,000

Rohingya Muslims to Bangladesh since August.

Abe and Suu Kyi are in the Philippines for an Association of South East

Asian Nations conference including other regional leaders.

While there, Suu Kyi, whose administration has no control over the security

forces under a constitution drafted during military rule, discussed the

Rohingya crisis with U.N. Secretary-General Antonio Guterres.

China and the United States also compete for influence in Myanmar.

Reporting by Tim Kelly; Editing by Robert Birsel

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China calls for advancing free trade talks with South Korea, Japan Wednesday 15th November, 2017 – Reuters

Chinese Premier Li Keqiang called on Tuesday for advancing free trade

agreement talks between China, Japan and South Korea, state news

agency Xinhua reported.

It provided no details but China has been seeking to get relations with

Japan and South Korea back on track after disputes over how to rein in

North Korea’s nuclear and missile programmes, and, in Japan’s case, over

the two countries’ sensitive wartime history.

“China stands ready to work with relevant parties to speed up

negotiations of the China-Japan-South Korea FTA,” Li told a regional

summit in Manila, Xinhua said.

The three countries began free trade agreement talks in November 2012,

with the latest round of talks being held in Tokyo in April, the report added.

Reporting by Ben Blanchard: Editing by Nick Macfie

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Euro jumps to three-week highs as risk appetite returns Wednesday 15th November, 2017 – Reuters

The euro consolidated gains at a three-week high on Wednesday as

investors grew optimistic about the single currency’s outlook with growing

doubts about the prospects of the U.S. tax plan also underpinning gains.

With growth from the economic bloc exceeding the United States in the

third quarter, led by economic powerhouse Germany, investors were

becoming more comfortable in holding risky assets in Europe.

“The growth story in Europe is reasserting themselves and we are starting

to see some doubts creep in on the prospects of the U.S. tax plan,” said

Timothy Graf, head of macro strategy EMEA at State Street Global

Markets in London.

The single currency EUR=EBS punched through a key technical level of

$1.1734 on Tuesday and extended gains on Wednesday to rise 0.4

percent at $1.1853 against the dollar.

On a two-day rolling basis, the euro was set to stage its biggest rise in

nearly six months.

Over the last few sessions, unhedged purchases of European stocks have

picked up noticeably after declining in October.

The euro’s gains was also partially a dollar weakness story as the single

currency’s gains was largely muted against the crosses, especially the

Japanese yen EURJPY=

The euro’s gains were also bolstered by concerns that an ambitious U.S.

tax plan may face headwinds even as financial markets have priced in

more interest rate hikes next year.

U.S. Senate Republicans on Tuesday linked repealing a key component of

Obamacare to their ambitious tax-cut plan, raising new political risks and

uncertainties for the tax measure that financial markets have been

monitoring closely for months.

The dollar index .DXY fell 0.3 percent to 93.553 on Wednesday as investors

awaited U.S. consumer inflation data for October, due later on

Wednesday, that is expected to show a marginal increase in consumer

prices.

“The dollar is getting hit against the euro and the yen and the strong data

out of Europe is definitely a factor with some investors bailing out of the

long dollar trade,” said Alvin Tan, an FX strategist at Societe Generale in

London.

Reporting by Saikat Chatterjee,; Editing by Ed Osmond

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Shareholders take aim at Murdochs with Fox voting rights push Wednesday 15th November, 2017 – Reuters

A shareholder proposal calling for Twenty-First Century Fox Inc to do away

with its dual-class share structure may inflict a symbolic black eye on the

media company’s founder Rupert Murdoch and his family at its annual

meeting on Wednesday.

Strong fund manager support for the measure, which is advisory and

would not force the company to change anything, would nevertheless

signal investor dissatisfaction with the Murdoch family’s grip on the

company as filings show Fox has lost a longstanding shareholder ally in

Saudi Arabia’s Kingdom Holding.

At the same time, its Fox News division is recovering from a series of costly

sexual harassment settlements, an issue that has slowed Britain’s

regulatory review of the company’s bid to take over broadcaster Sky Plc.

To add to the turmoil, Fox has recently talked to Walt Disney Co about

selling much of itself, according to a CNBC report.

The proposed new voting structure is aimed at beefing up investor

oversight over Murdoch and his sons Lachlan and James, who are all Fox

board members. The proposal has the support of influential proxy advisory

firm Institutional Shareholder Services but is opposed by Fox.

The shareholder meeting is scheduled for 10 a.m. (1800 GMT) on

Wednesday in Los Angeles.

The majority of Fox shares traded publicly are class A shares, which have

no voting rights. The Murdoch family owns about 39 percent of the class B

voting shares, according to the company’s proxy.

Major mutual fund firms have been pushing the importance of equal

voting rights as a way to improve the way companies are run, a shift that

may give the reform proposal at Fox a boost, according to corporate

governance experts.

“I would expect the large institutions would support it,” said Charles Elson,

a professor at the University of Delaware who follows corporate

governance, of the shareholder resolution.

A Fox spokesman referred to the board’s opposition statement in its proxy

which says the current voting structure helps focus on long-term business

strategy and helps attract and retain employees. It also says the board is

sufficiently independent.

Mario Gabelli, a top 25 holder of Fox voting shares, feigned snoring at the

Reuters Global Investment Summit on Wednesday in New York when

asked if he expected the reform to pass.

“The guy (Rupert Murdoch) has 40 percent of the vote and the ISSs of the

world are going to do absolutely nothing,” said Gabelli.

TOO MUCH POWER

A similar proposal calling for a single share class came close to getting a

majority in 2015 at Fox’s sister company News Corp.

Fund executives worry technology initial public offerings like that of Snap

Inc, which offered outside investors no voting rights, concentrate too

much power in the hands of insiders.

Among big fund shareholders of Fox, representatives of BlackRock Inc,

State Street Corp and T. Rowe Price Group Inc declined to comment on

how they planned to vote at Fox. Each backed a similar measure at News

Corp in 2016, according to researcher Proxy Insight. Each has expressed

concerns about voting rights in general.

The Murdoch family will not be able to count on a traditional ally in the

vote, Saudi Arabia’s Kingdom Holding Co, listed as having 6.6 percent of

the Class B shares in a 2015 proxy, but not listed as a major shareholder in

the current proxy.

The company said in a 2016 press release that its previous chief executive,

billionaire Prince Alwaleed Bin Talal, had a “strategic alliance” with Rupert

Murdoch. But the prince is among dozens of top Saudis detained recently

by the country’s Crown Prince Mohammed bin Salman. Kingdom Holding

did not respond to e-mailed questions this week.

Elson and others cautioned that even if the advisory measure received a

majority of shares voted it might not lead to a restructuring, a sign of

Murdoch’s control.

Laura Campos, a director at the Nathan Cummings Foundation, which

sponsored the motion for revamped voting rights, said even though the

measure is advisory, it would pressure Fox leaders if it won a majority.

“Scandals tend to make investors more supportive of proposals asking for

improved corporate governance,” Campos said.

Reporting by Ross Kerber; Editing by Anna Driver and Bill Rigby

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Target's holiday-quarter profit forecast disappoints Wednesday 15th November, 2017 – Reuters

Target Corp (TGT.N) issued an underwhelming profit forecast for the key

holiday quarter, as it continues to depend on price cuts to drive traffic to

its stores and websites, sending its shares down 3 percent in premarket

trade.

The department store operator forecast adjusted earnings of $1.05 to

$1.25 per share for the quarter ending January 2018, largely below the

average analyst estimate of $1.24.

The company’s same store sales in the third quarter, however, topped

estimates, driven by online sales.

Sales at the retailer’s stores open at least a year increased 0.9 percent,

above the average analyst estimate of 0.4 percent, according to

Thomson Reuters I/B/E/S.

Comparable online sales jumped 24 percent and contributed 0.8

percentage points to Target’s total comparable sales growth.

Net income fell to $480 million, or 88 cents per share, in the third quarter

ended Oct. 28, from $608 million, or $1.06 per share, a year earlier, on

higher selling and general expenses.

Excluding items, the company earned a profit of 91 cents per share,

beating the average analyst estimate of 86 cents.

Sales rose 1.4 percent to $16.67 billion.

Reporting by Sruthi Ramakrishnan in Bengaluru and Richa Naidu in

Chicago; Editing by Saumyadeb Chakrabarty

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