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Hello, MoneyMax101 readers! Here’s your news review. A summary of some of the biggest regional news stories this week.
Scotia Group Jamaica Limited (SGJ) – Management & Director Changes
Jamaica Stock Exchange / Jamaica – Wed Oct 14, 2020
The biggest announcement this week. Women take the lead with Audrey making a historic leap & Anya being appointed to JA’s board. Major announcements (given the position Audrey will now hold, her strong history in banking and the positive expectations the market has of her).
WTD -1.60% YTD -13.41%
Knutsford Express Services Limited (KEX) Unaudited Financial Statements for the First Quarter Ended August 31, 2020
Jamaica Stock Exchange / Jamaica – Wed Oct 14, 2020
Revenues slashed 63%. Surprisingly the stock is up WTD. Although most of the movement came before the release.
WTD +20.04% YTD -36.07%
Kingston Properties Limited (KPREIT) Acquires Third Warehouse Property in Jamaica For $607.5m. 88k Square Feet
Jamaica Stock Exchange / Jamaica – Thu Oct 15, 2020
Acquired on a sale and leaseback basis. Located on East Ashenheim Road and has moved the concentration of assets in Jamaica to 47% with the Cayman Islands and the US at 41% and 12% respectively
WTD +0.13% YTD +13.12%
Mayberry Investments Limited (MIL) – Appointment of Group Financial Controller
Jamaica Stock Exchange / Jamaica – Wed Oct 14, 2020
More senior management changes at Mayberry Investments. Also follows the recent move by another Director & Exec, Tania in August
WTD +0.17% YTD -33.89%
QWI Investments Limited (QWI) – Trading in Shares
Jamaica Stock Exchange / Jamaica – Wed Oct 14, 2020
Continued strong buying by QWI connected parties. View Insider Buying report for more details. These guys have been on a constant buying trend
WTD -5.19% YTD -30.48%
GWest Corporation Limited (GWEST) – Trading in Shares
Jamaica Stock Exchange / Jamaica – Tue Oct 13, 2020
Continued buying by connected parties. Also one of the companies with insiders buying, last week
WTD -6.25% YTD -24.24%
Proven Investments Limited (PROVEN) – Additional Public Offer
Jamaica Stock Exchange / Jamaica – Mon Oct 12, 2020
Good news for PROVEN shareholders as the company has revived plans to make the offer. The increased capital injection will do well to help the company
WTD -1.32% YTD -15.63%
CAL pilots take 57% pay cut to save jobs – Trinidad Guardian
Guardian.co.tt / Trinidad and Tobago – Sat Oct 17, 2020
Pilots to take big cut to save airline
iCreate Limited (ICREATE) – Resignation of Executive Chairperson and Appointment of Acting Chairperson
Jamaica Stock Exchange / Jamaica – Fri Oct 16, 2020
Another set of senior movements at iCreate. Unfortunately, they are not sending the right signals, having only recently appointed the outgoing chairperson about 5 months ago
WTD -7.04% YTD -5.71%
Indies Pharma Jamaica Limited (INDIES) Appoints Directors
Jamaica Stock Exchange / Jamaica – Fri Oct 16, 2020
Two good directors with strong finance and banking background. Should help them well in that area
WTD +0.73% YTD -17.42%
Cayman Enterprise City ranked 5th in top 10 global free zones
Cayman Compass / Cayman – Fri Oct 16, 2020
This ranking by fDi Intelligence, a division of the Financial Times Group, places CEC amongst the leading free zones in the United Arab Emirates, China, and the Americas.
September Inflation Up 0.2%. Calendar YTD Inflation at 3.6%. CPI Release – Jamaica
Statin Jamaica / Jamaica – Fri Oct 16, 2020
Inflation rising slightly. No cause for concern just yet though
LIAT under Administration, refunds delayed, but working to fly again
Loop News / Barbados – Fri Oct 16, 2020
Economist predicts Visitor Take-up of Barbados Welcome Stamp Initiative
Barbados Today – Business / Barbados – Wed Oct 14, 2020
By the start of last month, more than 1 000 applications were processed under the initiative and it had raised about $1 million. Impressive.
TVJ Business Day: Caribbean Countries May Not Qualify For Debt Relief. BOJ Injects US$40m In FX Market – October 13 2020
Television Jamaica / Jamaica – Wed Oct 14, 2020
The BOJ injected US$40m to prop up the FX rate. Will continue watching to see what happens next
JN’s UK bank to address financial inclusion and de-risking issues for Diaspora
Jamaica Observer / Jamaica – Wed Oct 14, 2020
One of Jamaica’s commercial banks got approval to launch its own commercial bank in the UK. Big news for the locally owned bank.
TVJ Business Day: BOJ Watching Inflation, Explains New Basket Of Goods – October 12 2020
Television Jamaica / Jamaica – Tue Oct 13, 2020
Good piece on the composition and objective of the new inflation basket
Caribbean Flavours Jumps 25% Post Split. Up 54 YTD – Oct 12, 2020
MoneyMax101 / Jamaica – Tue Oct 13, 2020
Having successfully completed its stock split, CFF saw a significant bump in its share price. However the gains were short lived as the stock traded down eventually towards the end of the week, right back to where it started
WTD -9.19% YTD +12.00%
NCB Financial Group (NCBFG) Announces Leadership Changes at Subsidiary
Jamaica Stock Exchange / Jamaica – Mon Oct 12, 2020
New CIO appointed to replace longstanding exec. The title also suggests something strategic in the move as well, possibly to accelerate their digital push
WTD +4.73% YTD -30.54%
Cayman drops to #5 financial centre in the region, #78 in the world
Loop News / Cayman – Mon Oct 12, 2020
Dropping 31 places to number 78 in GFCI 28 and experiencing a rating drop of 95 points to 575, Cayman’s fall in ratings significantly exceeded the average drop of the countries on the list. The report was produced before Cayman was taken off the EU blacklist for non-cooperative tax jurisdictions, which could have played a role in the drop in rankings.
