News Review: Financial Companies Reporting A Hit To Loan Business. EFRESH Acquires Continental? Imports Down 30% & More – Nov 01, 2020

Hello, MoneyMax101 readers! Here’s your news review. A summary of some of the biggest local news stories this week.

Key Takeaway: Profit is up 18% due to the improved performance of the segments as well as the addition of Supreme Route Limited and PosttoPost Betting Limited to the group results


WTD +1.95% YTD -41.41%

Key Takeaway: Key Insurance has announced that a rights issue and a resolution to increase the company’s share capital were approved by shareholders at its 2020 Annual General Meeting (AGM)


WTD -16.25% YTD +150.31%

BOJ projects 6.7% inflation by year-end / JamaicaTue Oct 27, 2020

Key Takeaway: A little higher than the 6.2% projected earlier this year


Allison Philbert steps down as CEO of Digicel Jamaica

Loop News / JamaicaWed Oct 28, 2020

Key Takeaway: Digicel CEO moving on. 6 CEOs in 8 years. Definitely not good.


Key Takeaway: Another Caribbean country launching an extended stay programme. We previously highlighted two others. Barbados was the first we saw.

The Islands of The Bahamas announced its new Bahamas Extended Access Travel Stay (BEATS) program, a one-year residency permit designed to allow professionals and students to pack their laptop and their swimwear…

The BEATS permit is valid up to 12 months from the date of issue. The total cost for individual professionals to apply for and obtain a BEATS permit is $1,025, while college students wishing to apply will be required to pay $525, inclusive of the application and permit fee.

Key Takeaway: Key had their AGM this week after their court case was completed. They are looking to ramp up growth significantly


WTD -16.25% YTD +150.31%

Sagicor Group Jamaica Limited (SJ) – Senior Management Changes  

Jamaica Stock Exchange / JamaicaTue Oct 27, 2020

Key Takeaway: Major senior management appointment, with experience in the US. Sean Newman has been appointed as Executive Vice President (EVP) & Chief Investment Officer (CIO) for Sagicor Group Jamaica Limited come Nov 1


WTD -2.62% YTD -36.91%

Notice of Leadership Appointment at Subsidiary NCB Insurance Agency & Fund Management Limited

Trinidad and Tobago Stock Exchange / Trinidad and TobagoMon Oct 26, 2020

Key Takeaway: A week after the vacancy announcement, a new head has been appointed


WTD -0.12% YTD -31.11%

Key Takeaway: Sharp drop in profits mainly due to lower (interest and fee) income earned from loans. Income is down $115m plus Credit loss allowances also up slightly


WTD +12.19% YTD -36.12%

Key Takeaway: Profits up due to the very good management of expenses by management, resulting in a 32% reduction of Selling & Promotion expenses – saving $161m vs the prior year. They also announced LASCO Biz, through which LASF will give access to an eCommerce platform, allowing merchants to accept card payments electronically


WTD -0.48% YTD -52.53%

GraceKennedy Limited (GK) Considers Dividend

Jamaica Stock Exchange / JamaicaWed Oct 28, 2020

Key Takeaway: GK and quite a few other companies to meet next week


WTD -0.12% YTD -17.36%

Jamaican firm EFRESH takes 60% of food distributor – Bahamas Tribune / CaribbeanFri Oct 30, 2020

Key Takeaway: A little bit more details on the #EFRESH acquisition … from a Bahamian perspective

Research by Tribune Business revealed it appears to be the former Continental Foods. They also state an amount of $482,616 in the annual report that could be related to the deal.

Everything Fresh’s arrival threatens to shake up a highly competitive Bahamian food distribution and import market, especially in the meats, dairy and seafood segments where it operates, the report states


WTD +10.94% YTD -32.76%

Pricesmart Inc (PSMT) Q4 2020 Earnings Call Transcript / CaribbeanFri Oct 30, 2020

Key Takeaway: Caribbean total net merchandise sales grew 6.8% with comparable net merchandise sales growth of 6% (13 clubs at quarter end). The Dominican Republic, Barbados and Jamaica markets led the way in the segment with 22.1%, 8.9% and 6.6% growth respectively. The DR net merchandise sales growth was primarily attributable to the opening of a fifth club in June 2019 and strong comparable sales growth.

Barbados and Jamaica had the same number of clubs as last year. It should be noted that in Trinidad, those sales are very strong. Management also expressed a challenge converting TTs to U.S. dollars, and said they are exploring alternatives to mitigate the impact of a potential devaluation.


Ministry of Finance and the Public Service to launch Jamaica InvestmentMap – Jamaica Observer / Dominican RepublicFri Oct 30, 2020

Key Takeaway: Looking forward to this. If it works as announced, it should do a lot for transparency. To be launched on Nov 4.  This is an online tool that will make publicly accessible current information on Government of Jamaica’s public investment projects such as the construction of roads, bridges and schools, support to agricultural initiatives, government reform and climate resilience projects

Key Takeaway: Revenues down over 60% over the comparative period due to a reduction in the frequency of trips from the imposition of curfew hours because of the ongoing COVID-19 pandemic. Management cited it as being the worst quarter in its history.  


WTD -0.44% YTD -40.51%

Key Takeaway: Countries all over feeling the impact of Covid, especially tourism focused ones.

Tax receipts—which represented 89.5 percent of aggregate revenue–declined by $229.3 million (46.0 percent) to $269.5 million, largely due to a slump in revenue from VAT, import duties and departure taxes

Key Takeaway: Profits down 90%. Admin expenses declined at a slower rate than the fall in revenue


WTD +7.14% YTD -58.33%

RJRGLEANER Group successfully completes pilot for wireless triple play / JamaicaWed Oct 28, 2020

Key Takeaway: The next move for RJR. The company has completed a pilot which will allow the company “to offer subscription television…as well as internet”. They said the pilot was a success


WTD +12.50% YTD -34.97%

Contract extended for ultra-deepwater drillship offshore Guyana

Demerara Waves / GuyanaWed Oct 28, 2020

Key Takeaway: Drilling company in Guyana has seen their contract extended. Since the discovery of oil offshore, and a reasonable political stability, Guyana is the fastest growing economy in the world with a projected 26.21% growth this year and expectations of 12% in 2021; 49% in 2022 and 28% in 2023.

Barbados records 18 per cent decline in economic activity

Loop News / BarbadosWed Oct 28, 2020

Key Takeaway: Govt says the prolonged nature of the COVID-19 pandemic — especially since the economy was heavily reliant on the resumption of global travel and the absence of a vaccine — has threatened the country’s recovery. Note the fall here compared to Bahamas

Mayberry Investments Limited (MIL) – Appointment

Jamaica Stock Exchange / JamaicaWed Oct 28, 2020

Key Takeaway: Moved from previous post, energy and infrastructure. Did they do any energy deals during the tenure? 


WTD -8.91% YTD -39.11%

Western Union to close in Cuba following new US sanctions

Caribbean Business Report / CaribbeanWed Oct 28, 2020

Key Takeaway: Over 400 agencies to close because of the sanctions…  a lot! 

They will close its “407 agencies located throughout the country because of these brutal provisions”, Fincimex said in a statement posted on the Ministry of Foreign Affairs’ website.

SheTrades Launched In T&T

TTT Live Online / Trinidad and TobagoWed Oct 28, 2020

Key Takeaway: Trinidad and Tobago has become the first country in the region to host a ‘SheTrades’ hub, following the signing of a Memorandum of Understanding between the International Trade Centre and ExporTT. SheTrades is an initiative of the International Trade Centre which aims to connect young women entrepreneurs to international markets via a unique online platform.

Key Takeaway: Scotiabank yesterday announced that it has decided to consolidate its banking operations on Abaco, Andros, Long Island, and Exuma into branches on New Providence, revealing that branch traffic had dropped as much as 50 percent in some locations.

Caribbean Cement headed for best year in negative times – Jamaica Gleaner / CaribbeanWed Oct 28, 2020

Key Takeaway: Note: Caribbean Cement’s revenue performance serves as a gauge for construction activity because it is the only cement producer in Jamaica, and commands the overwhelming majority of the market. Its cement supplies most commercial and residential developments.

Key Takeaway: Scotiabank reducing its footprint once more

Key Takeaway: Sharp 30% drop in imports Jan to July. Exports also down as well

Enterprise Rent-A-Car opens branch in Aruba

Caribbean Business Report / CaribbeanTue Oct 27, 2020

Key Takeaway: Go aruba

Key Takeaway: Get to know Cayman’s best in the business

Key Takeaway: Very impressive growth in revenues, profits. Debt repayment continues. Solid results.


WTD -7.18% YTD -33.35%

Everything Fresh Jamaica Limited (EFRESH) Completes Expansion to Bahamas letter

Jamaica Stock Exchange / JamaicaMon Oct 26, 2020

Key Takeaway: EFRESH announces completion of expansion to Bahamas


WTD +10.94% YTD -32.76%

This entry was posted in News Review. Bookmark the permalink.