Daily Brief

Daily news brief. A summary of the latest local & regional business (and market) headlines

Daily Brief: Elite Diagnostic Ltd – Aiming to raise J$141.4m @ $2 per share – Jan 16, 2018

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  • Elite Diagnostic Ltd – Aiming to raise J$141.4m @ $2 per share

    Jamaica Stock Exchange / JamaicaMon Jan 15, 2018

    The Company commenced operations in August, 2013 at its Holborn Road location with the objective of providing diagnostic imaging services to patients in Jamaica. Elite is controlled by a group of private partners through a vehicle called Excel Investments Inc. Elite was launched with equity participation from NCB Capital Markets Limited, Sagicor Investments Jamaica Limited and Barnett Limited. For the financial year ended June 30, 2017 its gross revenues had increased to J$263,096,181 and net profits had moved to J$44,205,417 (J$28,827,629 in 2016)

  • Citibank looking for new T&T boss

    Trinidadexpress.com / CaribbeanMon Jan 15, 2018

    Citigroup Inc. (Citi) is looking for a new boss for its operations in Trinidad and Tobago, The Bahamas and Barbados. On its website on Saturday morning, Citi advertised the career opportunity for a Trinidad Hub Citi Country Officer (CCO). Citi confirmed yesterday via e-mail that CCO Catalina Herrera, who was appointed in 2013, will be leaving Trinidad and Tobago in March.

  • Margaritaville Turks Ltd Q2 2018 Results Take A Hit From Hurricanes

    Jamaica Stock Exchange / JamaicaMon Jan 15, 2018

    Revenue for the quarter of US$390,044 reflects one month only – November as the hurricanes wiped out September and October and shut down operations for those two months. The company had sales of US$1.2m in the same quarter last year.

  • December’s Inflation of 0.6% Pushes Calendar Year 2017 to 5.2%

    Statin Jamaica / JamaicaMon Jan 15, 2018

    The All Jamaica ‘All Divisions’ Consumer Price Index for December 2017 recorded an increase of 0.6 percent in its index, bringing the 2017 calendar year inflation rate to 5.2 per cent according to the December 2017 Consumer Price Index Bulletin released by the Statistical Institute of Jamaica (STATIN). At the end of the calendar year 2017, the fiscal year- to–date movement was 4.2 per cent.

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Daily Brief: Mayberry To List Subsidiary By March – Jan 05, 2018

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  • Mayberry to list subsidiary

    Gleaner – Business / JamaicaFri Jan 05, 2018

    Mayberry Investments Limited will list its subsidiary on the Jamaica Stock Exchange, JSE, before the end of March, which could see it raising more than a $1 billion

  • Hurricanes cut into Goddard’s bottom line

    Business – Barbados Today / BarbadosThu Jan 04, 2018

    A major financial hit by associated company Sagicor General Insurance Company has been identified as one of the drags on Goddard Enterprises Limited’s (GEL) financial performance during the 2017 financial year. This was revealed in the conglomerate’s recently-released audited consolidated financials for the year ended September 30, which showed a near 100 per cent drop in the share of income from associated companies.

  • Massy searches for new markets as Barbados profits dip

    Business – Barbados Today / BarbadosThu Jan 04, 2018

    The Massy Group is seeking greater fortunes in countries like Guyana and Colombia as it acknowledges company profits are under threat in its main money earners, Barbados and Trinidad and Tobago. At the end of Massy’s financial year on September 30, 2017, the two key markets registered slight declines, with revenue from Barbados’ operations falling from TT$2.97 billion (BDS $990 million) in 2016 to TT$2.90 billion (BDS $968 million) in 2017.

  • Gov to relax Exchange Control

    The Bahamas Investor / BahamasFri Jan 05, 2018

    Prime Minister Dr Hubert Minnis has said his administration will relax Exchange Control on capital transactions, namely on capital (investment) and current account (trade) transactions for small and medium-sized Bahamian businesses/enterprises (SMEs). The changes, which will come into effect February 1 this year, are expected to assist SMEs and Bahamian investors by improving the ease of doing business for Bahamians and residents.

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Daily Brief: Sagicor parent hires Miller – Appointed Head of Treasury at Sagicor Financial – Jan 03, 2018

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  • Sagicor parent hires Miller – Appointed Head of Treasury at Sagicor Financial

    Gleaner – Business / JamaicaTue Jan 02, 2018

    Following an apparent disagreement over the direction of Sagicor Group Jamaica’s hotel portfolio, the financial conglomerate is saying tonight that the parties have settled on a new posting for Rohan Miller. Effective January 2, Miller, who was in charge of the hotel portfolio as president and chief executive officer of Sagicor Real Estate X Fund Limited, has been given a new job with Sagicor Financial Corporation, the Barbadian parent company for Sagicor Jamaica.

  • Cable & Wireless Jamaica Ltd (CWJ) – Shareholder taking legal action

    Jamaica Stock Exchange / JamaicaTue Jan 02, 2018

    Eric Jason Abrahams, a shareholder of Cable & Wireless Jamaica Limited (CWJ), has filed an application in the Supreme Court in Jamaica against CWJ, requesting permission from the Court for him to bring what is known as a derivative action in a court in Florida, USA, in name of and on behalf of CWJ against its parent company, as well as some of CWJ’s past and present directors and who he terms shadow directors for losses sustained by CWJ which he says were caused by them acting in breach of their fiduciary duties, for the sole benefit of the parent company. By the proposed law suit, he seeks to recover against assets owned by the parent company in Florida.

  • Main Event Entertainment Group Ltd – Audited Year End Results. Net Profit Up 79% to J$101m

    Jamaica Stock Exchange / JamaicaTue Jan 02, 2018

    Year end net profit almost doubles to J$101.0m from J$56.5m a year earlier. However the auditors have expressed concerns with their receivables. There was a $9.8m impairment provision and the auditors are expressing concern as trade receivables represents 22% of total assets.

  • Liberty Latin America Completes Split-Off from Liberty Global

    Markets.businessinsider.com / CaribbeanTue Jan 02, 2018

    Liberty Latin America Class A and Class C common shares are now trading on the NASDAQ Global Select Market. Liberty Latin America Ltd, a leading telecommunications company with operations in Chile, Puerto Rico, the Caribbean and other parts of Latin America, today announced the completion of its previously announced split-off from Liberty Global plc and its launch as an independent, publicly-traded company.

Daily Brief

Daily Brief: Victoria Mutual Investments to Begin Trading On Friday Dec 29th – Dec 29, 2017

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  • Victoria Mutual Investments to Begin Trading On Friday Dec 29th

    Jamaicaobserver.com / JamaicaThu Dec 28, 2017

    Victoria Mutual Investments Limited (VMIL) is scheduled to list on the main market of the Jamaica Stock Exchange (JSE) following a successful public offer, which was over-subscribed and closed on December 12. The offer surpassed its intended target of just under $700 million to close in excess of $2 billion.

  • ExxonMobil gets generous tax concessions; Guyana stands to earn US$7.5 billion in 20 years

    Demerara Waves / GuyanaThu Dec 28, 2017

    ExxonMobil, along with its partners, that are preparing to begin commercial oil production in early 2020 at the Liza 1 Field offshore Guyana have been granted very generous tax concessions, even as both parties are touting the hefty earnings that the country will make in 20 years from one field alone.

  • Wisynco to takeover Unilever portfolio

    Gleaner – Business / JamaicaFri Dec 29, 2017

    Wisynco Group Limited will distribute the frozen and dry food portfolio of Unilever formerly held by Lasco Distributors. Chairman William Mahfood also announced a three per cent rollback on the prices of imported products distributed by Wisynco as of January 2018 at the company’s listing ceremony on the Jamaica Stock Exchange on Thursday.

  • Eppley returns to the market

    Gleaner – Business / JamaicaFri Dec 29, 2017

    Eppley Limited, which mainly provides insurance premium financing, will float two preference stock as the first out of the blocks to fundraise on the market in the new year with issues that are priced to raise $800 million. It will result in the company lowering the cost of debt from 9 per cent on average, to paying 8.75 per cent on the Jamaican dollar pref. Eppley will also float a US dollar pref for the first time, which will pay dividends at five per cent.

Daily Brief

Daily Brief: Sagicor To Establish Reinsurer in Bermuda – IMF Report. Shifting Away From Barbados – Dec 22, 2017

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  • Sagicor To Establish Reinsurer in Bermuda – IMF Report. Shifting Away From Barbados

    Business – Barbados Today / BarbadosThu Dec 21, 2017

    Financial services giant Sagicor, which last year moved its holding company to Bermuda after more than 170 years in Barbados, is preparing to establish a firmer footing in the British overseas territory located in the North Atlantic, according to a recent International Monetary Fund (IMF) report. It was first announced in January 2015 that Sagicor planned to move its holding company, Sagicor Financial Corporation (SFC), to escape the negative impact of Barbados’ repeated downgrades by the international ratings agencies.

  • Cuba signals Raúl Castro will remain president longer than expected

    Washingtonpost.com / CubaThu Dec 21, 2017

    Cuban President Raúl Castro will remain in power until April, the government said Thursday, delaying a historic transition that would leave the communist island nation without a Castro in charge for the first time since 1959. This due to delays and complications related to destruction inflicted by Hurricane Irma.

  • A Tiny Caribbean Island Looks to Lead in Initial Coin Offering (ICO) Regulation

    Biglawbusiness.com / CaribbeanThu Dec 21, 2017

    The government of Anguilla could soon become the first country to formally harness the red-hot growth of initial coin offerings (ICOs) through legislation aimed to create regulatory clarity for the industry and attract new investment to the island jurisdiction.

  • The Jamaica Stock Exchange (JSE) board needs a huge shake up

    IC Insider / JamaicaThu Dec 21, 2017

    Having had the problem several months ago it seems implausible that the JSE has not moved speedily to correct what is clearly a problem when IPOs start trading. Why has the stock Exchange board not moved to correct what is clearly a problem for new listings? Why has the FSC not intervened to ensure it gets sorted out, before new listings come to market?

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Daily Brief: Lee-Chin seeking US$300m from Dom Rep government – Dec 21, 2017

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  • Lee-Chin seeking US$300m from Dom Rep government for expropriating his investment

    Jamaica-gleaner.com / CaribbeanWed Dec 20, 2017

    Businessman Michael Lee-Chin has served notice that he intends to submit to arbitration a claim against the government of the Dominican Republic seeking to recover more than US$300 million in damages for expropriating his investment in that country. Lee-Chin is contending that because of the Dominican Republic’s violations of its treaty obligations, he has suffered, and continues to incur, significant financial and moral damages.

  • Online registration of businesses by March 2018

    Jamaicaobserver.com / JamaicaWed Dec 20, 2017

    The Government intends to put the necessary systems in place to facilitate the online registration of businesses by March next year.

  • St. Lucia launches food and rum festival in new marketing blitz

    Guardian – Business / Trinidad & TobagoWed Dec 20, 2017

    St. Lucia has launched its food and rum festival with Tourism Minister Dominic Fedee noting that the island had in the past invested heavily in the St. Lucia Jazz festival, which for many years became this island’s main tourism marketing event.

  • Massy United Insurance to pay out more than US$250 million

    NationNews / BarbadosWed Dec 20, 2017

    Massy United Insurance will pay out in excess of US$250 million to hundreds of customers affected by Hurricanes Harvey, Irma and Maria, which hit the Caribbean earlier this year. To date, the company has received in excess of a thousand claims from clients with damage.

Daily Brief

Daily Brief: Burger King opens in Guyana – indication of progressive entrepreneurs says Finance Minister – Dec 20, 2017

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  • Burger King opens in Guyana – indication of progressive entrepreneurs says Finance Minister

    DPI Guyana / GuyanaTue Dec 19, 2017

    The opening of the Burger King Franchise in Guyana is an indication of “progressive entrepreneurs” willingness to invest in the country, the Minister of Finance Winston Jordan said. Burger King, the latest fast food franchise acquired by the Corum Group, was officially launched on Monday.

  • Monymusk Plantation Rums aims for US market

    Jamaica Observer / JamaicaWed Dec 20, 2017

    National Rums of Jamaica Ltd continues to widen its footprint locally and internationally through its brand Monymusk Plantation Rums. “The company is in advanced discussions with a distributor in the United States of America who will start distributing the company’s brand in the second quarter of next year”…

  • HAJ turnaround continues as $700m in profits expected

    Jamaica Observer / JamaicaWed Dec 20, 2017

  • Red Stripe – commissions new export line

    Gleaner – Business / JamaicaWed Dec 20, 2017

    Red Stripe Jamaica on Tuesday launched its new Production Line that will grow the brewery’s capacity to one million beers per day, powered by liquefied natural gas. The new line will nearly triple the plant’s capacity, totalled 375,000 bottles a day prior to the expansion. Production is presently at 376,000 bottles per day on average.

Daily Brief

Daily Brief: Jamaica On Course to Hit December IMF Targets – Dec 19, 2017

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  • Jamaica On Course to Hit December IMF Targets

    Nationwide 90FM / JamaicaMon Dec 18, 2017

    Jamaica remains on track to reach its December quantitative and indicative targets under the Precautionary Standby Arrangement, PSBA, with the International Monetary Fund, IMF. That’s according to a statement from the Economic Programme Oversight Committee, EPOC.

  • S&P affirms Bahamas credit rating

    The Bahamas Investor / BahamasMon Dec 18, 2017

    The US-based credit ratings agency, Standard & Poor’s (S&P), has affirmed The Bahamas’ sovereign credit rating while continuing to ascribe a “stable” long-term outlook to the Caribbean country due to the new government’s “solid mandate to facilitate economic and debt stabilization”. In its statement, S&P gave the Bahamas’ sovereign credit rating as BB+/B.

  • Cuba boosts trade ties with Cold War ally Russia as US disengages

    Reuters.com / CubaTue Dec 19, 2017

    Russian exports to Cuba jumped 81 percent on the year to $225 million in the January-September period, official Russian data shows. That is just a quarter of the exports of Cuba’s chief merchandise trading partner, China, but growing fast.

  • JEP successfully closes $17 billion syndicated loan

    RJRNewsOnline.com / JamaicaMon Dec 18, 2017

    Jamaica Energy Partners (JEP), Jamaica’s largest Independent Power Provider (IPP), has announced the successful closing of a J$17 billion seven-year syndicated loan.

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Daily Brief: 2 Bank Spin-Offs That Could Happen – CIBC & Scotia? – Dec 18, 2017

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  • 2 Bank Spin-Offs That Could Happen – CIBC & Scotia?

    Fool.ca / CaribbeanSun Dec 17, 2017

    If I thought a FirstCaribbean IPO would be successful, I can’t even imagine how popular a Bank of Nova Scotia spin-off would be given its Latin America/CA&C business is almost 20 times as large.

  • Caribbean American Teen Is CNN Young Wonder Of The Year

    Newsamericasnow.com / CaribbeanSun Dec 17, 2017

    A soon to be 17-year-old Caribbean American from New Windsor, New York was on Friday night, Dec. 15th, presented with a CNN Young Wonder of the Year award in New York City. Haile Thomas, who was born to Jamaican parents in Dallas, Texas was honored as a teen health activist for leading the next generation toward a healthier future.

  • Russia’s Rosneft wins gas licences in Venezuela

    BBC News / Latin AmericaSun Dec 17, 2017

    Venezuela has awarded licences to Russian energy giant Rosneft to develop two offshore gas fields. The deal allows its subsidiary, Grupo Rosneft, to export gas produced at the Patao and Mejillones fields in the Caribbean Sea for the next 30 years.

  • Cruise lines record best profits in a decade

    Travelweekly.com / CaribbeanSun Dec 17, 2017

    The cruise industry is closing out a year of extraordinary earnings, with several of the biggest companies enjoying their best profit margins in a decade. The cruise industry’s 2017 profit margins are surpassing its hospitality peers. Hotel/gaming companies are seeing an average profit margin of 8.6%.

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Daily Brief: Cuba exports medicine to dozens of countries. It would like the US to be one of them – Dec 15, 2017

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Daily Brief: First Applebee’s® Restaurant Opened in Panama – Dec 13, 2017

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  • First Applebee’s® Restaurant Opened in Panama

    Markets.businessinsider.com / PanamaTue Dec 12, 2017

    DineEquity, Inc. (NYSE:DIN), one of the world’s largest full service restaurant companies and the parent company of Applebee’s and IHOP® restaurants, has opened the first Applebee’s Grill + Bar on December 8 in Panama City, Panama. The restaurant is the first of five locations planned for Panama within the next five years.

  • Jamaica Broilers Group Limited Unaudited 2nd Quarter Results for period ended October 28, 2017

    Jamaica Stock Exchange / JamaicaTue Dec 12, 2017

    Reveues up 11% in Q2 (to $11.5b from $10.4b in Q2 last year). Gross profit for the quarter also up 16% to $3 billion.

  • Liberty Global Announces Record and Distribution Dates for Upcoming Split-Off of Latin American Division

    Digitaljournal.com / CaribbeanTue Dec 12, 2017

    Liberty Global today announced that, in connection with the previously announced split-off of its subsidiary Liberty Latin America Ltd., which comprises Liberty Global’s operations in Latin America and the Caribbean that are currently attributed to its “LiLAC Group,” it has set a record date of 5:00 p.m. New York City time, on December 26, 2017 (the “Record Date”) and a distribution date of 5:00 p.m., New York City time, on December 29, 2017 (the “Distribution Date”), for the distribution of Liberty Latin America common shares.

  • St. Lucia is not a tax haven and will be off EU blacklist “very soon”

    St. Lucia News Online / St. LuciaTue Dec 12, 2017

    The St Lucia government says it will soon introduce new tax reform measures after the island was included among 17 countries worldwide on a new global list of tax havens by the European Union.

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Daily Brief:Turks and Caicos Islands to tap into multi-billion dollar BPO industry – Dec 11, 2017

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  • Turks and Caicos Islands to tap into multi-billion dollar BPO industry

    Tcweeklynews.com / CaribbeanMon Dec 11, 2017

    The Caribbean is rapidly emerging as one of the most attractive destinations for the multi-billion dollar business process outsourcing (BPO) industry. Premier Sharlene Cartwright of the the Turks and Caicos Islands says they are ready to tap into the trade.

  • Richard Byles Cops Jamaica Observer Business Leader Award

    Jamaicaobserver.com / CaribbeanMon Dec 11, 2017

    Richard Byles, chairman and former CEO of Sagicor Group Jamaica, was last night named Jamaica Observer Business Leader 2017, topping a field of 12 of the island’s top chief executive officers which Award Selection Committee Chairman Moses Jackson described as “an embarrassment of riches” and which gave the committee a tough time to arrive at a decision.

  • Cable & Wireless To Delay Delisting In Barbados

    NationNews / BarbadosSun Dec 10, 2017

    Cable & Wireless (C&W) has agreed not to apply to de-list from the Barbados Stock Exchange, nor to cancel the shares held by the minority shareholders named in a class action suit against the company, until the case is determined.

  • ExxonMobil says signing bonus is US$18 million; calls for disclosures by all companies

    Demerara Waves / GuyanaSun Dec 10, 2017

    ExxonMobil Sunday night said a US$18 million signing bonus was deposited into a government account at the Bank of Guyana last year, and called for such transactions with all other companies to be made public in the future.

Daily Brief

Daily Brief: Saint Lucia ‘blacklisted’ by European Union – Dec 06, 2017

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  • Saint Lucia ‘blacklisted’ by European Union  

    St. Lucia News Online / St. LuciaTue Dec 05, 2017

    The European Union has published its first blacklist of tax havens, naming 17 territories including Saint Lucia, Barbados and South Korea. A “watchlist” of 47 countries promising to change their tax rules to meet EU standards has also been issued. The “grey list” includes several with UK links, including Hong Kong, Jersey, Bermuda.

  • Jamaica selected for Airbnb’s new service  

    RJRNewsOnline.com / JamaicaTue Dec 05, 2017

    Jamaica has been selected as part of the roll out of Airbnb’s new service titled Airbnb Trips. The service will see visitors from around the world paying for unique experiences in Jamaica through the Airbnb platform. According to the Head of the Global Policy at Airbnb, Chris Lahane, the new service will have far reaching benefits for Jamaica.

  • Transjamaican Highway says revenues up, Portmore toll still highest trafficked  

    Gleaner – Business / JamaicaWed Dec 06, 2017

    TransJamaican Highway Limited, the concession holder for Highway 2000 East-West is now pulling in revenues above $8.8 million daily for Portmore, St Catherine, according to Wednesday Business estimates and data provided by the company in November.

  • NCB Clarien stake in Bermuda worth US$54m  

    Gleaner – Business / JamaicaWed Dec 06, 2017

    The book value of NCB Financial Group’s stake in Clarien Bank, Bermuda, would equate to US$53.6 million (J$6.74 billion), but the entities avoided any financial disclosures in announcing the deal last week.

Daily Brief

Daily Brief: Chorvelle Johnson is the new CEO of Sagicor Bank – Dec 05, 2017

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  • Chorvelle Johnson is the new CEO of Sagicor Bank

    Gleaner – Business / JamaicaMon Dec 04, 2017

    Sagicor Bank Jamaica has appointed Chorvelle Johnson as its new chief executive officer, effective January 29, 2018. Last week it was announced that she had resigned from Proven Wealth Limited where she was the Company’s President and CEO

  • WIBISCO joy

    Business – Barbados Today / BarbadosTue Dec 05, 2017

    Shareholders in the West Indian Biscuit Company (WIBISCO) are smiling all the way to the bank but most of the glee is in Trinidad and Tobago. That’s because shares in the Gills Road, Bridgetown biscuit manufacturer are among the highest paying on the local stock exchange, but the biggest beneficiaries are Trinidadians.

  • Energy minister mum on BNTCL sale

    Business – Barbados Today / BarbadosTue Dec 05, 2017

    The fate of the Barbados National Terminal Company Ltd (BNTCL) appears to be dangling in wind, with Government noticeable silent in the aftermath of the Fair Trading Commission’s (FTC) ruling on the proposed sale to the Kyffin Simpson-led Sol group.

  • No fallout from the loss of Avianca and GOL flights, suggests Inniss

    Business – Barbados Today / BarbadosTue Dec 05, 2017

    Cabinet minister Donville Inniss says the loss of direct air links with Latin America has not negatively impacted Barbados’ international business sector. Back in August, Avianca Airlines announced a temporary suspension flights requiring passage over Venezuelan airspace, including its Bogotá to Bridgetown service.

Daily Brief

Daily Brief: VM Investments IPO is coming – Dec 04, 2017

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  • VM Investments IPO coming

    IC Insider / JamaicaMon Dec 04, 2017

    Victoria Mutual will make an announcement on Monday of the pending Initial Public Offer of shares in VM Investments Limited the immediate parent company of VM Wealth Management (VMWM).

  • Venezuela Plans a Cryptocurrency, Maduro Says

    NYT > Americas / Latin AmericaMon Dec 04, 2017

    President Nicolas Maduro of Venezuela says his government will launch a cryptocurrency to fight what he calls a financial “blockade” by the Trump administration against the socialist-run country.

  • Canada’s Trudeau Steps Up on Trade, as America Under Trump Pulls Back

    NYT > Americas / Latin AmericaSun Dec 03, 2017

    Partly as insurance against Nafta’s collapse and perhaps a way to show Washington it has options, Canada is chasing after other free trade deals.

  • The opinion poll guru, the Caribbean islands and the $10m consultancy deal

    Theguardian.com / CaribbeanSun Dec 03, 2017

    As the proud owner of a majestic castle in Kent and a luxurious villa in Mustique, the founder of Mori, Sir Robert Worcester, is a man who has clearly done well out of the opinion poll business.

Daily Brief