News Review

Jamaica Stock Exchange / Jamaica – Mon 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)

Trinidadexpress.com / Caribbean – Mon 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.

Jamaica Stock Exchange / Jamaica – Mon 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.

Statin Jamaica / Jamaica – Mon 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.

Gleaner – Business / Jamaica – Fri 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

Business – Barbados Today / Barbados – Thu 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.

Business – Barbados Today / Barbados – Thu 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.

The Bahamas Investor / Bahamas – Fri 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.

Gleaner – Business / Jamaica – Tue 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.

Jamaica Stock Exchange / Jamaica – Tue 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.

Jamaica Stock Exchange / Jamaica – Tue 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.

Markets.businessinsider.com / Caribbean – Tue 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.

Jamaicaobserver.com / Jamaica – Thu 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.

Demerara Waves / Guyana – Thu 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.

Gleaner – Business / Jamaica – Fri 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.

Gleaner – Business / Jamaica – Fri 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.

Business – Barbados Today / Barbados – Thu 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.

Washingtonpost.com / Cuba – Thu 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.

Biglawbusiness.com / Caribbean – Thu 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.

IC Insider / Jamaica – Thu 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?

Jamaica-gleaner.com / Caribbean – Wed 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.

Jamaicaobserver.com / Jamaica – Wed Dec 20, 2017

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

Guardian – Business / Trinidad & Tobago – Wed 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.

NationNews / Barbados – Wed 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.

DPI Guyana / Guyana – Tue 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.

Jamaica Observer / Jamaica – Wed 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”…

Jamaica Observer / Jamaica – Wed Dec 20, 2017

Gleaner – Business / Jamaica – Wed 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.

Nationwide 90FM / Jamaica – Mon 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.

The Bahamas Investor / Bahamas – Mon 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.

Reuters.com / Cuba – Tue 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.

RJRNewsOnline.com / Jamaica – Mon 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.

Fool.ca / Caribbean – Sun 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.

Newsamericasnow.com / Caribbean – Sun 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.

BBC News / Latin America – Sun 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.

Travelweekly.com / Caribbean – Sun 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%.

Miamiherald.com / Cuba – Thu Dec 14, 2017

Cuba now exports vaccines, diagnostic kits and drugs developed by its Center for Genetic Engineering and Biotechnology —the largest research center on the island — to 51 countries. But except for a small shipment for a clinical trial, the United States isn’t one of them.

Gleaner – Business / Jamaica – Fri Dec 15, 2017

The Jamaica Broilers Group invested US$2 million to expand its pellet mill, allowing the conglomerate to double feed production capacity. Pellet capacity will grow from 40 tonnes to 80 tonnes per hour.

Ctvnews.ca / Caribbean – Thu Dec 14, 2017

Transat A.T. plans to spend CA$750 million over the coming years to develop a hotel chain in Mexico and the Caribbean that it hopes will help to put it in a better position to face heightened competition from Canadian rivals.

Trinidad & Tobago Stock Exchange / Trinidad & Tobago – Thu Dec 14, 2017

Profit after tax up 0.7% (TT$4.7m) vs 2016 (TT$641.9m)