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▪ Sagicor Life Jamaica Limited’s rating reaffirmed at jmAAA

▪ National Flour Mills Limited’s rating reaffirmed at CariA-

▪ HMB Limited’s proposed collateralised mortgage obligation rating assigned at CariAA- (SO)

▪ NCB Capital Markets (Barbados) Limited’s initial rating assigned at CariBBB-

▪ Government of Barbados’s local currency rating upgraded to CariBB

▪ PanJam Investment Limited’s initial rating assigned at CariBBB+

▪ Saint Lucia Electricity Services Limited’s rating reaffirmed at CariBBB ▪ TSTT’s existing rating reaffirmed and new proposed bond issue rating assigned at CariA ▪ Jamaica Public Service Company Limited’s initial rating assigned at CariBBB+

▪ Endeavour Holdings Limited’s rating reaffirmed at CariA+

▪ Island Car Rentals Limited’s initial rating assigned at jmBBB+

▪ The Pegasus Hotels of Guyana Limited’s rating upgraded to CariBBB

▪ The National Gas Company of Trinidad and Tobago’s rating reaffirmed at CariAA+

OUR UPCOMING WORKSHOPS!

Fundamentals of Financial Analysis 28th & 29th March 2019 Trinidad

Benefits of a CariCRIS Rating to a Corporate Entity:

Latest Rating Actions by CariCRIS

• Improve relationships with creditors with an independent, objective assessment

of business

• Strengthen your governance and hedge against business risk

• Attract investors to raise money in capital markets

• Detect credit deterioration early and focus your management on hedging risks

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Please visit our website at www.caricris.com for the detailed Rationales on these and other ratings

CariCRIS’ credit ratings and daily Newswire can also be found on the Bloomberg Professional Service.

REGIONAL

Trinidad and Tobago

NFM sacks four managers

STATE food manufacturer National Flour Mills (NFM) has sent home four

managers after eliminating their positions in a bid to become more

efficient.

South Campus to house medical school for foreign students

A MEDICAL school targeting foreign students is the new plan for The

University of the West Indies (The UWI) South Campus in Debe while the

future of the new Couva hospital, initially conceptualised as a children's

hospital, is still under review although it's likely to include a long-

demanded Burns Unit.

Espinet: No reason to keep Paria Fuel

PARIA, the fuel trading successor to Petrotrin, which was set up to secure a

steady supply of fuel to meet this country's needs, has been put on the

market for sale.

Sagicor leads advancers

LAST week saw 602,230 shares traded on the first-tier market, a decrease

of 24.39 per cent on the previous week's total of 796,512 shares crossing

the floor.

Excess liquidity hits $2.7b

OMO maturities totalled $1,271 million last week, compared to $829 million

the previous week.

US$1.6m to help refugees

DESPITE pulling out all its diplomats from Venezuela amid the political

unrest in that country, the United States government says it is still

committed to assisting the people of Venezuela.

CAL/Max 8 contracts up in the air

CARIBBEAN Airlines Ltd (CAL) will be seeking advice from aviation experts

to determine the best course of action regarding its lease arrangement

contract for 12 new Boeing Max 8 aircraft, following worldwide safety

concerns in the aftermath of the fatal Ethiopian Air crash last Sunday.

Trinidad and Tobago continued

No customers affected in Freeport Scotia ATM fraud attempt

Scotiabank TT managing director Stephen Bagnarol has assured that no

customers have reported their accounts being affected.

Barbados

US$85,000 a month

The Mia Mottley Administration will save more than a billion dollars in

principal and interest savings in its restructuring of Barbados’ debt, but it is

paying a high price for the advice to achieve it.

Changes in petroleum prices effective midnight Sunday

Consumers will pay more for gasoline and diesel effective midnight

Sunday.

Jamaica

Kingston Wharves to Build Third Warehouse

Port company Kingston Wharves Limited plans to set up its third logistics

warehouse this year at a cost of between $1 billion and $2 billion.

GK To Refinance Loans for Logistics Centre

Food and financial services conglomerate GraceKennedy Limited plans

to raise up to $500 million in a refinancing deal.

First Rock Snags $2.5b In Equity Capital

Start-up investment outfit First Rock Capital Holdings Limited has raised

$2.5 billion in equity capital from private investors, all of which it intends to

pump as equity into various real estate ventures and other companies.

Guyana

Guyana owes US$114.7M to Venezuela but US sanctions stalling payments

– Finance Minister

When it comes to Guyana’s financial relations with Venezuela, Finance

Minister, Winston Jordan has confirmed that at the end of 2018, Guyana

owed the Spanish speaking territory US$114.7 million.

Guyana continued

CGX Energy raises US$21.8M through Equity Rights Offering

CGX Energy Inc was able to raise approximately US$21.8M through the

completion of its previously announced Rights offering. Part of this money

would be used to settle outstanding company debt while providing more

resources to support its planned exploration work offshore Guyana.

US$40M MovieTowne complex officially opens

MovieTowne Guyana, the approximately US$40M cinema-plex and

shopping mall has officially opened its doors.

Haiti

$79 million from Canada for 6 projects

On Thursday, a memorandum of understanding was signed between

Jean Claudy Pierre, the Minister of Planning and External Cooperation,

and the Accredited Ambassador of Canada in Haiti, André Frenette,

regarding the financing of six development projects.

Bahamas

Bahamas Signs UK Aviation Deal

The Bahamas has moved to boost aviation links with the UK through the

signing of an Air Service Agreement (ASA) between the two countries.

St. Kitts and Nevis

Prime Minister Harris re-elected by party delegates to lead a highly

energized and dynamic PLP

The Prime Minister of St. Kitts and Nevis, Dr. the Honourable Timothy Harris,

was on Wednesday (March 13) evening re-elected unopposed as the

National Political Leader of the People’s Labour Party (PLP), following the

successful staging of the private session of the party’s third annual

National Convention.

Cuba

Cuba says US visa change impedes family visits

Havana accused Washington on Saturday of creating obstacles to US

travel by Cubans by reducing the duration of its tourist visas from five

years to three months.

St. Vincent and the Grenadines

Gonsalves not ‘fed up with LIAT’

Prime Minister Ralph Gonsalves has made it clear that he is not fed up of

regional carrier LIAT, which has asked eight Caribbean governments to

contribute US$5.4 million in emergency financing to help it out of its most

recent crisis.

Venezuela

Venezuela's Maduro plans 'deep restructuring' of government

Venezuelan President Nicolas Maduro is planning a “deep restructuring”

of his government, Vice President Delcy Rodriguez said on Sunday, as the

country recovers from a prolonged blackout amid a power struggle with

the opposition.

Antigua and Barbuda

CDB report says A&B economy rose by 3.5% in 2018

The economy of Antigua and Barbuda grew in 2018, mainly as a result of

activity in the tourism and construction sectors.

Government provides more financial assistance to LIAT

Within another week or so, the government of Antigua and Barbuda will

be digging deeper into its pocket to contribute its fair share to the US$5.4

million emergency fund which is aimed at keeping the Antigua-based

carrier LIAT in the skies.

British Virgin Islands

Forensic audit of finances to be completed in our first 100 days

A forensic audit to be done on the finances of government is expected to

be completed within the VIP government’s first 100 days in office,

according to Premier Andrew Fahie.

INTERNATIONAL

United States

Marriott to open 1,700 hotels, return $11 billion to shareholders by 2021

Hotel chain Marriott International Inc on Monday mapped out a three-

year plan to open more than 1,700 hotels around the world, return up to

$11 billion to shareholders and make a full-year profit of as much as $8.50

per share by 2021.

U.S. fintech to buy Worldpay as electronic payments business booms

U.S. fintech Fidelity National Information Services Inc (FIS) has agreed to

buy payment processor Worldpay for about $35 billion, the biggest deal

to date in the fast-growing electronic payments industry.

United Kingdom

Brexit boost for May as rebel Rees-Mogg signals he could back her

One of the most influential Brexit-backing lawmakers in Prime Minister

Theresa May’s party gave the strongest hint to date on Monday that

rebels might back her departure deal, saying that a bad exit accord was

better than staying in the European Union.

Europe

Deutsche, Commerzbank merger would put 30,000 jobs at risk

A merger of Deutsche Bank and its rival Commerzbank could result in as

many as 30,000 job cuts over the long term, a representative of German

union Verdi who is a Deutsche supervisory board member told n-tv

broadcaster.

China

China will promote stable and healthy development of property market

China will steadily implement a pilot scheme under plans to set up a long-

term mechanism in the property market, Vice Premier Han Zheng was

quoted by state television as saying on Monday.

India

India's RCom pays 4.6 billion rupees to Sweden's Ericsson

Swedish telecom equipment maker Ericsson has received 4.62 billion

rupees ($67.42 million) from Indian telecoms firm Reliance

Communications Ltd (RCom), a spokeswoman for Ericsson said on

Monday.

Global

Oil edges above $67 as OPEC-led supply cuts support

Oil edged further above $67 a barrel on Monday, supported by the

prospect of prolonged OPEC-led oil supply curbs though concern that an

economic downturn may dent fuel consumption curbed gains.

EU trade surplus with U.S. expands, deficit with China grows

The European Union’s trade surplus with the United States and its deficit

with China both increased in January, serving as potential fuel for trade

conflicts between the world’s largest economies.

Marriott to open 1,700 hotels, return $11 billion to shareholders by 2021 Monday 18th March, 2019 – Reuters

Hotel chain Marriott International Inc on Monday mapped out a three-

year plan to open more than 1,700 hotels around the world, return up to

$11 billion to shareholders and make a full-year profit of as much as $8.50

per share by 2021.

Marriott, which owns the Ritz-Carlton and St. Regis luxury hotel brands, said

it would add between 275,000 and 295,000 rooms over three years,

potentially adding $400 million in fee revenue in 2021 and $700 million

annually when stabilized.

The company also forecast a profit of $7.65 to $8.50 per share by 2021, the

midpoint of which was above $7.72 estimated by analysts, according to

Refinitiv data.

During the three-year period, the company plans to pay $1.9 billion to $2

billion in dividends and buy back $7.6 billion to $9 billion in shares, Marriott

said.

The company, which plans to hold an investor conference on Monday,

expects comparable hotel revenue per available room (RevPAR) growth -

a key measure of hotel health - between 1 and 3 percent on an annual

basis for the three-year period.

Last month, Marriott missed Wall Street estimates for fourth-quarter

revenue and forecast a lower-than-expected full-year profit, blaming

weak demand in North America, its largest market.

The company was hit by a massive data breach involving up to 383 million

guests in its Starwood hotels reservation system and Chief Executive

Officer Arne Sorenson earlier this month apologized before a U.S. Senate

panel and vowed to protect against future attacks.

<< Back to news headlines >>

U.S. fintech to buy Worldpay as electronic payments business booms Monday 18th March, 2019 – Reuters

U.S. fintech Fidelity National Information Services Inc (FIS) has agreed to

buy payment processor Worldpay for about $35 billion, the biggest deal

to date in the fast-growing electronic payments industry.

The deal is part of a wave of consolidation in the financial technology

sector as firms seek to bulk up on payment systems that are increasingly

used for online and high street sales.

“Scale matters in our rapidly changing industry,” said FIS Chief Executive

Officer Gary Norcross, who will lead the combined group.

Global payments are set to reach $3 trillion a year in revenue by 2023,

according to consulting firm McKinsey, as more people switch from cash

to digital payments.

The industry’s growth has kept deals for payment systems rolling even as

merger moves in other sectors have stalled on concerns about trade

tensions and a global slowdown.

U.S.-based Fiserv Inc bought payment processor First Data Corp in January

for $22 billion, while Italy’s Nexi plans to list in what could be one of

Europe’s biggest initial public offerings (IPOs) this year.

The FIS deal, valuing Worldpay at about $43 billion when debt is included,

comes a little more than a year after U.S. firm Vantiv paid $10.63 billion for

the payments firm, which was set up in Britain and spun off from Royal

Bank of Scotland in 2010.

The combination of FIS and Worldpay will become a global powerhouse

in the fintech sector, with annual revenue of about $12 billion and

adjusted core earnings of about $5 billion.

Worldpay is a major player in card payments, particularly in Britain, while

FIS focuses on retail and institutional banking, as well as payments.

BREADTH OF COVERAGE

“You need scale to win at payments processing and this deal certainly

gives the two companies incredible breadth of coverage,” said Russ

Mould, investment director at AJ Bell.

Worldpay shareholders will receive 0.9287 FIS shares and $11 in cash for

each share held, valuing the company at $112.12 per share, a premium of

about 14 percent based on the stocks’ Friday closing, according to

Reuters calculations.

Shares in Worldpay, which has provided payment processing services for

more than 40 years, were up 10.5 percent at $108.99 in premarket trading

on Monday.

The companies said the deal would result in an organic revenue growth

outlook of 6 to 9 percent through 2021, and $700 million of total core

earnings savings over the next three years.

The companies said they expected $500 million of revenue savings and

aimed to deliver nearly $4.5 billion of free cash flow in three years.

Under the deal, shareholders will own about 53 percent in the combined

firm and Worldpay shareholders about 47 percent.

Worldpay’s CEO Charles Drucker will become the executive vice-

chairman.

FIS, which has grown through a series of acquisitions in the past 15 years,

offering software and outsourcing services banks, asset managers and

insurers.

Centerview Partners and Goldman Sachs were financial advisers to FIS,

the companies said, adding that Willkie Farr & Gallagher LLP served as FIS’

legal adviser in the transaction.

<< Back to news headlines >>

Deutsche, Commerzbank merger would put 30,000 jobs at risk Monday 18th March, 2019 – Reuters

A merger of Deutsche Bank and its rival Commerzbank could result in as

many as 30,000 job cuts over the long term, a representative of German

union Verdi who is a Deutsche supervisory board member told n-tv

broadcaster.

A top investor in Deutsche Bank also expressed doubts about a potential

merger, according to a person close to the investor.

The fierce opposition from the union and shareholder reservations come

after both banks on Sunday confirmed talks about a merger and

underlines the obstacles to efforts to combine Germany’s two biggest

banks.

Most of the 30,000 positions at risk are based in Germany, Verdi’s Jan

Duscheck said, according to comments published by the TV station on

Monday. Over the short term there are 10,000 jobs under threat, Duscheck

added.

However, the initial market reaction was positive. Shares in Deutsche Bank

were up 3.3 percent at 0829 GMT while Commerzbank traded 4 percent

higher.

The supervisory boards of both banks meet on Thursday when the merger

is likely to be discussed.

The German government has pushed for a combination given concerns

about the health of Deutsche, which has struggled to generate

sustainable profits since the 2008 financial crisis.

The government, which holds a stake of more than 15 percent in

Commerzbank following a bailout, wants a national banking champion to

support its export-led economy, best known for cars and machine tools.

However, the jobs impact will be a big issue.

“In our opinion a possible merger would not result in a business model that

is sustainable in the long term,” Verdi’s Duscheck said.

A major Deutsche shareholder is not fundamentally opposed to a merger,

said a person close to the unnamed shareholder, but wants to hear a

compelling case for a deal.

“We have considerable doubts about the logic and the timing and want

to be convinced,” the person said.

A merged bank would have one fifth of the German retail banking

market. Together the two banks currently employ 140,000 people

worldwide - 91,700 at Deutsche and 49,000 in Commerzbank.

<< Back to news headlines >>

Oil edges above $67 as OPEC-led supply cuts support Monday 18th March, 2019 – Reuters

Oil edged further above $67 a barrel on Monday, supported by the

prospect of prolonged OPEC-led oil supply curbs though concern that an

economic downturn may dent fuel consumption curbed gains.

OPEC and non-OPEC ministers who met in Azerbaijan to monitor their oil

supply-cut accord said they planned to exceed their commitments. Saudi

Arabia signalled OPEC may need to extend the curbs until the end of the

year.

Brent crude, the global benchmark, rose 20 cents to $67.36 a barrel at

1207 GMT. It reached a 2019 high of $68.14 last week. U.S. West Texas

Intermediate crude added 5 cents at $58.57.

“The latest encouragement came from the Saudi energy minister,” said

Tamas Varga of oil broker PVM, referring to Energy Minister Khalid al-Falih’s

comments on possibly extending the OPEC-led output curbs.

Concern about weaker economies and demand limited the rally, as did a

recommendation from the OPEC panel in Azerbaijan that their April

meeting be cancelled, meaning the next meeting of the producer group

known as OPEC+ won’t be until June.

Japan’s exports fell for a third month in February and U.S. manufacturing

output fell. Analysts at Bernstein Energy said on Monday that while they

expect oil demand to rise by 1.3 million barrels per day (bpd) in 2019, a

global slowdown could limit growth to below 1 million bpd.

Nonetheless, Brent still has gained around a quarter since the start of the

year due to the supply cuts since Jan. 1 led by the Organization of the

Petroleum Exporting Countries and allies such as Russia, and U.S. sanctions

on Iran and Venezuela.

“The strategy of OPEC+ already appears to be bearing fruit,” said analysts

at Commerzbank in a report.

On Sunday, Saudi Arabia signalled the producers may need to extend the

supply curbs of 1.2 million bpd, which last until June, into the second half

of 2019.

“As long as the levels of inventories are rising and we are far from normal

levels, we will stay the course, guiding the market toward balance,” al-

Falih said.

Rising oil output in the United States has helped to offset the OPEC-led

curbs.

U.S. crude oil production [C-OUT-T-EIA] increased at the start of 2019,

hitting a record 12.1 million bpd in February, data from the Energy

Information Administration showed.

<< Back to news headlines >>

EU trade surplus with U.S. expands, deficit with China grows Monday 18th March, 2019 – Reuters

The European Union’s trade surplus with the United States and its deficit

with China both increased in January, serving as potential fuel for trade

conflicts between the world’s largest economies.

The EU surplus in goods trade with the United States expanded to 11.5

billion euros ($13.0 billion) in January, from 10.1 billion in January 2018, EU

statistics office Eurostat said.

With China, the EU deficit also increased to 21.4 billion euros, from 20.8

billion euros a year earlier.

U.S. President Donald Trump has complained repeatedly about Europe’s

trade surplus with his country, imposing tariffs to curb imports of EU steel

and aluminium and threatening to do the same for the much larger trade

in cars and car parts.

China’s trade surplus with the European Union is also a source of tension

between the two, with the bloc taking a firmer line toward Beijing, for

example setting out a 10-point plan to balance economic ties and

pushing China to open up

As a whole, the EU trade deficit in goods was 24.9 billion euros in January

from 21.4 billion euros in January 2018. For the euro zone, its trade surplus

dropped to 1.5 billion euros from 3.1 billion euros.

On a seasonally adjusted basis, the euro zone’s overall surplus rose slightly

on the month and the EU’s trade deficit dipped in January compared

with December 2018.

<< Back to news headlines >>

China will promote stable and healthy development of property market Monday 18th March, 2019 – Reuters

China will steadily implement a pilot scheme under plans to set up a long-

term mechanism in the property market, Vice Premier Han Zheng was

quoted by state television as saying on Monday.

China will promote stable and healthy development of the property

market and maintain a city-based property policy, Han said.

“We will steadily implement a pilot scheme under plans for a long-term

mechanism to ensure stable and healthy development of the real estate

market, and evaluate and track the implementation,” state television

quoted Han as saying.

The government will stabilize land and property prices and strive to resolve

property market risks, Han said but did not give further details.

Leaders have pledged to set up a “long-term mechanism” for the

property market, which is seen heralding a long-expected property tax.

Work on a draft property tax in China is “steadily advancing”, senior

Chinese parliamentary officials said this month during the annual

parliament meeting.

China has considered a property tax for more than a decade. Analysts

say the central government may be accelerating the process now as it

just pledged to slash trillions in taxes and fees to spur growth in the

economy, and as it enters the third year of a campaign against property

speculation.

Such a tax would boost local governments’ coffers as a much-needed

new source of revenue.

<< Back to news headlines >>

India's RCom pays 4.6 billion rupees to Sweden's Ericsson Monday 18th March, 2019 – Reuters

Swedish telecom equipment maker Ericsson has received 4.62 billion

rupees ($67.42 million) from Indian telecoms firm Reliance

Communications Ltd (RCom), a spokeswoman for Ericsson said on

Monday.

Late last month, India’s top court had ordered Anil Ambani’s RCom and

two of its directors to pay Ericsson 4.5 billion rupees within four weeks or

face a three-month jail term for contempt of court.

RCom owes a total 5.71 billion rupees to Ericsson, including a one-time

settlement of 5.5 billion rupees and interest payments of 210 million rupees.

<< Back to news headlines >>

Brexit boost for May as rebel Rees-Mogg signals he could back her Monday 18th March, 2019 – Reuters

One of the most influential Brexit-backing lawmakers in Prime Minister

Theresa May’s party gave the strongest hint to date on Monday that

rebels might back her departure deal, saying that a bad exit accord was

better than staying in the European Union.

May has warned lawmakers that unless they approve her Brexit divorce

deal after two crushing defeats, Britain’s exit from the EU could face a

long delay which many Brexiteers fear would mean Britain may never

leave.

After two-and-a-half years of tortuous negotiations with the EU, the final

outcome remains uncertain - with options including a long delay, exiting

with May’s deal, a disorderly exit without a deal or even another EU

membership referendum.

May is scrambling to rally support ahead of a summit of EU heads of

government on Thursday and Friday where she has warned she will ask for

a long Brexit delay unless parliament ratifies the deal she struck in

November.

Rees-Mogg, chairman of the European Research Group of Eurosceptics in

Britain’s House of Commons, said he had not yet made up his mind how

to vote on May’s deal but any Brexit was better than staying in the bloc.

If Rees-Mogg did swing behind May, dozens of rebels could follow him,

although it is unclear if that would be enough to save her deal.

“No deal is better than a bad deal but a bad deal is better than

remaining in the European Union in the hierarchy of deals,” Rees-Mogg

told LBC radio. “A two-year extension is basically remaining in the

European Union.”

Rees-Mogg said his dream option would be a no-deal exit on March 29

but that he felt May - a former supporter of EU membership who won the

premiership in the turmoil that followed the 2016 Brexit referendum - would

seek to stop a no-deal.

“The question people like me will ultimately have to answer is: can we get

to no-deal instead? If we can get to no-deal instead, that is a better

option... but I am concerned the prime minister is determined to stop a

no-deal.”

May’s deal, a bid to keep close trading and security ties with the EU while

leaving the bloc’s formal political structures, was defeated by 230 votes in

parliament on Jan. 15, and by 149 votes on March 12.

If she could get the deal approved after the biggest parliamentary

defeat for a government in modern British history, it would mark a

spectacular and surprising turnaround and by far the biggest

achievement of her crisis-riven tenure.

To get her deal through parliament, May must win over at least 75

lawmakers - dozens of rebels in her own Conservative Party, some Labour

lawmakers, and the Northern Irish Democratic Unionist Party (DUP), which

props up her minority government.

The biggest issue is the so-called Northern Irish border backstop, an

insurance policy aimed at avoiding post-Brexit controls on the United

Kingdom’s border with EU-member Ireland.

Many Brexiteers and the DUP are concerned the backstop will trap the

United Kingdom in the EU’s orbit indefinitely, and have sought guarantees

it will not.

THIRD TIME LUCKY?

May’s finance minister, Philip Hammond, held talks with the DUP on Friday

but said the government did not yet have support it needed and would

only put the deal to a third vote if it felt it could win.

“There are some cautious signs of encouragement ... but there is a lot

more work to do,” Foreign Secretary Jeremy Hunt told the BBC on

Monday.

If May could swing the DUP behind her, along with several dozen more

Brexit supporters in her own party, she will be getting close to the numbers

she needs.

Stepping up the pressure on the prime minister, Jeremy Corbyn, leader of

the main opposition Labour Party, said he could trigger another

confidence vote in May’s government if she fails again to get her deal

adopted by parliament.

Former British foreign minister Boris Johnson said on Sunday it was not too

late for the government to get “real change” to May’s deal and

cautioned against holding another parliamentary vote on the agreement

this week.

Johnson, a prominent Brexit campaigner who might influence other

lawmakers on which way to vote over May’s deal, asked in his column in

the Telegraph newspaper whether there was a way forward to break the

impasse of Brexit in parliament.

“Perhaps,” he answered. “There is an EU summit this week. It is not too late

to get real change to the backstop. It would be absurd to hold the vote

before that has even been attempted.”

He also said May should outline her strategy for talks on the future

relationship with the EU to “reassure ... understandably doubtful MPs

(members of parliament) by answering some basic questions”.

EU leaders have said repeatedly that the terms of their Withdrawal

Agreement with May cannot be revisited.

<< Back to news headlines >>

Guyana owes US$114.7M to Venezuela but US sanctions stalling payments

– Finance Minister Monday 18th March, 2019 – Kaieteur News

When it comes to Guyana’s financial relations with Venezuela, Finance

Minister, Winston Jordan has confirmed that at the end of 2018, Guyana

owed the Spanish speaking territory US$114.7 million.

In a brief interview, the economist said that since September 2017,

Guyana has been unable to make cash payments to Venezuela, given

the US imposed sanctions. He said that a special account was established

into which these payments are transferred on a monthly basis. “As soon as

the situation normalizes, we will transfer the accumulated amount in the

account to Venezuela,” the Finance Minister expressed.

In his 2017 report, Auditor General, Deodat Sharma, had highlighted some

of the debt Guyana owes to Venezuela under the PetroCaribe deal.

The Auditor General noted that several agreements related to

PetroCaribe which were entered into during 2015, were not laid in the

National Assembly at the time of reporting. He said that these include

Compensation agreements between the Bolivarian Republic of

Venezuela and the Cooperative Republic of Guyana; and a draft sales

agreement for oil shipments to Guyana through the PetroCaribe

Agreement for the year 2015 with a total value of $5.293 billion or

US$25.632M.

Sharma said that the compensation agreements between the

Governments of Venezuela and Guyana provided for the cancellation of

the oil debt in compensation for white rice and paddy under the

Guyana/Venezuela Rice Trade Agreements.

According to the agreement, the Guyana Rice Development Board

(GRDB) would supply rice and paddy to the Bolivarian Republic of

Venezuela. During 2015, there was a cancellation of $9.038 billion or

US$43.766M of which there was no official agreement signed between the

Government of Guyana and Republic of Venezuela for the said

cancellation of the debt.

In response to this matter, the Finance Ministry had said that in 2015, the

seventh Oil Debt Compensation Agreement between Guyana and

Venezuela was not concluded.

The Ministry said that this Agreement specified that in 2015, the white rice

and paddy shipped to Venezuela from Guyana was intended to

compensate Guyana’s Oil debt to Venezuela.

It noted that oil shipments under the PetroCaribe Agreement from

Shipment №. 33 of 2013 to Shipment №. 27 of 2015 are included in the

Seventh Oil Debt Compensation Agreement. The Ministry said that there

has been no contract concluded between the Government of Guyana

and Venezuela for the 2015 Sales of Oil Shipment №. 1 of 2015 to Shipment

№. 27 under the PetroCaribe agreement.

The Ministry said that promissory Notes were prepared reflecting shipments

made in 2013 to 2015 through the sales contract. It said that the terms and

conditions outlined in the promissory notes are still valid and enforceable.

The Ministry further noted that money representing repayments to

Venezuela for oil shipments are currently being placed in an account held

at the Bank for International Settlements (BIS). It said that all such funds will

be placed on fixed deposits with BIS until sanctions against the

Government of Venezuela are lifted.

<< Back to news headlines >>

CGX Energy raises US$21.8M through Equity Rights Offering Monday 18th March, 2019 – Kaieteur News

CGX Energy Inc was able to raise approximately US$21.8M through the

completion of its previously announced Rights offering. Part of this money

would be used to settle outstanding company debt while providing more

resources to support its planned exploration work offshore Guyana.

Pursuant to the Offering, the Corporation issued to holders of its

outstanding common shares, an aggregate of 116,102,318 transferable

Rights. Each Right entitled the holder thereof to subscribe for one

Common Share upon payment of the subscription price of $0.25 per

Common Share.

Frontera Energy Corporation, an insider and the Corporation’s largest

shareholder, acquired an aggregate of 101,316,916 Common Shares in

connection with the Offering. Frontera now owns an aggregate of

157,383,129 Common Shares which represents approximately 67.78% of

the issued and outstanding Common Shares following closing. In

consideration for the standby commitment provided by Frontera under

the Offering, Frontera received five-year warrants to purchase up to

15,009,026 Common Shares at an exercise price equal to $0.415 per

Common Share.

As a result, Frontera holds an aggregate of 212,392,155 Common Shares

on a partially-diluted basis (assuming conversion of the US$8.8 million

principal amount under the bridge loan agreement between CGX and

Frontera), which represents approximately 73.95% of the issued and

outstanding Common Shares on a partially-diluted basis.

Kaieteur News understands that CGX will use US$ 7,904,036 of the net

proceeds of the Offering to settle its debt to Japan Drilling Co., Ltd. in

connection with historic legacy indebtedness. The remainder of the net

proceeds of approximately US$13,923,744, along with the additional

funding obtained through a farm-in joint venture agreement with Frontera

in respect to the exploration and development of the Corentyne and

Demerara blocks in Guyana, as previously disclosed, as well as additional

financing alternatives, are expected to provide the funds necessary to

meet all of the Corporation’s short-term liquidity requirements over the

next 12 months.

Professor Suresh Narine, Executive Chairman of CGX stated, “The

successful completion of the Offering, in which CGX sought to ensure that

its shareholders were provided an opportunity to participate in the

Corporation’s restructuring of its debt and advancing its exploration

programme in Guyana, signals strong support for CGX in its ongoing

operations and prospects.”

He said that the completion of the Offering, which was oversubscribed,

along with the joint venture that was previously announced between CGX

and Frontera, one of the company’s largest shareholders, also further

enhances CGX’s position in the Guyana basin.

“I wish to thank our loyal shareholders and the Government and People of

Guyana for their continued support for CGX, which is widely regarded as

Guyana’s “indigenous” oil company. CGX is delighted with this latest

endorsement of its activities in the basin,” the Chairman concluded.

<< Back to news headlines >>

US$40M MovieTowne complex officially opens Friday 15th March, 2019 – Guyana Chronicle

MovieTowne Guyana, the approximately US$40M cinema-plex and

shopping mall has officially opened its doors.

As the evening’s festivities began, various animated characters walked

the Chinese inspired decorated lobby area of the cinema-plex, giving

special guests and patrons an insight as to what to expect from the state-

of-the-art facility.

Minister of Foreign Affairs, Carl Greenidge, who is performing the duties of

Prime Minister, lauded the magnitude of the investment in his keynote

address. “The Government of Guyana wishes to emphasise that it is happy

to encourage and welcome investment of this kind that we can look at

today… not to mention the magnitude and nature of the investment” he

stated.

The minister said the government sees it as an effort specifically aimed

and designed to bring significant benefit to Guyana. “Through job

creation, supply of diversified recreational services and a unique shopping

experience,” Minister Greenidge said. He said Guyana is quickly

becoming a competitive market place and investment of this type and

magnitude brings a broader choice of goods and services, and in this

regard pledges government’s support to investors.

“I would like to say to you that we have a commitment to you and other

investors. The fortitude that you have shown in pursuing this public project

to completion and in sticking to your investment, in spite of the

challenges, you can be assured that the confidence that you have

shown in this country and the efforts that you have made to see this

project through to fruition, will be matched by the government’s efforts to

ensure that you work within a predictable and welcoming environment”

stated Minister Greenidge.

Chairman of the MovieTowne franchise, Guyana-born Dereck Chin said

the facility is a safe, friendly and family-oriented environment of which

Guyanese can be proud. He said Guyana is worth the investment and

indicated that in a further show of confidence in the local economy

several well-known international restaurant franchises have signed up to

set up their branches in the complex.

With its enormous reputation in Trinidad and Tobago, the multi-million-

dollar cinema-plex and mall will be the parent company’s first branch

outside of the twin island state – a definite boost to the local economy

that will see the creation of hundreds of jobs.

Meanwhile, as MovieTowne Guyana opens its doors, 1,000 jobs have been

created within the theatre operations of the multimillion-dollar facility. In

the coming months, this figure will increase, as businesses within the

MovieTowne mall open their doors. During the official opening of the

facility, Minister of Business, Dominic Gaskin noted that MovieTowne is

poised to be one of the top competitors in Guyana’s entertainment

sector. Minister Gaskin expressed his satisfaction in having this form of

investment in Guyana. “Good business is what creates jobs and

opportunities, generates tax revenues, and provides good services, and

experiences that can enhance people’s lives”, he stated.

He emphasised that the APNU+AFC Government is positioned to cultivate

an atmosphere that promotes growth in the business sector. “Good

business requires an enabling environment.” The Minister of Business also

said that even as profit is the ultimate aim, “safe, secure, responsible [and]

legitimate” practices are central to the government’s mandate. “We will

see [in Guyana] the emergence of both a stronger private sector and an

improved public sector that are better coordinated in their pursuit of

common goals”, said Minister Gaskin. The MovieTowne entertainment mall

is set to open its doors to the public on March 19.

<< Back to news headlines >>

$79 million from Canada for 6 projects Saturday 16th March, 2019 – Haiti Libre

On Thursday, a memorandum of understanding was signed between

Jean Claudy Pierre, the Minister of Planning and External Cooperation,

and the Accredited Ambassador of Canada in Haiti, André Frenette,

regarding the financing of six development projects.

In his intervention, Minister Pierre thanked Ambassador Frenette for

Canada's contribution in support of the Haitian Government's efforts and

explained that the contribution of his ministry would be to facilitate the

implementation of these projects, in particular by appointing the

necessary interlocutors and approving the broad directions of the

implementation plans.

For his part, Ambassador Frenette said that these 6 projects totalling 79

million Canadian dollars over a period of 5 years, will provide a response

to the real concerns expressed by both the authorities and the

population. These 6 projects will be carried out will be executed in the

departments of Artibonite, South and Grand'Anse and in the sectors of

Energy, Agriculture, Hospitality and Tourism and the Equity of Kind.

<< Back to news headlines >>

Bahamas Signs UK Aviation Deal Friday 15th March, 2019 – Tribune 242

The Bahamas has moved to boost aviation links with the UK through the

signing of an Air Service Agreement (ASA) between the two countries.

Dionisio D’Aguilar, minister of tourism and aviation, executed the

agreement on The Bahamas’ behalf on March 5 during a signing

ceremony at the Great Minister House in London. Baroness Sugg, the UK’s

parliamentary under-secretary of state for transport, officially signed for

the UK.

The agreement with the UK takes the number of ASAs that The Bahamas

has signed with other International Civil Aviation Organisation (ICAO)

states to 20.

Mr D’Aguilar said the agreement with the UK is designed to drive future

economic growth and stimulus through the aviation sector. Air service

agreements provide financial incentives, and internationally-agreed rules

and regulations, which govern how foreign airlines from a specific country

can provide service to The Bahamas - either directly or via a code share

arrangement.

As a result, when a foreign carrier expresses an interest in launching air

services to The Bahamas, the regulatory regime is already in place and

service can commence quickly without encountering undue

bureaucratic delays.

This will also make travel easier for Bahamians who are visiting, in greater

numbers, destinations throughout the world, and for the growing number

of persons across the globe who wish to come to The Bahamas.

Other members of the Bahamian delegation included Ellison Greenslade,

The Bahamas’ high commissioner to the UK, and Juliea Brathwaite-Rolle,

manager of safety oversight for the Bahamas Civil Aviation Authority.

<< Back to news headlines >>

Prime Minister Harris re-elected by party delegates to lead a highly

energized and dynamic PLP Friday 15th March, 2019 – Skn Vibes

The Prime Minister of St. Kitts and Nevis, Dr. the Honourable Timothy Harris,

was on Wednesday (March 13) evening re-elected unopposed as the

National Political Leader of the People’s Labour Party (PLP), following the

successful staging of the private session of the party’s third annual

National Convention.

The private session of the convention was held at the St. Kitts Marriott

Resort and was attended by more than 300 party delegates, who left the

meeting energized and with a renewed vigour to continue their work on

behalf of the PLP and the broader tripartite Team Unity administration.

While delivering remarks, Prime Minister Harris reminded the party

supporters of the strides and progress being made in St. Kitts and Nevis

under the leadership of his Team Unity-led Government.

Dr. Harris made special reference to initiatives such as the Government

Employees Mortgage Programme, the Poverty Alleviation Programme

and the highly successful Hurricane Roof Repair Programme that

impacted the lives of close to three thousand households in the country.

“This has never happened before Team Unity,” Prime Minister Harris said.

“And when you see things like these happening, you say for that alone this

Government has done something good in every community.”

Senator the Honourable Akilah Byron-Nisbett was returned as the party’s

Deputy National Political Leader.

Attention is now being turned to the public session of the party’s annual

convention, which is scheduled to take place on Saturday, March 16, at

the Patsy Allers Playing Field, starting at 4pm.

A wide cross section of society is expected to attend this weekend’s

event including members of the two other parties that make up the Team

Unity coalition, namely, the People’s Action Movement (PAM) and the

Nevis-based Concerned Citizens Movement (CCM). Representatives of

the diplomatic and consular corps, the business community and party

supporters from across the length and breadth of the country are also

expected to be in attendance.

The PLP National Convention takes place against the backdrop of two

recent scientific polls carried out by reputable pollsters in the region.

A national survey by prominent pollster and Director at Caribbean

Development Research Services (CADRES), Mr. Peter Wickham, between

May and June 2018 showed that Prime Minister Harris is the preferred

leadership option in St. Kitts and Nevis with the support of 37 percent of

those polled. Some 1,000 persons across all eleven constituencies in the

Federation were surveyed during that poll using face-to-face interviews

by a team of interviewers.

The results of a different poll conducted by respected Jamaican pollster

Don Anderson between November 15 and December 10, 2018, came to

similar conclusions. That survey showed that 57 per cent of the persons

interviewed are of the view that things have gotten better in the country

over the last three years under the Dr. Harris-led Team Unity Government.

On the performance of the Government itself, Mr. Anderson said that

more persons rated the Team Unity administration positively than those

who rated it negatively. When asked how they would rate the

performance of the Dr. Timothy Harris-led Unity Government, 38 per cent

viewed this positively, rating it either very good or good.

The People’s Labour Party’s third annual National Convention is being

held under the theme, “Improving our communities with PLP in Unity.”

<< Back to news headlines >>

Cuba says US visa change impedes family visits Saturday 16th March, 2019 – Jamaica Observer

Havana accused Washington on Saturday of creating obstacles to US

travel by Cubans by reducing the duration of its tourist visas from five

years to three months.

The United States, which announced the change on Friday, said it was

matching the island's own visa rules for US visitors.

The so-called B-2 tourist visa allowed Cubans multiple entries to the United

States for periods up to five years. As of Monday, they will be eligible only

for three-month, single-entry tourist visas.

The Cuban foreign ministry issued a statement objecting to the change,

saying "it increases the obstacles for family and other visits."

"If the United States really wants to apply reciprocity, it should immediately

open its consulate in Havana, and resume the process of issuing visas,

which it arbitrarily and unjustifiably interrupted more than a year ago, and

eliminate the prohibition on US citizens traveling freely to Cuba," it said.

US relations with Cuba, which were restored under former president

Barack Obama, have soured under Donald Trump.

The United States evacuated diplomatic staff and their families in 2017

after at least two dozen people suffered brain injuries that resembled

concussion, but with no exterior signs of trauma.

The US accused Cuba of carrying out "health attacks" using some sort of

acoustic or microwave device, a charge Havana angrily rejected.

Cuba insisted the US move was "politically motivated."

<< Back to news headlines >>

Gonsalves not ‘fed up with LIAT’ Friday 15th March, 2019 – iWItness News

Prime Minister Ralph Gonsalves has made it clear that he is not fed up of

regional carrier LIAT, which has asked eight Caribbean governments to

contribute US$5.4 million in emergency financing to help it out of its most

recent crisis.

The airline’s four main shareholder governments — Barbados, Antigua and

Barbuda, St. Vincent and the Grenadines and Dominica – have adopted

what is called “the Restructuring Option”, which will require US$152 million

in funding.

Speaking in Parliament on Monday, Gonsalves said there are people who

are in love with problems or are stuffed with learned helplessness.

“I happen to be in love with solutions. Air transport in the region is in a

state of flux and change. We must not be dinosaur-like and reject

adaptations and alterations, and inertia in the face of challenges is a

menace to progress.”

He said that in all of the discussions he has avoided polemic posturing.

“People have called me, all about, the journalist want a story. Well, there

are enough people talking out of turn,” Gonsalves said.

He was speaking in apparent reference to his earlier comments about

public statements by some persons who attended last month’s CARICOM

meeting, after they were briefed about LIAT’s latest challenges.

Gonsalves said the comments had damaged LIAT’s reputation.

“I wanted a meeting of the shareholders, because a CARICOM meeting

or an OECS meeting is a meeting for information to be provided,”

Gonsalves said about his silence, until Monday, on the issue.

“Good corporate governance demands that the decisions are taken in

LIAT even though you would give information to your colleagues and you

would give information, because of the regional nature of this service, to

the OECS Authority and also to CARICOM, but we have to observe good

corporate governance. And I am only talking after we have gone

through that particular structure,” Gonsalves said.

“One prime minister has said even Ralph is fed up with LIAT. I am not,” he

said, apparently referring to comments that Prime Minister of Grenada

Keith Mitchell had made in 2016 when the airline was facing another crisis.

The comments re-emerged after the developments over the past few

weeks, when Prime Minister of Trinidad and Tobago, Keith Rowley,

immediately on returning home from the CARICOM meeting, told the

media that LIAT only had enough cash to last 10 days.

Gonsalves said:

“I’m fed up with some governments who fail and or refuse to contribute to

the funding of this vital regional service. I am fed up, too, with some other

stakeholders who cling to ‘legacies’, whether at the workplace, in

management or procurement.

“I helped to save LIAT and regional air transportation from Allan Stanford

when others were in bed fully with him. So I am not fed up with LIAT. But

further significant changes in and of it are on the immediate horizon.”

Gonsalves told lawmakers that there are three possible paths for LIAT: an

orderly dissolution and bankruptcy; a disorderly dissolution and disruptive

bankruptcy; or a sensible restructuring.

He said that SVG is advocating a sensible restructuring and seeking to

implement it along with the other shareholders.

“But stakeholders must step up to the plate in this exercise,” Gonsalves

said.

He urged that CARICOM leaders be “more circumspect in addressing the

business of a company which has its own structure of corporate

governance.

“Further unwise outbursts would scare LIAT’s lessors, disturb the air transport

regulators, create uncertainty among staff and alarm the public,

contribute to disorderliness in the company, agitate creditors to hustle for

payment of debts owed to them by LIAT, prompt passengers to seek

refunds, and push air travellers to seek other travel options or cancel travel

altogether,” Gonsalves said.

“Let us all be mature in addressing a serious challenge before us,”

Gonsalves further said, adding that he would make public the details of

the minimum revenue guarantee agreements with LIAT’s destinations

when they are finalised.

“I shall provide, too, further relevant updates,” Gonsalves said.

<< Back to news headlines >>

Venezuela's Maduro plans 'deep restructuring' of government Sunday 17th March, 2019 – Reuters

Venezuelan President Nicolas Maduro is planning a “deep restructuring”

of his government, Vice President Delcy Rodriguez said on Sunday, as the

country recovers from a prolonged blackout amid a power struggle with

the opposition.

“President @NicolasMaduro has asked the entire executive Cabinet to put

their roles up for review in a deep restructuring of the methods and

functions of the Bolivarian government, to protect the fatherland of

Bolivar and Chavez from any threat,” Rodriguez wrote on Twitter, referring

to independence leader Simon Bolivar and former President Hugo

Chavez.

The possible reshuffling comes on the heels of a nearly weeklong blackout

that paralyzed the OPEC nation, which had already been experiencing a

hyperinflationary economic collapse, shortages of food and medicine

and the emigration of millions of citizens.

Maduro has blamed the blackout on a cyber-attack perpetrated by the

United States and sabotage by the domestic opposition, but local

electrical engineers told Reuters it was the result of years of

underinvestment and lack of maintenance of the country’s power plants

and electricity grid.

He is facing a challenge to his presidency from Juan Guaido, head of the

opposition-controlled National Assembly who invoked the constitution in

January to assume an interim presidency, arguing that Maduro’s May

2018 re-election was illegitimate. Most Western countries have recognized

Guaido as the country’s rightful leader.

Maduro has repeatedly changed Cabinet members since taking office in

2013, with members of the military rising to posts heading the oil, interior

and electricity ministries.

In a visit to electricity workers in southern Bolivar state on Saturday,

Maduro pledged a restructuring of state power company Corpoelec and

promised to create a unit in the armed forces focussed on protecting key

infrastructure from cyber-attacks.

<< Back to news headlines >>

US$85,000 a month Monday 18th March, 2019 – Nation News

The Mia Mottley Administration will save more than a billion dollars in

principal and interest savings in its restructuring of Barbados’ debt, but it is

paying a high price for the advice to achieve it.

According to the engagement letter available on Parliament’s website,

Government has agreed to pay White Oak Advisory Ltd US$85 000

(BDS$170 000) per month to help Barbados navigate the situation.

The engagement letter, dated last May 30, between the globally-

recognised company and Government was laid in Parliament at the start

of the recently concluded annual Estimates Debate on February 18. It was

laid by Minister in the Ministry of Finance Ryan Straughn, for public record

in response to Opposition Leader Bishop Joseph Atherley’s request for

information about it.

<< Back to news headlines >>

Changes in petroleum prices effective midnight Sunday Sunday 17th March, 2019 – Barbados Today

Consumers will pay more for gasoline and diesel effective midnight

Sunday.

The retail price of gasoline will be adjusted from BDS $3.56 per litre to $3.57

per litre, an increase of 0.01 cent. The price of diesel will increase by 0.20

cents per litre, moving from $2.89 per litre to $3.09 per litre.

Meanwhile, the price of kerosene and liquefied petroleum gas remain

unchanged.

Kerosene will continue to retail at $1.40 per litre. Liquefied petroleum gas

will continue to retail as adjusted at December 2, 2018. The 100lb cylinder

will retail for $163.07, the 25lb cylinder at $45.87, the 22lb cylinder at

$40.53, and the 20lb cylinder at $36.84.

These price adjustments are in keeping with Government’s policy of

allowing retail prices to be reflective of those on the international market.

<< Back to news headlines >>

Kingston Wharves to Build Third Warehouse Friday 15th March, 2019 – Jamaica Gleaner

Port company Kingston Wharves Limited plans to set up its third logistics

warehouse this year at a cost of between $1 billion and $2 billion.

The warehouse will cater to companies trading within the Caribbean, said

Kingston Wharves Chairman Jeffrey Hall.

“We are looking to develop logistics centres for companies looking to use

Kingston as a hub for the region,” said Hall. “Our goal is to identify

opportunities for key regional partners.”

In 2017 and 2018, Kingston Wharves opened two new logistics facilities: Its

Global Automotive logistics facility, which regionally distributes cars, and

its Total Logistics facility, which distributes pallet-sized cargo.

The existing warehouses both have strong occupancy, with prominent

clientele, Hall said, without naming them.

“We want to develop a third facility and we are currently looking for

clients. It takes nine months for a facility to be up and running. It would

cost between $1 billion and $2 billion to build, and the focus would be on

regional distribution of cargo,” he said.

Kingston Wharves, whose stock trades on the Jamaica Stock Exchange,

reported positive performance for 2018, which it attributed to increased

trading volumes aided by the buoyancy in the economy.

The port company earned $7.25 billion in revenue and a 19 per cent spike

in net profit to $1.97 billion or $1.36 per share.

“So, when you see construction, increased motor sales and other capital

items in the island, we benefit from that,” Hall said.

Kingston Wharves is classified as a subsidiary of Jamaica Producers Group,

which Hall leads as CEO.

Food and logistics conglomerate Jamaica Producers owns 42 per cent of

the port company, acquired in separate transactions in 2012 and 2016.

Hall said Jamaica Producers has already made back its investment

several times over. The conglomerate acquired the KW shares at an

average price of $5, and the stock is currently trading within a band of

$70 to $75.

“It has done really well for JP and other shareholders. The success is due to

a multiplicity of factors, including the strong management, the services

and strong balance sheet. We intend to continue the same strategic drive

to build on the blocks that achieved success to date,” he said.

Kingston Wharves’ shareholder equity amounted to $24.9 billion at year

ending December 2018. Jamaica Producers’ share of that tops $10 billion.

<< Back to news headlines >>

GK To Refinance Loans for Logistics Centre Sunday 17th March, 2019 – Jamaica Gleaner

Food and financial services conglomerate GraceKennedy Limited plans

to raise up to $500 million in a refinancing deal.

The facility will replace a US dollar-denominated loan utilised to fund the

build-out of its logistics centre in the United States, said Group CEO Don

Wehby.

GK Capital Management Limited, a member of the GK group, will act as

lead broker and arranger for the 36-month private placement, and

Sagicor Bank will act as the registrar and payment agent.

The note, which will swap out USD borrowings for Jamaican currency

debt, is expected to pay interest quarterly at a rate of 5.65 per cent per

annum and mature in March 2022.

GraceKennedy will be investing $455 million in a logistics centre in New

Jersey, United States, as one of several projects being rolled out in 2019

under a $3.7 billion capex programme.

<< Back to news headlines >>

First Rock Snags $2.5b In Equity Capital Friday 15th March, 2019 – Jamaica Gleaner

Start-up investment outfit First Rock Capital Holdings Limited has raised

$2.5 billion in equity capital from private investors, all of which it intends to

pump as equity into various real estate ventures and other companies.

First Rock, which arrived on the scene last year, has two prongs to its

strategy – as an equity investor in income-producing real estate, whether

commercial or residential; and doing private equity deals in which it takes

a “majority” equity stake in other companies, according to co-founder

and CEO Ryan Reid.

The majority 80 per cent of the new funds raised by First Rock will be

poured into real estate, while the other 20 per cent will be used for equity

investments.

“We wanted to raise a minimum of $1.3 billion to effectively commence

operations. Our offer allowed us to go to a maximum of $3.9 billion,” said

Reid.

“We raised in excess of what we required to commence operations and

to execute the deals we have in the pipeline,” he told the Financial

Gleaner.

The First Rock equity raise was arranged by Sygnus Capital, which said it’s

normally difficult to raise capital for a start-up, but that investors found First

Rock’s business pitch intriguing.

“To raise capital for a start-up is never easy, and the fact that they

crossed the $2 billion mark is very commendable. It speaks to the hard

work put in by us as lead arranger, with help from others such as Sagicor

and JNFM, and Proven as selling agent,” said Sygnus’ corporate advisory

head, Greg Samuels.

Both Reid and his partner Pierre Shirley, who holds the title of head of real

estate business at First Rock, both worked for Proven before launching into

their own business.

“I think First Rock put together a very solid business proposition and the

investors basically liked and bought into the vision. It is really a compelling

business strategy. With real estate doing well and First Rock investing

beyond Jamaica into the Caribbean and North America, investors liked

the diversity offered by this investment,” Samuels said.

Reid says the company has a deal pipeline of $10 billion lined up from

which to “cherry-pick” investments for the cash it just raised.

First Rock’s first investment picks should be known by April, he said.

“There are two significant development opportunities that the market will

be very excited about, and, additionally, on the private equity side, there

are two entities that we are looking at to acquire a stake in. Those entities

are known entities and should send a very clear signal as to our strategy,”

Reid said.

He adds that for the projects that don’t make it out of the pipeline, that

are not selected for financing, First Rock has a process for managing the

expectations of the entities looking for cash infusions.

On the matter of First Rock’s approach to funding the deals: “It’s purely an

equity play for us,” said Reid.

“It is equity financing and participation. We’re not in the business of debt

financing, and those deals that we speak of are majority positions,” he

said.

<< Back to news headlines >>

NFM sacks four managers Sunday 17th March, 2019 – Trinidad Express Newspapers

STATE food manufacturer National Flour Mills (NFM) has sent home four

managers after eliminating their positions in a bid to become more

efficient.

They are Pamela Niamath, general manager-Business Support Services;

Cheryl Lee Konggeneral manager, Sales and Marketing; Cheryl Edwards-

general manager, Operations; and Robert Subryan-general manager,

Finance.

In a statement yesterday, NFM said it recently completed a job evaluation

exercise that 'revealed the company's organisational structure has too

many layers-11-from top to bottom'.

'Best practice within manufacturing companies however suggests an

optimum design of much fewer layers. The current structure at the

executive and management levels is not aligned with these objectives. As

a result, NFM's Board of Management decided to flatten the organisation

by first eliminating the General Manager layer.

'Consequently, and effective immediately, the General Manager positions

have been made redundant facilitating the widening of the span of

control of the Chief Executive Officer and the Chief Operating Officer.

Additionally, remaining managerial positions will be amended to better

reflect their revised responsibilities and accountabilities within NFM's value

chain,' the company said.

It said it has been working to resolve several challenges including

decreasing profitability caused by increased competition, rising raw

material prices and increasing staff costs.

'NFM has already started to increase its efficiency with the

implementation of continuous improvement initiatives. Significant work on

a new strategic direction has also been completed, which will focus on

growth through expansion supported by the development of a lean, cost-

conscious, competency- based organisational structure. NFM's existing

functional architecture is very costly relative to the value created for its

customers. As a result, the company has decided to reduce the number

of layers and increase managerial spans of control. This will include

upskilling at the lower levels and delayering at the top,' it said.

It said no further layoffs are expected and NFM will soon commence an

exercise working along with its employee representative unions to upskill

the workforce through a competency development programme.

'This will benefit both employee and employer from the value that would

be created through a more effective workforce,' it said.

<< Back to news headlines >>

South Campus to house medical school for foreign students Sunday 17th March, 2019 – Trinidad Express Newspapers

A MEDICAL school targeting foreign students is the new plan for The

University of the West Indies (The UWI) South Campus in Debe while the

future of the new Couva hospital, initially conceptualised as a children's

hospital, is still under review although it's likely to include a long-

demanded Burns Unit.

After a series of delays, the opening date for the South Campus in Debe is

now set for September, five years behind schedule.

Under the latest plan, the first resident of the $500 million- plus campus will

be the UWI-Roytech Programme, followed by a South-based branch of

The UWI's arts programme.

However, the core faculty of the South Campus is now to be a Faculty of

Medicine geared towards foreign students.

This was confirmed on Friday by Principal Prof Brian Copeland, who said

research had revealed a strong market among overseas students

interested in studying medicine in the Caribbean.

Offshore schools in demand

The decision means that The UWI will be entering the large field of offshore

medical schools based in the Caribbean.

Among them are the St George's University School of Medicine in

Grenada, Ross University School of Medicine in Barbados, American

University of Antigua and Medical University of the Americas in St Kitts and

Nevis.

All of these schools offer a dual programme, with coursework in the

Caribbean and clinical studies and clerkships at hospitals in the United

States.

Offshore schools are in demand for foreigners who intend to work in their

home countries. In the Eastern Caribbean, offshore medical schools have

spawned socio-economic hubs due to student demand for housing,

entertainment and other social amenities and activities.

However, the plan for a school of medicine in Debe is still in the

development stage, with no date as yet for delivery.

A Faculty of Law was originally planned as the centrepiece of the South

Campus when the construction contract was signed in August 2002

between The UWI and China Jiangsu International. The initial delivery date

was 2014/2016, with first student intake planned for September 2014.

A series of delays, which eventually led to the termination of China

Jiangsu's contract, led to the opening being repeatedly pushed back, first

to January 2016, then to August 2017, then to late 2018.

The UWI Projects Office is now in charge of the project, with a batch of

new contractors.

Last year, Opposition Leader Kamla Persad-Bissessar called for a forensic

sciences centre at the campus.

Meanwhile, the future of the other medical property which was

unexpectedly acquired by The UWI last year is still under consideration.

Initially designed as the Couva Children's Hospital, the property along the

Solomon Hochoy Highway is likely to incorporate a Burns Unit, an idea

mooted since the launch of the Point Lisas Industrial Estate in the 1980s.

A team from The UWI Faculty of Medicine has been assigned to develop

the plan.

<< Back to news headlines >>

Espinet: No reason to keep Paria Fuel Sunday 17th March, 2019 – Trinidad Express Newspapers

PARIA, the fuel trading successor to Petrotrin, which was set up to secure a

steady supply of fuel to meet this country's needs, has been put on the

market for sale.

Chairman of Trinidad Petroleum Holdings (TPH), Wilfred Espinet, said that

two Requests For Proposal's (RFPs) have been issued - one for the sale of

the refinery and another for Paria Fuel.

'I can think of no strategic reason for the State to keep Paria Fuel as long

as T& T's security of fuel supply and competitiveness of fuel pricing can be

guaranteed,' Espinet said in interviews with the Sunday Express on

Wednesday and last night.

When Petrotrin closed last year, TPH was established with three

subsidiaries: Heritage Petroleum, which will oversee the exploration and

production (E& P) business; Paria Fuel Trading Company; and Guaracara

Refining Company, which is responsible for the Pointe-a-Pierre refinery.

Paria's predicament, according to Espinet, is that it is importing fuel to

supply the local market as well as Petrotrin's former Caricom's customers,

which is not necessarily a profitable venture.

In an interview with the Sunday Express on Wednesday to discuss the

transition from Petrotrin to Heritage after three months, Espinet outlined his

vision for Heritage and the steps being taken to deal with Petrotrin's assets.

He believes the sale of the refinery and Paria should go hand in hand.

He observed that one of the immediate consequences of the closure of

the refinery on November 30, 2018 was 'the need to ensure security of fuel

supply for the country which was formerly done by Petrotrin.'

He said: 'This wasn't something we determined we wanted to do as a

business. We had to do it as an obligation so that the State, and the

Government at large, could be comfortable there would have been no

disruption.'

He noted that in the transition period of closure and restart, from producer

to importer, there were no lines at gas stations and the company

effectively met the demand for fuel and jet fuel.

'Paria was not a determination to be a business. Paria was a reaction to

the fact that you needed to have ongoing supplies. What we did was

form Paria quickly,' he said, explaining that it happened after the decision

to close down the refinery.

To satisfy the local market, Espinet said, the equivalent to 25,000 barrels of

oil is needed.

With regard to Caricom's customers, Espinet explained: 'Because I have a

Caricom base, I was satisfying out of my refinery, I continued to satisfy my

customers. So, 50 per cent of the total amount of fuel that I buy on world

market, I sell to Caricom region. The problem is I am competing against

the people I am buying from because I don't refine. I am buying from

traders, and those people can sell directly to the people I am providing. I

have a very little chance of being competitive.'

He said a lot of smaller islands in the region are already sourcing fuel from

traders such as Simpson Oil Limited (SOL).

'We, as a board, looked at situation and determined, this is not a good

business. You are competing against the people you are buying from. In

looking at it, there is no margin in it and you are likely to lose money,' he

said.

He said it was a board recommendation that TPH not continue in the fuel

importation business.

'We recognise the need for there to be a continued supply situation for

the local market. But that could be something that is taken over by

people eventually,' he said.

To this end, the company has issued two RFPs - one for the refinery and

the other for Paria but Espinet believes that they could be conjoined.

'Somebody working on the refinery will likely need the assets we are using

for the importation of fuel. Again, somebody working on the refinery will

have to have a market approach to things - and they will probably need

to put the assets together. So we've gone out with an RFP which is wide in

scope - we have asked for it separately but it can be an offer for both

items to be brought together,' he said.

'In my view, Paria is not an activity you want to own because more likely

or not, you will lose money the way we do it. To someone in that trading

business, it might be worth something to them,' he added.

Heritage's future

For Espinet, dealing with all of the outstanding issues of TPH, would free it

to become a leaner, efficient, profit-driven entity which can stand up or

partner with the international oil companies.

In Heritage, Espinet, a self-professed capitalist, sees the future and

evolution of Petrotrin.

'It's purpose designed to compete,' he said.

At just three months, with a staff of under 100, Heritage is solely focused on

getting production levels up and dealing with Petrotrin's debt.

Espinet and his board managed the transformation away from Petrotrin,

which involved him being in the news on a daily basis for several months

and having to work on the companies simultaneously, which involved

settlements with workers, the hiring of new staff with a new work culture

and the mothballing of the refinery.

He acknowledged it has been quite a feat.

'I don't think people recognise the extent of what went on, because it is

huge,' Espinet said, referring to the process of managing the closure of the

refinery, with the termination of thousands of unionised workers, and

starting the successor companies in a tight timeframe.

He credited the large number of people who worked on managing those

issues.

'The people involved did a seriously good job. An amazing feat. It has

been done carefully and thoughtfully,' he said.

Last week, Reuters reported that TPH was in advanced debt restructuring

talks with banks to secure new loans of up to US$1.4 billion based on oil

reserves.

Espinet said the goal is to have financing in place before the US$850

million bullet bond becomes due in August.

He said Heritage has a team of people working full time to ensure that

finances are secured as 'it's not feasible for us to continue' without that in

place.

'We want to do it independent of the state,' he said.

'We have been on a programme, and have made it public, the re-

financing of the enterprise is the major undertaking that the board and

the company has to achieve. Without finance, you don't have a

company. We have done a number of things, where we are redesigning

the company from what it used to be to what it should be. All of that

could only be sustained if we put the financing in place to sustain it.

'You would be aware of the overhang of a number of debt obligations

which are coming due and that has impacted on the company's ratings

and how it is viewed by financial organisations. Its attachment to the

Government also has the potential to bring the Government's reputation

into the scheme of things. One of the first courses of action- remove it (the

debt) from the Government's portfolio,' he said.

His vision for Heritage?

'I would like to believe in order to preserve its independence we must put

a structure in place and surely there are opportunities for the state to own

a substantial part of it plus to have other partners in it and for the local

population to participate. There have to be opportunities for locals. We

don't have that many of them,' he said.

But while that is his vision for the entity, it would have to be sanctioned by

the Government. For now, the goal is to produce oil and pay bills.

'We felt that the mandate the Government gave to the board was to

make this a company that operates on the basis of being competitive

and it should be sustainable and profitable.

'We want to have the best company in T& T,' he said.

<< Back to news headlines >>

Sagicor leads advancers Sunday 17th March, 2019 – Trinidad Express Newspapers

LAST week saw 602,230 shares traded on the first-tier market, a decrease

of 24.39 per cent on the previous week's total of 796,512 shares crossing

the floor.

The value of shares traded was down by 53.45 per cent to $10,265,156.72

from the previous week's value of $22,050,294.76.

The volume leader last week was JMMB Group Ltd (JMMBGL) capturing

18.26 per cent of the market activity or 109,989 shares traded, followed by

Angostura Holdings Ltd (AHL) with 16.77 per cent or 100,969 shares traded.

In third place was NCB Financial Group (NCBFG), with 14.98 per cent or

90,241 shares traded.

The Indices ended the week in mixed territory. The Composite Index

decreased by 0.06 per cent or 0.75 points to close at 1,330.52. The All

Trinidad and Tobago Index was up by 0.06 per cent or 1.07 points to end

at 1,763.92. The Cross Listed Index closed at 121.07 down by 0.30 per cent

or 0.36 points and the Small and Medium Enterprise Index ended at 99.50.

Last week there were six stocks advancing and seven stocks declining,

while three stocks were at their 52-week high and four stocks at their 52-

week low.

Massy Holdings Ltd in second place Sagicor Financial Ltd (SFC) was the

major advance, up 2.89 per cent or $0.25 to close the week at $8.90. In

second place was Massy Holdings Ltd (MASSY) with an increase of 1.29

per cent or $0.66 to close at $52, followed by First Citizens Bank Ltd (FIRST)

up 1.17 per cent or $0.41 to close at $35.51.

The major decline was GraceKenndy Ltd (GKC), down 3.69 per cent or

$0.12 to end at $3.13, followed by Guardian Holdings Ltd (GHL) down by

3.26 per cent or $0.62 to close at $18.38. In third place was National

Enterprises Ltd (NEL) with a decrease of 2.63 per cent or $0.21 to end at

$7.79.

There was no activity on the second-tier market last week.

On the TTD Mutual Fund Market 412,467 CLICO Investment Fund (CIF) units

traded with a value of $8,355,912.80. CIF's unit price closed at $20.80, an

increase of 2.97 per cent or $0.60 from the previous week. Also, 5,100 units

in Calypso Macro Index Fund shares (CALYP) traded with a value of

$70,222.00. CALYP's unit price ended at $13.95, up 2.57 per cent from the

previous week.

CinemaOne Ltd (CINE 1) on the Small and Medium Enterprise Market

closed at $9.95 with no shares traded last week.

On the USD Equity Market, MPC Caribbean Clean Energy Ltd (MPCCEL)

closed at US$1 with no shares traded.

<< Back to news headlines >>

Excess liquidity hits $2.7b Sunday 17th March, 2019 – Trinidad Express Newspapers

OMO's and Treasury Bills

OMO maturities totalled $1,271 million last week, compared to $829 million

the previous week.

OMO maturities for this week total $805 million.

Government Bonds

There was no government bond trading on the Trinidad and Tobago Stock

Exchange last week.

Corporate Bonds

Liquidity

The commercial banks closed last week with an excess reserve of $2.7

billion compared to $2.9 billion the previous week, down by $200 million.

US Treasury Bills

The yield on two-year United States treasury notes opened at 2.48 per

cent and closed last week at 2.44 per cent, down four basis points (bp).

The yield on ten-year notes opened at 2.64 per cent and closed last week

at 2.59 per cent, down five basis points (bp).

<< Back to news headlines >>

US$1.6m to help refugees Saturday 16th March, 2019 – Trinidad Express Newspapers

DESPITE pulling out all its diplomats from Venezuela amid the political

unrest in that country, the United States government says it is still

committed to assisting the people of Venezuela.

As such, the US has made available US$1.6 million ($10.8 million) to

Trinidad and Tobago to help Venezuelans fleeing their homeland.

Representatives of the Government met with US Agency for International

Development (USAID)officials, along with officials from the US Embassy

and other stakeholders, this week to discuss how the US can assist in

managing the impact of the political and humanitarian crisis in

Venezuela.

The funds were given by USAID. Venezuelan President Nicolas Maduro cut

ties with the US in January after the US Government recognised the

country's opposition leader, Juan Guaido, as the country's self-declared

interim president. More than 50 other countries have recognised Guaido

as the country's president. On Thursday, the US announced that all its

diplomats in Venezuela have left the country.

American Airlines suspended all flights to and from Venezuela, and

Maduro has refused all aid from the US for Venezuelan citizens.

USAID said yesterday a decision was taken to implement programmes

using the funds to 'strengthen community resilience and capacity to

address the recent influx of Venezuelan refugees and migrants to Trinidad

and Tobago'.

'Funds will not be distributed directly to persons in need, but will be used to

assist the people of T& T as they assist the people of Venezuela who have

been forced to flee their homeland,' a statement from the agency said.

The programmes are to begin by September.

According to the United Nations Refugee Agency (UNHCR) some three

million people have fled Venezuela since 2015, many of whom have

landed in Trinidad.

Over the past two years, the US has given more than US$150 million in

assistance to help countries in the region manage the impact of the crisis

in Venezuela.

<< Back to news headlines >>

CAL/Max 8 contracts up in the air Friday 15th March, 2019 – Trinidad and Tobago Newsday

CARIBBEAN Airlines Ltd (CAL) will be seeking advice from aviation experts

to determine the best course of action regarding its lease arrangement

contract for 12 new Boeing Max 8 aircraft, following worldwide safety

concerns in the aftermath of the fatal Ethiopian Air crash last Sunday.

This does not mean the contract, which stipulates the first plane be

delivered by December, has been cancelled.

Finance Minister Colm Imbert, in his capacity as line minister for CAL, as

well as Corporation Sole, announced yesterday at the post-Cabinet

media briefing that he gave the state airline a directive to review the

contract and “get international assistance from aviation experts,”

particularly lawyers specialising in aviation law to look at the terms and

conditions of the contract.

“One of the obvious conditions must be that the aircraft must be certified

as fit for purpose. In the current situation, with the (US regulator) Federal

Aviation Authority grounding the aircraft, clearly these aircraft would not

be fit for purpose today. We do not know what it will be like in December.

GET LEGAL ADVICE

"CAL has been instructed by me to get the best legal advice in the world

regarding these leases and also to put contingency arrangements in

place with the aircraft leasing companies (for) alternative aircraft in the

event that, as we get closer to December, the FAA decides there is a

permanent problem with the aircraft,” he said, noting that decision by the

FAA to ground these jets is temporary.

There’s also a psychological issue, with passengers wary about flying in

these planes, but Imbert said even if the FAA did determine the Max 8 was

a good aircraft, “I’ve asked CAL to examine all options and make sure at

the end of the day whatever happens, citizens of TT, the travelling public

will be protected.”

CAL’s current fleet comprises 12 Boeing 737-800s, one of the most popular

and safest planes ever made. In November, the airline had announced its

plans to upgrade and replace its fleet with the more modern Max 8.

The airline has already made a US$7 million down payment for the new

planes, but, Imbert said, that would be contingent on the successful

delivery of planes that have been deemed airworthy by the relevant

authorities.

LAWYERS WILL ADVISE

Communications Minister Stuart Young added that while the government

was not yet in any position to make a definitive legal interpretation of the

contract, “as a lawyer,” he would be surprised if the country was locked

into the contract should there be any proven issues with the planes.

Imbert said he spoke with the CAL chairman (Shameer Mohammed) on

Wednesday night and was told that, at first read, the contract “speaks to

certification and airworthiness being precedent to the acceptance of the

aircraft.” “The preliminary view is the planes can’t be delivered if they are

not declared to be airworthy. We are not playing by guess. I am not

advising myself. We are going to get best aviation lawyers in the world to

determine what are our rights and options and how we can protect

ourselves from any loss of revenue. I can certainly give you the assurance

that CAL will not be flying any aircraft that is deemed to be not airworthy

by any regulatory authority,” the minister said.

<< Back to news headlines >>

No customers affected in Freeport Scotia ATM fraud attempt Sunday 17th March, 2019 – Trinidad and Tobago Newsday

Scotiabank TT managing director Stephen Bagnarol has assured that no

customers have reported their accounts being affected.

This came after a video showing police dismantling an alleged recording

device designed to steal personal identification numbers (PINs) from one

of the bank’s automated teller machines (ATM) in Freeport went viral on

local social media on Thursday.

Bagnarol, who spoke to Newsday briefly during a break at the American

Chamber of TT’s Women’s Leadership Conference yesterday at the Hyatt

Regency, Port of Spain, said it was the bank’s own security that had

detected the device and alerted the police.

“Our security teams visit our ATMs every day. They went (to that branch)

during the day and then went back at night and they found it, so that

thing was recording for a couple hours,” he said. A Scotiabank TT

representative confirmed to Newsday that the events in the video took

place on Thursday.

It was the first time the bank had experienced this problem, he added.

The video shows a supplemental police officer dismantling the alleged

recording device.

The perpetrators had created a dummy cover to resemble the vents on

the original machine hardware. Taped to it is a phone and other

equipment in the video, police said, was designed to record PINs.

Bagnarol told Newsday that the cover of the keypad had been removed.

“So make sure that you check that. If you see that is missing that should

be an alert for you not to use the ATM or cover your hand when you use it.

That’s my recommendation,” he said.

Scotiabank is always very concerned about people’s safety and money,

he added, and has policies and procedures to take diligent care of ATMs.

The bank also has mobile and online apps that give real-time account

alerts. On Monday, 13 new ones will be added to the existing suite, he

said.

“Our system works. We are around and we are constantly monitoring to

make sure, so I was really happy that security was able to check it.

“All of our machines have anti-skimming, every single one. And with the

alerts, now we have a really robust security system. So it’s really good that

people watched and are aware,” he said.

The bank said in a release that investigations into the scam are

continuing.

<< Back to news headlines >>

CDB report says A&B economy rose by 3.5% in 2018 Monday 18th March, 2019 – The Antigua Observer

The economy of Antigua and Barbuda grew in 2018, mainly as a result of

activity in the tourism and construction sectors.

This was according to the Caribbean Development Bank (CDB), which

has released its report on the economic development of Antigua and

Barbuda.

According to the report, the Gross Domestic Product (GDP) of Antigua

and Barbuda rose to 3.5 percent in 2018, compared to 2.8 percent to

2017.

The improvement in GDP was as a result of upward movement in tourism

and construction.

The Caribbean Tourism Organisation reported that tourist stayover arrivals

grew by 9.1 percent.

Furthermore, cruise passenger arrival grew in 2018 by 13.5 percent due to

investments in port infrastructure and the increase in cruise calls, following

devastation to other countries in the region from Hurricanes Irma and

Maria.

The report states that the rise in hotel development, the reconstruction

effort in Barbuda and the major road rehabilitation and expansion work

were significant to the economic development of the country.

However, the CDB noted that the fiscal deficit for Antigua and Barbuda

increased in 2018, following a rise in recurrent expenditure, capital

spending and a reduction in non-tax revenue collection.

Recurrent expenditure grew by 1.7 percent, due to increases in personal

emoluments of 16.1 percent, a pay rise of 5 percent for civil servants and

seven percent interest payment.

Capital expenditure increased by 26.7 percent, owing to the road

rehabilitation project on the Friars Hill Road and the Sir George Walter

Highway, which has been delayed on multiple occasions.

According to the Caribbean Development Bank, a reduction in travel

demand to the island may cause an economic growth slowdown.

They predict a 3 percent growth outlook for 2019.

<< Back to news headlines >>

Government provides more financial assistance to LIAT Monday 18th March, 2019 – The Antigua Observer

Within another week or so, the government of Antigua and Barbuda will

be digging deeper into its pocket to contribute its fair share to the US$5.4

million emergency fund which is aimed at keeping the Antigua-based

carrier LIAT in the skies.

Earlier this month, the regional airline asked the 11 regional territories it

serves to contribute the monies so that it could remain in operation, and

during a meeting last Monday, the four main shareholders – Barbados,

Antigua and Barbuda, Dominica and St. Vincent and the Grenadines, as

well as Grenada, committed to contributing to the emergency fund to

deal with the immediate challenges facing the airline.

Prime Minister Gaston Browne said Antigua will be contributing US$1 million

to the US$5.4 which is needed overall and such funds will be available in

about a week.

“The reality is that a failed LIAT will have monumental consequences for

Antigua and Barbuda. Whereas other countries are in a position to hold

LIAT at ransom, in terms of putting in funds, we have no choice. We have

to continue to support LIAT,” Browne said during an interview on his radio

station on the weekend.

Chairman of the shareholder governments, Dr. Ralph Gonsalves, told

reporters in Barbados last week that the contribution from each country is

based on the percentage of flight departures per week.

He said Antigua has 69 flight departures per week, which is more than 17

per cent of the departures across the eight countries.

Antigua is being asked to contribute US$960,310.

Barbados, with the most departures per week, 116, is asked to contribute

US$1.614 million while Grenada, with 35 departures per week, is being

asked to contribute US$487,113.

The St. Vincent and the Grenadines Prime Minister also stated that there

are 52 departures per week from that country, which accounts for 13.4

percent of the flights among the eight countries. And LIAT management is

asking St. Vincent to contribute US$723,711.

Dominica, which has 25 departures per week, is asked to contribute

US$347,938.

Gonsalves added that no other government of the eight potential

contributors have committed to contributing as yet. These other countries

are Guyana, St. Kitts /Nevis and St. Lucia.

<< Back to news headlines >>

Forensic audit of finances to be completed in our first 100 days Friday 15th March, 2019 – BVI News Online

A forensic audit to be done on the finances of government is expected to

be completed within the VIP government’s first 100 days in office,

according to Premier Andrew Fahie.

Government is hiring an unspecified firm to conduct the audit.

Speaking at the House of Assembly on Tuesday, Premier Fahie said the

“comprehensive forensic audit” will not be exclusive to the territory’s

finances but is promised to reveal the “overall status” of the Government

of the Virgin Islands.

“This process of assessment will allow us an accurate assessment of where

we are so that we can better manage the expectations [of residents] and

build a strong foundation on which to build upon as your new

government,” the Premier said.

Since Fahie said the audit will be completed within his administration’s first

100 days, the completion date of the process would be around June

2019. Fahie and is ministers were all sworn into office by March 2 but were

only sworn into the House of Assembly March 12.

<< Back to news headlines >>