SME eSmart- Powering Your Potential Find out more today by calling: (868)-627-8879 ext. 228 or email: esmart@caricris.com

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

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

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

▪ Home Mortgage Bank’s rating reaffirmed at CariA

▪ NCB Cayman Limited’s rating reaffirmed at CariA

▪ NiQuan Energy Trinidad Limited’s initial rating assigned at CariA+

▪ Government of the Republic of Trinidad and Tobago’s rating reaffirmed at CariAA+

▪ NCB Financial Group Limited’s rating reaffirmed at CariA-

▪ National Commercial Bank Jamaica Limited’s rating reaffirmed at CariBBB+

▪ Trinidad and Tobago Mortgage Finance Company Limited’s rating reaffirmed at CariAA-

▪ TRINRE Insurance Company Limited’s initial rating assigned at CariA- ▪ NCB Capital Markets Limited’s rating reaffirmed at CariBBB

▪ Government of Anguilla removed from rating watch and reaffirmed at CariBBB+

OUR UPCOMING WORKSHOPS!

Restructuring Problem Credits 6th & 7th February 2019 Jamaica

Benefits of a CariCRIS Credit Risk Analysis Workshop:

Latest Rating Actions by CariCRIS

• Learn credit risk analysis through a structured and practical approach relevant to the

Caribbean

• Develop a comprehensive understanding of how to evaluate the risk of common

industries in the Caribbean

• Develop tools to evaluate management quality, a critical driver of any company’s

performance and its consequent risk profile

DATE

WORKSHOP

COUNTRY

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

Gypsy: North Park to cost $2.3m

THE race is on to complete the new North Park facility for Carnival 2019,

says National Carnival Commission (NCC) chairman Winston 'Gypsy'

Peters.

ECLAC report: T&T returned to positive economic growth in 2018

TRINIDAD and Tobago returned to positive economic growth (1.9 per

cent) in 2018 for the first time in three years, largely driven by a recovery in

the energy sector.

PTSC moving out to make way...Sando waterfront project begins

AFTER decades of waiting, there are now tangible signs that the mega-

million-dollar San Fernando Waterfront Redevelopment Project has

begun.

Republic Bank says No attempt by Govt to control bank

THREE senior members of the current administration-including Prime

Minister Keith Rowley- told the chairman and president of Republic

Financial Holdings Ltd (RFHL) that the appointment of two National

Investment Fund (NIF) directors to the company's board 'was not an

attempt by NIF or the Government to secure or exercise any control over

the operations of the group.'

Guardian Holdings adds $0.68

OVERALL market activity resulted from trading in 17 securities of which six

advanced, three declined and eight traded firm.

Judge: ‘PBR’s vendors injunction against PTSC a priority’

VENDORS at the Public Service Transport Corporation (PTSC’s) Priority Bus

Route (PBR) malls can breathe a sigh of relief, at least for the rest of the

Christmas shopping days.

Barbados

On right track

The Barbados Economic Society (BES) has put its seal of approval on the

Prime Minister’s economic report card.

Jamaica

Island Car Rentals Refinances And Expands

Island Car Rentals Limited has secured a $2.2-billion arsenal from a bond

issue that will be pumped into expansion of the company's Montego Bay

operations, and used to replace existing bank debt.

NCB Financial Group increases Guardian Holdings offer

NCB Financial Group Limited (NCBFG) has increased its offer to US$2.79 for

the shares in Guardian Holdings Limited of Trinidad (GHL) a month after

failing to acquire the outstanding shares in the regional insurance

conglomerate.

Jamaica, Cuba sign agreement to extend eye care programme

JAMAICANS will continue to benefit from eye care services provided by

Cuban health professionals for another six months.

Guyana

Guyana improves on Global Terrorism Index

Guyana has managed to perform well enough to currently rank 128 from

117 last year in the Global Terrorism Index of the Institute for Economics

and Peace (IEP), a global thinktank headquartered in Sydney, Australia.

The Dominican Republic

Senate approves US$380.0M public debt issue

The Senate on Wed. approved an issue of US$380.0 million of public debt

to finance the 2019 Budget.

Grenada

Grenada gives nod to repeal legislation in keeping with EU demands

The Grenada Parliament Wednesday began the process of repealing four

pieces of legislation that the European Union has described as “harmful

tax practices”.

Antigua and Barbuda

Workers at state media stage all out strike

The top managers at the state-owned Antigua & Barbuda Broadcasting

Services (ABS), as well as junior members of staff were called in on

Thursday to man the operations as a core group of workers staged

industrial action to drive home their demands for improved working

conditions, overtime pay and other critical matters.

Gov’t completes purchase of Deluxe Cinema

The property which formerly housed one of the two movie theatres

operating in Antigua, Deluxe Cinema, has been officially purchased by

the government. The news was revealed following the weekly Cabinet

meeting on Wednesday where it was announced that the Ministry of

Culture will take occupancy of the Deluxe Cinema as of January 1, 2019.

Government’s Chief of Staff, Lionel “Max” Hurst stated that, the Ministry of

Culture “will retain the largest of the three movie theatres for the

continued showing of cultural films and Antiguan productions. The other

spaces will be retrofitted to meet other demands.”

British Virgin Islands

$323K contract for design of hurricane-hit govt buildings

Government has signed a $323,350 contract for design and construction

management services on several government buildings which were

damaged or destroyed by Hurricane Irma.

Number of issued BVI visas almost doubles, high demand leads to longer

wait

With what is being described as an ‘unprecedented increase’ in issued

visas in the British Virgin Islands, persons requiring the travel document to

visit or work during the Christmas season must now wait roughly two weeks

before their visa process is completed.

Booting Willy T again necessary | Norman, Peter Island developments ‘too

important’

Underscoring the significance of the Norman Island development and the

Peter Island resort to the territory, Junior Minister of Tourism Dr Hubert

O’Neal said booting the William Thornton (Willy T) floating bar and

restaurant for a second time was a necessary move.

British Virgin Islands continued

RDA boss getting annual salary of $300K, Premier confirms

Amid a seeming veil of secrecy around the salary of Paul Bayly — the CEO

of the Recovery and Development Agency (RDA) — Premier Dr D Orlando

Smith revealed on Thursday that the RDA boss takes home a base salary

of $25,000 per month.

BVIEC inks multimillion-dollar fuel deal with SOL | Delta loses contract after

14 years

SOL St Lucia Limited has been awarded a multimillion-dollar contract to

supply fuel that will be used to generate electricity in BVI for the next three

years.

Costa Rica

IMF Concludes Visit to Costa Rica

An International Monetary Fund (IMF) team led by Ravi Balakrishnan

visited San José from December 4 to 11 to discuss recent economic

developments, the fiscal reform, and the overall macro and financial

outlook.

Costa Rica hits renewable energy mark for fourth year in a row

Costa Rica has generated more than 98 per cent of its power through

renewable sources for the fourth year in a row, the state energy body said

yesterday.

Dominica

31 Vieille Case families to benefit from govt housing programme

The Government’s Housing Expansion Program has pledged to bring relief

to 31 families in the Vieille Case constituency.

Other Regional

10 Caribbean Properties Make List of World’s 100 Most Incredible Hotels

Fodor’s Travel, a legendary source for expert travel advice, has revived its

list of the 100 most incredible hotels in the world after a four-year hiatus,

and 10 regional properties are on it.

Other Regional continued

CDB Launches Cultural and Creative Industries Innovation Fund

The Caribbean Development Bank (CDB) has announced the launch of a

new fund to provide financial support and stability for the Region’s

cultural and creative industries.

INTERNATIONAL

United States

Futures extend slide on growth fears, government shutdown threat

S&P 500 e-minis logged their biggest losing streak in seven years on Friday,

dropping about 0.6 percent on growing worries of slowing global growth

and the threat of a U.S. government shutdown.

United Kingdom

UK consumers gloomiest since 2013, car production slumps

British consumers are their gloomiest in more than five years, business

sentiment is its weakest since the 2016 Brexit referendum and car output

has tumbled this year, according to three surveys that paint an ominous

picture for 2019.

UK economy relies on stretched consumers as Brexit hits investment

Britain’s economy relied on its financially stretched households to power

growth in the three months to September as businesses, worried about

Brexit, cut investment for the longest period since the global financial

crisis, official data indicated.

On right track Thursday 20th December, 2018 – Barbados Today

The Barbados Economic Society (BES) has put its seal of approval on the

Prime Minister’s economic report card.

But BES president Shane Lowe has warned Barbadians not to expect any

major economic growth next year.

Delivering a ministerial statement in Parliament on Tuesday, Mottley

outlined a list of accomplishments of her six-month-old administration,

while boasting that foreign reserves had reached their highest level in four

years which made the dollar safe from devaluation.

She also reported that the debt-to-Gross Domestic Product ratio had

fallen and that Barbados was “punching once again above its weight

division”.

Lowe told Barbados TODAY the report “appears to reflect some success in

the plethora of initiatives embarked upon since May”.

“The new Government’s first six months in office have been characterized

by tough decisions, many of which the country has seen the initial benefits

of, some whose benefits will materialize over some time, and others whose

potentially negative effects must be appropriately mitigated,” he said.

By the end of 2018, Barbados should register its first year of positive foreign

exchange reserve growth since 2012 and, while not likely to affect the

cost of Government’s borrowing in the near-term, this year saw the first

ratings upgrade by Standard and Poor’s after being temporarily rated in

‘selective default’ during the domestic debt restructuring.

“Further, 2019 will likely not bring substantial tax relief for Barbadians and

current baseline projections suggest that the ongoing fiscal consolidation

will likely keep economic growth subdued over the coming 12 months,”

he said.

“Reforms of the state-owned enterprises and our tax framework should

also continue and will likely change the ways we live and do business

going forward. However, if the many cited capital projects get off the

ground and support the expected uplift in economic activity from the

arrival of Ross University in January, 2019 should bring better prospects for

the country than those experienced in the last two years,” he added.

In her statement, Mottley did acknowledge that the next 12 months would

not be rosy. But she said that by December 2019 “fewer persons in this

country will have reasons to complain”.

Lowe acknowledged that the new Government had followed through on

many of its targets, which it had set, adding that the speed of

implementation was welcomed.

“The quick resolution of the domestic debt restructuring and the IMF’s

approval of the BERT programme in much shorter-than-average time are

both testament to that and perhaps the most notable achievements thus

far,” he said.

But, the economist said, there are still some areas for improvement.

While welcoming the Government’s progress in procuring additional

trucks to assist in garbage collection “it cannot come a day sooner as

many communities continue to experience fortnightly collections at best”,

Lowe said.

He also sees room for improvement in Government’s financial oversight by

way of increasing the frequency and timeliness of data releases from the

Ministry of Finance, Central Bank of Barbados and Barbados Statistical

Service.

At the same time, he acknowledged that the upgrades to Government’s

financial reporting and information systems have gone some way in

ensuring that the Government remain on track with its BERT programme,

and may provide the framework for more timely access to data for the

general public to provide their own oversight to the Government’s

progress.

“Finally, negotiations with external creditors remain incomplete. Timely

completion and an amicable deal which satisfies at least some of each

party’s objectives should aid in putting the credit rating on foreign

currency debt on an upward trajectory,” he said.

Lowe told Barbados TODAY that the single most significant highlight during

the first six months of the current administration was the debt restructuring,

which has been the subject of much debate.

He warned that it would require “steadfast adherence” to the targets set

under the BERT programme to ensure that both domestic and foreign

investor confidence continues to rebound in line with upgrades to the

country’s credit ratings.

“While external debt restructuring and funding from the multilateral

community have provided a boost to foreign reserves levels, improving

our capacity to earn and save foreign exchange will reduce our

dependence on foreign capital for reserve accumulation going forward,”

he concluded.

<< Back to news headlines >>

Island Car Rentals Refinances And Expands Friday 21st December, 2018 – Jamaica Gleaner

Island Car Rentals Limited has secured a $2.2-billion arsenal from a bond

issue that will be pumped into expansion of the company's Montego Bay

operations, and used to replace existing bank debt.

Chairman and Managing Director Michael Campbell says the seven per

cent bond, due to mature in seven years, will refinance debt that was

costing the company 10 per cent to service, on average. But he also

suggested that the three percentage point savings from the $1.66 billion

of refinanced borrowings was a secondary benefit for the 45-year-old

company, which welcomed the reprieve from its bankers.

"It's not so much a matter of savings in finance charges, but we wanted a

bit more flexibility and control that we were not finding at the banks," he

said.

Around a fifth of the proceeds, $481 million, will pay for the MoBay

expansion.

Regional ratings agency CariCRIS gave the bond a jmBBB+ rating, with a

stable outlook, citing Island Car's leading market position as well as the

company's strong brand equity, large fleet and service levels, as well as

growth prospects arising from increased activity in Jamaica's tourism

industry.

Campbell found the rating a bit disappointing.

"We expected a lot better in terms of the ratings, but it's still investment

grade and we will work with that," he said.

There is now more of an effort in the local securities market to seek the

imprimatur of CariCRIS on corporate debt issues so that potential investors

may feel more comfortable about taking a bet on private businesses

whose finances and inner workings are largely out of public view.

"We want to work with CariCRIS in having bond issues rated. We believe

that it is the way to go so that investors can be better informed as they

make decisions," said Gregory Samuels, executive director & head of

corporate advisory at Sygnus Capital, the firm that arranged the ICR

bond. Sygnus itself is a nascent investment firm aiming to carve market

share for itself as a dealmaker.

The near half-billion dollars that Island Car will invest in Montego Bay will

more than double the capacity of the existing operation. Campbell plans

to relocate the existing complex from the Sangster International Airport to

Ironshore, but will maintain a satellite operation - a client services office -

at the airport site.

The new complex will span 50,000 square feet on a near 1.5-acre site at

Ironshore that is designed to service up to 100 vehicles per month using 10

wash bays, two painting rooms and an expanded parts warehouse,

Campbell said. The current complex spans 35,000 square feet and has a

throughput of around 40 cars, CariCRIS said.

Island Car Rentals already claims control of 35-40 per cent of the auto

rental market, and Campbell is projecting that with the expansion, the

company would maintain its double-digit growth momentum.

The company operates a fleet of 1,600 vehicles from three locations: the

New Kingston head office and main complex; Norman Manley

International Airport in Kingston; and Sangster International in Montego

Bay, whose operator is in the process of executing a project of their own

to extend the airport's runway.

"We've been growing at a rate of 10-15 per cent per annum over the past

15 years, but the real problem with our Montego Bay operation is that with

the runway expansion, we will just have to establish another maintenance

facility," Campbell said.

CariCRIS said in a release on the bond rating that its expectation is that

Island Car, which it described as Jamaica's largest ground transportation

company, "will realise continued revenue and profitability growth over the

next 12 to 15 months, and comfortably meet its debt service obligations

over the period".

But while acknowledging the company's growth prospects, the Barbados-

based agency said its rating was tempered by Island Car's ageing

management team and implied the need for a refreshment of the board

of directors to include qualified, independent members.

However, Campbell who owns 70 per cent of the company - the other 30

per cent is held by his business partner Derrick DeMercado - pushed back

on the assessment of its governance, saying Island Car had the necessary

succession plans in place, under a system where all senior managers of

the company had understudies.

He also defended the company's leadership as one with a demonstrated

track record, asserting that Island Car has maintained its market-leader

status over the years by providing the right options to clients that best suit

Jamaica's road network.

<< Back to news headlines >>

NCB Financial Group increases Guardian Holdings offer Friday 21st December, 2018 – Jamaica Observer

NCB Financial Group Limited (NCBFG) has increased its offer to US$2.79 for

the shares in Guardian Holdings Limited of Trinidad (GHL) a month after

failing to acquire the outstanding shares in the regional insurance

conglomerate.

The notice, which was posted on the Jamaica Stock Exchange website

on Wednesday, nullifies a second offer NCB Global Holdings Ltd (NCBGH)

— the wholly owned subsidiary of NCBFG — made to GHL shareholders in

November at a price of US$2.65 per share following a determination by

the Trinidad and Tobago Securities and Exchange Commission (TTSEC).

NCBGH originally offered US$2.35 each for the additional shares in

Guardian Holdings at a total value of US$174 million, but the offer was

slammed by the minority shareholders who argued that the price was

nearly US$1 below the US$3.24 per share NCB paid for its initial stake in a

deal with key shareholders, including Arthur Lok Jack and Imtiaz Ahamad,

that closed in May 2016.

“An offer in these terms will be consistent with the terms of the

Shareholders Agreement dated May 12, 2016 with Arthur Lok Jack, Shiraz

Ahamad, Reyaz Ahamad and Imtiaz Ahamad and several of their affiliate

entities, as amended by a recently concluded amendment agreement

among the parties,” NCBFG reasoned in its statement to shareholders

yesterday.

It is the intention of NCBFG and the offeror NCBGH to publish the offer and

takeover bid within the next 30 days.

Pursuant to such amended agreement, the aggregate increased offer

price is to be partially financed, to the tune of US$45 million, by vendor

financing to be made available to NCBFG by the key shareholders.

NCB Financial Group is one of the largest financial conglomerates in the

region, with roots in Jamaica dating back to 1837. Through its banking,

wealth management, life and general insurance, and offshore banking

subsidiaries, NCB provides a wide array of financial products and services

to meet the needs of individual and business clients in Jamaica, Cayman

Islands, Trinidad & Tobago, Barbados and Bermuda.

In May 2016, NCB acquired a 29.99 per cent shareholding in GHL, the

parent company of the Guardian Group. Earlier this year, NCBGH

originally aimed to acquire up to 62 per cent of GHL, but the offer lapsed

and the financial institution reduced the stake to 51.85 per cent.

However, with the enhanced share price, NCB hopes that the takeover

bid will be made for 62 per cent of the outstanding shares in GHL.

On Wednesday, ratings agency AM Best affirmed the financial strength

rating of 'A-' and the long-term issuer credit ratings of 'a-' of Guardian Life

of the Caribbean Limited (GLOC) and Guardian General Insurance

Limited (GGIL). Concurrently, AM Best has affirmed the long-term issuer

credit rating of “bbb-” of GHL, the parent company of GLOC and GGIL.

The ratings of GHL, GLOC and GGIL acknowledge GHL's stable leverage

position, consolidated balance sheet strength and premium growth over

the past several years. The consistent profitability of GLOC, which is GHL's

core life insurance subsidiary, enhances GHL's overall balance sheet

strength and debt-servicing capabilities, according to AM Best.

Nevertheless, the rating agency highlighted that GHL's exposure to the

country risks associated with Jamaica and Trinidad and Tobago through

its life and non-life operations remains an area of concern. It added that

its high rating was partially offsetting by the highly competitive and

challenging property/casualty market conditions throughout the

Caribbean, the impact of continuing volatility in the local, regional and

global equity markets, as well as GGIL's exposure to catastrophe events

and corresponding reliance on reinsurance to safeguard capital.

AM Best noted the ongoing activity regarding NCBFG's offer to gain a

controlling stake in GHL.

“Although this has no impact on the ratings of GHL and its subsidiaries at

this time, AM Best is continuing to monitor these activities in order to

determine if the specifics of this potential change in control will warrant a

rating action,” the rating agency said.

<< Back to news headlines >>

Jamaica, Cuba sign agreement to extend eye care programme Friday 21st December, 2018 – Jamaica Observer

JAMAICANS will continue to benefit from eye care services provided by

Cuban health professionals for another six months.

This is being facilitated under an extended technical cooperation

agreement between the Governments of Jamaica and Cuba.

Minister of Health Dr Christopher Tufton and Cuba's Ambassador to

Jamaica Inés Fors Fernández, yesterday signed the documents during a

ceremony at the ministry's New Kingston offices.

The bilateral agreement, first signed in 2009, provided for the

establishment of an Ophthalmology Centre to treat Jamaican and other

Caribbean nationals with eye conditions and for the implementation of

the Jamaica/Cuba Eye Care Programme in 2010.

On December 2015, an agreement was signed by the Governments to

continue Cuba's support to Jamaica for a further three years, prolonging

the programme through December this year.

Tufton said the six-month extension provides the opportunity to ensure

continuity in the provision of care as provided for under the

Jamaica/Cuba Eye Care Programme “even as we assess current needs

and determine the best course for a successor agreement”.

“There is no question of the value that the Jamaica/Cuba Eye Care

Programme has brought to the people of Jamaica. Operated from three

principal locations – Kingston School of Nursing, National Chest Hospital

and St Joseph's Hospital, patients are provided with care prior to and

subsequent to surgery, along with treatment of diabetic retinopathy and

anterior segment laser, in addition to cataract and pterygium. Patients

also benefit from laboratory, optometry, clinical and ophthalmic services,”

he said.

Tufton said 2,695 surgeries have been performed this year alone. The

number includes 1,253 diabetic retinopathy laser procedures; 854

cataract surgeries; 409 pterygium surgeries; and 179 anterior segment

laser procedures.

“This is thanks to the excellent team of Cuban professionals with whom

Jamaica has been provided over time. The programme welcomed the

fourth Cuban Medical Brigade in June this year, comprised of 18

personnel,” he added.

“There is no question that the programme has achieved success in what it

set out to do, which is to provide safe, clinically sound and cost-effective

services in ophthalmology; to improve the quality of life of adults

accessing the programme through the improvement of their eyesight;

and to promote a healthier lifestyle in order to improve eye health,” he

said.

The Cuban ambassador, for her part, said health is a very important area

of cooperation between the countries, noting that currently, there are

about 291 Cuban health professionals working in four regions of Jamaica.

“I would like to express our (commitment) to continue working with

Jamaica in this important sector. I think health is among the most

important human rights,” she said, noting that public health is even more

critical as it caters to the most vulnerable in society.

<< Back to news headlines >>

Grenada gives nod to repeal legislation in keeping with EU demands Friday 21st December, 2018 – Jamaica Observer

The Grenada Parliament Wednesday began the process of repealing four

pieces of legislation that the European Union has described as “harmful

tax practices”.

“The International Companies Act in its present construct gives incentives

to foreign entities that are not domicile in Grenada and, Mr Speaker, it has

been deemed to be unfair and lacks transparency by the EU

intergovernmental code of conduct group on taxation,” said Legal Affairs

Minister Kindra Maturine-Stewart, as she piloted the motion to repeal the

legislation.

She told legislators that in 2017 Grenada was among a group of 90

countries that the EU selected to be screened against tax transparency,

harmful tax practices and base erosion profit shifting.

“As a result, Mr Speaker, it has become necessary to amend, examine

and abolish, where necessary, existing tax measures or regimes that

constitutes harmful tax practices,” said Maturine-Stewart, who also

informed the House that the EU new guidelines prohibit new measures

that will provide for international companies to benefit but not domiciled

in the State.

Apart from the International Companies Act, the Government is also

moving to repeal the International Insurance Act, the International Trusts

Bill, and the Offshore Banking Act.

The Keith Mitchell Government said that these pieces of legislation were

approved during the mid-1990s when Grenada embarked on making

offshore banking one of the sectors to grow and develop the economy.

Maturine-Stewart said the laws provided for the international companies

to receive favourable incentives and the playing field was not one that

was even with respect to resident companies and non-resident

companies.

“For instance, Mr Speaker, an international business company does not

have to pay corporate income tax, whereas, Mr Speaker, a local

company is subjected to 30 per cent corporate income tax,” she said,

while pointing out that such an incentive for international companies is

not usual because that is a benefit that is offered in all offshore jurisdiction.

Maturine-Stewart said that at present, only 84 companies are registered

as international businesses in Grenada and it's not expected to hurt the

country economically.

“Unlike St Vincent, where there are over 6,000 international businesses

registered,” she said.

The new measures will be debated in the Senate and the authorities say

they hope that the repeal legislation would go into effect by the end of

the year.

<< Back to news headlines >>

Senate approves US$380.0M public debt issue Thursday 20th December, 2018 – Dominican Today

The Senate on Wed. approved an issue of US$380.0 million of public debt

to finance the 2019 Budget.

The bill that now goes to the Chamber of Deputies, was approved in two

sessions, authorizes the Ministry Finance to place the issue of public debt.

The Senate approval resulted from a favorable report by the Budget

Committee on the initiative submitted by the Executive Power.

The Chamber of Deputies, controlled by the ruling PLD party, is expected

to approve the piece.

<< Back to news headlines >>

Guyana improves on Global Terrorism Index Friday 21st December, 2018 – Kaieteur News

Guyana has managed to perform well enough to currently rank 128 from

117 last year in the Global Terrorism Index of the Institute for Economics

and Peace (IEP), a global thinktank headquartered in Sydney, Australia.

The country’s score on the index, where lower is better, went from 0.154 in

2017 to 0.076 in 2018, a more than 50 percent improvement. On a list of

categorizations, where 8-10 is listed as Very High and 0.000 is listed as No

Impact, Guyana’s risk of terrorism was listed as very low, the best of any

CARICOM state and the second best in South America, behind Bolivia,

which poses no terrorist threat or contribution to terrorism.

The most notable changes made by Guyana, with relation to terrorism, in

2018, is the amendment to the Anti-Money Laundering and Countering

the Financing of Terrorism Act Bill in July last, the fourth amendment to the

legislation in three years.

Among the changes, the Bill was meant to effect is the dismantling of the

Anti-Money Laundering Authority, to be replaced by the Anti-Money

Laundering and Countering the Financing of Terrorism and Proliferation

Financing National Coordination Committee (AML/CFT/PF).

Attorney General Basil Williams had noted that the amendments for the

coordination of the committee would satisfy a Financial Action Task Force

(FATF) recommendation – that countries should designate an authority to

have a coordination or other mechanism that is responsible for national

(AML/CFT/PF) policies.

According to the Bill, some of the functions of the committee include the

development of the national AML/CFT/PF policies informed by the risks

identified by the National Risk Assessment (NRA) and to develop a

national action plan, which includes recommendations on effective

mechanisms to enable the competent authorities in Guyana to

cooperate and coordinate with each other concerning the development

and implementation of policies and activities to combat money

laundering terrorist financing and proliferation financing.

Additional information provided in the Global Terrorism Index states that

countries with Very High risk contribution to global terrorism are Iraq,

Afghanistan, Nigeria, Syria, Pakistan and Somalia. Unfortunately, Guyana’s

Caribbean partner, Jamaica, made one of the most significant jumps,

moving backward, landing at 94 on the ranking. Trinidad and Tobago

placed close to Guyana, at Rank 125.

Notably, Venezuela, currently experiencing a humanitarian crisis, which

sparked mass migration in every direction, fell back one place to rank 55.

The only country of the Americas, listed as a High to Very High Threat is the

United States of America, moving backward 12 places to rank 20. The

country has experienced widespread cases of harassment and assault by

emboldened white supremacists, white nationalists and neo-nazis since

Donald Trump assumed the presidency in 2016. The country has also seen

an increase in school shootings, though it has been disputed whether

those incidents are considered as terrorism.

The Global Terrorism index states that defining terrorism is not a

straightforward matter, because there is no single, internationally

accepted definition of what constitutes terrorism. The GTI has settled on

the definition that terrorism is ‘the threatened or actual use of illegal force

and violence by a non-state actor to attain a political, economic,

religious or social goal through fear, coercion or intimidation.

The global terrorism index ranks 163 countries based on four indicators

weighted over five years. A country’s annual GTI score is based on a

unique scoring system to account for the relative impact of incidents in

the year. The factors counted in each country’s yearly score are the total

number of terrorist incidents in a given year, the total number of fatalities

caused by terrorists, total number of injuries caused by terrorists, and the

measure of total property damage from terrorist incidents.

<< Back to news headlines >>

Gypsy: North Park to cost $2.3m Friday 21st December, 2018 – Trinidad Express Newspapers

THE race is on to complete the new North Park facility for Carnival 2019,

says National Carnival Commission (NCC) chairman Winston 'Gypsy'

Peters.

The multi-event layout, which will replace the North Stand structure at the

Queen's Park Savannah at next year's Carnival celebrations, will cost

about $2.3 million, half of the $4 million-plus spent on the North Stand,

Gypsy said yesterday.

It will have a capacity for between 25,000 to 38,000 people and will be

able to securely accommodate 5,000 cars. It will be a permanent

structure.

'The North Stand has become an albatross. It's something we spending a

lot to erect and take down and really and truly only one event benefits-

Panorama semi-finals. We took a decision not to put it up this year,

especially looking at the financial situation of the country.

'North Park is going to be built on the footprint of the North Stand and it's

going to be used for not just Panorama but a lot of the activities we have

all over the country.

'We are working on luring some of the fete promoters into the venue so

we can make money off it. And the Savannah will now be called Carnival

City,' Gypsy told the Express.

The NCC chairman confirmed that the Army fete will be held at the

newly-designed venue which he is seeking to get completed as soon as

possible as prospective promoters are enquiring daily about the venue.

He said Carifesta will also be staged there next year.

Gypsy admitted to losing out on securing Kes The Band's 'Tuesday on the

Rocks' event because the NCC didn't complete the layout plan in time.

Kes' concert will be staged instead at the Queen's Park Oval on February

26.

'Kes was interested and we lost out because we were not ready. What we

are seeking to do is design this place in a way where all the activities will

take place there. We have a large 60x55 stage, security and lots of

parking. And the venue can be modified to suit the specific needs of any

event,' he said.

Pan Trinbago not satisfied Pan Trinbago president Beverly Ramsey-Moore,

however, says the steelpan body is not satisfied with the present NCC

proposal for the North Park.

'I am concerned about the capacity of the North Park. The viewing

(points) from the park is much less than the 7,000 persons the North Stand

would have held. It is our biggest revenue earner.'

Ramsey-Moore, who also sits on the NCC board, said she plans to raise

their concerns at an upcoming NCC meeting.

'I am seeking assurance from the board that whatever is constructed will

meet the needs of the Panorama shows. We are not satisfied with the

present arrangement and we have meetings today that I intend to voice

those concerns. I am sure we can work it out both on and off the table. At

the end of the day we have to make sure we don't lose,' she said.

The recently installed pan president said there are also concerns over the

effects the removal of the North Stand will have on the acoustics at the

Savannah.

'The North Stand would have helped to hold in the sound and give the

bands that big sound feel. Without it the sound will be taken away with

the breeze,' she said.

'I don't believe it is cast in concrete. Yes we know they want to make and

not lose money, at the same time we must ensure that the product is an

excellent one. Whatever we are selling to the nation and the world must

be an excellent product,' Ramsey-Moore said.

<< Back to news headlines >>

ECLAC report: T&T returned to positive economic growth in 2018 Friday 21st December, 2018 – Trinidad Express Newspapers

TRINIDAD and Tobago returned to positive economic growth (1.9 per

cent) in 2018 for the first time in three years, largely driven by a recovery in

the energy sector.

In 2019, despite the closure of State-owned oil company Petrotrin, growth

is projected to be 1.6 per cent, supported by a new natural gas project

and an increased implementation of public sector investment

programmes.

These were two of the findings of the Preliminary Overview of Latin

America and the Caribbean-the latest economic report from the

Economic Commission for Latin America and the Caribbean (ECLAC),

which reviewed the macroeconomic performance of the regional

economies in 2018 and outlined projections for 2019.

The year 2019 looks to be a period in which global economic

uncertainties, far from waning, will intensify and will arise from different

fronts, ECLAC said in its report.

'This will have an impact on the growth of the economies of Latin America

and the Caribbean, which, on average, are seen expanding 1.7 per cent,

according to the new projections released by ECLAC.

Complex global economic scenario

The United Nations regional organisation unveiled its last economic report

of the year, the Preliminary Overview of the Economies of Latin America

and the Caribbean 2018, at a news conference led by its executive

secretary, Alicia Bárcena, in Santiago, Chile. According to the document,

the countries of Latin America and the Caribbean will confront a complex

global economic scenario in the coming years, in which less dynamic

growth is expected, both for developed countries as well as emerging

economies, along with increased volatility of international financial

markets. 'On top of this, there is a structural weakening of international

trade, aggravated by trade tensions between the United States and

China.

'The economic growth projection for Latin America and the Caribbean in

2019 is 1.7 per cent-slightly below what ECLAC released last October (1.8

per cent); while the estimate for the current year (2018) was also trimmed

to 1.2 per cent (from the 1.3 per cent forecast in October).

Public policies needed

'The greatest risk to the region's economic performance in the run-up to

2019 continues to be an abrupt deterioration in the financial conditions for

emerging economies, the report adds. During 2018, emerging markets,

including Latin America, showed a significant reduction in external

financing flows, while at the same time sovereign risk levels increased and

their currencies depreciated against the dollar,' ECLAC stated.

'Public policies are needed to strengthen sources of growth and cope

with the scenario of uncertainty at a global level,' Bárcena said.

'The active role of fiscal policy in the region in terms of revenue and

spending must be bolstered. In this sense, it is essential to reduce tax

avoidance and evasion and illicit financial flows. At the same time, direct

taxes and also health-related and green taxes must be strengthened.

'In terms of expenditures, in order to stabilise and invigorate growth, public

investment must be reoriented toward projects that have an impact on

sustainable development, with emphasis on public-private partnerships

and on productive reconversion, new technologies and green

investment. All of this while protecting social spending, above all in

periods of economic deceleration, so that it is not affected by cutbacks.'

<< Back to news headlines >>

PTSC moving out to make way...Sando waterfront project begins Friday 21st December, 2018 – Trinidad Express Newspapers

AFTER decades of waiting, there are now tangible signs that the mega-

million-dollar San Fernando Waterfront Redevelopment Project has

begun.

The Public Transport Service Corporation (PTSC) is in the process of

vacating the Lady Hailes Avenue site to the one formerly occupied by the

construction company OAS in Golconda.

When the move is made, the Urban Development Corporation of Trinidad

and Tobago (UDeCOTT) will begin preparations for the redevelopment of

the site.

The Ministry of Planning will be spearheading the project, in collaboration

with an oversight committee comprising representatives from the Town

and Country Planning Division, Project Planning and Reconstruction

Division, Planning Unit, Legal Services Unit, National Transformation Unit,

Environmental Policy and Planning Division, Socio-Economic Policy

Planning Division, Communications Unit of the Ministry, Environmental

Management Authority, Institute of Marine Affairs and National Trust of

Trinidad and Tobago.

PTSC's move is scheduled for completion by early 2019.

All of PTSC's maintenance activities, body shop repairs, administrative

activities and general operations will be relocated temporarily, and will be

undertaken at the former OAS site in Golconda.

When the move is made, preliminary works for occupation of the

permanent site in Tarouba will begin.

Planning Minister Camille Robinson- Regis said recently the San Fernando

Waterfront Redevelopment Project is one of the largest regeneration

projects in Trinidad and Tobago to date, with the aim of reviving the

economic, social and cultural vitality of the city of San Fernando and its

environs.

UDeCOTT said the project includes opportunities for international and

local tourism, the creation of a hub for entertainment, expansion of the

business sector and commercial activity, improved transportation facilities,

development of leisure facilities, increased family-oriented spaces and

activities, and preservation of historical assets, among others.

At the heart of this project is the aspiration for green growth, led by the

city of San Fernando.

The project is expected to include the reclamation of 3.8 hectares of land

at King's Wharf North, at a cost of $57 million, with a target completion

date of 2020.

There is to be an establishment of a small fishing facility and jetty along

Hatter's Beach; the construction of a mixed-use development, inclusive of

medium-income housing at Lady Hailes Avenue, utilising public-private-

partnership arrangements; and the development of an administrative

complex at Chancery Lane, San Fernando, with ten floors for office

accommodation, three floors for commercial space and 300 car parking

spaces, UDeCOTT said.

Business potential for growth

President of the Greater San Fernando Chamber of Commerce Kiran

Singh said the chamber is eagerly anticipating the start of the first phase

of the project as there are many potential benefits with it.

He said the waterfront project will provide an excellent opportunity for the

reinvigoration of businesses, economic diversification and development in

San Fernando.

'King's Wharf has historically been the centre of economic activity during

the founding days of our city. Sadly, our economic fortunes have shifted

away from agriculture and into the petrochemical industry. The

development of King's Wharf has been neglected, along with its historical

significance, resulting in its current state of disrepair,' he said.

Singh said diversification was and has been a major part of the change

necessary to stabilise and bring new growth to the economy.

He said with the closure of Petrotrin, the waterfront project will provide

employment opportunities, and this development will create new

opportunities for San Fernando with the arrival of cruise ships, water sports,

shoreline leisure activities, entertainment and more.

'This is so, more than ever now, with the impending restructuring of

Petrotrin. The waterfront project will certainly bolster economic fortune for

Southern Trinidad, and at some level will compensate for the increased

unemployment rates as a result of the said restructuring.

Having identified that the Southern economy needs to be revitalised, the

chamber has established a Business Development and Incubation Unit to

advise and support former Petrotrin workers with opportunities to start their

own businesses. This arm of the chamber will also serve well to businesses

that will be directly impacted from the remodelling of Petrotrin,' said Singh.

Residents still don't believe

Resident Clifton Brazil said for more than 30 years, he has lived along King's

Wharf and does not believe the project will come to fruition. Brazil, a car

washer and fisherman, said no one has contacted the residents, and

many are left in the dark about what is occurring.

'For 30 years I lived here and you always hearing about this waterfront

project and nothing has ever been done. I don't think that it can be

achieved with this Government because you are talking about a billion-

dollar investment, and here people are fighting to buy food.

No one came to us about it and we are waiting to see what will take

place,' said Brazil.

Resident Alexander Gibbs said he is hoping when the project begins, he

will be fairly compensated for his home as he stands to lose his livelihood

as well.

He said: 'I am a fisherman and this is my trade. If they relocate me

somewhere else, it will be hard for me to find a job. They (the

Government) should give us our due. The people here don't mind moving,

but they need to speak to us about it and don't have us in the dark. Don't

push us out, we are people too.'

Fisherfolk want answers

Members of the King's Wharf Fish Vendors Association said they are still in

the dark about the project, despite sending letters to the City Corporation

on the matter.

Treasurer Glen Jumarttie said no information has been given to the fish

vendors and they are now 'left in the dark' about the future of their trade.

He said the association has submitted letters to the City Corporation,

hoping for a meeting to discuss the future of the fish market.

'This is a landmark area. At every port, there is a fish market developed.

We are hoping that the fish market will be upgraded and not moved from

our current location. But we have not heard from anyone about the plans

and what is taking place,' said Jumarttie.

<< Back to news headlines >>

Republic Bank says No attempt by Govt to control bank Friday 21st December, 2018 – Trinidad Express Newspapers

THREE senior members of the current administration-including Prime

Minister Keith Rowley- told the chairman and president of Republic

Financial Holdings Ltd (RFHL) that the appointment of two National

Investment Fund (NIF) directors to the company's board 'was not an

attempt by NIF or the Government to secure or exercise any control over

the operations of the group.'

RFHL placed a full-page newspaper advertisement yesterday in reaction

to this Wednesday's Express Business lead story, which was headlined

'Government grab for Republic.' The holding company for Republic Bank

described the headline on page one of the publication as 'erroneously

titled.' The headline to the article on page 5 was ' New directors must act

in bank's best interests.'

According to the advertisement, a few days prior to December 4, 2018, a

meeting was held between members of Government, including Prime

Minister Dr Keith Rowley, Finance Minister Colm Imbert and

Communications Minister Stuart Young and senior representatives of RFHL,

chairman Ronald Harford and president Nigel Baptiste.

The bank did not immediately respond to a request to specify the date

and location of the meeting.

The meeting, according to the bank, was called to discuss a number of

important matters, including RFHL's proposed acquisition of nine

Scotiabank operations in the region.

At the meeting, the Government advised RFHL of its intention to exercise

its right to nominate two directors for election to the board of the bank

holding company.

RFHL said: 'The Government indicated that this was not an attempt by NIF

of the Government to secure or exercise any control over the operations

of the group. Rather, it was something that was considered to be in

keeping with good corporate practice, given the shareholding held by

NIF.'

The group said it told the three senior government ministers that it had no

objection to any proposed nominations, 'while stressing the importance of

the candidates being suitably qualified, the independence of the

nominees once appointed and their fiduciary duty to act in the best

interests of RFHL.'

The bank said the discussions between RFHL and the senior government

ministers on the issue of the election of the two directors to the holding

company's board 'were highly positive and future oriented at all times.'

The two NIF directors, Michal Andrews and Waltnel Sosa, were elected to

the RFHL board on Monday.

<< Back to news headlines >>

Guardian Holdings adds $0.68 Friday 21st December, 2018 – Trinidad Express Newspapers

OVERALL market activity resulted from trading in 17 securities of which six

advanced, three declined and eight traded firm.

The Composite Index advanced by 2.75 points (0.21 per cent) to close at

1,306.41. The All T& T Index advanced by 1.29 points (0.08 per cent) to

close at 1,704.94.

The Cross Listed Index advanced by 0.58 points (0.47 per cent) to close at

122.69. The SME Index remained at 100.00.

Trading activity on the first-tier market registered a volume of 126,882

shares crossing the floor of the Exchange valued at $3,566,679.93. NCB

Financial Group was the volume leader with 29,270 shares changing

hands for a value of $251,066.30, followed by Republic Financial Holdings

Ltd with a volume of 20,869 shares being traded for $2,234,653.37.

National Flour Mills contributed 20,518 shares with a value of $33,854.70,

while Unilever Caribbean Ltd added 13,000 shares valued at $299,000.

Guardian Holdings Ltd registered the day's largest gain, increasing $0.68

to end the day at $18.41. Conversely, First Citizens Bank registered the

day's largest decline, falling $0.46 to close at $33.17.

CLICO Investment Fund was the only active security on the mutual fund

market, posting a volume of 11,542 shares valued at $232,977.90. CLICO

Investment Fund declined by $0.01 to end at $20.19. Calypso Macro Index

Fund remained at $15.50.

The second-tier market did not witness any activity. Mora Ven Holdings

remained at $12.

<< Back to news headlines >>

Judge: ‘PBR’s vendors injunction against PTSC a priority’ Friday 21st December, 2018 – Trinidad and Tobago Newsday

VENDORS at the Public Service Transport Corporation (PTSC’s) Priority Bus

Route (PBR) malls can breathe a sigh of relief, at least for the rest of the

Christmas shopping days.

High Court judge Ronnie Boodoosingh granted an injunction to the

vendors yesterday, restraining PTSC from evicting them from the PBR’s

malls in San Juan, Tunupuna and Curepe by December 31. Hearing the

injunction yesterday, the judge deemed the vendors’ lawsuit a priority

and listed the matter for hearing on January 7, 2019.

Not only to the San Juan, Tunupuna and Curepe vendors, but PTSC had

served quit notices to all vendors at all of its PBR malls - Port of Spain to

Arima. Attorney Michael Rooplal took up the plight of the Priority Mall

Tenants Association and sought a meeting with PTSC’s management over

the latter upping the tenants’ rent by 100 per cent - $7 to $14 per square

foot.

Given the December 31 deadline to vacate, Rooplal filed a lawsuit on the

vendors’ behalf against PTSC last week Tuesday. He disclosed that the

lease agreement expired since 2016. Since, the association made

recommendation to PTSC on the level of rent vendors should pay.

Rooplal cited a letter dated October 9, 2017, from PTSC’s former general

manager Ronald Harford, who had informed the association of what the

association described as a “unilateral increase in rent of 100 per cent.”

Boodoosingh granted the injunction against PTSC, restraining it from

evicting the PBR’s tenants by December 31. The judge ordered that the

tenants serve notice on PTSC of the hearing of the matter to enable them

to file a defence to the lawsuit.

He then ordered that the matter come up for hearing in the San Fernando

High Court on January 7 at 10 am.

<< Back to news headlines >>

Workers at state media stage all out strike Friday 21st December, 2018 – The Antigua Observer

The top managers at the state-owned Antigua & Barbuda Broadcasting

Services (ABS), as well as junior members of staff were called in on

Thursday to man the operations as a core group of workers staged

industrial action to drive home their demands for improved working

conditions, overtime pay and other critical matters.

Video editors, reporters, technicians and other staff reported for work on

Thursday, but gathered outside the building on Cross Street and refused to

carry out their normal duties based on advice from their bargaining agent

the Antigua Trades and Labour Union (AT&LU). Others contacted their

supervisors and reported sick.

The workers are threatening to intensify the action in the coming days until

they are able to secure an audience with Minister of Information and

Broadcasting Melford Nicholas. Shop Steward Kerrio Adams explained

that the action was sparked after the minister and permanent secretary

failed to deliver on promises which were made during a meeting with staff

in August. “We are owed outstanding overtime for two years; the PS was

instructed to do a special warrant to get the money. We had another

meeting with the PS and it would appear she has no idea of what we

were talking about,” Adams said.

“As it relates the building in which [we] are required to work,” the shop

steward said. Presently, there are certain bathrooms which are locked

and when you have a building where 70 percent of the staff are females,

that is not acceptable. There is also an issue with air circulation in the

building and people are getting sick constantly.” As recently as last week,

the government announced that the profits from the State Insurance

Corporation would go towards the construction of a new prison and a

new home for ABS.

The two bodies are to be allocated $2 million dollars each, according to

the government. When he was asked about this development, Adams

said while this is welcomed there is a number of improvements which

could be done to make the workers more comfortable at the current

location. The strike action will enter its second day today, and workers

from the Ministry of Information’s headquarters in Coolidge and those at

the GATE facility will be joining in solidarity as they push for similar issues

which are also affecting them

<< Back to news headlines >>

Gov’t completes purchase of Deluxe Cinema Friday 21st December, 2018 – The Antigua Observer

The property which formerly housed one of the two movie theatres

operating in Antigua, Deluxe Cinema, has been officially purchased by

the government. The news was revealed following the weekly Cabinet

meeting on Wednesday where it was announced that the Ministry of

Culture will take occupancy of the Deluxe Cinema as of January 1, 2019.

Government’s Chief of Staff, Lionel “Max” Hurst stated that, the Ministry of

Culture “will retain the largest of the three movie theatres for the

continued showing of cultural films and Antiguan productions. The other

spaces will be retrofitted to meet other demands.”

The cinema, located on the corner of High and Temple streets and which

has served the nation for decades as one of the premier entertainment

spots. Deluxe had been known to encounter financial difficulties from time

to time, especially since the introduction of the Caribbean Cinemas

Megaplex 8 entertainment centre on Friar’s Hill Road, which officially

opened its doors in June 2010, and increased the options for moviegoers.

It was in October 2016 that OBSERVER media first learned that the Antigua

Commercial Bank was foreclosing on the Deluxe Cinema where the now

Minister of Tourism Charles “Max” Fernandez was the second largest

shareholder in the business, after his brother Joseph Fernandez up to 2009,

according to records at the registry of companies. The government’s

planned purchase of the property was first announced in March 2017 and

met strong political and public condemnation from those who saw it as a

bailout for Fernandez and his family.

Fernandez has on numerous occasions refused to speak on the matter.

There is no clear figure on how much it cost the government to purchase

the Deluxe Cinema, but Minister of Information Melford Nicholas previously

noted that the government would spend EC $8 million although he had

earlier reported that the assessed value was EC $11 million.

<< Back to news headlines >>

$323K contract for design of hurricane-hit govt buildings Thursday 20th December, 2018 – BVI News Online

Government has signed a $323,350 contract for design and construction

management services on several government buildings which were

damaged or destroyed by Hurricane Irma.

Premier and Minister of Finance Dr D Orlando Smith signed the 12-month

contract with local architectural and construction firm, Trojan Designs &

Development Limited late last month.

The firm will be required to prepare engineering and architectural plans

for the rehabilitation of government buildings across the territory and

supervise the construction works associated with the project.

Director of government projects, Dr Drexel Glasgow said Trojan is required

to ‘incorporate disaster resilient features in the design to ensure that

government infrastructure can withstand future events.

The Magistrate’s Court in John’s Hole, the Attorney General’s house, two

living quarters for judges in the jurisdiction, the Vanterpool Building and

Flax Building in the Valley and the North Sound Administration building on

Virgin Gorda are some of the facilities for which Trojan will be offering

design services.

The company has already commenced services since the contract

signing on November 30.

<< Back to news headlines >>

Number of issued BVI visas almost doubles, high demand leads to longer

wait Thursday 20th December, 2018 – BVI News Online

With what is being described as an ‘unprecedented increase’ in issued

visas in the British Virgin Islands, persons requiring the travel document to

visit or work during the Christmas season must now wait roughly two weeks

before their visa process is completed.

The process outside the peak seasons – summer and Christmas – is

approximately three days.

Permanent Secretary in the Office of the Deputy Governor Carolyn Stoutt-

Igwe told BVI News on Wednesday that the number of issued visas to the

territory has almost doubled in 2018.

“The office is at 4,500 [visas] and climbing and it’s normally in the 2,500

region,” she said.

Stoutt-Igwe further said the bulk of the visa applicants are mostly from the

Caribbean region. Currently, Guyanese, Jamaicans, Haitians and natives

of the Dominican Republic require a visa to enter the territory.

Stoutt-Igwe said, largely, the increase in issued BVI visas is a result of the

aftermath of last year’s catastrophic hurricanes.

She said the Civil Registry and Passport Office, is therefore tasked with

processing the high visa demand that is known to come with the

Christmas season, along with the numerous visa applications for skilled

workers that continue to pour in.

“Additionally, at this time of the year, some staff members are proceeding

on their annual leave so the office is not at full capacity. So rather than

having people coming to the office and becoming frustrated, it is better

to extend the [visa processing] window so that the office has sufficient

time to meet the increasing demand.”

Things to know about the visa application process

A government-issued bulletin said Mondays and Wednesdays remain

submission days for visa applications on Tortola.

Persons wishing to apply at the Virgin Gorda branch may submit their

applications throughout the work week.

Applicants are reminded that, in order to apply for a visa, their passports

must have at least six more months before it is expires.

The passport office has also advised applicants to refrain from booking

flights before they have been successful in obtaining a visa as this will not

expedite the processing time.

For persons seeking emergency visas to travel, proof of the emergency

must be submitted through a doctor’s certificate.

<< Back to news headlines >>

Booting Willy T again necessary | Norman, Peter Island developments ‘too

important’ Thursday 20th December, 2018 – BVI News Online

Underscoring the significance of the Norman Island development and the

Peter Island resort to the territory, Junior Minister of Tourism Dr Hubert

O’Neal said booting the William Thornton (Willy T) floating bar and

restaurant for a second time was a necessary move.

The unique establishment was given an eviction notice from Great

Harbour, Peter Island roughly five months after it was booted from The

Bight off Norman Island. They have to find a new place to operate by the

end of this year.

“These are decisions that you have to make if you want to develop a

tourism product. Right now, we are recovering and to develop it further

we have to make certain hard decisions like this. It’s just the reality,” Dr

O’Neal told BVI News in an invited comment this week.

In further explaining why operators of the two privately-owner outer islands

have turned the Willy T away, the new Junior Tourism Minister said: “The

developers don’t want that type of operation for the level of

development that they are doing.”

He then noted that the islands of great benefit to the territory.

“I wouldn’t attach any significance but the level of benefit to the BVI —

the employment opportunities and the spin-off benefits to the BVI and

tourism — is enormous with those two operations; Norman Island and Peter

Island.”

Several other spots in BVI, Salt Island available

O’Neal further pointed out that there are many areas the Willy T can

comfortably operate.

“It is not like that (Peter Island) is the only spot in the BVI, there are several

other spots,” he reasoned, stating that operators of the Willy T were

presented with a number of viable options such as Salt Island.

“They haven’t gotten back to us to say whether they want that spot or not

so we are simply waiting on what they have decided.”

He continued: “They have an operation that is appealing to young

persons and what they offered is a form of entertainment that the young

people gravitate to. So from that aspect, I think it was good. But that

doesn’t mean it can’t happen anywhere else. It just cannot happen

where they were.”

O’Neal said he is open to discussions with the owners of Willy T on paving

a way forward.

“I don’t know if they have made the decision to move out of the BVI, [but]

it would be unfortunate because I still think they have something to offer,”

he said.

The owners of the Willy T told our news centre weeks ago that they are

considering all options including whether to leave the BVI for good.

When contacted for an update on their plans, the owners said they had

‘nothing to report’ yet.

<< Back to news headlines >>

RDA boss getting annual salary of $300K, Premier confirms Thursday 20th December, 2018 – BVI News Online

Amid a seeming veil of secrecy around the salary of Paul Bayly — the CEO

of the Recovery and Development Agency (RDA) — Premier Dr D Orlando

Smith revealed on Thursday that the RDA boss takes home a base salary

of $25,000 per month.

Speaking in the House of Assembly, Premier Smith said: “The agreement

[between government and Bayly] provides for a sum of $300,000 per

annum and an allowance $8,333.34 per annum. In addition, the Agency

provides for one round-trip ticket for Mr Bayly and his family from New

Zealand.”

And with the exception of the board’s CEO, its Chairman, and the three

members who sit as representatives for the governor, the UK, and the

Caribbean Development Bank, all members of the RDA board are paid a

stipend.

Premier Smith described this as a “standard practise in the Virgin Islands

public service”. He said the stipend board members receive is

commensurate with what is typically paid by other statutory boards in the

public service.

Dr Smith said the Deputy Chairman of the board is paid $30,000 per

annum while the remaining members get an annual stipend of $9,600.

“In addition, as is standard practice in the other statutory boards in the

government of the Virgin Islands, expenses incurred while in the execution

of their duties as board members such as travelling and accommodation

expenses are expected to be paid by the board, including allowance of

$300 per day for overseas travel,” the Premier told the House of Assembly.

The RDA board comprises chairman Dr Robert Mathavious, deputy chair

Clarence Faulkner, Pastor Gregory George who was selected by the

Premier, Maria Mays who is the governor’s representative, Sharie DeCastro

who was selected by the Opposition leader, David Hancock who is the

UK’s representative, Monica La Bennett who was selected by the

Caribbean Development Bank, and Clyde Lettsome — private sector

representative.

<< Back to news headlines >>

BVIEC inks multimillion-dollar fuel deal with SOL | Delta loses contract after

14 years Friday 21st December, 2018 – BVI News Online

SOL St Lucia Limited has been awarded a multimillion-dollar contract to

supply fuel that will be used to generate electricity in BVI for the next three

years.

The contract which is valued between $35 million and $40 million was

officially signed at the BVI Electricity Corporation (BVIEC) Long Bush

location on Thursday.

“What SOL did right was to present a very attractive cost in relation to the

cost of the fuel,” said General Manager at BVIEC, Leroy Abraham.

He described the bid from SOL’s local competitor, Delta Petroleum, as

something that was ‘not as attractive’. Delta previously held the contract

for 14 years.

Notwithstanding, Abraham said Delta Petroleum was still awarded a

smaller contract to provide diesel fuel for the independent BVIEC power

station on Anegada.

Delta’s contract also requires them to provide gasoline and crude oil for

the BVIEC’s vehicle fleet and dispose of the waste oil. The company

proposed to provide fuel for the entire BVIEC vehicle fleet for $481,415.

Delta also gave two separate bid costs to provide lubricating oil to the

BVIEC. The petroleum company is proposing to provide either MobilGard

oil for $922,259 or Castrol oil for $887,242. Delta further proposed a cost of

$91,928,488 to supply diesel fuel to the aforementioned power stations.

The exact winning bids for Delta Petroleum will be disclosed on Friday

when their contract signing takes place.

<< Back to news headlines >>

IMF Concludes Visit to Costa Rica Friday 14th December, 2018 – Qcostarica

An International Monetary Fund (IMF) team led by Ravi Balakrishnan

visited San José from December 4 to 11 to discuss recent economic

developments, the fiscal reform, and the overall macro and financial

outlook.

The mission held fruitful discussions with Central Bank Governor Rodrigo

Cubero, Finance Minister Rocío Aguilar, members of the Legislative

Assembly, other senior government officials, and representatives of the

financial and private sectors.

At the end of the visit, Mr. Balakrishnan issued the following statement:

“Economic growth has moderated in the second half of the year, with the

monthly economic activity index (IMAE) only rising by 2.7 percent in

2018Q3, compared with 3.9 percent in 2018Q2 (yoy). Consumer

confidence also declined to its lowest level in November since records

began in 2002. The slowdown reflects multiple shocks buffeting the Costa

Rican economy, including a three-month public-sector strike against fiscal

adjustment efforts, spillovers from the Nicaraguan crisis, rising global

interest rates, and the significant uncertainty that surrounded the fiscal

reform. Against this backdrop, the mission forecasts growth of 2.6 percent

in 2018. Inflation should remain at the lower end of the 2-4 percent target

range as 2018 closes, although inflation expectations did breach the

upper limit of the band in November given expected pass-through of the

recent colón depreciation.

“The mission welcomes the recent passage of the fiscal reform bill, which

constitutes a critical step towards restoring confidence and, if fully

implemented, re-establishing fiscal sustainability. The reform not only

represents efforts on the revenue and expenditure fronts, but more

importantly, of expenditures controls in the future. In a context of further

expected hikes in U.S. interest rates in 2019, the large fiscal imbalance

continues to be the main risk to macroeconomic stability. Indeed, central

government debt is expected to reach 53 percent of GDP by end-2018.

Given this, to maximize the confidence effects from the fiscal reform, it will

be important to ensure its timely implementation and clearly

communicate financing plans for 2019 and beyond. Additional front-

loaded fiscal adjustment would help reduce funding needs in the short

term and further improve debt dynamics. The mission welcomes the

broad consensus on using the OECD accession process as a catalyst for

boosting competitiveness and employment.

“The mission would like to thank the authorities for their warm hospitality

and all stakeholders for the candid discussions. The team looks forward to

returning in February 2019 to conduct the Article IV Consultation.”

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Costa Rica hits renewable energy mark for fourth year in a row Friday 21st December, 2018 – The Jamaica Observer

Costa Rica has generated more than 98 per cent of its power through

renewable sources for the fourth year in a row, the state energy body said

yesterday.

In 2018, just 1.44 per cent of the central American country's electricity

came from fossil fuel plants, the Costa Rican Electricity Institute (ICE) said

in a statement.

ICE power director Luis Pacheco said Costa Rica's electricity generation

system had made it “an example for the region and the world.”

River water is the main source of energy, providing 73.87 per cent of the

country's needs, followed by wind (15.6 per cent) and geothermal energy

from its volcanos (8.38 per cent).

Costa Rica avoided using its fossil fuels plants in 300 days during 2018; the

last instance came on May 17.

October was the month in which it generated the most renewable

electricity, some 976.78 gigawatts an hour, the ICE said.

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31 Vieille Case families to benefit from govt housing programme Thursday 20th December, 2018 – Dominica News Online

The Government’s Housing Expansion Program has pledged to bring relief

to 31 families in the Vieille Case constituency.

According to Parliamentary Representative for the Vieille Case

constituency, Prime Minister Roosevelt Skerrit, the houses will impact 82

members of the various families, and will cost $3.15-million.

Letters of commitment for the construction of the new homes were

presented to the families during a ceremony in Vieille Case, on

Wednesday.

Skerrit stated that several applications for new homes were distributed to

village councils throughout the constituency, and of the 85 which were

submitted, 79 were approved for new homes, while 6 will be reroofed.

“So far, we’ve received 85 application forms that were returned. Out of

the 85, 79 have been approved for new homes, and 6 for reroofing and

extensive improvements, because the homes are structurally sound, and

with improvements, can be made more comfortable than they currently

are,” he said.

The Prime Minister revealed that the contracts for the construction of the

homes have already been signed, and the workers have already

received a mobilization fee, to begin work as soon as possible. He noted

that the letters given to the families are a sign of “the government’s firm

commitment” to building them new homes.

Skerrit explained that the homes will be functional and will reflect the

government’s vision of resilience.

“And these homes will be constructed with concrete walls, with concrete

roofs because we are seeking to build more resilient homes… electrical

wiring, plumbing,” he stated. “Your house will be fully tiled, you will have

basic kitchen cabinets, and the houses will be painted.”

He also noted that the Housing Expansion Program will soon move to other

communities in the constituency to build homes for the remaining

applicants.

“With regards to the 48 additional applications— I said to you 79 have

been approved, but we’re starting 31,” Skerrit elaborated. “We will have a

ceremony… in Penville in the first week of February where we shall give

our letters to the additional 48 families who applied… The houses will be

built in 2019, God’s willing.”

The Prime Minister stated that one of the challenges the program faces is

that some of the beneficiaries do not own land. He urged those with land

to spare, to sell it to the government for the building of homes.

“…the challenges some of the beneficiaries have is the issue of not having

their land. So, that’s a land. And I’m saying to those of us who have extra

land in the village, those of us who live overseas and the lots are

abandoned, sell it to the government, because we need to build homes

for these people on safe lands,” he said. “And if you’re in America, you’re

not coming back to Dominica, either you sell it to us, or we will

compulsorily apply for the deed.”

Meantime, Housing Officer, Greg Francois, revealed that a massive

reroofing program which was undertaken in the Vieille Case constituency

is nearly complete.

At the ceremony in Vieille Case, on Wednesday, he said that a United

Nations Development Programme (UNDP) Building Damages Assessment

was conducted after the devastating Hurricane Maria. Through the

assessment, it was discovered that a significant percentage of dwelling

homes in Penville, Thibaud and Vieille Case had been destroyed.

He stated that after estimates were prepared for the damaged structures

in the community, the government provided the necessary funds.

“A sum of approximately $1.6-million for a hundred beneficiaries in Veille

Case, $3-million approximately for 127 families in Penville, and

approximately $500,000 for 55 beneficiaries in Thibaud was made

available for the respective village councils,” Francois explained. “The

program went through an eight-month period. To date, we can report

that 98% of roofs in Thibaud and Vieille Case are completed, and 92% in

Penville. We only have minor technical issues to deal with to have the

program 100% completed.”

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10 Caribbean Properties Make List of World’s 100 Most Incredible Hotels Thursday 20th December, 2018 – Caribbean 360

Fodor’s Travel, a legendary source for expert travel advice, has revived its

list of the 100 most incredible hotels in the world after a four-year hiatus,

and 10 regional properties are on it.

They are: Amanyara (Turks & Caicos); Cobblers Cove Hotel (Barbados);

The Cotton House (Mustique Island, St Vincent & Grenadines); Hotel Villa

Marie St. Barth (St Barthélemy); Kanopi House (Port Antonio, Jamaica);

Other Side Hotel (Eleuthera Island, Bahamas); St Regis Bahia Beach Resort

(Puerto Rico); Secret Bay (Dominica); Silversands Grenada (Grenada);

and Sugar Beach, A Viceroy Resort (St Lucia).

“The Caribbean is a mecca of gorgeousness: sprawling white sand

beaches, bright turquoise seas, shimmering waterfalls, colourful

rainforests… and that’s just the scenery. Surrounded by all of this beauty,

each of these hotels sparkles with serene magic. From eco-chic tree

houses encircled by banyans to luxurious open-air villas leading directly to

the sea, these properties are all heaven on earth,” Fodor’s Travel said in

introducing the hotels.

‘Fodor’s Finest: The 100 Most Incredible Hotels in the World’ consists entirely

of Fodor’s Travel editors’ and hotel writers’ personal picks, and features a

wide range of hotel properties.

“Travelers increasingly seek unique, memorable experiences when

traveling – and that includes the hotels they choose to stay in,” said

Jeremy Tarr, Editorial Director of Fodors.com.

“The 100 properties on this list are certainly some of the best hotels in the

world – but they’re also some of the dreamiest, most swoon-worthy, and

sometimes, most unusual this world has to offer. Ultimately, each and

every one is entirely glorious and utterly memorable.”

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CDB Launches Cultural and Creative Industries Innovation Fund Thursday 20th December, 2018 – Caribbean 360

The Caribbean Development Bank (CDB) has announced the launch of a

new fund to provide financial support and stability for the Region’s

cultural and creative industries.

The Cultural and Creative Industries Innovation Fund (CIIF) will provide

grants for innovative projects within the creative industries sector. It was

established with an initial US$2.6 million contribution from CDB and is

intended to become a multi-donor fund.

Director of Projects at CDB, Daniel Best said the Bank established the Fund

to respond to the pressing need for a clear financing regime dedicated to

supporting creative entrepreneurs in the region.

“The cultural and creative industries sector is a major economic driver

globally and has the potential to do the same here in the Caribbean. We

are confident that support of the kind being provided through CIIF can

help bring more stability to the sector, creating the platform for greater

and sustainable growth,” said Best.

CIIF is focused on supporting projects within five priority sub-sectors:

Fashion and contemporary design, visual arts, audio-visual design

(including film, animation and gaming), festivals and carnivals and music.

The objectives of CIIF are to: support the enabling environment for the

development of the cultural industries sector in CDB Borrowing Member

Countries (BMCs) with a focus on legislative reforms and incentive policies;

improve the quality, depth and dissemination of research on the sector,

and to strengthen the existing knowledge infrastructure related to cultural

industries; enhance the technical capacity and knowledge of MSMEs in

the cultural industries sector to improve their competitiveness to

participate in local, regional and international markets; and strengthen

business support organisations that support the cultural industries to deliver

capacity building at national and regional levels in CDB’s BMCs.

CIIF is launching with a call for proposals under its Enabling Environment

grant category which provides funding of up to US$150,000 per approved

project. This category is for projects focused on creating platforms for the

sector, executing significant business climate reforms or policy innovations

or creating initiatives, which help reduce the constraints faced by micro,

small and medium enterprises in the cultural and creative industries.

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Futures extend slide on growth fears, government shutdown threat Friday 21st December, 2018 – Reuters

S&P 500 e-minis logged their biggest losing streak in seven years on Friday,

dropping about 0.6 percent on growing worries of slowing global growth

and the threat of a U.S. government shutdown.

The Federal Reserve’s plan, announced Wednesday, to keep raising

interest rates was an added headache for investors already fearful that

trade wars and other geopolitical concerns would grind economic and

corporate growth to a halt.

The U.S. central bank’s view that the economy is strong will be tested

amid a slew of economic data, including third-quarter GDP and

November consumer spending, the Fed’s preferred measure of inflation.

Adding to the nerves was a chance that the government could be shut

down unless President Donald Trump and Congress cut a deal before

midnight on their long-running battle over funds for a Mexico border wall.

Volatility may rise again on Friday on account of “quadruple witching,” as

investors unwind interests in futures and options contracts prior to

expiration.

“The indices are headed for another volatile, negative session as options

expirations, turmoil in the White House and a renewed possibility of a

partial government shutdown continue to shatter the nerves of investors,”

said Peter Cardillo, chief market economist at Spartan Capital Securities in

New York.

One silver lining was Nike Inc (NKE.N), whose shares jumped 8.5 percent in

premarket trading after the company’s quarterly results beat Wall Street

estimates on strength in North America.

At 7:29 a.m. ET, S&P 500 e-minis ESc1 were down 0.57 percent, falling for

the seventh session in a row, their longest losing streak since November

2011.

Dow e-minis 1YMc1 were down 0.46 percent and Nasdaq 100 e-minis

NQc1 were down 0.73 percent.

The three main Wall Street indices are already in correction territory,

having fallen more than 10 percent from their record closing highs, and

are closing in on bear market territory, when a security closes 20 percent

below a recent high.

While the Nasdaq came within a whisker of bear market territory on

Thursday, other segments of the market, including the Russell 2000 small-

cap benchmark and the Dow Jones Transport Average .DJT are already

in bear market territory.

Data is also expected to show U.S. third-quarter gross domestic product

(GDP) growth was 3.5 percent, in line with the prior quarter.

While consumer spending in November is likely to have slowed from the

month before, the core PCE index, the Fed’s preferred inflation measure,

is expected to have edged higher.

Both reports are due at 8:30 a.m. ET, along with data showing durable

goods orders rebounded 1.6 percent in November, after a drop of 4.3

percent in the previous month.

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UK consumers gloomiest since 2013, car production slumps Friday 21st December, 2018 – Reuters

British consumers are their gloomiest in more than five years, business

sentiment is its weakest since the 2016 Brexit referendum and car output

has tumbled this year, according to three surveys that paint an ominous

picture for 2019.

Brexit worries weighed on consumer and business morale, according to

the surveys, while car production is falling at its fastest rate since Britain

was last in recession in 2009.

GfK’s monthly consumer sentiment index edged down to -14 in December

from -13, its lowest since July 2013 although it was in line with economists’

expectations in a Reuters poll.

While consumers felt better about their personal finances over the past

year and were more willing to make major purchases, their expectations

for the economy over the next 12 months tumbled to its lowest since

December 2011.

“In the face of ever-rising costs, and the threat of higher inflation

combined with uncertainty around the outcome of the Brexit

negotiations, it’s no surprise that consumers are in a chilly mood of

despondency,” GfK executive Joe Staton said.

With less than 100 days until Britain is due to leave the European Union,

Prime Minister Theresa May has yet to win the support of much of her

Conservative Party for the deal she struck last month with other EU

leaders.

Without a deal Britain risks major economic disruption when it leaves the

bloc.

On Thursday, Bank of England officials trimmed their forecast for quarterly

economic growth in the last three months of 2018 to 0.2 percent from 0.3

percent and said the picture in early 2019 was likely to be similar.

Lloyds Bank said on Friday its monthly survey of business sentiment sank to

its lowest since just after the referendum decision in June 2016 to leave the

EU.

Similar to consumers, businesses were more downbeat about the outlook

for the economy than their own financial situation.

“The expected slowdown in economic growth in Q4 could well be

extended into early 2019, but there is potential for a rebound in sentiment

should there be some respite in uncertainties that firms currently face,”

Lloyds economist Hann-Ju Ho said.

A big slump in car production last month — linked to weaker growth in

export markets as well as Brexit worries — is almost certain to weigh on

fourth-quarter economic growth figures.

The number of cars produced in Britain in November fell 19.6 percent from

a year earlier to 129,030, the Society of Motor Manufacturers and Traders

(SMMT) said.

This was the biggest year-on-year drop in nine months, and production for

the year to date is down 8.2 percent at 1.44 million cars, the biggest such

decline since Britain’s last recession in 2009.

“Output (was) seriously impacted by falling business and consumer

confidence in the UK allied to weakening export markets,” SMMT chief

executive Mike Hawes said. “If the country falls off a cliff-edge next March

the consequences would be devastating.”

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UK economy relies on stretched consumers as Brexit hits investment Friday 21st December, 2018 – Reuters

Britain’s economy relied on its financially stretched households to power

growth in the three months to September as businesses, worried about

Brexit, cut investment for the longest period since the global financial

crisis, official data indicated.

The figures also showed the country’s balance of payments shortfall was

its widest in two years.

The Office for National Statistics (ONS) confirmed a preliminary estimate

that Britain’s economy - the world’s fifth-biggest - grew by 0.6 percent in

the third quarter from the previous three months.

That was the fastest increase since the end of 2016 as consumers spent

heavily during the World Cup soccer tournament and a heat wave.

But more recent data suggested growth is slowing sharply ahead of

Britain’s exit from the European Union in less than 100 days time, and as

the global economy weakens.

Prime Minister Theresa May faces deep opposition in her Conservative

Party to the divorce agreement she negotiated with the EU, raising the risk

of a “no-deal” departure, something that could hurt the economy.

ONS statistician Rob Kent-Smith said households spent more than they

received for an unprecedented eighth quarter in a row, raising questions

about their ability to keep on spending and driving the country’s

economy.

Real household disposable income was flat in the third quarter, the

second weakest reading since the start of 2017.

“The longer-term picture remains subdued and business investment has

now fallen for three consecutive quarters,” Kent Smith said.

The last time businesses cut back on investment for three or more quarters

in a row was during the depths of the financial crisis a decade ago.

The Bank of England said on Thursday that companies were scaling back

investment due to Brexit uncertainty, although the risk of disruption at the

borders had boosted spending on warehousing and port capacity.

Friday’s ONS data showed inventories were their highest since the end of

2016, suggesting companies were stockpiling to avoid potential customs

delays after Brexit.

Earlier on Friday, private-sector economic surveys showed the weakest

consumer sentiment since 2013, and the lowest business morale since

2016’s Brexit referendum, as well as the biggest drop in car production

since 2009.

On Thursday the BoE lowered its growth forecasts, predicting quarterly

expansion of just 0.2 percent for last three months of 2018 and the first

three months of 2019.

CURRENT ACCOUNT DEFICIT WIDENS

The ONS said the difference between money flowing in and out of Britain

widened to 26.5 billion pounds ($33.5 billion) in the third quarter, the

biggest deficit since the third quarter of 2016

It was bigger than all forecasts in a Reuters poll of economists.

BoE Governor Mark Carney has previously warned that the large current

account deficit left Britain reliant on “the kindness of strangers”.

The deficit was equivalent to 4.9 percent of the country’s economic

output, again the widest in two years and up from 3.8 percent in the three

months to June.

However at least some of the shortfall appeared to be due to positive

news - higher profits at foreign-owned British companies, some of which

flowed to overseas investors.

The ONS also said Britain narrowed its budget deficit by more than

anticipated to 7.2 billion pounds. For the first eight months of the financial

year, the deficit was just under 33 billion pounds, down nearly 30 percent

from 2017.

Finance minister Philip Hammond has promised that an end to

government austerity is within sight, but his plans to relax his grip on public

spending could be knocked off course if Britain’s economy suffers from a

disruptive exit from the EU.

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