Latest News

Fed threat Published: 17 October 2018

 

-       The minutes of the Federal Reserve’s Sept. 25-26 gathering is due to be published at 2 pm. Eastern Time today, with investors likely to comb through them to try to find any hint as to how high policymakers will push interest rates before pausing.

-       One key topic to watch for will be any discussion on where the neutral rate lies.

Source: Bloomberg

More than 90% of holders of Local Government of Barbados Debt Participated in recent Debt Exchange Offer Published: 17 October 2018

-       The offer received the unanimous support of commercial banks, the general and life and insurers, the National Insurance Scheme (NIS), the Central Bank of Barbados, as well the support of almost an entirety of ordinary Barbadians and firms holding claims.

-       Total claim size exchanged is in the region of  BB$11.9Bn or  US$5.95Bn

 

Source: Nation News

Knutsford Express (KEX) Q1 profits surge 55% Published: 17 October 2018

-       KEX reported a profit of $88Mn (EPS:$0.18) for the first quarter ended August 31, 2018, relative to $56Mn (EPS:$0.12) a year earlier.

-       Revenue grew by 23.5% over the period which was the primary driver for the performance. 

-       The company attributes its growth in sales to improvement in accessibility and throughput times at its call centre operations and its digitization efforts which has increased access to its services.

 

Source: JSE, KEX Financial Report

Mayberry Jamaican Equities Reports Strong 3rd Quarter Published: 11 October 2018

  • Net profit for the 9 months to September 2018 was $690Mn (EPS: $0.57), representing 717% increase compared with $84.42Mn (EPS: 0.07) recorded last year. 
  • Net Revenues increased by $634.8Mn over the corresponding period last year, to reach $657.8Mn.
  • Total comprehensive income, amounted to $6.76Bn, compared to $807.95Mn for the corresponding quarter of 2017; an increase of $5.95Bn or 7.36x.
  • The company which operates like a quasi-index fund held 31 stocks across the Main and Junior Markets in its portfolio as at the report date and recently received $2.2Bn through a loan which it intends to use to purchase additional shares.

Source: Mayberry Jamaican Equities  3rd Quarter Financial Statement

JPS to Refinance $US179.2Mn of its Debt Published: 11 October 2018

  • As part of its Extraordinary Rate Review application to the Office of Utilities Regulation (OUR), the JPS proposed to refinance US$179.2 million of its existing long-term debt to reduce the interest rate from 11% to 8% per annum. 
  • The company says the refinancing would translate into savings of US$ 5.37 million per annum for the remaining three years of the debt.
  • Customers could receive US$3.4Mn per annum reduction on their bills as a result of the refinancing.

Source: RJR

Brexit obstacles Published: 11 October 2018

  • Hopes of a deal on the U.K.’s exit from the European Union as early as next week remains high, even as some officials are warning that obstacles still need to be overcome.
  • The European Union’s chief negotiator, Michel Barnier, said a deal is “within reach” as negotiations over the thorny Northern Irish border seem close to resolution. The pound is trading above $1.3200 this morning amid the optimism.

Source: Bloomberg

Petrotrin receives green light to proceed with terminations Published: 11 October 2018

  • Late yesterday evening Petrotrin was able to successfully block an injunction granted by the Industrial Court from taking effect, as the Appeal Court grants a stay on the ruling.  
  • It now means the company can now proceed with the termination process.

Source: Trinidad Guardian

Consumer Confidence rises to new high Published: 11 October 2018

  • Consumer confidence for 3rd quarter of 2018 was  at 172.6 points, up from 159.1 points in the 2nd quarter, according to survey numbers from the Jamaica Chamber of Commerce.  The boost in confidence is due primarily to views on current and future job prospects.
  • Business confidence on the other hand remains flat a 140, on the other hand, used economic growth prospects resulting from the recent depreciation in the local currency.  While firms are still bullish on investment, the latter has also caused some investors to be less willing to invest in new plant and equipment.

Source: Gleaner (Finance)