• British opposition Labour Party leader Jeremy Corbyn will unveil an election manifesto today promising radical changes across the economy, with “bankers, billionaires and the establishment” targeted.
• For all the noise that the launch is likely to create, markets still only see a Conservative victory in the Dec. 12 vote.
• There is little sign of any doubts creeping into that view, with sterling volatility remaining anchored in the wake of the first leader's debate. 

(Source: Bloomberg) 

• For the nine-month period ended September 30, 2019, the KLE Group reported a comprehensive loss of $2.67Mn (EPS: -$0.027) down from a profit of $3.29Mn (EPS: $0.03) reported one year prior.
• The reported loss was due to a decline in other operating income of 34.4% (or $8.16Mn) coupled with a drop in revenues of 1.8% (or $2.77Mn). Moreover, finance and depreciation expenses grew by 18.4% (or $2.15Mn) which also supported the weaker performance.
• The stock has declined 44.1% YTD and closed yesterday’s trading session at $1.76 per share. At this price, the stock trades at a P/B of 1.58x which is below the Junior Market average of 4.54x. 

 (Source: KLE Financials)

• ISP Finance recorded a 53.7% upswing in net profit to 40.55Mn (EPS: $0.39) for the nine-month period ended September 30, 2019.
• The upward move in the bottom line was a direct result of a 28.8% (or $56.64Mn) growth in interest income as well as a $15.07Mn expansion in other income.
• The stock has risen 64.5% YTD and closed yesterday’s trading session at $32.90 per share. At this price, the stock trades at a P/E of 59.3x which is above the Junior Market Financial sector average of 32.1x. 

 (Source: ISP Financials)

• Panama has placed $1.3Bn in bonds on the international market, at the lowest rates it has received, Economy and Finance Minister Hector Alexander said on Tuesday, November 19.
• The funds will be used primarily to pay interest on bonds due in January, he told a news conference. The 10-year bonds came with an effective interest rate of 2.83% and the 30-year bonds with a rate of 3.6%.
• Some of the money will also be used to help pay bonuses to retirees, he added.

(Source: Reuters)

• Singapore and Mexico signed a series of new cooperation agreements on Tuesday (Nov 19) that underscored the multi-faceted nature of ties between the two countries and pledged to conclude a region-wide trade deal by this year.
• Five Singapore agencies inked agreements with their respective Mexican counterparts following a meeting between Prime Minister Lee Hsien Loong and Mexican President Andres Manuel Lopez Obrador at the National Palace, where the two leaders welcomed the growing trade and investment cooperation between Mexico and Singapore.
• Among these were agreements to promote greater cooperation in water resource management, closer partnership in science and technology cooperation, and a renewed deal to team up on international development and tackle transboundary issues such as pandemic outbreaks.

(Source: Strait Times)

•  In the first live television debate between opposition leaders, U.K. Prime Minister Boris Johnson just edged out a lead over Labour’s Jeremy Corbyn, according to a poll.
•  But that’s being seen as a win for Corbyn, who was expected to be beaten more comprehensively. 
•  Corbyn received applause and landed verbal punches on Johnson, who struggled to win over an audience that laughed and groaned as he tried to steer the topic back to Brexit.
• The pound edged lower following the spectacle.

(Source: Bloomberg)

• Washington angered Beijing by passing a bill aimed at supporting protesters in Hong Kong and warning China against a violent suppression of the demonstrations.
• That’s as protesters sought to ramp-up disruption on transport networks, while this week’s university siege is still not completely over. 
• China responded to the U.S. by threatening to impose unspecified retaliation if the bill becomes law. That rebuke could hardly be more untimely for investors hoping a U.S.-China trade deal is nearing. 

(Source: Bloomberg)

• A tumble for crude oil futures on Tuesday could impact broader markets. Futures in New York slumped as much as 3.5% for their biggest drop since the end of September on a report saying American Petroleum Institute stockpiles rose by 5.95 million barrels last week, ahead of government figures due later today.
• A lack of progress on the trade war has also stoked concern around growth and the demand for energy, with the European benchmark, Brent crude, now down about 18% since April. 

(Source: Bloomberg)

• Dolphin Cove reported a 28.0% year-on-year decline in net profit to USD$2.12Mn (EPS: $0.54) for the nine-month period ended in September 2019. 
• Revenues increased marginally by 0.1% (or USD$16.89K) while direct expenses were up 21.0% (or USD$218.96K) over the period.  The performance was also affected by a US$508.82K increase in selling, administrative and other operational expenses , and higher corporate taxes.  
• The stock has declined 33.94% YTD and closed yesterday’s trading session at $10.90 per share. At this price, the stock trades at a P/E of 21.0x which is below the Junior Market average of 26.1x. 

 (Source: DCove Financials)

• The International Monetary Fund (IMF) has completed a two-week visit to Barbados. The IMF team, which was headed by Bert van Selm, was in the island from November 5-15 to complete its 2019 Article IV mission to Barbados and the second review under the Enhanced Fund Facility (EFF).
• At the end of the visit, the team issued a statement in which it confirmed that “The authorities’ BERT [Barbados Economic Recovery and Transformation] programme, supported by the IMF’s Extended Fund Facility, is on track.”
• The IMF elaborated that all program targets for the end of September 2019 under the EFF have been met. The program target for primary surplus was met by a comfortable margin, which bodes well for reaching the FY2019/20 primary surplus target of 6 percent of GDP. The Barbadian authorities also continue to make good progress in implementing structural benchmarks under the EFF.
• At the conclusion of the visit, the IMF team and the government reached a staff-level agreement related to Barbados’ performance under the EFF arrangement. Barbados will receive another drawdown of approximately USD$48Mn.

(Source: Barbados GIS)