• Net profit for the first quarter ended August 31, 2018, was US$938 thousand (EPS: ¢0.057), compared with US$834 thousand (EPS: ¢0.051), one year earlier. 
• The performance over the period was supported by a moderate growth in revenue and improvement in cost efficiency.
• Revenue grew by a modest 6.61% to US$4.06Mn relative to US$3.81Mn for the corresponding period in 2017.  At the same time operating expense ratio improved from 75.9% in 2017 to 74.7% in 2018.

Source: JSE, ECL Financials

• Jamaica slid one spot in the ranking of Global Competitiveness Index to 70 among 140 nations, despite improving in its score.  Jamaica’s score improved slightly to 57.9 from 57.4 a year earlier.
• Jamaica also lost its spot as the most competitive nation in the Caribbean region to Trinidad and Tobago which ranked 78.
• The US was top of the list for the first time in years.

Source: Financial Gleaner           

-       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

-       Streaming giant adds 6.96 million users globally in the quarter.

-       Outlook shows international markets will fuel the company’s growth.

Source: Bloomberg

-       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

-       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

-      Jamaica’s benchmark CPI index for September 2018 grew 1.1% in September. 

-       This was primarily influenced by 4.6% increase, in the index for ‘Housing, Water, Electricity, Gas and other Fuels’ due to increased rates for electricity, water and sewage. 

Source: STATIN

• 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

• 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

• 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