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▪ Home Mortgage Bank’s rating reaffirmed at CariA

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▪ 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-

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• Demonstrate to members the institution’s financial strength and

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• Employ it as a marketing tool to attract new members

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DATE

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REGIONAL

Trinidad and Tobago

UNC gets ready to roll out manifesto

ELECTION promises are being rolled out as Trinidad and Tobago moves

into local government elections and the 2020 general election.

Reasons why regular gas had to go

ONLY a small number of fishermen used regular gasoline, and it was simply

costing too much to continue importing it. These were among the reasons

why the State made the decision to stop the importation of the fuel,

according to acting Agriculture Minister Camille Robinson- Regis.

Barbados

BWA unveils new pension plan

After six years of the Barbados Workers’ Union (BWU) putting pressure on

the Barbados Water Authority (BWA), employees will finally be entitled to

a pension from the state-run agency.

Jamaica

Everything Fresh to acquire local meat company

MONTHS after listing on the Junior Market of the Jamaica Stock Exchange

(JSE), food importer and distributor Everything Fresh has signed an

agreement to acquire a local meat processor.

Jamaica grows 1.8 per cent for July quarter

Jamaica's economy grew by 1.8 per cent for the period July to

September 2018 when compared to the similar quarter of 2017, according

to latest data from the Statistical Institute of Jamaica (STATIN).

Eppley Graduates To Main JSE Market

Investment company Eppley Limited, which provides financing for

businesses, has become the first company to transition from the junior

market of the Jamaica Stock Exchange (JSE) to the main market in a

move described as net positive.

Jamaica Continued

Barita Delays Non-Renounceable Rights Issue

Barita Investments Limited has delayed its non-renounceable rights issue in

order to get shareholders' approval at an extraordinary general meeting,

EGM, on January 17.

The Bahamas

Bahamas ‘Closer Than Ever’ To A Sustainable Nhi

The Bahamas “is as close as it has ever been to sustainable National

Health Insurance (NHI)” with the Cabinet now awaiting the final report on

recent stakeholder consultations.

Bahamas Won’T ‘Blindly’ Rush Into Joining Wto

The Bahamas is pushing its next WTO talks back by one month, with its

chief negotiator pledging that the country will not “blindly” rush into

membership of global trade’s rules-setting body.

Non-Profit Sector ‘Lucrative’ Area For Financial Services

A well-known QC has backed the Government’s decision to spend more

time in getting non-profit regulation right, describing the sector as a

“lucrative practice” for the financial services industry.

Marathon Expecting To Match $2m Room Effect

MARATHON Bahamas organisers say they are confident that the 2019

event will generate “no less” than the $ 2m in hotel room revenue

produced by this year’s event.

Haiti

Ambitious objectives of Minister Stephenson

At the beginning of this new year, the Minister of Tourism, Marie Christine

Stephenson, has sent her greetings to the population, in a message that is

full of ambition and that we invite you to read:

St. Kitts and Nevis

New Year Day’s Message by Dr. the Hon Timothy Harris, Prime Minister of St

Kitts and Nevis, Monday, January 1, 2019 “Stronger and Better”

My very best wishes are extended to you for 2019. Like a beautiful

reflecting pool filled with our wishing coins, the New Year stands before us

aglow as a symbol of promise and possibilities for our people and country

to achieve even more than we did last year. In our moment of

retrospection we can pause to reflect on what for St Kitts and Nevis has

been a tremendously successful 2018. There is much for us to be grateful

about. At the start of 2019, we know that we have an even stronger

foundation upon which we will build the future for our beloved Federation

and its people.

Other Regional

Caribbean examines policies for a resilient and secure region

The Barbados-based Caribbean Disaster Emergency management

Agency (CDEMA) says climate change, development and security issues

require commitment to improving sustainable policy actions.

INTERNATIONAL

United States

Futures slide at start of year on concerns of global slowdown

U.S. stock index futures sank on Wednesday, offering no respite as Wall

Street comes off its worst year in a decade, as weak data in Asia and

Europe confirmed fears of a global economic slowdown, while the U.S.

government shutdown dragged on.

United Kingdom

UK factories build up stockpiles before Brexit, boosting PMI

British factories ramped up their stockpiling in December as they prepared

for possible border delays when Britain leaves the European Union in less

than three months’ time, a survey showed on Wednesday.

United Kingdom Continued

Sterling slips as Brexit concerns weigh

Sterling slipped on Wednesday, partially reversing some of the gains

notched up earlier this week, as strong factory surveys failed to dispel the

growing concerns over Brexit negotiations.

Europe

Euro zone factories ended 2018 on a low note

Euro zone manufacturing activity barely expanded at the end of 2018 in a

broad-based slowdown, according to a survey which showed scant signs

for optimism as the new year begins.

European shares start 2019 deep in the red

European shares started their first trading day of 2019 deep in negative

territory on Wednesday as fears about global growth, trade wars, rising

U.S. interest rates and political instability rolled over into the new year.

China

China fourth-quarter economic growth may fall below 6.5 percent

China’s economic growth could fall below 6.5 percent in the fourth

quarter as companies face increased difficulties, a central bank

magazine said on Wednesday.

Global

After brutal 2018, world stocks nurse a New Year's hangover

World shares started 2019 on a downbeat note, oil prices and bond yields

skidded lower and the Japanese yen strengthened on Wednesday as

data from China to France confirmed investors’ fears of a global

economic slowdown.

U.S.-China trade war takes toll on global manufacturing

Factory activity weakened across much of Europe and Asia in December

as the U.S.-led trade war and a slowdown in demand hit production in

many economies, offering little reason for optimism as the new year

begins.

Global Continued

Oil falls to $53 on economic worries, surging supply

Oil fell towards $53 a barrel on Wednesday, under pressure from rising

output in major OPEC and non-OPEC producers and due to concerns

about an economic slowdown that could weaken demand.

Yen stands tall as growth concerns curb risk appetite

The Japanese yen rose sharply across the board on Wednesday as

investors grew cautious on the first trading day of 2019 about spluttering

global growth and volatile equity markets.

UNC gets ready to roll out manifesto Wednesday 2nd January, 2019 – Trinidad and Tobago Express

ELECTION promises are being rolled out as Trinidad and Tobago moves

into local government elections and the 2020 general election.

Opposition Leader Kamla Persad-Bissessar says the United National

Congress (UNC) is preparing its manifesto and it promises the people

lower taxes and more jobs.

In response to questions from the Express via e-mail, Persad-Bissessar

stated that her government also intends to revisit two decisions made by

the Dr Keith Rowley Government with respect to Petrotrin and property

tax.

She added that her Government will focus on creating opportunities and

addressing poverty which in effect help curb crime.

'The UNC maintains that in order to make any real progress in the fight

against crime, the critical issues of poverty, education, joblessness and

lack of opportunities for young people must be addressed. And it is clear

that under this Keith Rowley administration all of these factors have been

exacerbated hence the increase in crime and criminality.

My government has and will focus heavily on investing in our nation's

human capital, by expanding educational opportunities from toddler to

adulthood. It is our intention to build on the projects we started, and

continue to invest in education in particular, which, as I've said, is a

passport out of poverty. Creating opportunities is key to reducing crime,'

she stated.

She stated a UNC government will transform from the East-West Corridor,

from Morvant to Sangre Grande into a hub of opportunities for young

people, by designating it as a growth pole.

'We will lower taxes for young entrepreneurs to create jobs in electronics,

e-waste recycling and manufacturing. We can manufacture medical,

office and school furniture,' stated Persad- Bissessar.

She stated crime-fighting initiatives will include allocating part of campus

at UWI Debe for training police, judicial officers

• Doubling as a faculty for both the public and training of the protective

services - Certificate - Diploma - Degree - Degree in Policing - Post

Graduate degree for Protective Services

• A new facility for forensic science. Dual purpose as a training facility as

well as a working facility in evidence processing.

• Integrating this facility into protective services training. All members of

protective services should at least have a certificate level qualification

before entering service.

She stated that these are just a few of the measures that the UNC have

developed, following consultations with stakeholders. Persad- Bissessar

stated that committees were created to examine and refine proposals on

this critical issue because we are well aware of the urgent need to re-

establish a safe and secure environment for our citizens. The UNC

manifesto, she stated, is not just a manifesto but a roadmap to 30+ years

of development for T& T as thought must be focused on long-term and

work for the generations ahead.

Send e-mails She stated that work is being done by many different arms of

the party and strong efforts are being made to meet with and consider

the ideas of the general public whether they live in Port of Spain, the

corridor, central, the east or south.

'We have an open door policy for ideas, everything is being considered.

As you know, I have always strived to engage with citizens, to listen to their

concerns and ensure that our party is working to develop solutions on the

issues that matter most to them,' she stated.

'We have a seen a steady stream of people coming on board to make

suggestions to the party based on my calls for people to get involved. We

welcome all persons who want to make Trinidad and Tobago a better

place and I ask them to continue to speak with our parliamentary

representatives, local councillors and party officials about their ideas,' she

added.

Persad-Bissessar stated that people can also e-mail their thoughts to her

for consideration at kamlapb1@gmail.com.

'I can't promise that I will directly respond to all e-mails, but I do promise

that all of the ideas and comments will be read by our teams which are

assisting in the development of the manifesto,' she stated.

Persad-Bissessar stated her government will open the Couva Children's

Hospital and work hard to increase sports tourism utilising the National

Cycling Velodrome, the National Tennis Centre and the National

language e.g. autism, dyslexia etc. We will introduce medical

examinations to detect diseases, malformations and abuse at an early

stage.

The laptop programme, she promised, will resume.

Persad-Bissessar stated the UNC will focus on lifelong education for all,

using the GATE programme to focus not only on university education but

also on creating a culture of retraining and retooling our citizens.

The real opportunity, she stated, lies in enhancing our capability and

capacity in the global economy, particularly in the digital economy to

take advantage of the fourth industrial revolution.

Boost for business

Another part of the grand plan is giving businesses a boost.

'We have proposed a phased reduction in corporation tax over a five-

year period to 20 per cent,' she stated.

Persad-Bissessar stated this will attract foreign investors, give a boost to

small and medium-sized manufacturers and increase investment in plant,

equipment, efficient technology and research and development.

'Over the five-year period due to the phased basis, the impact on

government revenues will be offset by increased jobs and increased

productive capacity of our local businesses,' she stated.

'Increased jobs will lead to a reduction in persons on the social service

safety net and will result in saving to the Government. Increased

productive capacity, although coupled with a lower tax rate, will result in

larger revenues for the government,' she added.

'In essence, taxing at a lower rate of a much larger economic pie as

compared to taxing a higher rate of a smaller and declining economic

pie,' Persad-Bissessar continued.

She stated that businesses must be able to expand, rather than taxing

them into contraction. Local businesses, she stated, are at a grave

disadvantage at current taxation rates.

'The government I led was working to diversify the economy, equip

citizens with the skills to enter the digital age, create sustainable well-

paying jobs, and bring in new investments and much-needed foreign

exchange, and we will resume our work in these areas when we return to

office,' stated Persad-Bissessar.

This month, Persad-Bissessar pointed out that the UNC will convene a

national assembly where it shall announce the opening of nominations for

local election candidates and sometime thereafter opening of

nominations for general election candidates.

<< Back to news headlines >>

Reasons why regular gas had to go Wednesday 2nd January, 2019 – Trinidad and Tobago Express

ONLY a small number of fishermen used regular gasoline, and it was simply

costing too much to continue importing it. These were among the reasons

why the State made the decision to stop the importation of the fuel,

according to acting Agriculture Minister Camille Robinson- Regis.

The minister responded in a statement to an Express query over the

rationale behind the decision, which has been criticised by fisherfolk and

some who used the fuel to power their cars.

On December 17, the Ministry of Energy and Energy Affairs announced

the cessation of the supply of regular gasoline (RON 83) to the local

market.

At the pumps it cost $2.60 per litre. Fishermen and some drivers must now

use super gasoline, which costs $4.97 per litre.

According to Robinson-Regis, Paria Fuel Trading Company, one of the

companies formed after the closure of Petrotrin, assessed that the

importation of the regular fuel was uneconomical 'as the volumes are

small, the fuel is not a standard grade and is rarely produced by most

regional refineries.'

The minister said while there is currently no specific data on the number of

non-artisanal fisherfolk who will be impacted by this decision, the Ministry

of Agricultures was mindful of the contribution made by all fisherfolk.

Robinson-Regis said that factors also considered in the decision to end the

importation of regular fuel included the high cost of its importation, limited

data on fisherfolk, Tobago fisherfolk having no access to the fuel and

offshore longliners and trawler using diesel for their operations.

Robinson-Regis said that through the Ministry of Agriculture the

Government has proposed to make available additional resources for the

fisherfolk.

Additionally, this decision will be reviewed as time progresses to ascertain

the impact on stakeholders.

According to the ministry, there already exist subsidies and financial

assistance to those in the fishing industry.

Among the incentives are the fishing vessel subsidy comprising 25 per cent

of the purchase cost of pirogues to a maximum of $5,000 is provided for

vessel replacement, and a 10 per cent of the purchase cost of new semi-

industrial/ industrial type vessel to a maximum of $50,000.

There is also a Value Added Tax (VAT) exemption on the purchase of

marine accessories, engine parts (locally), of new locally built fishing

vessels and duty and VAT exemption on imported engines, engine parts

and marine accessories.

President of the Claxton Bay Fishing Association Kishore Boodram said

there are available relief and subsidy initiatives fisherfolk can access.

However, he said the discontinuation of the regular gas will result in higher

fish prices, fewer fishermen and an increase to unemployment.

He said several fishing associations throughout the country met and

discussed the next step. Boodram said the fishing associations intend to

write to the Prime Minister and Minister of Energy to hold discussions on a

way forward for the fisherfolk.

<< Back to news headlines >>

Bahamas ‘Closer Than Ever’ To A Sustainable Nhi Monday 30th December, 2018 – Tribune 242

The Bahamas “is as close as it has ever been to sustainable National

Health Insurance (NHI)” with the Cabinet now awaiting the final report on

recent stakeholder consultations.

Dr Duane Sands, pictured, minister of health, told Tribune Business that “it

shouldn’t be too long” before the NHI Authority, chaired by Dr Robin

Roberts, submits its report to the Minnis administration on the outcome of

talks with healthcare professionals, the private sector, trade unions and

Bahamian public.

Confirming that the consultation period had ended just prior to Christmas,

Dr Sands said it was “all systems go” towards the next step in the

Government’s NHI plan, which is for the Cabinet to determine how, when

and what form the scheme should take to achieve its healthcare

objectives.

He also conceded there was merit to private sector and healthcare

industry concerns as to how the NHI Authority had arrived at the $1,000

annual premium cost for the Standard Health Benefit (SHB), the scheme’s

minimum level of coverage, as it would be akin to “shooting in the dark”

on costs without agreeing provider and facilities fees with doctors and

others.

“I met with them a week-and-a-half ago, and they’re pretty much

wrapped up and writing their report,” Dr Sands told this newspaper of the

NHI Authority. “When they’ll be completed with their report for Cabinet I

can’t say, but it shouldn’t be too long.

“I think the most important thing is we get a real snapshot of the opinions

of the many different stakeholders. Once we get that in black and white it

will be very beneficial to the Cabinet of The Bahamas in terms of deciding

how to proceed.”

Dr Sands said the NHI Authority was “not too many standard deviations off

the general timeframe” for the revised NHI scheme’s roll-out that was

outlined in its original 22-page policy document.

“I honestly think the process of reviewing the past NHI roll-out and

execution, then determining what worked and didn’t work, and looking at

ways of sustainable approaches to NHI, presenting a proposal and

getting general opinions from the public, good and bad, gets us as close

as we’ve ever been to a sustainable NHI product,” he told Tribune

Business.

“I’m excited that we’ll have an opportunity to dig into something that has

many facets we’ve never seen before. We actually have a model in

place, patients being seen and now an opportunity to see how we can

deliver the NHI product people say they want.

“It’s all systems go to the next step of the process; submitting to Cabinet,

and the Cabinet of The Bahamas will look holistically at everything

presented and make a decision about how, what and when to proceed.

We now have a substantial body of evidence on which to base a

decision.”

Dr Sands was unable to say when the NHI Authority report will make it on

to the agenda for Cabinet’s consideration, but suggested it may involve a

“face-to-face presentation” by Dr Roberts and his team.

Much of the NHI discussion to-date has focused on the proposed funding

mechanism, which involves a National Insurance Board (NIB) payroll-type

tax equivalent to either 2 percent of a worker’s salary or a maximum of

$500 per year ($42 per month) - whichever is greater.

The Bahamas Chamber of Commerce and Employers Confederation

(BCCEC), in particular, has warned that such a mechanism will further

increase the private sector’s labour costs at a time when companies and

consumers are both struggling to absorb the Budget’s VAT hike to 12

percent.

And the Chamber, as well as the Bahamas Insurance Association (BIA),

have expressed concern that the $1,000 pricing for NHI’s SHB package

may well underestimate the true costs - especially given that the

Government wants to expand the benefits package beyond the existing

primary care to also include secondary care.

The Chamber is particularly worried that failing to accurately calculate

NHI’s costs will lead to ever-increasing tax demands being placed on the

private sector to cover the financing gap and sustain the scheme.

Together with the BIA, it has pointed out that it is impossible to predict

NHI’s costs given that no fee structure has been agreed with doctors,

providers and healthcare facilities.

Dr Sands, though, said NHI’s financing mechanism was not set in stone

while conceding that an agreement on fees was essential. “I think the

Prime Minister has made it very clear in his direct utterances that no final

decision has been made by the Cabinet of The Bahamas on how any NHI

programme will be funded,” he told Tribune Business.

“You’re going to have to have enforceable agreements for healthcare

providers, facilities, diagnostic facilities otherwise you’re shooting in the

dark.”

Dr Sands praised the “level of enthusiasm and commitment” with which

the NHI Authority had conducted its work, adding that it had addressed

the legacy issues left behind by the former Christie administration.

“They’ve dealt with the legal and legislative challenges in the roll-out of

NHI in the absence of the Authority, and they’ve dealt with legacy

decisions made, continued to provide benefits and expand the patient

pool,” he added.

“They’ve determined the primary care component is hugely popular, and

made good progress in establishing an IT framework that functions at a

level and cost that is not prohibitive.”

<< Back to news headlines >>

Bahamas Won’T ‘Blindly’ Rush Into Joining Wto Monday 30th December, 2018 – Tribune 242

The Bahamas is pushing its next WTO talks back by one month, with its

chief negotiator pledging that the country will not “blindly” rush into

membership of global trade’s rules-setting body.

Zhivargo Laing told Tribune Business that The Bahamas’ next meeting with

the WTO Working Party, whose members include all the countries

interested in trading with this nation, was likely to take place towards the

end of February rather than the initial end-January target.

He explained that The Bahamas had sought the delay to ensure that the

Government and private sector arrived at “an agreed position” on any

changes to this nation’s initial goods and services offers, with some

industries yet to respond with the negotiating position they want Mr

Laing’s team to take.

Reiterating previous promises to work “hand in hand” with the private

sector to achieve the best WTO accession terms for The Bahamas, Mr

Laing said there was “no other way” this could be achieved other than

through the closest possible partnership between government and

business.

He added that the Government’s target of completing negotiations for

full WTO membership by end-2019 was not a date set in stone, adding

that the pace of negotiations depended on whether The Bahamas

obtained the desired economic gains and benefits.

Mr Laing expressed optimism that The Bahamas had “a legitimate case”

for maintaining the status of industries listed in the current National

Investment Policy as reserved for Bahamian ownership only - a goal he

said his team would seek to achieve “as as much as possible”.

He added that the Government would also seek to keep existing tariff

protections for Bahamian manufacturers and other vulnerable industries

that rely on them to maintain their competitiveness against foreign

imports, even though this nation must reduce its average tariff rate from

32 percent to 15 percent.

Mr Laing said little had changed since The Bahamas’ last Working Party

meeting in September, although its members had submitted questions

and clarification requests on this nation’s legal and regulatory regime for

trade.

The Bahamas has already submitted replies, and Mr Laing said: “We do

have another Working Party meeting that is being planned for early in the

New Year, and that was initially intended for the end of January.

“We indicated to the WTO that we had undertaken to consult with the

various sectors prior to any amendment to our offers so that our changes

reflected consultations with the sectors. Because we’ve not heard back

from some of our sectors on these discussions with them, we do not want

to go ahead.”

With the WTO Working Party requiring that any information relating to an

upcoming meeting be provided at least one month in advance, Mr Laing

added: “We would not have been able to do that without meeting with

and hearing from the sectors.

“We’ve indicated to the sectors we will walk hand in hand with yourselves,

and that’s a promise I’m keeping. We haven’t gotten all the feedback

from them. We want to do that prior to any adjustments presented to the

WTO at the next meeting.

“We expect that perhaps that meeting will be held at the end of February

so we’re able to meet with all the sectors and come to an agreed

position on how we move forward. It is a commitment. It is the way we are

committed to moving forward. I can’t see any other way to do it. I really

can’t.”

It is the business community, not the Government, that will have to live

and work with the terms the latter agrees for The Bahamas’ accession to

full WTO membership - a key element in the Minnis administration’s

strategy to modernise the economy, deregulate, diversify and liberalise it

by attracting new industries and growth opportunities.

“What is going to happen, to the extent we and the private sector are

able to come to terms with what we believe to be in the best interests of

the country going forward, we will put those motions to the WTO and, to

the extent they are accepted and negotiated, that will determine the

pace,” Mr Laing added.

“I am not taking an approach that says you must get to some date

whether or not we are able to achieve for the people of the country the

aims we are seeking to achieve. Whether the pace picks up depends on

how members of the Working Party respond to the positions we put

forward.”

Mr Laing, a former minister of state for finance, who first communicated

The Bahamas’ desire for full WTO membership when he was responsible for

trade in 2001, was adamant that The Bahamas’ negotiations are driven by

achieving the best possible deal for the country - not hitting some target

date.

While the Government had previously eyed December 2019 for

concluding negotiations, The Bahamas’ chief negotiator said this related

to the fact that global trade ministers were supposed to be meeting then

to ratify new accessions. That meeting has now been put back to June

2020.

“That does not mean the Government is simply blindly trying to arrive at

that date without achieving the gains, benefits and manageable

adjustments for the country,” Mr Laing told Tribune Business.

He confirmed that the Government was seeking to maintain the existing

National Investment Policy, which reserves industries such as retail,

wholesale and real estate for Bahamian ownership only, as best as

possible in the WTO negotiations.

“This remains our aim - to preserve as much as possible those reserved

areas, where we believe we have a legitimate case to be made for

reservations,” Mr Laing said. “We’re asking to reserve as much of that as

possible, and to ensure Bahamian manufacturers and farmers have the

best ability to continue to develop their industries and have their products

and services available for the Bahamian public.”

He added that the Government was also seeking to maintain existing tariff

levels for vulnerable domestic industries, such as manufacturing, so that

they remained competitive versus rival imports.

“It could even be a little better than maintain,” Mr Laing said. “There may

be a more strategic mechanism to offer these sectors the best opportunity

to compete. There are WTO compliant methods to do it, and some

methods even simpler than the way we’ve done it in the past.

“We’re going to do what works for The Bahamas in keeping with these

international trading rules and practices. That makes good sense. We’re

going to do what works for the growth, the economic viability of our

sectors, and maximise the economic benefits for the country. We’re not

trying to do it; that’s what we’re going to do.”

<< Back to news headlines >>

Non-Profit Sector ‘Lucrative’ Area For Financial Services Monday 30th December, 2018 – Tribune 242

A well-known QC has backed the Government’s decision to spend more

time in getting non-profit regulation right, describing the sector as a

“lucrative practice” for the financial services industry.

Brian Moree QC, senior partner at McKinney, Bancroft & Hughes, told

Tribune Business that The Bahamas needed to strike the correct “balance”

between meeting international standards for fighting financial crime while

ensuring it remained a competitive jurisdiction for civil society and non-

profit groups.

“I was very pleased to see the Government deferred the passage of the

Non-Profit Organisations Bill in order to complete public consultation,” he

said. “It is important to get that right, and get it right in the sense of The

Bahamas meeting the international standard but not undermining market

utilisation of that product.

“Non-profit organisations are a rising area for specialist clients, and it is a

lucrative practice area for the financial services industry in terms of

charities, foundations. Some of the foundations are very large, and bring

significant advantages to the jurisdiction in which they operate and are

established.

“We don’t want to marginalise the business to the point where we’re

uncompetitive against regional competitors or we eliminate basic market

utilisation. That means getting the balance right between regulation and

international standards, and market needs and utilisation,” Mr Moree

added.

“The additional time taken to finalise the Bill and consult with stakeholders

will be very important and improve the end product.”

The Bill, as drafted, will apply to all charities and foundations such as the

Salvation Army and Bahamas Feeding Network; advocacy groups such as

Save the Bays and the Organisation for Responsible Governance (ORG);

and environmental activists such as reEarth.

The Financial Action Task Force (FATF), the organisation that sets the

global standards for combating money laundering and terrorism

financing, is putting the pressure on The Bahamas to pass this latest

legislation. It is understood to be particularly vexed by what it views as

minimal to non-existent regulation of non-profits by The Bahamas.

However, the Christian Council and Bahamian churches are seeking “a

complete exemption” from the Non-Profit Organisations Bill and its

provisions, citing one other jurisdiction that had developed a law

exempting the church from such regulation, and arguing that it had

established a precedent to justify their demands.

Bishop Delton Fernander, head of the Christian Council, said: “We met

with the Attorney General. We had our lawyers put our case forward,

citing jurisdictions. We will wait and see what the new Bill looks like and

make our position known from there.

“We are at the point now where we have made our case from a legal

perspective. We’re just waiting to see what the new bill looks like, if it takes

into consideration what we proposed or not. Then, if it does or doesn’t, we

will make our position very clear.”

Carl Bethel QC, the attorney general, though, has described the church’s

viewpoint as an “unsustainable position”, adding that the information he

possessed contradicted their assertions. While agreeing that one country

had drafted such a law, he added that it never been brought to

Parliament or passed on to the statute book.

Mr Bethel previously told Tribune Business that it had “accommodated 80-

90 percent” of non-profit concerns over plans to regulate the sector,

adding: “At the end of the day, the Government does not wish to make

life difficult for anybody. We don’t want to make it so difficult for non-

profits to function that we drive them out of their causes.

“It’s in this light that the Government has taken on as many of their

concerns as we possibly can, and is still trying to find other ways to make

the Bill more effective and serviceable.... We’ll come up with something

broadly acceptable, and I think they’ll be alright.”

<< Back to news headlines >>

Marathon Expecting To Match $2m Room Effect Monday 30th December, 2018 – Tribune 242

MARATHON Bahamas organisers say they are confident that the 2019

event will generate “no less” than the $ 2m in hotel room revenue

produced by this year’s event.

Paul McWeeney, president of Sunshine Insurance, organiser of an event

now in its 10th year, told Tribune Business: “This is going to be our tenth

year anniversary and so we’re making it a bit more exciting.

“We have prize money involved, and all plans are in progress and on time.

We are really excited about it this year. We expect to have a significant

amount of, as we have in the past, international competitors attending.

We also look forward to the Susan G Komen event.”

Marathon Bahamas will take place on January 20, 2019, one day after the

Susan G Komen Bahamas Race for the Cure. Both events are part of

Sunshine Insurance’s Race Weekend series.

Marathon Bahamas has been listed as one of the top 50 races in the

world outside of the UK, and has won a Tourism Impact Award. For the first

time, a $10,000 prize will be awarded to winners of the marathon and half-

marathon, in what is being dubbed “Ten for 10”. Organisers hope that the

new prize purse will entice even more runners to take part.

“Last year we’re proud to say that we generated over $2m in room

revenue for the country, and that’s just dealing with the hotels,” said Mr

McWeeney. “There were other related businesses such as restaurants, taxis

etc. This has now become a major national event. It’s been voted as one

of the 50 best marathons in the world by Runner’s World UK, and is getting

a lot of attention internationally.”

As to the potential economic impact of the event, Mr McWeeney said:

“It’s a bit too early to say at this point in time, but we are confident that it

will be no less than 2018.”

He added that registration for Marathon Bahamas has been in line with

expectations. “What tends to happen is most of the registration starts

coming in towards the end of the year. That’s typically how it works,

persons wait for the last month to do things, and it’s a trend we have seen

for a number of years. Registration is in line with our expectation at this

point in time,” Mr McWeeney said.

<< Back to news headlines >>

New Year Day’s Message by Dr. the Hon Timothy Harris, Prime Minister of St

Kitts and Nevis, Monday, January 1, 2019 “Stronger and Better” Wednesday 2nd January, 2019 – SKN Vibes

My very best wishes are extended to you for 2019. Like a beautiful

reflecting pool filled with our wishing coins, the New Year stands before us

aglow as a symbol of promise and possibilities for our people and country

to achieve even more than we did last year. In our moment of

retrospection we can pause to reflect on what for St Kitts and Nevis has

been a tremendously successful 2018. There is much for us to be grateful

about. At the start of 2019, we know that we have an even stronger

foundation upon which we will build the future for our beloved Federation

and its people.

It is this idea of positive metamorphosis and transformation that is at the

heart of every New Year’s wish and resolution – and it is what guides my

Team Unity administration in laying out our New Year’s agenda for the

Country.

We commence 2019 from a unique position. Our fiscal health is at its very

best. We have no IMF standby agreement. We paid off the $117 million

debt to the IMF in 2016 which was left behind by our predecessors,

thereby earning our right to sovereign control over policy prescriptions.

Having sustained economic growth for four years in a row, we can build

on this momentum and continue to create the right economic conditions

for citizens and residents in 2019. Our people expect more jobs, the

opportunity for higher wages and salaries, increasing FDIs, and overall

improvement in their quality of life.

In my 2019 Budget Address accompanying the Appropriation 2019 Bill

(2018) I outlined several growth drivers of our economy and how we

would sustain this progress with greater agricultural production,

strengthening the manufacturing sector, a surge in construction,

expanding tourism etc. We budgeted $150 million of capital expenditure

to improve the quality of life and living in St Kitts and Nevis. The

continuation of the resurfacing of our island main road, the completion of

community roads in Molineux, Lodge Project, Cayon, Sandy Point,

Challengers and so on will continue.

We will continue to invest in the socio-economic infrastructure of the

Country. The Old Road Bay Rehabilitation and Expansion project will get

started as part of our commitment to rebuild that road in a more resilient

way: stronger and better. This is an enduring theme for this Team Unity

Government and the country. We anticipate further improvement in our

Security infrastructure to wit the construction of the Sandy Point Police

Station, the completion of our Coast Guard, the Customs annex building

and the widely anticipated BHS.

Our investment in Basseterre High School with its model learning spaces,

labs, emphasis on Science, Technology, Maths, Engineering, music and

arts comes from personal experiences and knowledge of the

transformative role of education. Education is the key to opening new

paths for everyone and for doing so at every stage of their lives. Those

who since 2012 failed the students and staff of Basseterre High School will

not be allowed in 2019, to deny our students and teachers the best of

their future.

We have committed to spend over $30 million to reform the education

sector focusing on curriculum reform, re-emphasing technical and

vocational training, certifying our programmes and lending clarity to the

kind of competence our people achieve. There is still much work to be

done to close the gap in our security infrastructure.

We place the health and well-being of our people at the heart of what

we do. In the Health sector we expect the St. Peters Health Centre to

commence, and the Tabernacle Health Centre to be completed. These

centres will be important access points for good quality health care so

that people can seek care for themselves and get better faster. We care

for our people. The health of our people is critical to the well being of our

nation. We will advance our universal health insurance project.

These significant central government expenditure projects will be

complemented by major investments such as the further built out of our

2nd cruise pier, housing developments by the NHC and the Development

Bank through the robust implementation of our government employees’

mortgages programme. Some 153 applicants will draw down on $30

million invested by our Government. More will come in the human

settlement sector.

By redeeming some five hundred (500) acres of land we will free up 4500

plots of land for our young and not so young to own a piece of the rock

particularly in Cayon, Lodge, Ottleys and La Vallee. We give wider choice

to our people and encourage all to exercise the right to own. All are

encouraged to be part of the prosperity agenda.

Turning to our support for commerce and our commitment to energising

business, private sector projects will include the commencement of the

restoration and renovation work of Ottleys Plantation Hotel. Work will

continue apace on several hotel properties under construction. TDC is to

commence a middle / high income housing development at Dewars and

several other projects are to come on stream. We will support all efforts at

entrepreneurship, as a vibrant private sector is a sine qua non for

economic wellbeing.

Good Governance

In addition to creating the right circumstances for businesses and

individuals to thrive, we have ensured that we run the business of

government by observing the highest standards. In 2019 we shall

advance our already expansive delivery of the good governance

agenda. We have to date restored our parliament to regular settings. Last

December our parliament sat 3 times. This brings the number of sittings for

2018 to a record 11 meetings in 12 months. In 2014 the Parliament met for

business only 3 times. So in one month we accomplished what our

predecessors took 12 months to do. In December one of these sittings was

devoted to debate and vote on the Motion of No Confidence put by the

very group that refused to table, debate and vote on 3 Motions of No

Confidence submitted to the National Assembly during 2012 and 2013.

The former regime refused to allow a debate and vote on the Motions of

No Confidence even when it was clear it did not command the support

of a Majority of MPs. Yet with such an abominable record they who are

now in Opposition called for an urgent debate on an ill-conceived

Motion. We are committed to a better way and this includes observing

the principles of democracy. We facilitated the Motion of No Confidence

and it was defeated, in fact becoming a vote of confidence in this

government, in what it has achieved and in what it plans to do going

forward on behalf of our people. Democracy is at an all time high, firm

and secure under Team Unity.

Truth be told, Team Unity has advanced the good governance agenda

further than its predecessors by:

1. Passing the Freedom of Information Act;

2. Operationalization of the Integrity in Public Life Act;

3. Passing the Public Accounts Committee (PAC) Act. This Act has

been hailed by the former Prime Minister of Antigua and Barbuda Baldwin

Spencer as a landmark legislation advancing the work of the PAC. Our

Director of Audit and Accountant General hailed the passage of the Act

as an encouraging development in good governance;

4. We have opened up the state own broadcasting station to the

extent that news items are made of press conferences by the Opposition.

An historic first. Another historic first during the last 20 plus years has been

the airing of the Christmas Day address by the Leader of the Opposition

on state owned Radio and TV. This facility was never given to former

Leaders of the Opposition;

5. We have improved access to justice by increasing the number of

resident judges available in Basseterre. Additionally, we intend to open a

family and juvenile Court, thereby protecting our young people and

enhancing juvenile justice while simultaneously providing better

opportunities to resolve family issues;

6. We will tackle the matter of marijuana decriminalization or

legalization;

7. New policies and legislation to enhance the good governance

agenda will be acted on in 2019. We will move ahead with legislation on

term limits, electoral reform, the reform of CBI, and we will legislate on

reasonable time for debating and voting on Motions of No Confidence.

No Parliament should be held hostage to the dictates of creeping

dictatorship evidenced prior to February 2015. We will amend the act on

public service to enhance the rights of civil servants while simultaneously

protecting the government from those who wish to sabotage and stymie

its functioning.

The Society We Deserve

I am honoured and privilege to be afforded the opportunity to serve my

country and beloved citizens and residents as Prime Minister. It’s an

awesome and onerous responsibility. With God’s help and the prayers of

many we have kept Team Unity alive and well. We intend over the next

ten years to open new paths for all our people.

That is why I was personally moved to assist directly nearly four thousand

(4000) families with a top up of EC $500 monthly. These persons have

been touched by our caring government and their lives have been made

better for it. Some people do need a helping hand to enable them to

enjoy a life full of choice and independence. Thousands have had their

lives improved – homes repaired and renovated, grants for farming and

fishing, jobs created, their sons and daughters put on scholarships.

My government will always be compassionate and have a heart for the

poor. We will implement programmes to help more of the sons and

daughters of poor families and we will empower those with rough

beginnings to improve their lives, standing and status by adopting to a life

of responsibility.

The task of National building calls for a progressive agenda for St Kitts and

Nevis. We aim for a society where every boy and girl, man and woman

should be able to go as far as their talent, ambition and effort take them.

We aim for a society that is just and everyone accepts his or her

obligations and responsibilities.

I remain committed to the Federation of St. Kitts and Nevis being a great

equalizing nation where it is possible to rise to greatness no matter what

family you are born into – indeed, even if you grew up walking

barefooted and wearing patched clothes, each and every one of you

can travel the path to success and respectability, and each and every

one of us can rise – in standing and stature like so many have done

bringing joy and inspiration to our families, communities and nation.

Conclusion

If as a Country we are to remain ahead of the game we need our people

to seize the opportunities as they emerge so that we can continue to be

stronger and better. This means being disciplined, productive and

showing greater creativity in solving problems and exercising choices for

our upliftment and that of our Country.

Our Cabinet is excited about 2019. We feel that our country and people

are favored by God. Let us therefore go forward together in this New Year

building a stronger and better future for all.

<< Back to news headlines >>

Ambitious objectives of Minister Stephenson Wednesday 2nd January, 2019 – Haiti Libre

At the beginning of this new year, the Minister of Tourism, Marie Christine

Stephenson, has sent her greetings to the population, in a message that is

full of ambition and that we invite you to read:

Message from the Minister of Tourism:

"I'm happy to tell you that at the Ministry of Tourism we are starting a new

year with a lot of ambitions. We are working hard to bring Haiti back to

being a leader in Caribbean tourism destinations.

Each one at his level can contribute to the construction of this building

and together we can ensure that, through tourism development, our

country becomes the haven of peace we all need. With the Ministry of

Tourism, you can realize your dreams and your hopes.

May this new year 2019 be the beginning of a new era for all. That it brings

you the audacity to believe in your projects, courage to circumvent the

obstacles, to go ahead of the risks and especially to dare.

The Ministry of Tourism wishes everyone a happy and joyful year 2019, and

a prosperous year in which your expectations will be met."

<< Back to news headlines >>

Caribbean examines policies for a resilient and secure region Monday 31st December, 2018 – Jamaica Observer

The Barbados-based Caribbean Disaster Emergency management

Agency (CDEMA) says climate change, development and security issues

require commitment to improving sustainable policy actions.

“Resilient development is not just about survival and bouncing back, but

about being able to thrive,” CDEMA said as it reflected on a one-day

regional consultation held in Aruba earlier this month.

The consultation was held under the theme 'Climate and Security in the

Caribbean: A Roadmap to Resilience' and regional policymakers,

practitioners and young people were asked to consider what are the

actions required for a resilient and secure Caribbean.

CDEMA executive director, Jamaican Ronald Jackson, has noted the

peculiarities of the Caribbean and how these have given rise to the

specific challenges facing the region.

“Our future survival rests within our ability to pool our collective capacities

to offer a more favourable common destiny.

“This consultation is a welcoming engagement for the Caribbean

community to both contribute to the global discourse on planetary

security and at the same time continue our global advocacy on our

efforts to garner action on the agenda of climate change, and to support

our regional resilience-building agenda here in the Caribbean,” he

added.

CDEMA said that the discussions highlighted the importance of pursuing

resilience-building to all stakeholders.

“Resilience is a part of daily life when facing climate change, and it is

critical to develop adaptive capacity. The youth also lent their voices to

the discussions and emphasised the importance of engaging the youth,

who are capable of bringing new perspectives to addressing the climate

change issue and building their capacity to play a greater role in the

resilience agenda.”

The Barbados-based organisation said that at the end of the consultation

stakeholders agreed on some key outcomes including strengthening

regional coordination, improving capacity — including financial

mechanisms, and enhancing knowledge on climate and security;

advancing food and water security and renewable energy transition; and

advocating for stronger political support.

The regional consultation was co-organised by CDEMA, the Netherlands

Government, the Aruba Centre of Excellence for Sustainable

Development of Small Island Developing States, the Clingendael Institute,

and the Planetary Security Initiative.

<< Back to news headlines >>

Everything Fresh to acquire local meat company Wednesday 2nd January, 2019 – Jamaica Observer

MONTHS after listing on the Junior Market of the Jamaica Stock Exchange

(JSE), food importer and distributor Everything Fresh has signed an

agreement to acquire a local meat processor.

In a statement on the JSE, the company advised that, effective

December 14, 2018, it entered into a Memorandum of Understanding and

Letter of Intent with the meat processor and expects to complete the

transaction on or before February 14, 2019.

Details of the transaction were not disclosed.

“This acquisition is expected to continue to vertically integrate EFRESH,

reduce costs for final deliveries of products to customers, and to

commence EFRESH's manufacturing arm in quarter one 2019,”

management reasoned.

The company further stated that it expects to continue its “acquisitive

food sector roll-up strategy” in 2019 with a collaborative approach.

Everything Fresh's acquisition follows on losses of $17.5 million the

company reported for its third quarter ended September 30, 2018. The

losses reflected a decrease of 256 per cent or $28.7 million over the

corresponding quarter of 2017, which, according to Managing Director

Courtney Pullen, was attributable to temporary competitive pressure.

Revenues for the quarter stood at $421.9 million, $28.3 million lower than

September 2017, while total expenses climbed $4.8 million to $29.9 million

year over year reflecting increases in professional fees, director's fee and

general administration.

Everything Fresh closed the quarter with cash and cash equivalents of

$272.2 million.

From its Initial Public Offering in May 2018, Everything Fresh raised $390

million from the issue of 156 million shares at $2.50 each. At the time, the

company said the funds raised would be used to provide working capital

support, increase its inventory, and widen its customer base.

<< Back to news headlines >>

Jamaica grows 1.8 per cent for July quarter Wednesday 2nd January, 2019 – Jamaica Observer

Jamaica's economy grew by 1.8 per cent for the period July to

September 2018 when compared to the similar quarter of 2017, according

to latest data from the Statistical Institute of Jamaica (STATIN).

The growth was attributable to improved performances in both the goods

producing industries, up 5.1 per cent; and the services industries, up 0.7

per cent.

According to STATIN, the positive performance of the goods producing

industries were due to increased output in mining and quarrying, 51 per

cent and construction, 3.7 per cent. However, manufacturing declined by

0.3 per cent, while agriculture, forestry and fishing remained unchanged.

“Growth in the mining and quarrying industry was due mainly to the

reopening of Jiuquan Iron and Steel Company (JISCO) Alpart refinery. The

construction industry's performance reflected increased activities in the

civil engineering subgroup, the major contributor to this growth was work

associated with the continued expansion of road infrastructure,” Statin

said.

It added that the fall in manufacturing was due to lower output levels

within the other manufacturing subindustry, largely due to lower

production levels in petroleum refining and non-metallic minerals.

All industries within the services industries recorded higher levels of output

with the exception of electricity and water supply which declined by 0.1

per cent and the producers of Government services which remained

unchanged for the review period.

Increases in value added were also recorded for wholesale and retail

trade; repairs; installation of machinery and equipment (0.8 per cent),

hotels and restaurants (2.1 per cent), transport, storage and

communication (1.4 per cent), finance and insurance services (0.7 per

cent), real estate, renting and business activities (0.5 per cent) and other

services (1.2 per cent).

Growth in the hotels and restaurants industry was influenced by improved

performance in hotels and other short-stay accommodation, restaurants,

bars and canteens. The performance of hotels and other short-stay

accommodation was impacted by the 3.8 per cent increase in foreign

national arrivals.

The economy grew by 1.1 per cent in the third quarter of 2018 when

compared to the previous quarter. This was as a result of increases in both

the services and goods producing industries of 1.3 per cent and 0.7 per

cent respectively.

<< Back to news headlines >>

Eppley Graduates To Main JSE Market Wednesday 2nd January, 2019 – Jamaica Gleaner

Investment company Eppley Limited, which provides financing for

businesses, has become the first company to transition from the junior

market of the Jamaica Stock Exchange (JSE) to the main market in a

move described as net positive.

Eppley's ordinary shares and four sets of preference shares were listed on

the main market, effective December 31, 2018.

The transition means that Eppley will no longer benefit from the junior

market tax incentive under the Income Tax Act. However, since the

company is an approved venture capital outfit under Section 36A of the

act, it is not expected that its effective corporate income tax rate will be

adversely affected by the graduation, according to managing director of

Eppley Nicholas Scott, responding to Financial Gleaner queries on

Monday.

"We believe that the graduation is net positive for shareholders, since it

provides for an even higher level of governance standards," said Scott."

Moreover, it recognises Eppley's significant growth and development

since its listing," he added.

Companies listed on the junior market are granted a 10-year tax

incentive: Those companies pay no income tax for the first five years after

their listing on the JSE and the remaining period at half the income tax

rate or 12.5 per cent.

Eppley made $80.7 million in net profit for its financial year to September

2018 or 56 per cent higher year-on-year. It paid no income tax on its profits

as it was within the first five years of listing on the junior market.

Eppley became a listed company on July 29, 2013. Its shareholder equity

totalled $740.4 million as at September 2018, with total assets at $3.16

billion.

Scott, in explaining the growth of the company, indicated that its off-

balance sheet portfolio reflects the size of a main market company.

"Just as an example, Eppley now manages the Eppley Caribbean

Property Fund, a US$40-million mutual fund in Barbados with properties in

the Eastern Caribbean, over 2,000 shareholders and listings on the main

markets in Barbados and Trinidad. Eppley's own main market listing in

Jamaica now aligns its own standing with that of the fund," added Scott.

He indicated that the move to the main market is not a precursor to

raising larger funds. Scott noted that while Eppley continues to grow, there

are "no current plans or requirements" to raise additional equity capital at

this time.

The company's graduation reflects its growth, increasing scope, and

ability to comply with the governance standards applicable to

companies listed on the main market, Eppley said in a statement.

In addition to its objective of generating stable and attractive returns by

capitalising on efficiencies in Caribbean financial markets, Eppley invests

in mezzanine and real estate through the Caribbean Mezzanine Fund, the

first credit and mezzanine fund focused on the Caribbean, alongside its

joint venture partner NCB Capital Markets, and the Eppley Caribbean

Property Fund, a closed-end real estate mutual fund listed on the

Barbados and Trinidad and Tobago stock exchanges.

<< Back to news headlines >>

Barita Delays Non-Renounceable Rights Issue Wednesday 2nd January, 2019 – Jamaica Gleaner

Barita Investments Limited has delayed its non-renounceable rights issue in

order to get shareholders' approval at an extraordinary general meeting,

EGM, on January 17.

In a new notice on December 21, board directors said that "while we are

assured that we have a sound legal basis to approve and proceed with a

rights issue, the board of directors of Barita Limited, in continuing to foster

and sustain excellent shareholders' relations," said that it would convene

an EGM to consider the issue.

The EGM has on its agenda consideration of the issue of the non-

renounceable shares and a request for shareholder's authorisation to

board directors to dispose of shares which are not taken up at their

discretion.

Non-renounceable rights are not transferable and therefore cannot be

bought or sold.

If successful, the issue will raise $4 billion. The rights issue was originally for

258.06 million shares at $15.50 per share, available for subscription from

January 8.

The offer was to close on January 22 for existing shareholders and on

January 25 for excess shares not taken up by current stockholders.

The offer, if accepted, will dilute the shareholding because new shares will

be issued, adding to the 445,876,824 shares currently in circulation.

On Monday, Managing Director Ian McNaughton told the Financial

Gleaner that "we want to ensure that all of the shareholders who have

shown confidence in the company over the transition period, and over

the years, will have the opportunity to participate in a rights issue which

gives them the shares at a very attractive rate".

He said that the issue is non-renounceable and hence shareholders will

not be able to sell their right to investors outside of the group.

NEW INVESTING ENTITY

Asked, however, if directors would consider the sale of shares not taken

up to a new investing entity, McNaughton declined to comment, saying

that spoke to policy and was outside of his scope for comment.

"That is a question that I really could not answer at this point. That is a

policy position and I would really prefer not to speak about something like

that at this point." he said.

As to whether the money raised will be used for acquisitions, he said the

aim was to improve capitalisation which would position the company to

tap new opportunities.

Shares in Barita traded on Monday at $49.75 per unit, up 566 per cent

from the beginning of 2018.

The share price quadrupled in price last year, powered by its mid-year

acquisition by Cornerstone United Holdings Jamaica Limited (CUHJL)

Cornerstone's investment arm incorporated in St Lucia, Cornerstone

Investments Holdings, acquired a 75 per cent stake in the company for

more than $3 billion in August.

CUHJL also owns majority stake in the merchant banking outfit MF&G Trust

and Finance Limited, acquired in 2016.

<< Back to news headlines >>

BWA unveils new pension plan Monday 31st December, 2018 – Barbados Today

After six years of the Barbados Workers’ Union (BWU) putting pressure on

the Barbados Water Authority (BWA), employees will finally be entitled to

a pension from the state-run agency.

The company this morning officially launched its pension plan, which is

fully paid for by the BWA.

BWU General Secretary Toni Moore described the development as a

major step for worker security.

“It is over six years that we have been trying to get a pension plan for the

workers of the Barbados Water Authority. From a union perspective, this is

a major part of what we see as comprising the requirements for decent

work. Social protection, which includes pensions, is a big part of that, as

we seek to secure workers in their work and after,” said Moore during the

signing of the agreement at the BWA’s Pine, St Michael headquarters.

However, she contended that such a plan could have been

implemented a long time ago, and queried the will and foresight of the

previous BWA Board.

“One may wonder why it has taken as long as six years. What were the

complexities involved? The answer is that there were none really, except

the will to have it done. The Barbados Workers’ Union wants to take this

opportunity to commend this Board for the will and the commitment that

they exercised within a short space of time to ensure that our efforts have

come to fruition,” the union boss said.

Moore’s point of view was supported by Chairman of the BWA, Leodean

Worrell, who made it clear that dedicated staff at the state-owned water

company deserved no less.

“The Barbados Water Authority has done a lot during a short time. So I see

no reason why a pension plan could not have been completed. They

have done a lot in terms of rallying around the communities who suffered

the losses of water tanks. This entire weekend, even though the people of

Barbados may not have recognized, there was a staff and a complement

of over 50 people on call and working from before the Friday before

Christmas Eve and all through the season,” she said.

<< Back to news headlines >>

After brutal 2018, world stocks nurse a New Year's hangover Wednesday 2nd January, 2019 – Reuters

World shares started 2019 on a downbeat note, oil prices and bond yields

skidded lower and the Japanese yen strengthened on Wednesday as

data from China to France confirmed investors’ fears of a global

economic slowdown.

The U.S. S&P500 and Dow Jones index futures were down 1.5 percent and

Nasdaq futures fell 2.3 percent, signaling Wall Street would open in the red

on the first trading day of the New Year after closing 2018 with the worst

annual loss since 2008.

Weak manufacturing-activity surveys across Asia were followed by

disappointing numbers in the euro zone, sending MSCI’s index of world

shares 0.4 percent lower .

China in particular was in focus, after factory activity contracted for the

first time in over two years. The gloom continued in Europe, where the

Purchasing Managers’ Index for the euro zone reached its lowest since

February 2016. Future output PMIs were at a six-year low.

The data suggests there will be no respite for equities or commodities after

the losses of 2018.

A pan-European share index recovered some earlier losses to stand 0.7

percent lower. The Paris bourse led losses with a 1.5 percent fall, as

France’s PMI fell in December for the first time in two years.

“It’s a continuation of the worries over growth. You can see them in the

Asian numbers, which all confirm that we have passed peak growth

levels,” said Tim Graf, chief macro strategist at State Street Global

Advisors.

The knock-on effects from China’s slowdown and global trade tensions

were rippling across Asia and Europe, he said.

“I don’t think the trade story goes away, and Europe, being an open

economy, is still vulnerable,” Graf said.

Copper, a key gauge of world growth sentiment, fell to 3 1/2-month lows ,

while Brent crude futures fell 1 percent after losing 19.5 percent in 2018.

Commodity-driven currencies also lost ground, led by the Australian

dollar. Often used as a proxy for China sentiment, the Aussie fell as much

as 0.7 percent to its lowest since February 2016 at $0.70015.

There were also renewed fears in Europe over the clean-up of Italy’s

banks, with trading in shares of Banca Carige suspended. Carige failed

last month to win shareholder backing for a share issue that was part of a

rescue plan. An index of Italian bank shares fell 2.5 percent.

SAFETY FIRST

The stock market rout drove investors into the safety of bonds from

countries such as the United States and Germany. The 10-year German

Bund yield slumped to 20-month lows of 0.18 percent, its biggest one-day

fall in two years.

Gold and the yen were the other beneficiaries.

While gold topped six-month highs, the yen extended its rally against the

dollar to seven-month highs around 108.9. It strengthened to a 19-month

peak against the euro.

“Traditional safe-haven type flows are going into the yen. As we see

increased volatility (on world markets), the Japanese (investors) are

probably repatriatriating foreign assets,” said Charles St Arnaud, senior

investment strategist at Lombard Odier Investment Managers.

However, the dollar inched up against a basket of currencies and rose

half a percent against sterling, which is being undermined by Brexit

uncertainty.

The greenback has come under pressure from a fall in U.S. Treasury yields

as investors wager the Federal Reserve will not raise rates again.

While the Fed itself still projects at least two more hikes, money markets

now imply a quarter-point cut by mid-2020.

Fed Chairman Jerome Powell may comment on the outlook when he

takes part in a discussion with former Fed chairs Janet Yellen and Ben

Bernanke on Friday, while the manufacturing survey and the December

payrolls report should shed more light when they emerge on Thursday and

Friday respectively.

Yields on two-year debt have tumbled to 2.49 percent, just barely above

the cash rate, from a peak of 2.977 percent in November. Ten-year yields

have dived to their lowest since last February at 2.69 percent.

The spread between two- and 10-year yields has in turn shrunk to the

smallest since 2007, a flattening that has been a portent of recessions in

the past. The German 2-10 yield curve is the flattest since November 2016.

“What is clear is that the global synchronized growth story that propelled

risk assets higher has come to the end of its current run,” OCBC Bank told

clients.

“Inexorably flattening yield curves ... have poured cold water on further

policy normalization going ahead.”

<< Back to news headlines >>

U.S.-China trade war takes toll on global manufacturing Wednesday 2nd January, 2019 – Reuters

Factory activity weakened across much of Europe and Asia in December

as the U.S.-led trade war and a slowdown in demand hit production in

many economies, offering little reason for optimism as the new year

begins.

A series of purchasing managers’ indexes for December released on

Wednesday mostly showed declines or slowdowns in manufacturing

activity across the globe.

“We are really seeing a global slowdown into this year, and in Asia,

particularly, export-oriented countries are hurting,” said Irene Cheung,

Asia strategist at ANZ.

“Our expectation for central banks is that most of them won’t change

policy in 2019 and these numbers coming out on the weak side won’t

change that outlook.”

Euro zone manufacturing activity barely expanded at the end of 2018,

providing disappointing reading for European Central Bank policymakers,

just after they ended their 2.6 trillion-euro asset-purchase scheme.

Earlier PMI surveys showed Italy remained in contraction territory and was

joined by France, where data showed a first deterioration in operating

conditions for 27 months.

Manufacturing growth in both Germany and Spain was modest, easing to

the weakest in around two-and-a-half years.

British factories, however, ramped up stockpiling as they prepared for

possible border delays when Britain leaves the European Union in less than

three months’ time.

The UK manufacturing PMI rose to a six-month high, stronger than all

forecasts in a Reuters poll of economists. [GB/PMIM]

Survey compiler IHS Markit cautioned the improvement did not herald a

big change in the outlook for Britain’s stuttering economy — it was caused

in large part by manufacturers stockpiling inputs and finished goods.

“Despite the headline index rising to a six-month high in December, the

manufacturing PMI still suggests that the sector stagnated in Q4,” said

Andrew Wishart at Capital Economics.

Later on Wednesday, surveys are expected to show U.S. activity was a tad

slower, but still expanding, in a sign China has suffered more from trade

frictions than the United States.

But world shares started 2019 on a downbeat note, oil prices and bond

yields slid, and the Japanese yen strengthened on Wednesday as the

factory survey data confirmed the picture of a global economic

slowdown.

CHINA BRAKES

In China, the Caixin/IHS Markit PMI slipped into contraction territory for the

first time in 19 months, broadly tracking an official survey released on

Monday.

China’s weakness spilled over to other Asian economies. Malaysian

manufacturing slowed to its weakest pace of expansion since the survey

began in 2012, and Taiwan fell to its lowest since September 2015.

Meanwhile, official economic data out of Singapore showed its gross

domestic product grew more slowly than forecast in the fourth quarter as

the city-state’s manufacturing contracted on a quarterly basis.

With growth slowing and inflation below or barely within target in most

countries, Asian central banks are unlikely to continue their tightening

cycle this year, barring any shocks in currency markets.

The world’s two largest economies agreed at the start of December to a

90-day truce following tit-for-tat tariffs that have disrupted the flow of

hundreds of billions of dollars of goods between the two countries.

Tariffs are not the only drag on China’s economy. Beijing’s sustained drive

to reduce debt risks in the economy has cooled the property market and

curbed credit flows to the private sector. Meanwhile, the government’s

intensified crackdown on pollution has dented industrial activity.

In a key annual conference last month, China’s top leaders said they

would boost support for the economy in 2019 by cutting taxes and

keeping liquidity ample, while promising to continue negotiations with

Washington.

China’s economic growth slowed to 6.5 percent in the third quarter of last

year, the weakest since the global financial crisis. Reuters reported

government advisers had recommended a growth target of 6.0 to 6.5

percent for this year at the annual meeting, though the final figure won’t

be made public until parliament’s annual meeting in early March.

A drop in crude-oil prices LCOc1 at the end of last year has helped

sentiment in Asia’s oil-importing economies, where trade deficits are a key

vulnerability.

Indonesia’s PMI, although still weak historically, rose. India’s declined but

capped the strongest quarter for the country’s manufacturing since late

2012. But Malaysia, which relies heavily on oil revenues, saw its weakest

reading ever.

Taiwan and South Korea, which are heavily focused on tech production,

also saw activity shrink. The U.S.-China trade war affects chip orders and

coincides with a slowdown in demand for smart phones globally.

<< Back to news headlines >>

Oil falls to $53 on economic worries, surging supply Wednesday 2nd January, 2019 – Reuters

Oil fell towards $53 a barrel on Wednesday, under pressure from rising

output in major OPEC and non-OPEC producers and due to concerns

about an economic slowdown that could weaken demand.

Russian production hit a post-Soviet record in 2018, figures showed on

Wednesday.

Other data showed U.S. output reached a record in October and Iraq

boosted oil exports in December.

Brent crude LCOc1 was 33 cents lower at $53.47 a barrel at 1214 GMT. On

Dec. 26, it hit $49.93, the lowest since July 2017. U.S. crude CLc1 slipped 40

cents to $45.01.

“The omens are far from encouraging,” said Stephen Brennock of oil

broker PVM, citing rising non-OPEC supply and the likelihood of further

increases in oil inventories.

“The current bearish bias will therefore continue in the near term and it

stands to reason that oil will struggle to break out from its current trough,”

he said.

However, Nitesh Shah, director of research at WisdomTree, saw the

prospect of a rebound for Brent because of an OPEC-led supply cut that

starts this month and moderating U.S. supply growth.

“We believe we will see an upward correction,” he said. “Recent

weakness in prices should slow the growth of U.S. shale production.”

Oil prices fell in 2018 for the first year since 2015 after buyers fled the

market in the fourth quarter over growing worries about excess supply and

the economic slowdown.

Surging shale output has helped make the United States the world’s

biggest oil producer, ahead of Saudi Arabia and Russia. Oil production

has been at or near record highs in all three countries.

U.S. President Donald Trump celebrated the low prices. “Do you think it’s

just luck that gas prices are so low, and falling? Low gas prices are like

another Tax Cut!” he wrote on his official Twitter account on Tuesday.

Adding to concern about a slowing global economy, a series of

purchasing managers’ indexes for December mostly showed declines or

slowing manufacturing activity across Asia, the main growth region for oil

demand.

The signs of rising production illustrate the challenge facing the

Organization of the Petroleum Exporting Countries and its allies, including

Russia, which are seeking to prop up the market with a supply cut of 1.2

million barrels per day.

However, the energy minister for the United Arab Emirates, an OPEC

member, said on Tuesday he remained optimistic about achieving a

market balance in the first quarter.

<< Back to news headlines >>

Euro zone factories ended 2018 on a low note Wednesday 2ns January, 2019 – Reuters

Euro zone manufacturing activity barely expanded at the end of 2018 in a

broad-based slowdown, according to a survey which showed scant signs

for optimism as the new year begins.

The disappointing survey comes just after the European Central Bank

ended its 2.6 trillion euro asset purchasing scheme and is likely to make

uncomfortable reading for policymakers.

IHS Markit’s December final manufacturing Purchasing Managers’ Index

fell for a fifth month, coming in at 51.4 from November’s 51.8, matching a

flash reading but barely above the 50 level separating growth from

contraction.

That was its lowest reading since February 2016 but an index measuring

output, which feeds into a composite PMI that is seen as a good gauge of

economic health, nudged up to 51.0 from 50.7.

“A disappointing December rounds off a year in which a manufacturing

boom faded away to near-stagnation,” said Chris Williamson, chief

business economist at IHS Markit.

“The weakness of the recent survey data in fact raises the possibility that

the goods producing sector could even act as a drag on the overall

economy in the fourth quarter, representing a marked contrast to the

growth surge seen this time last year.”

Findings in a December Reuters poll suggested the chances of a recession

this year, while still low, have crept up to 20 percent from 15 percent

previously.

Earlier PMI surveys showed Italy remained in contraction territory and was

joined by France, where data showed a first deterioration in operating

conditions for 27 months.

Manufacturing growth in both Germany and Spain was modest, easing in

both to the weakest in around two-and-a-half years.

Suggesting little hope for January, new orders across the bloc fell at their

sharpest rate in over four years in December, backlogs were run down for

a fourth month and hiring remained modest.

This meant firms were at their least optimistic in six years. The future output

index dropped to 56.0 from 56.3.

“Continued worries over global trade, ongoing political uncertainties and

tightening financial conditions all served to undermine confidence during

December,” Williamson said.

<< Back to news headlines >>

UK factories build up stockpiles before Brexit, boosting PMI Wednesday 2nd January, 2019 – Reuters

British factories ramped up their stockpiling in December as they prepared

for possible border delays when Britain leaves the European Union in less

than three months’ time, a survey showed on Wednesday.

The IHS Markit/CIPS Manufacturing Purchasing Managers’ Index (PMI) rose

to 54.2 from an upwardly revised 53.6 in November, the highest reading in

six months and stronger than all forecasts in a Reuters poll of economists.

Markit said the improvement did not herald a big change in the outlook

for Britain’s stuttering economy and was caused in large part by

manufacturers stockpiling inputs and finished goods, both of which were

near record highs.

“Any positive impact on the PMI is likely to be short-lived, however, as any

gains in the near-term are reversed later in 2019 when safety stocks are

eroded or become obsolete,” IHS Markit director Rob Dobson said.

Many manufacturers are building up inventories to protect themselves

against the risks of customs delays at the border after March 29 when

Britain is due to leave the EU.

Prime Minister Theresa May is struggling to overcome deep opposition to

her Brexit plan in her own Conservative Party, raising the risk that no

transition period will be provided to ease Britain out of its four decade-

long membership of the EU.

“The rush to stockpile goods ahead of Brexit ... is now in full swing. The

absence of any New Year joy from the European PMI data also confirms

that the near future holds a bumpy ride for UK manufacturers,” said

Francesco Arangeli, an economist at the EEF manufacturing association.

The euro zone manufacturing PMI fell to its lowest since February 2016 last

month, and a Chinese PMI contracted for the first time in 19 months.

The average reading for the manufacturing PMI in the three months to

December was the weakest since the period just after the Brexit vote.

While the slowdown in Britain’s economy since the Brexit referendum in

2016 has not been as sharp as some forecasts made at the time, the

country has lagged behind stronger growth in other economies.

Last month, the Bank of England cut its forecasts for quarterly growth to

just 0.2 percent in the last three months of 2018 and the first quarter of

2019. It has warned that a worst-case Brexit could push Britain into a deep

recession.

Wednesday’s survey suggested manufacturing output shrank slightly in the

fourth quarter of 2018.

Export orders last month were their strongest since May after contracting

in November and October, again partly reflecting stockpiling to mitigate

Brexit disruption.

On prices, input cost inflation eased to a two-and-a-half- year low in

December.

<< Back to news headlines >>

Yen stands tall as growth concerns curb risk appetite Wednesday 2nd January, 2019 – Reuters

The Japanese yen rose sharply across the board on Wednesday as

investors grew cautious on the first trading day of 2019 about spluttering

global growth and volatile equity markets.

In a bleak start to the year, the mood was wary in currency markets with

perceived riskier currencies such as the Australian dollar and the euro

down across the board while the yen climbed to a seven-month high

versus the dollar.

The yen often benefits during geopolitical or financial stress as Japan is

the world’s biggest creditor nation and sees inflows during periods of

heightened global market volatility.

Japan’s currency has strengthened for three straight weeks and was

among the few gainers in 2018 against a resurgent dollar. In the last four

days alone, it has gained 2.2 percent.

“If you embrace the idea of the U.S. slowdown gathering momentum and

the Federal Reserve cutting rates, then the yen is the currency for you,”

said Kit Juckes, chief FX Strategist at Societe Generale.

As expectations for more U.S. rate increases have gradually been whittled

away in markets in recent weeks, financial markets now expect no rate

hikes this year and traders are focussing on the dollar’s vulnerabilities.

“It (the yen) is cheap on most metrics, is not currently undermined by a

weakening Chinese yuan and isn’t dependent on economic or policy

surprises in Japan,” Juckes added.

He said the correlation between the yen and U.S. interest rates had

returned after being largely non-existent in early 2018.

Volatile stock markets have also boosted the safe-haven appeal of the

yen. The CBOE Volatility Index, a widely followed barometer of expected

near-term volatility for U.S. stocks, has nearly doubled to 28 from 16 at the

start of December.

The yen could extend its gains if hedge funds decide to unwind large

short positions on the currency which, according to positioning data, is

close to 5-year highs.

The dollar fell 0.8 percent against the yen to 108.71, its lowest since June

1.. The dollar index was little changed at 96.224.

Weak manufacturing data from Spain, France, Italy, and Germany

weighed on the euro, which weakened 0.2 percent against the dollar to

$1.1438.

Traders expect the single currency to remain under pressure as both

growth and inflation in the eurozone remain below the European Central

Bank’s expectations.

The euro lost 4.4 percent of its value against the dollar in 2018.

Fears of a global slowdown were aggravated on Wednesday by a survey

showing China’s factory activity contracted for the first time in 19 months

in December as domestic and export orders continued to weaken.

While the dollar has been relatively stable going into the end of 2018, a

flagging equity boom, waning cash repatriation by U.S. companies, and

the possibility that the U.S. Federal Reserve will not raise interest rates as

many times as it previously signalled now pose challenges for the

greenback.

<< Back to news headlines >>

European shares start 2019 deep in the red Wednesday 2nd January, 2019 – Reuters

European shares started their first trading day of 2019 deep in negative

territory on Wednesday as fears about global growth, trade wars, rising

U.S. interest rates and political instability rolled over into the new year.

While sentiment had already been hit by disappointing data from China,

fresh surveys showed Euro zone manufacturing activity barely expanded

at the end of 2018 in a broad-based slowdown.

At 0908 GMT, euro zone stocks .STOXXE were retreating 1.6 percent with

steep falls in Paris .FCHI, down 2.2 percent, Madrid .IBEX, down 1.7

percent.

U.S. futures also pointed to losses above 1.5 percent on Wall Street this

afternoon on the main indexes.

“Following the worst year in a decade for global equities, it’s little surprise

to see a tentative start to 2019,” wrote Neil Wilson, an analyst at

Markets.com, warning its clients that “investors should be prepared for

more volatility ahead”.

In terms of sectors, the laggards of 2018 were taking the biggest hits.

Miners, autos, banks fell and investors dumped the cyclical parts of the

market most exposed to a slowing global economy.

“Weak oil prices were also to blame for stock market jitters, particularly in

the UK,” said Russ Mould, investment director at AJ Bell.

The European oil and gas sector .SXEP was down 1.6 percent while oil

markets slid by around 1 percent pulled down by surging output in the

United States and Russia and concerns about weak demand.

In Italy, market watchdog Consob suspended trading in shares of Banca

Carige (CRGI.MI) while the European Central Bank appointed temporary

administrators in a bid to save the struggling lender after it failed to raise

capital late last year.

The Italian banking sector .FTIT8300 was down 2.3 percent but no more

than the Euro zone sector .SX7E.

Among big losers, medical equipment maker Gerresheimer (GXIG.DE) was

down 4.8 percent after JP Morgan cut its rating on the stock to

“underweight”, according to traders.

<< Back to news headlines >>

Sterling slips as Brexit concerns weigh Wednesday 2nd January, 2019 – Reuters

Sterling slipped on Wednesday, partially reversing some of the gains

notched up earlier this week, as strong factory surveys failed to dispel the

growing concerns over Brexit negotiations.

British factories ramped up their stockpiling in December as they prepared

for possible border delays when Britain leaves the European Union in less

than three months’ time, a survey showed.

“Despite this increase in demand, confidence remains weak as everyone

knows that these increased supplies of raw materials, constituent parts

and finished goods will eventually run out and supply chain disruption will

hurt businesses later down the line,” said Jeremy Thomson-Cook, chief

economist at WorldFirst.

Prime Minister Theresa May is struggling to overcome deep opposition to

her Brexit plan in her own Conservative Party, raising the risk that no

transition period will be provided to ease Britain out of its four-decade-

long membership of the EU.

May pulled a vote on her divorce deal last month after admitting that

parliament would reject it. Lawmakers are set to discuss the agreement

again next month, with a vote in the week starting Jan. 14.

That is keeping currency traders on edge with implied volatility gauges, a

measure of short-term currency fluctuations in sterling elevated.

In the spot market, the pound fell half a percent to $1.2689 against the

dollar. It rallied more than a percent in intraday trading on Monday.

Against the euro, the British currency fell 0.1 percent to 90 pence.

In the futures markets, traders stepped up their bearish bets against the

British currency, taking net short bets to a two-month high at $4.8 billion.

<< Back to news headlines >>

Futures slide at start of year on concerns of global slowdown Wednesday 2nd January, 2019 – Reuters

U.S. stock index futures sank on Wednesday, offering no respite as Wall

Street comes off its worst year in a decade, as weak data in Asia and

Europe confirmed fears of a global economic slowdown, while the U.S.

government shutdown dragged on.

S&P 500 e-minis ESc1 and Dow e-minis 1YMc1 were down 1.2 percent at

7:16 a.m. ET, while Nasdaq 100 e-minis NQc1 slid 1.9 percent.

China’s factory activity contracted for the first time in 19 months in

December, hit by the Sino-U.S. trade war, the private Caixin/Markit PMI

survey showed, with the weakness spilling over to other Asian economies.

While Euro zone manufacturing activity barely avoided contraction, a

drop for the fifth month took the reading to its lowest since February 2016.

The grim readings come ahead of the closely watched U.S.

manufacturing survey on Thursday, payrolls data on Friday and the U.S.

earnings season later this month, which is expected to show corporate

profit shrunk in the October-December quarter.

All 29 of the 30 Dow Jones Industrial Average .DJI that were trading

premarket were lower, with the blue-chip index set to tumble more than

350 points at the open.

The high-growth FAANGS — Facebook Inc (FB.O), Apple Inc (AAPL.O),

Amazon.com Inc (AMZN.O), Netflix Inc (NFLX.O) and Alphabet Inc

(GOOGL.O) — were down between 1.4 percent and 2.1 percent.

“Investors are clearly concerned about the growth in 2019 and the lack of

confidence is keeping them on the sidelines or they are feeling safer by

parking their capital in risk-off assets,” said Naeem Aslam, chief market

analyst at Think Markets UK Ltd in London.

A low appetite for risk sparked demand for U.S. Treasuries, with yields on

ten-year debt US10YT=RR diving to a 12-month low of 2.6470 percent. The

spread between two- and 10-year yields US2US10=TWEB in turn shrunk to

the smallest since 2007, a flattening that has been a portent of recessions

in the past.

Last year, the Dow, S&P 500 .SPX and Nasdaq .IXIC recorded their biggest

one-year percentage declines since 2008, and many of the concerns,

mainly to do with a slowing economy, have carried over into this year.

One of them has been the trade dispute between the United States and

China, which accounts for a sizeable portion of revenue for many U.S.

companies. Investors are keenly tuned into updates on the ongoing talks

as a March 1 tariff-ceasefire deadline nears.

While U.S. President Donald Trump said last weekend that talks were

progressing well, many analysts doubt the two countries can bridge their

differences and reach a comprehensive trade deal in so short a

negotiating window.

Meanwhile, the U.S. Congress is set to reconvene with no signs of a

workable plan to end a 12-day-old partial shutdown and Trump not

budging on his demand for $5 billion to fund a border wall. A Democrat

plan to approve a two-part spending package does not include these

funds.

While the shutdown is expected to have little effect on economic or

corporate activity, the longer it lasts, the more it will weigh on an already

weak investor sentiment.

<< Back to news headlines >>

China fourth-quarter economic growth may fall below 6.5 percent Wednesday 2nd January, 2019 – Reuters

China’s economic growth could fall below 6.5 percent in the fourth

quarter as companies face increased difficulties, a central bank

magazine said on Wednesday.

“The trend of economic slowdown still continues, and the slowing

momentum is increasing. The fourth quarter GDP growth is very possible to

be lower than 6.5 percent,” said China Finance magazine, which is

published by the People’s Bank of China.

The government should step up tax cuts to help ease the burden on

companies, especially small firms, the magazine said.

“The phenomenon of closures and layoffs is very common and

employees’ income growth has been greatly restricted,” it said.

Chinese leaders have pledged to ratchet up support for the economy in

2019 by cutting taxes and keeping ample liquidity amid a trade dispute

with the United States.

China’s economic growth slowed to 6.5 percent in the third quarter, the

weakest pace since the global financial crisis. Indications are that

momentum is likely to come off further in the fourth quarter and next year.

Chinese officials have said the economy would still hit the official growth

target of around 6.5 percent in 2018.

<< Back to news headlines >>