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Stock Market / Finance in Caribbean

  • IMF says there’s no economic crisis in Trinidad and Tobago

    TRINIDAD AND TOBAGO, 2016/03/20 Despite having to tackle falling energy prices, the economy of oil exporting Trinidad and Tobago is not facing any crisis, according to the International Monetary Fund (IMF). In fact, an IMF mission that left the twin-island republic this week next an almost two week visit, said the country has a lot going for it amid the challenges. The economy– which the Central Bank of Trinidad and Tobago last December declared was in a recession – is confronting a major shock with the sharp fall in energy prices that accelerated through early 2016, and based on available data, inclunding on job losses and continued supply-side constraints in the energy sector, the IMF mission projects gross domestic product (GDP) will fall one % this year and declines in energy-based revenues will constrain the Government’s ability to act as an engine of increase.
  • Dominican Republic,Inflation jumps in December

    DOMINICAN REPUBLIC, 2016/01/16
  • China dependent Latin American markets and currencies plunge on Monday

    CHINA, 2015/08/26 Mexico's IPC (Frankfurt: IPEN.F - news) index closed down 1.64%, regaining some ground next opening with losses of additional than six %. Argentine stocks closed down 6.3%, Chilean shares lost 2.77% and Colombian shares shed 3.52%. The losses appeared to be driven by concern over shrinking Chinese request for raw materials.Stock markets around Latin America posted heavy losses Monday as plunging Chinese shares unleashed fresh turmoil on global markets. In Brazil, home to the region's largest stock exchange, the IBOVESPA index in Sao Paulo closed down 3.03%, after plunging 6.49% in opening trade.
  • Jamaica’s fiscal balance strong

    JAMAICA, 2015/05/12 Jamaica’s fiscal balance remains in good standing, with the deficit at $7.8 billion at the end of the 2014/15 financial year in March, a senior official has assured. The figure is $3.6 billion better than the target of $11.4 billion, and can be credited to the lower interest payments on Government of Jamaica (GOJ) bonds, and cuts in spending for the period, according to co-chair of the Economic Programme Oversight Committee (EPOC) Richard Byles. “What this means is that the government has to borrow less in order to meet all its expenditures inclunding the payment of interest, and so that is good, because it reduces (the) deficit build-up,” he explained.
  • Moody’s downgrades First Citizens Bank

    TRINIDAD AND TOBAGO, 2015/05/12 A week next downgrading the Trinidad and Tobago government’s bond rating, Moody’s Investors Service has downgraded Initial Citizens Bank Limited’s (FCBL) long term local and foreign currency deposit ratings. The New York-based firm moved the rating to Baa2 from Baa1 and assigned the bank a counterparty risk assessment of Baa2(cr) / Prime-2(cr). FCBL’s foreign currency short-term deposit rating was as well downgraded to Prime-3 from Prime-2, while the Prime-2 local currency short-term deposit rating was affirmed.
  • Jamaica to receive US$68.8 million IMF disbursement

    JAMAICA, 2014/10/13 the International Monetary Fund (IMF) Wednesday approved an immediate disbursement of US$68.8 million for Jamaica next completing the fifth review of the island’s economic performance under a four year Extended Fund Facility (EFF) programme. The IMF said that Jamaica’s economic performance under the US$932 EEF arrangement has remained strong and that “all quantitative performance criteria for end-June 2014, inclunding the continuous quantitative programme targets and structural benchmarks, were met”. The Washington-based financial institution said gains from Jamaica’s demanding reform programme are emerging.
  • Finance and Planning Minister Dr. Peter Phillips

    JAMAICA, 2014/10/13 Jamaica has reported that since signing an Extended Fund Facility (EFF) with the International Monetary Fund (IMF), the island has attracted in excess of a billion United States dollars in investments. Finance and Planning Minister Dr. Peter Phillips said that passing IMF tests had as well created an environment conducive to attracting investments and stablising the local economy. “I can tell you if we were not passing these tests, life would be tremendously worse,” he said.
  • Barbados Foreign Affairs Minister Maxine McClean

    BARBADOS, 2014/10/13 Barbados said that it continues to suffer the devastating impacts of the world economic and financial crisis, and like other small island developing states (SIDS) has limited scope, capacity, fiscal flexibility or policy space to respond entirely. Foreign Affairs Minister Maxine McClean told the 69th session of the United Nations General Assembly (UNGA) that the island is facing declining export request, decreased investment , and a contraction in services upon which the economy is dependent, such as tourism. “Fiscal and financial stresses have forced us to make significant adjustments to our spending programmes. Against this backdrop, we face the daunting challenge of continuing to provide adequate social safety nets for the majority vulnerable of our citizens in a responsible and sustainable manner.”
  • A tight budget, public sector reform and the implementation of major projects

    JAMAICA, 2014/05/26 A tight budget, public sector reform and the implementation of major projects, are some of the challenges that Finance Minister Dr Peter Phillips says Jamaicans will be forced to transaction with in the near next. According to Phillips, with the fourth quarterly International Monetary Fund (IMF) test out of the way, the next phase which the country is about to enter is additional difficult than the previous one. “It is easy to not spend in real terms, it is much additional painstaking to tackle the details of the subtle changes that have to be made in each area of public government. It does not attract a grand headline, but it is absolutely significant,” Phillips said. On Friday it was announced that Jamaica passed its fourth quarterly IMF test under the current agreement for an Extended Fund Facility with the multi-lateral lending agency.
  • Moody’s downgrades Bermuda’s government bond rating

    AMERICAS, 2014/05/26 A major international credit rating agency has downgraded Bermuda’s government bond rating to Aa3 from Aa2 and placed a negative outlook on the rating. In addition, Moody’s Investors Service said Bermuda’s foreign currency bond ceiling was moved to Aa2 from Aaa and the foreign currency bank deposit ceiling was downgraded to Aa3 from Aa2. Furthermore, the Wall Street-based rating agency said Bermuda’s local currency bond and deposit ceilings were moved down to Aa2 from Aaa and Aa1, respectively. “These actions do not affect the Prime-1 country ceilings for Bermuda,” Moody’s said, adding that the rating action concludes the review for possible downgrade that was initiated on April 3.