• Samuel Johnson, the CEO of the International Airport Development Company, recently shared updates on the ongoing airport project for the Commonwealth of Dominica. Covering a vast area of 22000 square meters, this project holds promise for boosting tourism in the region once it’s completed.

• Key attention is being paid to Runway 15, which, due to wind patterns, is identified as the primary spot for aircraft takeoffs and landings. Presently, efforts are concentrated on clearing and preparing this section before advancing to complete the entire runway. “The runway is designed to enable landing and takeoff in both directions and because of the winds, we expect 95% of the time your landing will be from runway 15,” he stated.

• Johnson elaborated on the excavation and alignment processes crucial for constructing the runway, highlighting its dual functionality for both takeoffs and landings. In addition to runway development, plans include constructing a parallel taxiway to enhance the airport’s capacity for accommodating multiple aircraft simultaneously, as MMC Development Ltd., the airport project developer, is overseeing these efforts.

• Johnson also mentioned that two other areas are under construction: the Anzime and Crapo Hall quarry sites. These sites have been established to supply extra materials and aggregate for the project’s support. Johnson also addressed safety concerns by mentioning the implementation of GPS tracking for on-site drivers.

• Emphasising the importance of minimising disruptions to local communities and tourism, Johnson underscored the collaboration with the Public Works Department to address any road damage caused by the project promptly. Johnson expressed confidence in the project’s progress, noting that it’s proceeding smoothly and according to schedule.

(Source: Caribbean News Now)

• Brazil's consumer prices rose slightly less than expected in the mid-April reading, data from statistics agency IBGE showed on Friday. Prices in Latin America's largest economy rose 0.21% in the month to mid-March, below the 0.29% growth expected by economists polled by Reuters.

• The group comprised of food and beverages reported the greatest price hike in the period, growing 0.61%, which accounted for 0.13 percentage points of the total increase. The transportation group, on the other hand, was the only one to report disinflation, as airfare prices fell 12.2%.

• This took the inflation of the previous 12 months to 3.77%, slowing down from 4.14% in the 12 months to mid-March and also below expectations of a 3.86% increase. The reading marked the first time since July last year the figure came in below 4%.

• "All told, the inflation picture continues to improve in Brazil, thanks to favourable base effects, the lagged effect of high-interest rates and softening domestic demand," said Andres Abadia, Chief Latam Economist at Pantheon Macroeconomics.

• This adds to the view that interest rate cuts will continue in the near term, he wrote in a note to clients. Brazil's central bank delivered 50-basis-point interest rate cuts at each of its last six meetings, but Governor Roberto Campos Neto has opened the door for that easing pace to be reduced.

• Given the recent sell-off of the Brazilian real and a more cautious instance from the monetary authority committee, "the most probable scenario is a 25 basis-point cut" on the May meeting, Abadia added.

(Source: Reuters)

• The U.S. economy grew at its slowest pace in nearly two years in the first quarter amid a surge in imports and a small build-up of unsold goods at businesses, signs of solid demand that, together with an acceleration in inflation, reinforced expectations the Federal Reserve would not cut interest rates before September.
• The cooler-than-expected growth reported by the Commerce Department in its snapshot of first-quarter gross domestic product on Thursday, which also reflected a downshift in government spending, exaggerated the moderation in economic activity. Domestic demand, a better growth measure, was strong as consumer spending moderated slightly while business investment picked up and the housing recovery gained steam.
• Economists polled by Reuters had forecast GDP would rise at a 2.4% rate, with estimates ranging from a 1.0% pace to a 3.1% rate. However, the actual GDP reading increased at a 1.6% annualized rate last quarter, the slowest pace since the second quarter of 2022, the Commerce Department's Bureau of Economic Analysis said.
• The first-quarter growth pace was below what U.S. central bank officials regard as the non-inflationary growth rate of 1.8%. Excluding inventories, government spending and trade, the economy grew at a 3.1% rate after expanding at a 3.3% rate in the fourth quarter. That also dispels the notion that government spending was fueling the economy.
• A significant slowdown in the labour market is not yet evident. The Labour Department's weekly jobless claims report showed initial claims for unemployment benefits fell 5,000 to a seasonally adjusted 207,000 in the week ending April 20.

(Source: Reuters)

• The Federal Reserve's latest financial stability report was good news for anyone worried that a record run of interest rate hikes might overstress the banking system or trigger a recession with companies and households pushed into default through a broad credit crackdown.
• Instead, the Fed is wrestling with an economy that has sloughed off tight monetary policy to such a degree that U.S. central bank officials are without a clear view of what to expect and are divided over issues like productivity, the economy's underlying potential, and even whether the current policy interest rate is as restrictive as imagined.
• New GDP figures released on Thursday highlighted the dilemma, with the economy growing just 1.6% over the first three months of the year, below expectations, and a marked slowdown from the 3.4% registered in the fourth quarter of 2023. It was the first reading below the Fed's 1.8% estimate of the economy's potential since the second quarter of 2022.
• Stubborn inflation figures are opposing the underwhelming GDP Q1 release, as measured by the personal consumption expenditures (PCE) price index, which came in at 3.4% in the first quarter, well above the Fed's 2% target.
• Across the economy, a wave of tight credit seems to have come and gone - bank lending is growing, corporate credit spreads are narrow, and household balance sheets are largely healthy. A recently updated Fed index of overall financial conditions showed there was virtually no impact on economic growth right now from the central bank's monetary policy or the broader credit conditions it is intended to influence.
• Contrary to Fed officials assessment that policy is restrictive, current credit conditions in the economy are "consistent with above-trend growth. That tells me that the transmission of monetary policy to the real economy in the U.S. has been much less effective" than elsewhere, said Joe Kalish, chief global macro strategist at Ned Davis Research.
• Fed officials themselves are unsettled on whether they still need the economy to slow for inflation to fall or whether the "immaculate" influence of productivity and other factors will do the job, an important issue since one view leans towards tighter policy and the other towards easing. The release of key inflation data on Friday is expected to show the Fed's preferred measure of price pressures remained well above the central bank's 2% target, a possible sign that progress has stalled.

(Source: Reuters)

• On April 2nd, consistent with the Government’s thrust to develop a robust and comprehensive market conduct and consumer protection framework for the financial sector, the Bank of Jamaica (BOJ) issued Automated Banking Machines (ABM) Service-Level Standards for deposit-taking institutions (DTIs).
• Senior Deputy Governor, BOJ, Dr. Wayne Robinson, says this market conduct and consumer protection framework will be established with the implementation of the Twin Peaks model of financial sector supervision. The Twin Peaks model, with a scheduled timeline for its legislation to reach Parliament by 2025, will see the responsibility for prudential supervision and regulation of DTIs being vested in the BOJ.
• However, the development and implementation of the Twin Peaks Model “will take time”, and given the urgent nature of the ABM problem(s) at hand, Mr. Robinson noted that “as a first step in developing this framework where we can provide adequate protection that addresses consumer needs, the Bank decided to begin to roll out these guidelines for ABM service-level Standards”.
• The ABM Standards address issues relating to the deployment of ABMs, accessibility and ease-of-use, availability of cash, ABM fees and charges, infrastructure maintenance and the management of disruptions, client safety and security, fraud minimisation, and financial education of ABM users.
• A statement issued by BOJ on the day the Standards were promulgated indicates that the DTIs have a nine-month transition period within which to bring themselves into conformity with all the new ABM guidelines. The BOJ deemed this timeline reasonable and a feasible window “for them to be in a position to start meeting the majority, if not all of the Standards”.
• Dr. Robinson noted that the DTIs have been “very supportive” of the Standards, noting that the Jamaica Bankers Association has indicated so publicly. “We have been seeing improvements, certainly compared to the experiences last year… and when you look at the data that was published, you will see those improvements. A number of banks have met the benchmark for the number of ABMs in operation and also met the benchmark, in terms of the uptime,” he adds.

(Source: JIS)

• Wigton Windfarm Limited (WIG) has announced the appointment of Mr. Gary Barrow and Miss Michelle Chin Lenn as the Chief Executive Officer and Deputy Chief Executive Officer, respectively, effective May 6, 2024.
• As a result of the reorganisation of the operations of Wigton, the position of Head of Energy, which was held by Miss Michelle Chin Lenn, will be removed.
• The Board of Directors of WIG is of the view that the aforementioned changes, and specifically the appointment of Mr. Gary Barrow following a successful recruitment process, will allow the Company to fully realise its vision of being a profitable, regional conglomerate with successful clean energy and other investments.  
• Mr. Barrow also takes the lead at an exciting time for WIG, leading the charge for new investments to deliver a more diversified energy portfolio and growth agenda.
• Furthermore, Mr. Barrow has demonstrated exceptional leadership for over thirty (30) years in highly relevant C-suite roles in telecommunications and electricity in the region.  In addition to his industry know-how and business experience, his multi-disciplinary background in Engineering, Finance, Technology, Innovation, Business Transformation, Process Re-Engineering, Governance and People Management will allow him to hit the ground running at WIG.

(Source: JSE)

• The Guyanese Government on Sunday announced the signing of a mineral agreement with Reunion Gold Corporation— a gold exploration and development company—headquartered in Toronto, Canada.
• This agreement signed between the company and the Guyana Geology and Mine Commission (GGMC), aims to establish stable fiscal and operating conditions for the Oko West gold project in Region Seven, which is owned entirely by the company’s Guyanese subsidiary.
• According to a statement from the Ministry of Natural Resources, key components of the mineral agreement, include royalty payable to the government for gold produced from the operations, as established under the fiscal regime for mineral agreements.
• “As part of the agreement, Reunion Gold commits to prioritising the employment of qualified Guyanese individuals and implementing a comprehensive training programme to develop additional skills necessary for Guyanese personnel at all operational levels,” it added.
• This approach, the ministry noted, aims to contribute to the sustainable development of the country by nurturing local talent. Additionally, the government said the company has pledged to establish a financial support programme for environmental and social projects.
• The company has allocated US$1Mn annually towards initiatives that promote environmental sustainability and address social needs within surrounding communities. The government said that this commitment will begin upon commercial production or within 24 months from the issuance of a mining license, whichever occurs first.
• The government has reaffirmed the shared commitment to sustainable mining practices, aimed at minimising environmental impacts, fostering positive community relationships, and creating lasting benefits for Guyana and its citizens.

(Source: Guyana Chronicle)

• Monday, the Inter-American Court on Human Rights opened its 166th Regular Session at the University of the West Indies at Cave Hill, Barbados, where it will be taking up the issue of the climate emergency, and the response in the framework of international human rights law.
• More than 60 delegations from around the globe, including experts on human rights and climate change and from academia and non-governmental organizations, are participating in the session, hosted by the government of Barbados. The Inter-American Court of Human Rights will hold a public hearing on a request for an advisory opinion on climate change and human rights.
• The request for an advisory opinion for clarification on the scope of governments’ obligations in responding to climate change was requested by Colombia and Chile. The countries noted that both are experiencing the daily challenge of dealing with a proliferation of droughts, floods, landslides and fires.
• Still, climate effects are not being felt uniformly leading to the effort to gather diverse opinions on governments’ obligations to their populations. A similar information-gathering effort is being carried out by the International Tribunal of the Sea and the International Court of Justice, said Pablo Saavedra Alessandri, registrar of the Inter-American Court of Human Rights.
• Overall, the hope is that the Inter-American Court of Human Rights will issue an advisory opinion that would guide the climate and energy policy of many countries in Latin America and the Caribbean.
• In an amicus brief submitted last year, Earthjustice urged the court to outline specific obligations for governments to mitigate climate change, including phasing out fossil fuel production and promoting a just transition to clean and renewable energy.

(Source: Miami Herald)

• Rising food prices around the world may finally be seeing a bottom this year. According to Oxford Economics, global food prices are expected to decline in 2024, offering some relief for shoppers. “Our baseline forecast is for world food commodity prices to register an annual decline this year, reducing pressure on food retail prices further downstream,” the economic advisory firm wrote in a recent note.
• The key driving force behind the decline in food commodity prices is the “abundant supply” for many important crops, especially wheat and maize.
• Bumper harvests in recent months for both staple crops led to a steady decline in prices. Wheat futures have also fallen almost 10% year-to-date, while maize futures lost about 6% over the same period, according to FactSet data.
• Farmers ramped up production of both wheat and corn grains following higher prices after Russia began its invasion of Ukraine in 2022. As a result, global maize harvests for the marketing year ending August this year are likely to come in at record levels, according to Oxford’s analysis. Wheat harvests are also forecast to come in high, although slightly lower than the record level in marketing year 2022 to 2023, the Oxford report said.
• Supply pressures of grains in Russia and Ukraine have also eased. Despite the collapse of the Black Sea Grain initiative in July last year, Ukrainian agricultural exports have been holding up well, Oxford Economics’ Lead Economist Kiran Ahmed wrote. Russian wheat exports have also been flooding international markets, keeping prices low, he added.

(Source: CNBC)

• U.S. business activity cooled in April to a four-month low, due to weaker demand, while rates of inflation eased slightly even as input prices rose sharply, suggesting some possible relief ahead as the Federal Reserve looks for signs that the economy is ebbing enough to bring inflation down further.
• S&P Global said on Tuesday that its flash U.S. Composite PMI Output Index, which tracks the manufacturing and services sectors, fell to 50.9 this month from 52.1 in March. A reading above 50 indicates expansion in the private sector.
• The slowdown reflected weaker rates of growth in both the manufacturing and services sectors, with activity easing to three- and five-month lows, respectively. That in turn meant employment, which the Fed is watching closely for indications of a drop off, fell for the first time since June 2020, with the reduction focused on services.
• The survey suggested that the economy lost momentum at the beginning of the second quarter compared to the January-March quarter. According to a Reuters survey of economists, GDP likely increased at a 2.4% annualized rate last quarter.
• The S&P Global survey's measure of new orders received by private businesses dropped to 48.4 from 51.7 in March, the first decline in six months, while its measure of prices paid for inputs declined to 56.5, off the six-month high of 58.7 reached in March, but still a solid rate. The output prices gauge fell to 54.1, off the ten-month high of 56.4 recorded in March, but also still elevated.
• In a reversal of trends seen last year, when wage-related services sector price pressures intensified while manufacturing input costs cooled, higher raw material and fuel prices resulted in the fastest rise in manufacturing input costs in a year in April, with manufacturing now recording steeper inflation increases in three of the past four months. Service providers, by contrast, reported the second-lowest overall cost increase in three and half years.
• Manufacturing entered contraction territory, with the survey's flash manufacturing PMI slipping to 49.9 this month from 51.9 in March. New orders shrank slightly while growth in employment slowed, albeit modestly, and supply chains showed signs of spare capacity. The survey's flash services sector PMI dipped to 50.9 in April from 51.7 in the prior month.

(Source: Reuters)