• The Government and Inter-American Development Bank (IDB) have signed an US$50 million loan agreement to implement the Boosting Innovation, Growth, and Entrepreneurship Ecosystems (BIGEE) Programme over the next 10 years.
• Minister of Finance and the Public Service, Dr. the Hon. Nigel Clarke, in his remarks, said the BIGEE Programme is intended to fill gaps within Jamaica’s entrepreneurial ecosystem, while strengthening the existing framework
• The project will provide financial and technical assistance support for Micro, Small and Medium-size Enterprises (MSMEs), scalable and new business start-ups with high growth potential, and entrepreneurs with sustainable business ideas.
• It will also benefit incubators, business support accelerators, and academia focused on the innovation and entrepreneurship ecosystem.

(Source: JIS)

• Costa Rica cut its policy rate by a full percentage point to a record low of 1.25% to soften the economic damage caused by the coronavirus pandemic.
• Monday’s reduction builds on a series of recent rate cuts designed to stimulate the economy, which has been performing below potential.
• Costa Rica’s President Carlos Alvarado said Monday the country will not allow non-nationals who aren’t residents to enter the country starting Wednesday at 11:59 p.m. through April 12.

(Source: Bloomberg)

• Economy Minister Paulo Guedes plans to inject nearly 150 billion reais ($30 billion) into the Brazilian economy to offset the impact of coronavirus.
• More than half of that amount, or 83.4 billion, would be directed to support poor and elderly people. Those benefits include the early payment to pensioners of a year-end bonus known as a 13th salary, and a boost to Brazil’s Bolsa Familia welfare program.
• Guedes said the Brazilian economy will suffer a strong impact of the coronavirus crisis but is likely to bounce back in a few months.
• The package also includes specific measures such as removing taxes on coronavirus-related medical supplies, as well as $90 million for public health clinics.

(Source: Bloomberg

• The new fed funds rate, used as a benchmark both for short-term lending for financial institutions and as a peg to many consumer rates, will now be targeted at 0% to 0.25% down from a previous target range of 1% to 1.25%.
• Facing highly disrupted financial markets, the Fed also slashed the rate of emergency lending at the discount window for banks by 125 basis points to 0.25%, and lengthened the term of loans to 90 days.
• The Fed also cut reserve requirements for thousands of banks to zero. In addition, in a global coordinated move by centrals banks, the Fed said the Bank of Canada, the Bank of England, the Bank of Japan, the European Central Bank, the Federal Reserve, and the Swiss National Bank took action to enhance dollar liquidity around the world through existing dollar swap arrangements.
• The quantitative easing will take the form of $500 billion of Treasurys and $200 billion of agency-backed mortgage securities. The Fed began purchases on Monday with a $40 billion installment with another $40 billion in Treasury purchases to be made on Tuesday.

(Source: CNBC)

• Oil traded below $30 a barrel on Tuesday, close to its lowest since 2016, and analysts said more declines may follow as the coronavirus pandemic hits demand and Saudi Arabia and Russia battle for market share.
• Brent crude slipped 51 cents to $29.54 per barrel, having earlier touched $31.25. On Monday it sank to $29.45, the lowest since January 2016. U.S. West Texas Intermediate crude reversed most of an earlier 4.7% gain to 14 cents, or 0.5%, and trade at $28.56 per barrel.
• Countries including the United States and Canada, along with nations in Europe and Asia, are taking unprecedented steps to contain the virus, curbing demand for crude and products such as gasoline and jet fuel.
• Just as travel bans, cancelled events and other economic disruptions eat into crude demand, major oil producers are planning to add more crude to an oversupplied market. The United States has said it will take advantage of low oil prices to fill its Strategic Petroleum Reserve (SPR). Other countries and companies are planning similar measures to fill storage tanks.

(Source: CNBC)

• For the year ended December 2019, net profit at Blue Power dipped 34.4% (or $31.58Mn) down to $60.30Mn (EPS: $0.10).
• An 11.7% (or $135.55Mn) fall-off in revenues, coupled with a 7.3% (or $5.22Mn) increase in total expenses were the main factors which contributed to the decline in profit.
• The stock price has fallen 24.9% since the start of the calendar year and closed at $1.27 on Monday. At this price the stock currently trades at a P/E of 12.7x earnings which is below the Junior Market Distribution Sector Average of 19.7x

(Source: JETCON Financials)

• Net profit at tTech Limited edged down 10.1% ($2.78Mn) for the year ended December 31, 2019, despite a 19.9% (or $56.44Mn) increase in revenues. Net profit declined to $24.76Mn (EPS: 23¢) from $27.54Mn (EPS: 26¢) in the corresponding period of 2018.
• The main contributor to this performance was a 14.0% (or $27.76Mn) increase in total expenses as well as a 100% ($2.47Mn) increase in finance cost for the period.
• The stock has fallen 33.7% since the start of the calendar year. tTech closed Monday’s trading session at $4.32 and currently trades at a P/E of 18.8x earnings which is below the Junior Market Other Average of 19.4x.

(Source: Ttech Financials)

• A 40-year-old woman in Panama has tested positive for coronavirus, the country's health minister said on Monday. The patient is a Panamanian woman who had returned Sunday from Madrid. While only a few dozen cases have been confirmed in Latin America, the epidemic is growing in Europe. Spain is among four European countries with more than 1,000 cases each.
• Panama's Health Minister Rosario Turner said Monday the 40-year-old woman's positive test was confirmed at the Instituto Conmemorativo Gorgas. The woman is isolated at home and will receive daily visits from health workers.
• The virus that causes the COVID-19 illness has also been confirmed in the Caribbean, Brazil, Mexico, Ecuador, the Dominican Republic, Guadeloupe, Martinique, Argentina, Peru, Costa Rica, Chile and Argentina, where there has been one death.

 (Source: Bloomberg)

• Mexico’s currency commission will increase a non-deliverable forward hedge program to a maximum of $30 billion from $20 billion.
• The commission comprised of Banco de Mexico and the Finance Ministry moved to support the currency after the peso posted its worst daily drop since Donald Trump’s election in 2016. The Mexican peso trimmed losses after the commission’s announcement.
• The peso slide followed a collapse in global oil prices as the OPEC+ alliance disintegrated into a price war over crude. That along with fears over the spread of the coronavirus put pressure on Mexican assets on Monday.

 (Source: Bloomberg)

• Oil prices surged higher on Tuesday following reports that ongoing talks between OPEC and its allies, known as OPEC+, remain possible.
• Speaking to reporters Tuesday, Russian Energy Minister Alexander Novak said that Moscow had not ruled out measures with OPEC to stabilize oil markets, according to Interfax news agency.
• Russia’s energy ministry has proposed to hold a meeting with Russian oil companies on Wednesday, Reuters reported, citing two unnamed sources.
• International benchmark Brent crude gained $3.41, or 9.9%, to trade at $37.73 per barrel, while U.S. West Texas Intermediate futures were up 9.5% to trade at $34.08 per barrel. Earlier in the session WTI surged more than 10%.
• Prices rebounded following Monday’s plunge, which saw WTI and Brent drop 24% for their worst decline since 1991.

(Source: CNBC)