• Oil prices rose on Friday as the world’s richest nations poured unprecedented aid into the global economy to stop a coronavirus-driven recession and U.S. President Donald Trump hinted he may intervene in the price war between Saudi Arabia and Russia.
• Brent crude futures were up 82 cents, or 2.8%, to trade at $29.29 per barrel. U.S. crude futures for April rose $1.34, or 5.3%, to trade at $26.56 per barrel. The front-month contract expires later on Friday. The more active U.S. crude futures contract for May was up $1.89, or 7.3%, at $27.80.
• Both U.S. contracts gained more than Brent because of U.S. plans to buy up to 30 million barrels of crude for its emergency stockpile by the end of June and reports that regulators in Texas might curtail output.
• As the spread of the coronavirus brings much of the world to a halt, nations have poured increasing stimulus into their economies while central banks have flooded markets with cheap dollars to ease funding strains.

(Source: CNBC)

• For the year ended December 2019, FosRich reported a 9.2% increase in audited net income relative to the corresponding period in 2018. Net Profits rose from $90.39Mn (EPS:18¢) in 2018 to $98.87Mn (EPS: 20¢) in 2019.
• This favourable result was largely due to a 24.1% (or $323.43Mn) increase in total revenue, which surpassed the 34.7% (or $169.97Mn) increase in total expenses.
• The company’s stock price has fallen 42.0% since the start of the year, closing Wednesday’s trading session at $2.42. At this price, the stock currently trades at a P/E of 12.1x which below the Junior Market Distribution Sector Average of 28.3x.

(Source: FosRich’s Financials)

• The Bureau of Standards Jamaica (BSJ) will be providing targeted support to micro, small and medium-sized enterprises (MSMEs), during the new fiscal year, which begins April 1.
• Emphasis will be placed on the priority sectors of manufacturing and agriculture/agribusiness as well as the emerging industries of medical cannabis, hemp and bamboo.
• As stated in the 2020/21 Jamaica Public Bodies Estimates of Revenue and Expenditure, activities will include assessment of need for standards; design, development and delivery of relevant standards; and the provision of training and conformity assessments at discounted rates.
• The increased assistance to MSMEs is in keeping with the BSJ’s focus, over the next four years, on ensuring the international competiveness of Jamaican products and facilitating business development and trade, thus aiding the country’s economic growth.

(Source: JIS)

• Mexico’s external accounts will be impacted by falling goods exports, driven primarily by declines in manufacturing and the oil sector, and a deceleration in remittances amid the global Covid-19 (coronavirus) outbreak.
• As a result, Fitch has revised its forecast for Mexico’s current account to -1.1% of GDP, from -0.8% previously and –0.2% in 2019, as falling imports will limit the expansion of the current account deficit.
• Risks to the forecast are towards wider deficits, given risks to growth in the US, and risks to capital inflows stem from potential erratic policymaking and the poor finances of national oil company Pemex.

 (Source: Fitch)

• In recent weeks, Latin American governments have moved aggressively to combat the domestic spread of the Covid-19 (coronavirus) pandemic.
• Preventative measures have focused on foreign travel restrictions and school closures, though some countries have also ordered shutdowns of private businesses.
• On that same note, Brazil and Mexico lag the rest of the region in preventative measures on the federal level, potentially leaving them more exposed to localized outbreaks.

(Source: Fitch)

• The European Central Bank (ECB) launched an extra emergency bond-buying program worth 750 billion euros ($820 billion) in the latest attempt to calm markets and protect a euro-area economy struggling to cope with the coronavirus epidemic.
• The decision in an unscheduled meeting on Wednesday night is the latest in an escalating global response to an outbreak widely seen driving the economy into recession this year. The measures on Wednesday include:
• A temporary asset purchase program to buy public and private-sector securities, worth 750 billion euros and running until at least the end of 2020. This program will cover all assets eligible under current quantitative-easing program, and will be extended to commercial papers of sufficient credit quality.
• The program will continue until the ECB judges the crisis phase of the pandemic to be over, but not before the end of this year. The ECB will consider raising its self-imposed limits on QE holdings, and stands ready to increase the size of its asset purchase programs.

(Source: Bloomberg)

• Prime Minister Justin Trudeau announced plans to roll out a fiscal package worth 3% of Canada’s economy as it grapples with fallout from the coronavirus pandemic.
• The measures will be worth a combined C$82 billion ($56.7 billion), Trudeau said Wednesday in Ottawa. This includes C$27 billion in direct support for individuals and companies and C$55 billion in temporary tax deferrals for both households and businesses.
• In addition, it includes steps to bolster child benefit payments, a C$10 billion emergency care program to workers who stay home and don’t have access to paid sick leave, and a 10% wage subsidy to eligible small businesses for the next 90 days. The bulk of the support is a plan to allow taxpayers to defer filing until after Aug. 31 -- a temporary liquidity support.
• Wednesday’s package brings the support offered to businesses and individuals to more than C$500 billion during the crisis, the prime minister’s office said in a statement. The country’s banking regulator is loosening capital requirements to free up C$300 billion of lending capacity, while the country’s housing agency is buying up to C$50 billion in mortgages to provide liquidity.
• Trudeau also confirmed an announcement by President Trump that Canada and the U.S. have agreed to close the world’s longest undefended border to all non-essential traffic.

(Source: Bloomberg)

• Indies Pharma Jamaica Limited reported unaudited net profit of $39.61Mn (EPS: 0.03¢) for the three months ended January 31, 2020, which represents a 15.6% (or $7.30Mn) decline when compared to the same period one year prior.
• This performance can be explained by the 27.3% (or $19.69Mn) increase in operating expense despite the 15.2% (or 25.54Mn) increase in revenues.
• The stock has fallen 39.9% since the start of the calendar year and closed Monday’s trading session at $2.00 per share. At this price it currently trades at a P/E of 22.2x earnings which is above the Junior Market Distribution Sector Average of 19.4x.

(Source: Indies Pharma’s Financials)

• 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)