• U.S President Donald Trump said today that the USA would impose tariffs on $11Bn of products from the European Union, a day after U.S. trade officials proposed a list of EU products to target as part of an on-going aircraft dispute.
• “The World Trade Organization finds that the European Union subsidies to Airbus have adversely impacted the United States, which will now put Tariffs on $11 Billion of EU products! The EU has taken advantage of the U.S. on trade for many years. It will soon stop!” Trump said in a post on Twitter.
• The two sides have been locked in a years-long global trade dispute over mutual claims of illegal aid to plane giants, Netherlands-based Airbus and U.S.-based Boeing, to gain advantage in the world jet business.
• The U.S. Trade Representative on Monday announced the planned products targeted in retaliation for European aircraft subsidies, with a final list expected this summer.

(Source: Reuters)

• For the year ended December 31, 2018, Ironrock Insurance Company Limited reported a year-over-year audited net profit of $2.8Mn (EPS: 0.01) relative to the $47.9Mn loss recorded for 2017.
• This improvement in profit was partly attributable to the 189.4% growth in net commission income as well as a 136.2% increase in net insurance premium revenue.
• Along with the improvements in profit, Ironrock was also able to reduce claims expenses (-24.1%) whilst reporting huge gains from the movement in the exchange rate during the year. 
• The stock has fallen 18.57% since the start of the calendar year closing at $3.99 yesterday. It currently trades at a P/B of 1.66x earnings, which is below the Junior Market Financial sector average of 3.38x.

 (Source: JSE)

•  Nasdaq Inc. and the Jamaica Stock Exchange (JSE) have signed a new seven-year agreement for Nasdaq to deliver matching engine and market surveillance technology (SMARTS) to the Jamaica Stock Exchange.
• By tapping Nasdaq’s technology, the JSE, as part of its strategy will be able to bolster their product and service delivery regionally and globally.
• Further, via the Nasdaq Matching Engine, JSE will have the ability to offer new products, enhance current trading capabilities and improve the latency of order execution.
• The market surveillance technology will provide JSE with the ability to closely monitor trade activities while strengthening market integrity.

 (Source: JSE)

• For the year ended December 31, 2018, Productive Business Solutions Limited recorded audited net profits of US$0.138Mn (EPS: 0.06) vs losses of US$4.7Mn recorded for 2017.
• This improvement in performance comes on the back of a 103.9% increase in other income as well as a 4.2% rise in revenues.
• The stock has gained 1.46% since the start of the calendar year closing at US$0.59 yesterday. It currently trades at a P/E of 9.83x earnings which is below the USD Stock Market average of 15.18x.

(Source: JSE)

• The Cayman Islands welcomed a record number of stay-over visitors to the destination in February 2019 which represents a 12% increase over the same period last year. Meanwhile, a total of 194,234 cruise passengers arrived in the port of George Town, which although was not as high as last February, it’s still one of the best second months for cruise arrivals of any years since records began.
• The increase in visitor air arrivals represents the best-ever February on record, eclipsing even last year, which was also a record breaker. Coupled with the record-breaking January arrivals, this means that more than 86,000 overnight guests visited the islands in just two months.
• Officials estimate that in the first two months of the year more than half a million visitors spent over CI$145Mn on the island, most of which was spent by overnight guests. While cruise numbers are holding steady, the record-breaking stay-over guests are fuelling the bulk of the spend and growing numbers.
• Tourism Minister, Moses Kirkconnell, states that the sector continues to be a major contributor to the growth of the local economy and that he is pleased with the investment in the country’s tourism products from both the private and public sector which continues to positively impact Caymanians.

(Source: CaymanNews Service)

• World trade shrank by 0.3% in the fourth quarter of 2018 and is likely to grow by 2.6% this year, below a previous forecast of 3.7%, the World Trade Organization (WTO) said.
• The WTO further highlighted that trade had been weighed down by new tariffs and retaliatory measures, weaker economic growth, volatility in financial markets and tighter monetary conditions in developed countries.
• WTO forecasted in September that 2018 growth would be 3.9%, down from 4.6% in 2017.

 (Source: Reuters)

• The global economy is "highly likely" to go into a recession if the U.S. and China are unable to reach a trade deal within three months, said Moody's Analytics Chief Economist Mark Zandi.
• He further noted that business sentiment has been hurt by the trade war and companies are now "on edge".
• The economist also said the probability of a no-deal Brexit is "uncomfortably high" and that's a risk that could send Europe into a recession.

 (Source: CNBC)

• For the year ended December 31, 2018, 1834 Investments Limited reported an unaudited net loss of $56.96Mn (EPS: -0.049), representing a 166.8% decline over the prior year.
• This loss was partly attributable to a 46.0% decrease in revenues and a 66.9% increase in costs.
• The stock price has fallen 5.17% since the start of the calendar year, closing yesterday’s trading session at $1.10. At this price, the stock is currently trading at a P/B of 0.87x earnings which is below the Main Market Communications sector average of 0.94x.

(Source: JSE)

• The House of Representatives on Tuesday, March 26 approved the Third Supplementary Estimates for the 2018/19 fiscal year, which reflect total government expenditure of $802.6Bn.
• The figures indicate no deviation between the expenditure out-turns projected in the Second 2018/19 Supplementary Estimates, which were approved in January 2019.
• Minister of Finance, Dr. the Hon. Nigel Clarke, who tabled the document on March 20, explained that the Third Supplementary Estimates represent a reallocation of programmed expenditure from areas where provisions have been made and those monies have not yet been spent, with five days to go before the 2018/19 fiscal year ends.

 (Source: JIS)

• According to Fitch Trinidad & Tobago’s (T&T) economy will continue its modest recovery over the coming quarters, supported by rising natural gas production. However, non-energy sector growth will remain tepid, restricted by an overvalued exchange rate and private firms’ poor access to credit.
• The external accounts will remain weak over the coming quarters, as a real interest rate disadvantage vis-a-vis the US drives capital outflows. As a result, the pegged exchange rate will remain under pressure.
• The fiscal deficit will most likely narrow in light of rebounding energy sector revenues. However, public financing needs will continue to strain the domestic financial system.
• A competitive election in 2020 and the political and economic crisis in Venezuela will exacerbate political gridlock in 2019. T&T’s relations with the US will be increasingly strained over the Venezuela crisis and Chinese investment.

(Source: Fitch)