• 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)

• 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)