Fitch Ratings has affirmed National Commercial Bank of Jamaica Limited's (NCBJ) Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs) at 'B+'. The Rating Outlooks were revised to Positive from Stable.
The Positive Rating Outlook on NCBJ's IDRs reflects the recent revision of the sovereign Rating Outlook to Positive, as the bank's ratings are directly tied to the operating environment constraining the IDRs given the bank's systemic importance in the country as the largest bank by total assets and deposits.
NCBJ's IDRs are driven by its Viability Rating (VR) or standalone creditworthiness, which is highly influenced by Jamaica's operating environment and the bank's company profile. Fitch considers the bank's intrinsic exposure to the Jamaican economy is high through its investment exposure to the Bank of Jamaica and Government of Jamaica treasury notes.
The Financial Action Task Force ('FATF'), the international standards organisation, awards Bermuda excellent ratings (global ranking #1 for overall compliance with technical requirements and #7 in effectiveness) in the fight against money laundering and the financing of terrorism and proliferation
The Government of Bermuda is pleased to announce that an independent team of experts has confirmed that Bermuda is one of the global leaders in the fight against money laundering and the financing of terrorism and proliferation.
Minister of Finance, The Hon Curtis Dickinson JP MP, said: "The report on Bermuda published by the FATF, the leading international standards-setting body in this area, has confirmed that Bermuda is one of the global leaders in the fight against money laundering and the financing of terrorism and proliferation. This is an excellent result and a major accomplishment for Bermuda, further enhancing recognition of our leadership in these key areas."
CARICOM Chairman, Prime Minister Mia Amor Mottley, will welcome fellow heads of government to Barbados for the 31st Intersessional Conference of Heads of Government of the Caribbean Community (CARICOM), from February 18 to 19.
Regional leaders will have a packed agenda during the two-day summit, which will be held at the Lloyd Erskine Sandiford Centre, Two Mile Hill, St Michael.
The areas to be examined include the CARICOM Single Market and Economy (CSME); the Report on the Commission on the Economy; Engagement with the private sector, labour and civil society; CARICOM Advocacy Against Blacklisting, De-Risking and Withdrawal of Correspondent Banking; and Supporting CARICOM Resilience and Digital Transformation - Update on Matters of Importance for Science and Technology. They will also examine the recommendations from the 25th Meeting of the Prime Ministerial Sub-Committee on External Negotiations..
Oil prices clawed back ground on Tuesday amid hopes for new output curbs from OPEC and its allies to offset any potential drop in demand triggered by the coronavirus outbreak.
Brent crude was at $54.74 a barrel, up 30 cents, or nearly 0.5%, while U.S. West Texas Intermediate crude was up 62 cents, or 1.2%, at $50.73 a barrel.
Tuesday’s gains marked a rebound after an extended slide over the last two weeks on concern over the global economic impact of China’s coronavirus, which pushed crude prices on Monday to their lowest level in more than a year.
The U.K. government asked its citizens to leave China, while Hong Kong reported a death from the coronavirus, confirming the second fatality outside the mainland. More than 20,600 cases have now been reported, an increase from about 17,000 the previous day.
The World Health Organization said the virus hasn’t caused a pandemic, but the U.S. said it was preparing for one.
Economists cut China’s growth forecasts as the impact on businesses grew. Macau has asked casinos to shut for half a month, Cathay Pacific plans to slash flights to China and BP Plc predicted a slump in oil demand this year.
Minister of Finance and the Public Service, Dr. the Hon. Nigel Clarke, says that while “vulnerabilities” exist, Jamaica is finally in a different place of macro-stability, where its future is brighter than it has ever been.
Clarke, who was speaking at Mayor of St. Ann’s Bay, Councillor Michael Belnavis’ Benevolent Ball, at the RIU Ocho Rios Hotel on January 25, said the positive prognosis stems from the collective effort of the Jamaican people, who, even in the face of stiff austerity measures, remained resolute and steadfast, “putting country first above self”.
“There is full expectation going into the 2020/21 financial year, that economic growth will steadily return to the previous trajectory prior to last September’s JISCO/Alpart closure,” the Minister said.
Business persons who now fall below the new General Consumption Tax (GCT) threshold and are to be deregistered as taxpayers, will have the option to apply to the Commissioner General to be re-registered.
This is being facilitated through amendments to the GCT Act, which were approved during Friday’s (January 24) sitting of the Senate.
Leader of Government Business in the Upper House, Hon. Kamina Johnson Smith, who piloted the Bill, informed that the amendments “are intended to give effect to the policy ensuring the voluntary registration of persons who fall below the new threshold of GCT, but who opt to remain registered taxpayers”.
Panama’s economy will expand by 4% this year on mining exports and new investments, according to Economy and Finance Minister Hector Alexander.
Government is planning public investments of $3b and an additional $2b in investments under public-private partnership deals.
A new terminal at Panama City’s international airport will open this year and the country will inaugurate a new convention center, also copper exports from the Cobre Panama mine will also help lift growth.
El Salvador’s budget deficit will narrow modestly in the coming quarters as increased spending on security and public health will partially offset higher revenue growth.
Fitch has revised up its fiscal deficit forecast for 2020 and 2021 to 3.2% of GDP and 3.0%, respectively, up from 3.0% and 2.9% previously, due to greater than expected expenditure growth in H219.
A significant slowdown in US growth poses downside risks to the forecast, as it would undercut economic activity, and thereby revenue growth, in El Salvador
It is expected that the central bank will maintain interest rates at 1.75%. Lower-than-expected inflation and weaker-than-anticipated growth since the December monetary policy gathering suggest policy makers sound a more dovish tone.
Inflation and inflation expectations are in line with the target. They are below central bank forecasts and suggest the impact from protests could be less than policy makers feared.
Economic growth is lower than central bank estimates and consistent with increasing slack. Residual headwinds from the protests and increasing uncertainty about the external and domestic economic outlooks are downside risks.
Interest rates are low and already providing significant stimulus. Higher public-sector spending reduces pressure on the central bank to continue cutting rates.
