• For the six-month period ended October 2019, net profit at Blue Power dipped 16.0% (or $13.90Mn) down to $72.88Mn (EPS: $0.13).
• A 14.4% (or $38.97Mn) fall-off in revenues, coupled with a 14.9% (or $6.87Mn) increase in administrative and other expenses were the main factors that contributed to the decline in profit.
• The stock price has risen 37.0% since the start of the calendar year and closed at $6.91 on Tuesday, and currently trades at a P/E of 4x earnings which is above the Junior Market Manufacturing Sector average of 30.4x.

(Source: Blue Power Group Financials)

·       Moreland tax defaulters have had their properties put up for auction by the Barbados Revenue Authority, but the owners have been given until the day of the sale to come up with the arrears and reclaim their lands.

·       This was announced from last year when the tax collection agency stated that it would be seeking to recoup monies from chronic land tax defaulters and started by publishing 68 properties for sale with arrears totaling approximately BBD$15Mn inclusive of penalties and interest.

·      The auctions are scheduled between January and February 2020, but property owners have up to the day of the auction to contact the Barbados Revenue Authority and arrange to pay their arrears.

(Source: Barbados Today)

• ESSO Exploration and Production Guyana Limited (EEPGL), a subsidiary of ExxonMobil, has applied to the Environment Protection Agency (EPA) for the authorization to explore 31 wells in three oil blocks offshore Guyana.
• A notice published by the EPA, on Tuesday, indicated that the projects include a 25 well exploration program in the Stabroek block, a 3 well exploration program in the Kaieteur block and a 3 well exploration program in the Canje Block.
• Earlier in November, Exxon Mobil had noted that its value position in Guyana had increased and it was considering its undrilled potential.

(Guyana Chronicle)

• Recently there has been a lot that looked like it might derail trade talks between the U.S. and China.
• Yesterday’s vote in the House of Representatives to impose sanctions on Chinese officials over human rights abuses against Muslim minorities and President Donald Trump’s comments that he was happy to wait until after the election to reach an accord all increased the risks of a breakdown in talks.
• Despite all the noise, both sides are moving closer to the agreement, according to people familiar with the situation, and U.S. negotiators expect a phase one deal to be agreed before the Dec. 15 tariff deadline.

(Source: Bloomberg)

• There are mixed signals on oil production targets ahead of the meeting of OPEC and its allies in Vienna this week.
• Iraqi Oil Minister Thamir Ghadhban said he believed that Saudi Arabia supported his call for more output cuts.
• The chance of tighter supplies, coupled with the positive signs on trade, helped push a barrel of West Texas Intermediate for January delivery above $57.
• The Aramco IPO seems to be going well, with the company considering pricing it at the top end of the marketed range, which would make it the world’s biggest-ever new listing.

(Source: Bloomberg)

• Salada Foods Limited (SALF) audited financials for September 2019 showed a 35.5% (or $77.81Mn) year on year decline in the net profit, moving from $219.18Mn (EPS: $2.12) to $141.36Mn (EPS: $1.37).
• A 17.2% (or $110.55Mn) increase in the cost of goods sold along with a 63.3% (or $53.82Mn) expansion in administrative expenses and a 39.1% (or $17.55Mn) growth in selling and promotional expenses were the main contributing factors to the unfavourable performance.
• The stock price has fallen 10.0% since the start of the calendar year closed at $31.50 on Monday.  At this price SALF currently trades at a P/E of 23.0x earnings which is above the Main Market Manufacturing and Distribution Sector average of 22.2x

(Source: Salada Foods Financials)

• Sygnus Credit Investments Limited (SCI) has advised that at a Board of Directors’ meeting held on November 14, 2019, approval was granted for the Company to increase the capital raise to up to J$4,500,000,000.00 (US$35,000,000.00). This follows SCI’s prior advisory of its Board approval for the Company to raise up to J$1,200,000,000.00 (or USD equivalent) in debt.
• SCI has further advised that the capital raise will be done in various tranches and may take the form of Bonds, Loans, Notes or Preference Shares.

(Source: JSE)

• Some of the new measures that were announced by Finance Minister Colm Imbert in the 2020 national budget went into effect on Sunday, the 1^st of December.
• In a full advertisement on Monday, the government reminded citizens of the measures that took effect from December 1 such as the new minimum wage of $17.50 per hour, up from the previous rate of $15.00.
• Employees of the unemployed relief program and the community-based environment protection and enhancement program (CEPEP) will get a 15% increase in their wages, while trainees of the on-the-job training program will see a 10% hike in their stipends with the intake for the program is increased from 5,000 to 8,000 trainees.

(Source: Trinidad Express Newspaper)

• The director of the Dominican Republic Export and Investment Center stated the country’s foreign direct investment (FDI) companies reinvest more than 47% of their profits.
• According to a press release, this data is supported by the study “impact of foreign direct investment in the Dominican economy” conducted by the firm Analytica. FDI in the last seven years is about US$20.1Bn, representing a milestone in the attraction of FDI.
• According to the Economic Commission for Latin America (ECLAC), the Dominican Republic is among the top 10 countries for the collection of FDI in Latin America and the Caribbean.
• The sectors that are benefiting from the inflows of FDI include hotels, pharmaceuticals, free zones, telephone industry, mining, power companies, services, retail, technology and financial services.

(Source: Dominican Today)

• President Donald Trump suggested that he would be happy to wait until after the 2020 election to do a trade deal with China, adding that Beijing wants one now. Stocks futures fell after his comments.
• In further signs of increasing tensions between the two nations, Chinese state media said the government would soon publish a list of “unreliable entities” which could lead to sanctions against U.S. companies.
• The next round of tariffs on Chinese goods is due to kick in on Dec. 15, and investors are starting to become concerned that the market consensus of a delay in implementation may be proven wrong. 

(Source: Bloomberg)