• President Donald Trump called on India to withdraw an “unacceptable” increase in tariffs on US goods, ratcheting up tension against the Asian nation before a planned meeting with Prime Minister Narendra Modi.
• “India, for years having put very high Tariffs against the US, just recently increased the Tariffs even further,” Trump said in a Twitter post, his first direct response to India’s move earlier this month to raise tariffs on a slew of products from walnuts to pulses.
• The tariffs on almost 30 American products came in response to higher duties imposed by the U.S. and Trump’s move June 1 to end trade concessions on $6.3Bn of Indian goods.
• Modi’s administration repeatedly deferred the move, originally announced in June last year, as it sought to relieve trade tensions through talks.
• India levies an average tariff of 6.9% on imports, slightly higher than 6.0% in the U.S. and 6.1% in China, according to World Bank data as of 2017.

(Source: Bloomberg)

• Country Head for the United States Agency for International Development (USAID) Mission in Jamaica, Jason Fraser, has hailed the newly established Jamaica Social Stock Exchange (JSSE) as an innovative mechanism to mobilize capital for the public good.
• This, he noted, by contributing to the financial viability of the non-profit sector and social enterprises.
• An initiative of the Jamaica Stock Exchange (JSE), the JSSE was launched in January by Prime Minister, the Most Hon. Andrew Holness, and is designed to facilitate funding, through donations, for the activities of entities involved in the delivery of social programs to the society’s most vulnerable and marginalized citizens.

 (Source: JIS)

• The Inter-American Development Bank (IDB) became the first major multilateral lender to openly support the Trinidadian government’s registration of Venezuela migrants, saying over the weekend, the enlarged labor force will boost the economy.
• The registration will result in successful Venezuelans receiving a one-year exemption from work permit restrictions.
• In the IDB quarterly bulletin released Friday, IDB staffers Zubin Deyal and Lodewijk Smets said: “Increasing migration has been met with amnesty.
• Trinidad and Tobago’s migrant population is steadily increasing following the intensifying crisis in Venezuela.

 (Source: Trinidad Express)

• The Dominican Civil Aviation Institute (IDAC) recently reported that 6.7Mn passengers passed through Dominican Republic’s air terminals, in 50,683 international air operations in the first five months.

• It said the figures “highlight the boom in civil aviation in the Dominican Republic and its significant impact on the economy.”

• The IDAC monthly report also reveals that of the total 50,683 operations from January to May 2019 there were 42,405 regular flights and 8,278 charter flights.

(Source: Dominican Today)

• The U.S. is willing to suspend the next round of tariffs on an additional $300Bn of Chinese imports as both sides prepare to resume trade negotiations, according to people familiar with the plan.
• Latest calculations from Bloomberg Economics show the cost of an escalating trade war could hit $1.2Tn by the end of 2021. 
• Treasury Secretary Steven Mnuchin, speaking on CNBC this morning, tried to sound upbeat on the prospects for a deal, saying that 90% of an agreement was already in place. Stock futures rose and Treasuries fell in the wake of his comments. 

 (Source: Bloomberg)

• The U.S.-China trade war is weighing more heavily on businesses operating in Asia Pacific, with companies reporting more delays or cancellation of investments than last year.
• The impact on investment was cited by 54% of firms surveyed by the American Chamber of Commerce in Singapore, up from 50% late in 2018.
• More businesses than last year are also considering readjusting supply chains away from China and the U.S.
• Over the past six months, 41% have seen a “slight” negative impact from the trade war, and 8% registered “strong” negative, while 32% reported no impact. Forty percent see the trade war deteriorating further, with 30% each saying it will stay the same or be resolved soon.
• Vietnam was heralded as a trade-war winner amid rising tariff tensions, offering a high-growth, low-cost environment for businesses to shift orders and production.

(Source: Bloomberg)

• Profits for Blue Power Group Limited jumped 36.2% for the year ended April 30, 2019. Profits ended the year at $139.27Mn (EPS: $0.25) relative to the $102.24Mn (EPS: $0.18) recorded at the end of the previous financial year.
• The improved performance was partly attributable to growth in revenues to $1.66Bn or 10.5% coupled with a movement in net finance income to $23.14Mn up from $66,184.
• The stock has fallen 11.5% since the start of the calendar year. Blue Power Group Limited closed yesterday’s trading session at $4.46, and currently trades at a P/E of 17.92x earnings which is below the Junior Market Manufacturing Sector average of 26.48x.

(Source: Blue Power Group Financials)

• Caribbean Producers Jamaica Limited (CPJ) listed its $500Mn bond on the JSE Junior Market on June 21, 2019.
• This bond listing was the first bond listing on the Junior Market for 2019 and Scotia Investments Limited was the arranger.
• Mrs. Marlene Street Forrest stated that “the Jamaica Stock Exchange is delighted to be able to provide the platform where companies can not only raise equity but debt to expand their businesses.
• CPJ’s Chairman, Mr. Mark Hart stated that he was happy that investors had great confidence in CPJ to allow them to raise the $500Mn in short order. He stated that there was no better place for companies to raise capital, whether debt of equity than on the stock market.

 (Source: JSE)

• Despite “minor delays”, Barbados has managed to make a strong start in implementing its economic austerity program, the International Monetary Fund (IMF) said yesterday, prompting the IMF’s second release of credit to Bridgetown.
• The IMF said the country passed its first quarter review, triggering an immediate injection of about $97.40Mn (US$48.70Mn) into its growing international reserves.
• This takes the total disbursement so far to $194.80Mn (US$97.40Mn). The first was in December last year.
• Under the four-year Extended Fund Facility (EFF) arrangement, Barbados is to receive an amount equivalent to about $578.8Mn (US$289.41Mn), or 220% of island’s quota in the IMF, which was approved by its Executive Board on October 1, 2018.
• The nod of approval for the second disbursement came just over a month after an IMF team carried out a review of the island’s BERT program under the EFF.

 (Source: Barbados Today)

• Panama is back on the grey list of the Financial Action Task Force (FATF) which identifies countries with deficiencies to prevent money laundering and terrorist financing.
• The decision came during the FATF plenary meeting, which is being held this week in Orlando, United States.
• The Minister of Economy and Finance, Eyda Varela de Chinchilla, who had earlier reported that FATF was positive in regards to Panama said that although the FATF recognizes the progress made by Panama and its political commitment at the highest level, during the plenary this week, it was approved that Panama be included in the non-compliance document and under FATF monitoring. 
• The organization analyzed the compliance of the 40 technical recommendations and 11 of effectiveness.
• The inclusion of Panama in the grey list implies, for example, that the correspondent banks of the United States will be obliged to reinforce the control measures over transactions related to Panama.

 (Source: Newsroom Panama)