• It’s March 29 and the U.K. is not leaving the EU today, despite years of promises.
• When the U.K. is actually going to leave is still a matter to be decided, with Prime Minister Theresa May putting her already a twice-rejected deal to another vote in Parliament later today.
• With only hours to go, it seems it will once again flop as Northern Ireland’s DUP Party maintains its opposition to the agreement.
• If so, lawmakers have until April 12 to decide on a way forward or leave without a deal on that date.

(Source: Bloomberg)

• U.S Treasury Secretary Steven Mnuchin said in a tweet on Friday that he and U.S. Trade Representative Robert Lighthizer had concluded "constructive" trade talks in Beijing.
• Mnuchin and U.S. Trade Representative Robert Lighthizer were in the Chinese capital for the first face-to-face meetings between the two sides in weeks after missing an initial end-of-March goal for a summit between U.S. President Donald Trump and Chinese President Xi Jinping to sign a pact.
• On Thursday, Chinese Premier Li Keqiang said Beijing will sharply expand market access for foreign banks and securities and insurance companies, adding to speculation that China may soon announce new rules to allow foreign financial firms to increase their presence at home.
• White House economic adviser Larry Kudlow said the United States may drop some tariffs if a trade deal is reached while keeping others in place to ensure Beijing's compliance.

(Source: CNBC)

• Brexit, the U.S.-China dispute, and the possibility of U.S. auto tariffs mean the world economy faces substantial threats to free trade.
• Running the numbers on a unique data set from the OECD, Bloomberg Economics calculates that some 2.3% of global gross domestic product is tied to trade flows that are at risk from greater protectionism.
• Within that, the U.K., China and Germany are the major economies that face the biggest risks.

(Source: Bloomberg)

• The Bank of Jamaica announced its decision to lower its policy interest rate by 25 basis points to 1.25%. The reduction will take effect on March 28, 2019.
• The decision to lower the policy rate is aimed at supporting inflation reaching the target of (4.0% to 6.0%) by December 2020.
• The rate reduction is intended to stimulate faster expansion in private sector credit which should lead to higher economic activity, consistent with the inflation target.

(Source: BOJ Press Release)

• The once-giant American company Kaiser Aluminum, which started mining here in 1967 is at the leading edge of a revival of the mining industry, turning Jamaica’s red earth to gold for a new set of investors from hedge fund luminaries to commodity traders.
• Now things are turning around for the mines. Noranda, which was bought out of bankruptcy by New Day Aluminum together with an alumina refinery in Louisiana, is planning a 40% increase in production this year after signing a supply deal with a Chinese company. Additionally, the Chinese group Jisco, which bought the mothballed Alpart plant from Rusal, is looking to expand.
• Parris Lyew-Ayee, executive director of the Jamaica Bauxite Institute has highlighted that good days are ahead for the industry however he does not believe that the glory days will return.

(Source: Yahoo Finance)

• The Bahamas’ national debt finished 2018 at $8.22Bn, having increased by $335.3Mn last year, although GDP growth implied it fell slightly in proportion to the size of the economy.
• The Central Bank revealed that the country’s total debt - the government’s direct charge plus all borrowings it has guaranteed on behalf of public corporations and agencies - rose by $103.5Mn during the period.
• However, economic growth was sufficient to ensure that The Bahamas’ debt ratios were kept in check at year-end 2018. The government debt fell from 59% of GDP in 2017 to 58.9% at the end of 2018, with the total debt-to-GDP ratio also down slightly from 64.8% to 64.6% year-over-year.

(Source: Tribune 242)

• Fitch Solutions forecast Mexico's current account deficit to narrow in the coming years, supported by robust manufacturing goods export growth.
• The modest current account shortfall will be covered by capital inflows, as Mexico remains an attractive investment destination.
• However, Fitch note risks to this outlook amid policy shifts under President Andrés Manuel López Obrador (AMLO) and uncertainty surrounding the US passage of a revised North American Free Trade Agreement (NAFTA). 

 (Source: Fitch)

• U.S economic growth cooled by more than initially reported last quarter on revisions to consumer and government spending, signaling mounting challenges to the expansion as it nears a record duration.
• Gross domestic product grew at a 2.2% annualized rate, Commerce Department data showed Thursday, less than the initial 2.6% reading and projections for a revision of 2.3%.
• Consumer spending, the biggest part of the economy, grew at a downwardly revised 2.5% pace that also missed projections.
• The final reading on a turbulent quarter that included U.S. stocks tumbling to the cusp of a bear market adds to concerns for the world’s biggest economy as global headwinds gather from Europe to China.

(Source: Bloomberg)

• U.S President Donald Trump renewed his criticism of OPEC, saying the cartel should increase production because prices are getting “too high.”
• It is the second time this year the president has taken to Twitter to urge the cartel to backtrack on its current policy of cutting production.
• Unlike last year, when Trump’s attacks triggered a swift U-turn in Saudi oil policy, the group has so far refused to heed his calls.
• Oil extended losses in New York, with West Texas Intermediate futures dropping 1.7% to $58.40 a barrel since the start of the day.

(Source: Bloomberg)

• Planning Institute of Jamaica (PIOJ) Director General, Dr. Wayne Henry, noted that macroeconomic stability has been entrenched, evidenced by relatively low inflation, high net international reserves (NIR), successive positive growth, and fiscal discipline, which has significantly lowered public debt.
• The country’s debt-to-GDP ratio is projected to fall below 100% at the end of the 2018/19 fiscal year, which is the lowest level of debt in nearly two decades.
• Dr. Henry noted that with the strengthened foundation resulting from the improving macroeconomic out-turns, coupled with on-going efforts to sustain the gains attained, “the country is now [moving] to achieve economic independence”.

(Source: JIS)