The Trade Board Limited (TBL) is looking to expand the scope of the Jamaica Trade Information Portal (JTIP) by adding trade in services to the goods category.
Speaking at a recent Jamaica Information Service (JIS) Think Tank session at the Agency’s head office in Kingston, Trade Administrator and TBL Chief Executive Officer, Douglas Webster, said the proposed move is primarily consequent on the service industry accounting for some 72% of Jamaica’s gross domestic product (GDP).
“As currently constructed and operated, JTIP treats only with trade in goods. We want it to transcend that and we have an edict from Cabinet to the effect that it must be done as quickly as possible. We will be making every effort to ensure that that begins soon,” he explained.
The U.S. current account deficit fell to more than a one-year low in the third quarter as imports declined sharply and the surplus on primary income swelled, government data showed on Thursday.
The Commerce Department said the current account deficit, which measures the flow of goods, services and investments into and out of the country, decreased 0.9% to $124.1 billion last quarter, the lowest level since the second quarter of 2018.
Data for the second quarter was revised to show the deficit declining to $125.2 billion, instead of the previously reported $128.2 billion.
Economists polled by Reuters had forecast the current account deficit would tighten to $122.1 billion in the third quarter.
The Bank of England kept interest rates steady on Thursday, saying it was too soon to gauge how much Prime Minister Boris Johnson’s election victory would lift the Brexit uncertainty that has hung over the economy.
Two of the BoE’s nine policymakers voted for a second month in a row for a cut to borrowing costs due to fears that Britain’s jobs boom is deteriorating.
But the majority took a wait-and-see approach at the penultimate rate-setting meeting for Governor Mark Carney, who is due to stand down on Jan. 31.
“There was no evidence yet about the extent to which policy uncertainties among companies and households had declined following recent domestic policy developments,” the BoE said in a statement.
Sterling rose and British government bond prices fell on the news that no further BoE policymakers had backed a rate cut.
On December 18, 2019, the Executive Board of the International Monetary Fund (IMF) completed first reviews of Honduras’ performance under an economic program supported by a two-year Stand-By Arrangement (SBA) and a two-year arrangement under the Standby Credit Facility (SCF).
The completion of the reviews enables the authorities to access resources in the total amount of about US$144.7 million (SDR 105 million). The authorities have expressed their intention to continue to treat the arrangements as precautionary.
The IMF noted that despite headwinds to growth and a challenging external environment, the Honduran authorities remain fully committed to the economic program supported by the IMF.
They have also, among other things, maintained prudent macroeconomic policies—the fiscal position is in line with the Fiscal Responsibility Law, inflation is within the central bank’s target band, and the current account deficit has narrowed despite adverse terms of trade—and have taken initial steps on structural reforms to promote sustained, inclusive growth.
The Bank of Jamaica (BOJ) is projecting a $2.4Bn increase in total currency in circulation during December to $152.4Bn, relative to the sum in November, in keeping with heightened activities associated with the festive Christmas season.
In a statement on Tuesday December 17, the Bank said the projection represents a 14.1% increase, compared to 20.4% for the corresponding period in 2018.
The BOJ noted that the forecast is generally consistent with the five-year average growth of 17.6% for the month of December.
According to the BOJ, net currency issued between December 1 and 13 this year stood at $1.2 billion (0.9%), which was $1Bn lower than the corresponding period last year.
The Bank further pointed out that the stock of currency in the hands of the public as also the vaults of financial institutions, as at December 13, totalled $131.2Bn.
Real GDP growth in Jamaica will continue to decelerate over the coming quarters as government consumption and net exports remain weak.
A slowdown in US economic activity poses downside risks to Jamaica’s growth outlook, particularly given that Jamaica has little room for fiscal or monetary stimulus.
Fitch Solutions has consequently revised the 2019 real GDP forecast from 2.1% to 1.6% and the 2020 forecast from 1.8% to 1.4%.
Minister of Tourism, Hon. Edmund Bartlett, says Jamaica is positioning itself to meet the demands of the global tourism market over the next 10 years.
He told JIS News that estimates are for global tourism to grow to 1.8Bn international visitors by 2030, with earnings of US$2Tn.
Some 40Mn new jobs will be created, and one out of every nine workers in the world will be employed in a tourism-related field.
“Additionally, tourism will represent 11% of global gross domestic product (GDP) and more than 15% of trade, along with nearly 20% of foreign direct investment (FDI),” Minister Bartlett said, noting that the industry is expected to grow twice the rate of global GDP at 4-6%.
Mayberry Investments Limited ( MIL) has advised that the Company has completed their reconciliation of all applications in respect of the Lumber Depot Limited Initial Public Offering and that the basis of allotment will be as follows:
Reserved Pool of Applications: the first 2,000 units were fully allocated, the balance > 2,000 units were allocated approximately 9.7992%.
General Pool Applications: the first 2,000 units were fully allocated, the balance > 2,000 units were allocated approximately 8.2660%.
On December 11, 2019, S&P Global Ratings upgrades Barbados’ long-term and short-term foreign currency ratings on the country to 'B-/B' from 'SD/SD', a 6-notch upgrade.
The successful restructuring of approximately $US531Mn in 2029 bonds and the issuance of US$32Mn in past-due interest bonds to holders of its U.S. dollar bonds that have been in default since 2018, was behind the upgrade.
The outlook is stable, reflecting the agency’s belief that the Government of Barbados’ commitment to a fiscal and institutional adjustment is balanced with the economic and political challenges of doing so.
The Bahamian tourism and aviation industries are set for a further boost through the nation formalizing its long-standing relationship with the US, a senior regulator revealed yesterday.
Juliea Brathwaite-Rolle, head of the Bahamas Civil Aviation Authority’s safety oversight department, confirmed to Tribune Business that this nation had last week signed an air services agreement with its northern neighbor as it continues to expand the industry’s growth platform.
Mrs. Brathwaite-Rolle said The Bahamas has now signed 24 air services agreements with nations such as China, Saudi Arabia, Jamaica, the UK, Canada and even Turkey and Qatar. The latter two had to-date been the most active in exploring the possibilities, and she added: “Services are coming to The Bahamas and we’re benefiting from it.”
