JMMB Group Limited (JMMBGL) has advised that a connected party sold 658,507 JMMGL shares on June 8, 2018.

Supreme Ventures Limited (SVL) has advised that a connected party purchased 5,000 SVL shares on June 1, 2018. 

Source: Jamaica Stock Exchange

The Government of Barbados announced [on Friday] that a team from the International Monetary Fund (IMF), led by Bert van Selm, has concluded its three-day visit to Barbados.

During this visit, the Fund team was updated on the economic and financial situation in Barbados.

Preliminary discussions were held on the key challenges faced by the Government, including the country’s very low level of international reserves, its unsustainable debt, and the need to develop an economic plan designed to address current imbalances and create the conditions for sustained broad-based growth.

The Government and the IMF will continue to exchange views over the coming weeks and expect to be able to commence detailed discussions regarding Barbados’s economic reform programme in the coming weeks—a programme that the IMF will be asked to support with financial assistance.

The Government also announced that is has retained the services of Cleary Gottlieb Steen & Hamilton LLP as external legal advisor in the context of the planned debt restructuring that was announced on June 1,  2018.

Information for creditors will be posted periodically at http://gisbarbados.gov.bb/creditors/.

Source:  Barbados Government Information Service

Jamaican Teas Limited, JAMT) has advised that on June 8, 2018, a director of the Company sold 10,000 JAMT shares.

Derrimon Trading Company Limited (DTL) has advised  that the Company has signed a J$625,000,000 Syndicated Facility, arranged and structured by Sagicor Bank Jamaica Limited and First Global Bank Limited at an attractive interest rate. DTL states that the Facility will be amortized over a period of ten (10) years.

DTL advise also that the Facility will be utilized to fully liquidate current short-term debts of the Company and immediately lower their net interest expense

Source: Jamaica Stock Exchange

Italian Finance Minister Giovanni Tria said that there was no discussion about his country leaving the euro and that the government would block any market conditions that would “push toward an exit” in a weekend newspaper interview. Italian stocks and bonds rallied this morning following the reassurances, with the yield on two-year government debt falling more than 50 basis points and the FTSE MIB Index gaining more than 2 percent. There was less good news from economic data, which showed that industrial production had a surprise decline of 1.2 percent in April. 

Source: Bloomberg

As well as the Singapore summit, there is a huge amount going on this week. The Federal Reserve is expected to hike rates on Wednesday, while the European Central Bank may outline how it intends to end its asset purchase program on Thursday. The Bank of Japan has its meeting on Friday. Tomorrow, there is a major test for British Prime Minister Theresa May as the Brexit bill goes to a vote in parliament, with this morning’s disappointing economic data already putting pressure on the pound. Thursday also sees the start of the soccer World Cup in Russia with a match between the hosts and Saudi Arabia. 

Source:  Bloomberg

This weekend’s G-7 summit in Canada, despite the late dramatics, ended pretty much as analysts had expected, with President Donald Trump rejecting the communique issued for the meeting. While there was some selling of the Canadian dollar when markets opened, reaction has generally been benign. Trump, meanwhile, has gone to Singapore for his meeting with North Korea’s Kim Jong Un, which is due to begin at 9:00 p.m. Eastern Time tonight. The president has said that he will know Kim’s intentions within the “first minute” of the meeting. 

Source : Bloomberg

Seprod Limited (SEP) has advised that a director sold a total of 200,000 SEP shares during the period May 28-30, 2018.

Sagicor Group Jamaica Limited (SJ) has advised that during the period May 31 to June 5, 2018, two connected parties and two officers sold a total of 911,516 SJ shares and on June 1, 2018, an officer purchased 162,516 SJ shares.