May 17, 2012 

 Market News

International: Spain's borrowing costs has risen sharply, as market fears over the potential breakup of the euro zone spread to the country's bond yields. The Spanish government sold €2.49 billion ($3.17 billion) of debt on Thursday morning, with bonds due in 2015 carrying an average yield of 4.375 percent -- a huge rise from an average yield of 2.89 percent in April. Bonds due in April 2016 peaked at 5.106 percent. The sharp spike in borrowing costs led Spanish Prime Minister Mariano Rajoy to warn there was a serious risk the country "will not be able to borrow or borrow at astronomical prices," as he appealed to Brussels for an urgent "defense of the euro project."

Jamaica: On the backdrop of his recent tour of the facilities at Blue Mountain Inc, an Atlanta based coffee brewer and distributor which is owned and operated by Jamaican-American entrepreneur, Edgar Munn, the Minister of Agriculture and Fisheries, Roger Clarke, is promising to take steps to pursue individuals and businesses who are pirating the Jamaican coffee brand, much to the detriment of the product and to local coffee farmers.

Trinidad: Business executive Joseph Esau, a long-standing director of One Caribbean Media Ltd (OCM) and chairman of its subsidiary Caribbean Communications Network Ltd (CCN), has announced he will shortly relinquish his position on the OCM parent board of directors. He will continue as chairman of CCN, owners of the Express and TV6, OCM said in a statement yesterday. He will also cease to be chairman of the Grenada Broadcasting Network Ltd and a director of Starcom Network Inc, subsidiaries of OCM. Last month, Esau stepped down as chairman of Prestige Holdings, the local franchise holder of KFC, Pizza Hut, TGI Friday's and Subway, but remains a member of that board.

Barbados: Last Tuesday, severed employees of the Almond Beach Village performed a collective sigh of relief as they received their first of several payments following the closure of the resort. Staff of the now defunct all-inclusive West Coast resort made the trek to the desolate Heywoods, St. Peter holiday spot to collect their official notification letters as well as monies owed to them. Former Food and Beverage Hostess, Doreen Mottley, in an interview with the Barbados Advocate, was pleased with the partial settlement she received; however, she was concerned about what she described as a long wait for the payment.

Bermuda: Bermuda Gas celebrated the 100th anniversary of the introduction of propane gas yesterday [May 17], with the Official Opening of its custom-built facility at 25 Serpentine Road. Staff members, building contractors, major vendors, Company directors and the media were all present for the official opening of the event which heralds a new phase for Bermuda Gas. For the first time ever, all departments now make their home on Serpentine Road, making it more convenient and business friendly for customers and staff. The official opening of the completed building featured a ribbon-cutting ceremony performed by a representative from each Bermuda Gas Department. It was followed by a reception with food prepared by local Chef Danny Lim in Bermuda Gas’ own kitchen.

Market Performance Eastern Caribbean  Closing Position  Index Movement  % Change ECSE Index 137.73  0.87  0.01 Jamaica  Closing Position  Index Movement  % Change JSE Main 90,120.60  485.54   0.54 JA Select 2,661.17  22.51   0.85 Trinidad & Tobago  Closing Position  Index Movement  % Change TTSE Composite Index 1,013.39  1.81  0.18 Barbados  Closing Position  Index Movement  % Change BSE Composite Index 720.54  0.40  0.06 North America  Closing Position  Index Movement  % Change DOW 12,422.49  155.83  1.24 S & P 500 1,304.86  19.96  1.51 NASDAQ 2,813.69  61.02  2.10 Europe/Asia  Closing Position  Index Movement  % Change NIKKEI 225 STOXX 600 FTSE 100 8,611.31 240.84 5,309.05  116.27  0.79  29.33  2.99  0.33  0.55 Major Currencies       EUR - USD 1.270700 JPY - USD 0.012603 GBP - USD 1.581200  0.00090  0.07000%  0.06000  0.08000%  0.00150  0.10000%     Commodity Futures Brent Crude Futr Gold 100 Oz Futr Silver Future  106.94  1,590.70  28.43  0.55  15.80  0.41  0.51  1.00  1.46 View Past Issues

Upcoming Bond Issues Issuer Government of St Vincent & the Grenadines Date June 4, 2012 Tenor 91 days Issue Amount in EC$ 25M Maximum Rate (%) 5.82% Credit Rating B1  Disclaimer The information contained in this publication have been obtained from reputable sources and has not been       independently verified by ECFH Global Investments    Limited.  Therefore no representation or warranty, express or implied is made as to its accuracy or completeness and the company accepts no liability for any loss resulting from reliance on any information contained therein.