New Deputy ECCB Governor Excited About Regional Transformation
Newly appointed Deputy Governor of the Eastern Caribbean Central Bank (ECCB), Dr Valda Henry, is excited about the prospects of transforming the Eastern Caribbean Currency Union as she embraces her new role.
Dr Henry assumed duties as Deputy Governor of the ECCB on 20 September. Reflecting on her first month in office, Dr Henry says that she has been busy meeting with Directors and staff. She says she is particularly passionate about one of her specific assignments, that of transforming management and culture across the Bank.
Dr Henry admits that transformation is a big task hence, it must begin with changing the culture across the Bank so that while staff work to meet the core mandate of financial stability they recognise that to get the transformation desired across the region, then they must recognise the humanness. She added that the people of the region are looking at the ECCB and its response during this time and while transformation is a big task they must also see it as exciting.
In addition to the ECCB’s, S.T.A.R Mantra of Service Excellence, Teamwork and Truth Telling, Accountability and Results, Dr Henry noted the importance of the declaration which Governor Antoine shared with staff upon his reappointment in February. He encouraged staff to “be competent yet caring, prudent but proactive and industrious and imaginative.”
Dr. Henry says while staff members focus on their professionalism, these COVID times call for them to stop and be compassionate as people are in a lot of pain financially, emotionally, psychologically and mentally. “For some people, that pain overshadows any opportunity and it is our job to understand, to recognise and meet people where they are and to come up with solutions for our region,” she said.
Article Published October 25, 2021 on stluciatimes.com
White House announces travel rules for visitors
The White House has outlined new rules for foreign travellers to the United States, as flight restrictions lift for the first time since the pandemic began in 2020.
The plan to reopen the US border next month to foreign flights includes a requirement that almost all foreign visitors be vaccinated against COVID.
The US travel ban has grown to include dozens of countries, including the UK, much of Europe, China and India.
The travel industry has been asking for US President Joe Biden to lift the ban.
Originally imposed by Donald Trump, the ban on flights from most foreign countries was extended when Biden took power in January 2021.
The rule bans most visitors from Brazil, China, South Africa, the United Kingdom, the 26 Schengen countries in Europe, Ireland, India and Iran.
The proclamation signed by Biden on Monday says that airlines will be required to check travellers’ vaccination status before they can board departing planes.
“It is in the interests of the United States to move away from the country-by-country restrictions previously applied during the COVID-19 pandemic and to adopt an air travel policy that relies primarily on vaccination to advance the safe resumption of international air travel to the United States,” Biden’s proclamation says.
Airlines must confirm that the proof of vaccination comes from an “official source” and was received at least two weeks prior. Any vaccines approved by US health regulators will be accepted.
Unvaccinated travellers, including Americans, will have to show a negative COVID test taken within one day of departure.
Children under the age of 18 will be exempt from the vaccination requirement but must still provide a negative test taken within three days of travel.
The new restrictions take effect on November 8.
Article Published October 25, 2021 on nationnews.com
No end in sight for labor shortages as U.S. companies fight high costs
NEW YORK, Oct 26 (Reuters) - Labor shortages may be the most intractable of the cost risks that U.S. companies faced in the latest quarter, and as the earnings season moves into its peak there are signs the problem will persist, some strategists say.
Finding and paying for workers is a challenge investors are paying close attention to as third-quarter results come in, with supply bottlenecks and high energy and other commodity prices among other key risks for companies.
Warnings have come already from companies in several industries, including healthcare, with hospital operator HCA Healthcare Inc (HCA.N) saying higher labor costs seen in the third quarter could stick around longer because of a shortage of workers.
Domino's Pizza (DPZ.N) cited a shortage of drivers as it reported recently a rare fall in U.S. sales, and FedEx Corp (FDX.N) also cited higher labor costs in September when it cut its full-year forecast.
The coming weeks, which bring results from the bulk of S&P 500 (.SPX) companies, should give investors more clues on how long labor pressures could persist.
"We're going to see it come up in the next couple of quarters as we try to continue to reopen," said Mace McCain, chief investment officer at Frost Investment Advisors.
"The reopening was delayed by the Delta variant, so we haven't seen the full impact of the labor shortage yet."
Goldman Sachs strategists wrote in a research note ahead of this week that there have been some "tentative signs of improvement from supply chain data and commodity prices," while labor market tightness could be a challenge "for many companies for years."
"Our economists expect COVID-related pressure on labor market supply will ease in coming months but forecast a U.S. unemployment rate of 3.5% by the end of 2022, meaning companies will continue to face many of the labor market challenges they face today," they wrote.
Among stocks within the leisure and hospitality industry, low-labor-cost names have outperformed high-labor-cost peers for months, the Goldman strategists said, noting that in the broader market, "the most asset- and labor-efficient firms have outperformed peers in recent years and in recent weeks."
Recent economic data has underscored the tightening labor market trend. The latest data showed the number of Americans filing new claims for unemployment benefits dropped to a 19-month low in the week ended Oct. 16, marking a second straight week that claims remained below 300,000 as employers hold on to workers amid an acute labor shortage.
U.S. companies managed to keep profit margins at record levels in the second quarter, but rising costs have sparked some concern among investors.
So far this reporting period, stronger-than-expected earnings have raised the year-over-year profit growth forecast for S&P 500 companies to 34.8%, up from about 30% at the start of the month, according to IBES data from Refinitiv.
To be sure, a labor shortage is good news for people out of work and looking for a job. And there are several signs that suggest the labor shortage may be temporary, Thomas Lee, managing partner and head of research at Fundstrat Global Advisors, wrote in recent note.
"Labor usage is actually 4.9 million lower now than pre-COVID-19," he wrote. "Has the economy permanently changed during COVID-19 that somehow less people working means a tighter labor market? Nope."
Paul Nolte, portfolio manager at Kingsview Investment Management in Chicago, said labor shortages seem to be more of a problem for some industries than others.
"Customer-facing businesses" that were forced to close during the pandemic lockdowns are having a hard time filling jobs and getting back up to speed, he said, while "manufacturers never quite completely shut down."
Article Published October 26, 2021 on reuters.com
Brent Oil Near Three-Year High With Traders Eyeing Stockpiles
Oil traded near its highest level since 2018 amid expectations that stockpiles will continue to decline globally as OPEC+ keeps a tight rein on supply.
Brent crude edged lower from its highest close in three years. Later Tuesday, the American Petroleum Institute will report estimates for U.S. oil inventories, including at the key hub in Cushing, Oklahoma. A sharp drawdown there in recent weeks has led to huge moves in timespreads for both Brent and West Texas Intermediate as traders pay premiums for more immediate supply.
The Organization of Petroleum Exporting Countries and its allies are due to gather next week to assess output policy against a market backdrop in which investors are expecting even higher prices. Larry Fink, chairman and chief executive officer of BlackRock Inc., the world’s largest asset manager, said there’s a high probability that crude could hit $100 a barrel.
Oil in both London and New York is set for a monthly gain as global demand recovers from the pandemic and amid a broader energy crunch. While OPEC is gradually easing output curbs, Wall Street has been looking nervously at global spare capacity. Most banks now see crude trading higher for a longer period of time as demand recovers, but underinvestment in new supplies means production could fail to keep pace, a concern shared by BlackRock’s Fink.
“Short-term policy related to environmentalism, in terms of restricting supply of hydrocarbons, has created energy inflation, and we are going to be living with that for some time,” Fink said at the Saudi Future Investment Initiative conference.
PRICES:
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Brent for December settlement fell 0.6% to $85.45 a barrel at 10:24 a.m. in London.
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WTI for December delivery eased 56 cents $83.20 a barrel
The crude market’s pricing structure remains deeply backwardated, a bullish pattern in which near-term prices are more costly than those further out. Brent’s prompt spread -- the difference between its nearest two contracts -- was at 70 cents a barrel, though it has fallen sharply since Monday morning.
Traders also are keeping tabs on talks that eventually may help revive an Iranian nuclear accord, allowing a pickup in crude exports. Discussions between Tehran and the European Union are due to be held in Brussels on Wednesday, part of a drawn-out effort to clear the way for a wider diplomatic push.
Article Published October 26, 2021 on bloomberg.com
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