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ECFH Closing Price as at October 17, 2019: $4.50

Market News

October 18, 2019

JMMB makes additional public offer of shares

The Jamaica Money Market Brokers (JMMB) has moved ahead with its decision to place additional new ordinary shares in Jamaica and Trinidad and Tobago on the public market, with an intention to open on October 22, 2019 in Jamaica and October 25, 2019 in Trinidad and Tobago. The company hopes to earn estimated net proceeds amounting some $10 billion.

In a prospectus document revealed on Tuesday, JMMB has expressed that they invite the public to an additional offering of 266,737,797 new ordinary shares. The shares will be apportioned between key investors (150,000,000), existing shareholders (80,000,000) and Non-Reserved Share Applicants (36,737,797) factoring the ability to upsize to a maximum of 325,000,000 shares. The public is invited to make minimun purchases of 300 shares which will be sold in increments of 100 shares.

The shares will sell at a subscription rate of $38 and TT$1.90 to existing shareholders and team members; $38 and TT$1.90 to key investors and $38.75 and TT$1.94 to non- reserved share applicants.

The deal will be brokered by JMMB Securities Limited both locally and in Trinidad.

The authorised selling agents in Jamaica are listed as: JMMB, Mayberry Investments, Proven, VMWealth Management, Barita Investments, and Scotia Investments Jamaica Limited.

In Trinidad and Tobago they include: Bourse Brokers, First Citizens Brokerage and Advisory Services, West Indies Stockbrokers and Caribbean Stockbrokers, to be regulated by the stock exchange market in each country.

Archibald Campbell, chairman of the JMMB Group, in his invitation to prospective investors, reasoned that the proceeds from the deal will allow the JMMB Group to continue to execute its expansion and diversification strategy.

“By expanding and diversifying our business lines in the Dominican Republic, Jamaica, and Trinidad and Tobago, the JMMB Group has evolved over the years into a dynamic regional financial services group of companies equipped to deliver innovative and integrated services, solutions and experiences focused on one overarching objective of helping clients achieve their financial goals,” he said.

“The region has been seeing unprecedented merger and acquisition activity in the financial services sector over the last few years as assets become available for sale with parent companies from developed markets divesting their Latin American and Caribbean holdings. The group has been constantly reviewing its portfolio of companies with a view to capitalising on the opportunities presented by this to strengthen business lines, and leveraging strategic alliances to improve operations, product/solution sets and service delivery,” he said.

A closing date of November 7, 2019 at 3 pm in Jamaica and 4 pm in Trinidad and Tobago was noted.

Article published October 18, 2019 on Jamaicaobserver.com

Commonwealth sounds alarm as the world sleepwalks to another debt crisis

Trade wars, protectionism, and nationalist rhetoric are combining to weave the possibility of a nightmare debt crisis that could be worse than any previously experienced. Global borrowing is now at the highest levels since the 1950s – and history suggests we should take this as a warning that a debt crisis could be looming. Were one to materialise, it could inflict greater dislocation on international financial systems and national economic stability than ever previously witnessed, especially in this highly uncertain environment characterised by trade war and regional disintegration.

This would be particularly tragic in view of the extraordinary global commitment to delivering the UN's Sustainable Development Goals, and as so many nations seem finally to be in earnest about tackling the causes and impact of the climate crisis. The impact of a parallel crisis in global debt would derail this, and could make much-needed international cooperation on poverty and progress impossible. Governments would be diverted by the need to stabilise local economies devastated by unmanageable debt. Yet such a scenario can be averted.

Haunting memories of the economic chaos, poverty and suffering caused by previous debt crises are the reason that the finance ministers of Commonwealth are working together to prevent the needless recurrence of an avoidable crisis. The breadth and inclusiveness of the Commonwealth means that when our member countries meet many perspectives are brought to the table. These can be shared to decisive effect when Commonwealth countries work together to ensure the voices and views of all are taken into account at forums such as the G20 and other international and regional gatherings.

It is no longer feasible for policies on debt, trade and other economic matters to be considered in isolation from the increasingly extensive impacts of climate change, which are becoming more frequent and more stark. Small island states tend to be the most vulnerable to extreme weather and natural disasters, and also to have the least resilience or resources with which to recover from the damage to their infrastructures and economies.

With interest rates at historically low levels borrowing becomes an attractive proposition, yet heightens the concomitant risk of debt ballooning to levels which are unsustainable over the longer term. This raises the possibility that countries which have 'borrowed their way out of trouble' following a setback will eventually face very severe debt distress. Preventing such eventualities is a global challenge which requires collective and coordinated responses.

The Commonwealth is particularly, and perhaps uniquely, well placed to ensure that perspectives and needs of developing nations are fully considered in multilateral discussions on policy for tackling future debt crises. This is the purpose of our Commonwealth Finance Ministers' Meeting taking place in Washington, DC, alongside the annual meetings of the World Bank and International Monetary Fund.

The ministers of our 53 diverse and widely distributed yet closely connected nations will this year examine proposals designed to improve debt transparency. They will consider ways in which debt contracts can be specially amended to provide relief during disasters. Such initiatives will be supported by collating the perspectives of ministers from developing countries so that their Commonwealth counterparts from countries with advanced economies can carry them forward for the attention of the G20.

The way to a stable and sustainable economic future is for developing and developed countries to work together inclusively on shaping the global debt rules which affect them all. So our Commonwealth approach is to focus on the roles of creditor and indebted countries.

There have been instances of hidden national debt burdens, and this places responsibility on creditors as well as debtors. In countries where fiscal regulation is weak debt may be acquired or accumulated in ways which are not transparent, and very seriously to the detriment of citizens. Those who provide credit in such circumstances are also culpable, and they too must be scrutinised and be made to bear responsibility — particularly as those who suffer the most pain from unsustainable debt and carry the greatest burden at times of crisis tend to be the poor and marginalised — for those least able to cope.

Among topics and actions being considered at our 2019 Commonwealth Finance Ministers' Meeting are:

• Debt relief — with agreement to be sought for debt contracts with vulnerable countries to include provision for relief if severe natural disaster strikes;
• Transparency in debt through innovation – encouragement to use the Commonwealth Meridian debt management system which helps to improve the accuracy with which government debt is recorded.
• Dialogue on debt – relaunch of the Commonwealth debt management forum to encourage international dialogue on the consequences of over-indebtedness so that sounder debt policies are adopted in order to prevent crises.
• Easier access to financing to reduce debt burdens through mechanisms and facilities such as the Commonwealth Climate Finance Access Hub and Commonwealth Disaster Finance Portal which offer added capacity for developing countries to access to affordable debt financing.

By working together in such practical ways, and on programmes that draw together a broad and inclusive array of nations, crisis can be averted. It is essential for there to be honest and open collaboration between creditors and debtors in a spirit of trust and goodwill. This the Commonwealth can offer; building on the depth of our connection and the basis of equality on which our family of nations comes together.

Rather than sleepwalking towards yet another debt crisis, and the misery such nightmare reality would bring, the Commonwealth can open up pathways toward horizons of hope, with rich and poor walking in harmony towards a fairer, more secure, more sustainable, and more prosperous future in which all can share.

Article published October 18, 2019 on Jamaicaobserver.com

Venezuela wins seat on UN rights body

UNITED NATIONS (AP) — Venezuela won a contested election for a seat on the United Nations Human Rights Council on Thursday despite a campaign by over 50 organisations and many countries opposed to Nicolas Maduro’s government and its rights record.

There was scattered applause in the General Assembly chamber when its president announced the results of the voting for two Latin American seats.

Brazil topped the ballot with 153 votes followed by Venezuela with 105 votes and late entry Costa Rica with 96 votes.

Venezuela’s Foreign Minister Jorge Arreaza called the vote “a victory” that followed “a fierce and brutal campaign by the United States ... and its subordinate nations.”

The Trump administration has recognised opposition leader Juan Guaidó as Venezuela’s interim president and US Ambassador Kelly Craft called the placing of President Nicolás Maduro’s government on the council “an embarrassment to the United Nations and a tragedy for the people of Venezuela.”

“That one of the world’s worst human-rights abusers would be granted a seat on a body that is supposed to defend human rights is utterly appalling,” Craft said in a statement after the vote.

Philippe Bolopion, Human Rights Watch’s deputy director for global advocacy, called Venezuela’s election “undeserved” and “a slap in the face to the country’s countless victims who’ve been tortured and murdered by government forces, as well as the millions who have fled largely because of a humanitarian emergency the government unleashed.”

The 193-member world body elected 14 members to the 47-member Human Rights Council for three-year terms starting January 1.

Under its rules, seats are allocated to regions to ensure geographical representation.

Article published October 17, 2019 on Jamaica-gleaner.com

Brexit: EU and UK reach deal but DUP refuses support

A Brexit deal has been agreed between the United Kingdom and European Union before a meeting of European leaders in Brussels.

Boris Johnson and Jean-Claude Juncker called it a "fair" outcome - and the EU Commission President said there was no need to extend the Brexit deadline.

He said: "We have a deal so why should we have a prolongation."

This will be a boost for the PM, but he still faces a battle to get the deal through Parliament on Saturday, with the DUP opposing it

Mr Johnson urged MPs to "come together" and "get this excellent deal over the line".

He added: "Now is the moment for us to get Brexit done and then together work on building our future partnership, which I think can be incredibly positive both for the UK and for the EU."

Brexit should happen "without any more delay", he added, so that the government could turn its attentions to domestic priorities.

The prime minister has repeatedly insisted the UK will leave the EU on 31 October - he could yet be forced to ask for an extension but it will be up to the leaders of the 27 member states - not Jean-Claude Juncker - whether to grant one. (BBC)

Article published October 17, 2019 on nationnews.com