Money Matters: Firstline Securities Blog
In T&T: Ariapita Avenue to be ‘tourist resort.’ Cabinet okays $multi-million plan…
11 May 2012
Ariapita to become a full-fledged boardwalk/strip? Let’s see what  $40mm gets us.
A multi-million dollar plan was approved by Cabinet yesterday to turn certain areas across the country, including Ariapita Avenue in Port of Spain and the Penal/Debe doubles area into “tourist resorts”, Tourism Minister Rupert Griffith said yesterday. Read more…
In the U.S.: Stock-Index Futures Drop as JPMorgan Reveals Losses
11 May 2012
Synthetics sure to come under further scrutiny amidst $2bn loss by U.S.’ largest bank.
U.S. stock futures fell, indicating the Standard & Poor’s 500 Index will drop for a second week, as JPMorgan (JPM) Chase & Co. said it had a $2 billion trading loss after positions in credit securities proved riskier than expected. Read more…
In Europe: Spain accepts independent banking sector audit
11 May 2012
Audit “could lead the banks to recognize further losses on top of those already reflected.” No surprises here.
Spain agreed to commission an independent audit of its financial system on Friday, trying to dispel market concerns that a state-funded bank bailout, set to be approved by the cabinet, could strain public finances to breaking point. Read more…
In T&T: Devant: CAL/Air Jamaica to drop unprofitable routes
10 May 2012
“One way to turn your fortune around and that is to increase revenue and cut costs.” Enough said.
Within two weeks action will be taken to stop the haemorrhaging of finances at Caribbean Airlines (CAL), says chairman Rabindra Moonan. Read more…
In the U.S.: Jobless Claims in U.S. Fell 1,000 Last Week to 367,000
10 May 2012
Some much-need hope to grab onto? Marginal drop in jobless claims set to temporarily calm markets.
First-time claims for jobless benefits fell last week to a one-month low, helping allay concern that the labor market may suffer an extended setback. Read more…
In Europe: Shares track U.S. futures higher
10 May 2012
A much needed break from Greece’s woes….likely to resume very soon.
European shares tracked U.S. index futures into positive territory at mid-session, pausing after two sessions in the red ahead of the latest report on the U.S. labor market. Read more…
In T&T: TCL: Reduced cement prices coming
9 May 2012
“Increase of almost 20 percent on all types of cement,” said to be only temporary according to TCL.
Trinidad Cement Limited, (TCL) is assuring that added costs to cement will be removed when operations stabilize at the company.
The company which was served with a 90-day strike notice by the representing Oilfields Workers Trade Union, (OWTU) on February 27 last, it had been forced to import cement from its subsidiaries in Jamaica and Barbados, to meet the local demand. Read more…
In the U.S.: Stock Futures Drop Amid Political Turmoil in Europe
9 May 2012
Pessimism abound, as investors seek to “ride out the uncertainty surrounding Greece and the euro zone.”
U.S. stock-index futures fell, indicating the Dow Jones Industrial Average (INDU) will drop for a sixth day, as investors speculated political wrangling in Europe may intensify, harming the global economic recovery. Read more…
In Europe: Greek leftist holds coalition talks, effort seen doomed
9 May 2012
Elections may be looming, “country might run out of cash by end-June.” Deja-vu?
Radical leftist Alexis Tsipras meets the leaders of Greece’s mainstream parties on Wednesday, with little chance of clinching a deal on a coalition government after he set tearing up an EU/IMF bailout deal as a condition. Read more…
In T&T: First Citizens takes over B’dos bank
8 May 2012
Local bank making waves ahead of an IPO perhaps?
Regional financial institution Bank of NT Butterfield and Son Ltd yesterday announced it had reached an agreement to sell its Barbados subsidiary, Butterfield Bank (Barbados) Ltd, to State bank First Citizens. Read more…
