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World food prices back down in March after two-year high: FAO

http://www.reuters.com/article/us-global-economy-food-idUSKBN1781BF #

Published: 6 April 2017

World food prices were back down in March after hitting a two-year high last month, with cereal harvests expected to be robust and markets stable this year, the United Nations food agency said on Thursday.

Prices for food products fell for five straight years due to ample supply, a slowing global economy and a strong U.S. dollar but in the last two months the index rose and reached 175.5 points in February, a record high since the same period in 2015.

In March the Food and Agriculture Organization’s (FAO) price index, which measures monthly price changes for a basket of cereals, oilseeds, dairy products, meat and sugar, averaged 171 points, down 2.8 percent compared to the previous month.

All food prices were down due to large supplies and the expectation of strong harvests, but meat ones were up 0.7 percent due to high demand for bovine and pig meat from Asia.

FAO forecasts global cereal production to be 2,597 million this year, just under the record output in 2016, because of a reduction in global wheat production and planting cuts expected in Australia, Canada and the United States.

The inching down with respect to last year is mainly due to an expected reduction in global wheat production, due to fall 2.7 percent this year.

Consumption of cereal is expected to grow by 0.8 percent in 2017 to 2,597 million tonnes as the use of grains for biofuels and to feed animals will grow less than in the past.

(Reporting by Giulia Segreti)

Business, Economics, International news, News

Uncertainty over Brexit negotiations keeps sterling under pressure

Published: 6 April 2017

By Ritvik Carvalho | LONDON

Some British sterling money in coins and bank notes is seen September 2, 2005. BANKG REUTERS/Catherine Benson

Britain’s pound edged lower against the dollar on Thursday, as investors saw uncertainty surrounding Britain’s departure from the European Union outweighing some signs of economic resilience.

The pound bounced on Wednesday on stronger-than-expected services data, which gave investors a sign Britain’s dominant services sector — key to its economy — was still thriving.

But it reversed some of those gains on Thursday, as investors took the view that until either Britain or the EU shows signs of softening their negotiating stances, Brexit would be negative for the British economy.

Sterling was off 0.1 percent at $1.2479 by 0902 GMT. It was also 0.1 percent lower at 85.85 pence per euro.

“The moment I’ll turn my view around and turn materially long on sterling is when I know the European Union is willing to give Britain a good deal on services — financial services to be more specific,” said Jordan Rochester, currency strategist with Nomura.

“Confidence on both sides is pretty firm, so the initial talks are going to be slow and it’s not until mid-May when those talks start so we’re a good six weeks away from them.”

Sterling has lost nearly a fifth of its value against the dollar since Britain voted to leave the EU last June.

Since then, investors have broadly stayed bearish on the currency despite initial signs of resilience from the economy that confounded expectations of a slowdown, worried about long-term uncertainty surrounding Brexit.

Speculators took their bets against the pound versus the dollar to record high levels last month, and although they have since trimmed those short positions, they remain close to those levels. [IMM/FX]

European Council President Donald Tusk will meet British Prime Minister Theresa May in London on Thursday.

The EU’s chief negotiator, Michel Barnier, on Wednesday insisted that Britain must stop pressing for immediate parallel talks with the bloc on a post-Brexit free trade deal, and first agree on withdrawal terms.

Investors are now eyeing the EU summit on April 29, where EU directives for Brexit negotiations will be ratified.

“The ebb and flow of Brexit negotiations looks well underway, with PM May seemingly softening some of the red lines (e.g. free movement) during a transition period post-Brexit. Yet cable (sterling/dollar) could well trade well within $1.23-26 for a couple more weeks,” ING strategists wrote in a note to clients.

(Reporting by Ritvik Carvalho Editing by Jeremy Gaunt.)

International news, News

U.S. weekly jobless claims post largest drop in almost two years

http://www.reuters.com/article/us-usa-economy-idUSKBN1781JE #

Published: 6 April 2017

New applications for U.S. unemployment benefits recorded their biggest drop in nearly two years last week, pointing to a further tightening in the labor market.

Initial claims for state unemployment benefits declined 25,000 to a seasonally adjusted 234,000 for the week ended April 1, the Labor Department said on Thursday. The drop was the largest since the week ending April 25, 2015.

The prior week’s data was revised to show 1,000 more applications received than previously reported.

Claims have now been below 300,000, a threshold associated with a healthy labor market for 109 straight weeks. That is the longest stretch since 1970 when the labor market was smaller.

The labor market is currently near full employment.

Economists polled by Reuters had forecast first-time applications for jobless benefits falling to 250,000 last week.

A Labor Department analyst said there were no special factors influencing last week’s claims data. Claims for Louisiana were estimated.

The four-week moving average of claims, considered a better measure of labor market trends as it irons out week-to-week volatility, fell 4,500 to 250,000 last week.

Last week’s claims data has no bearing on March’s employment report, which is scheduled for release on Friday. Claims rose during the survey week for March’s nonfarm payrolls, suggesting some moderation in the pace of job growth after two straight months of employment gain in excess of 230,000.

A survey on Wednesday showed a measure of services sector employment slipping in March, but remaining at a level consistent with growing payrolls. Another report, however, showed private payrolls surged by 263,000 jobs in March.

According to a Reuters survey of economists, nonfarm payrolls likely increased by 180,000 jobs last month after rising 235,000 in February. The unemployment rate is seen steady at 4.7 percent.

Thursday’s claims report also showed the number of people still receiving benefits after an initial week of aid decreased 24,000 to 2.03 million in the week ended March 25. The four-week moving average of the so-called continuing claims fell 7,750 to 2.02 million, the lowest level since 2000.

((Reporting by Lucia Mutikani; Editing by Andrea Ricci))

Business, Local news, News

Something Good Happening in St.Kitts-Nevis Economy as Yet Another Large Company Records Best Performing Year Ever

http://timescaribbeanonline.com/something-good-happening-st-kitts-nevis-economy-yet-another-large-company-records-best-performing-year-ever/ #

Published: 5 April 2017

“Something Good Is Happening !” This was the constant refrain of Prime Minister Dr. Hon. Timothy Harris during his regular Press Conference on Wednesday Morning April 5^th. Prime Minister Harris announced a number of unprecedented economic achievements for the federation over the last two years including record breaking annual performances by a number of large local companies. On the heels of the announcemrnyt in recent weeks that the S.L Horsford & Co. Ltd had recorded it’s highest profit ever in it’s 143 year old history , another large local company has recorded a similar record breaking performance. PM Harris announced that in a recent meeting with the Managing Director of the RAMS Group he ws informed that the company had it’s best performing year in its 82 year history .

“On Friday last, I met with the Managing Director of RAMS Trading, Mr Shawn Weston, and was updated on several developments taking place in our Country. I was pleased to learn that the 2016 accounts is being finalized and are showing that 2016 will be RAMS best year in its 82 year history in our Country. Something good is happening. To God be the glory,” declared Prime Minister Harris

The Prime Minister and Minister of Finance Dr. Harris congratulated the RAMS Group on it’s record breaking performance and lauded the contriobution of the late Kishu Chandiramani whom he highlighted as a business and social icon in the federation.

PM Harris stated “We congratulate Mr Shawn Weston, his management team and employees. After the death of the late great business icon Mr. Kishu Chandiramani, some wondered wither bound the RAMS Group. Mr Weston has shown his incisive business acumen and that he and his team are worthy recipients of the “baton” passed by Mr Kishu.”

Prime Minister Harris also outlined some projects being pursued by the RAMS Group that will add to the job pool of the federation. He also indicated that the RAMS expansion is no doubt as a result of the confidence the group has in the government and it’s management of the St.Kitts-Nevis economy.

Prime Minister Harris continued “I commend them (RAMS Group of Comapanies) on several projects now being completed or pursued that will expand the portfolio and asset base of the RAMS Group and by extension add to the dynamism and job growth in our economy. The RAMS Group employs about 700 persons.

What are some of these positive developments associated with the RAMS Group?

A new Supermarket is to be opened in the next week or two, creating employment opportunities for eighty persons. 80 additional jobs in the retail sector.
Sugar Bay Hotel is undergoing renovations reflecting RAMS confidence in tourism in St Kitts and Nevis
A new facility is to be built in Cayon – this means jobs during construction and jobs upon completion. Our people will be better for this. In deed rational economic actors are choosing St Kitts and Nevis as the best place to do business.”

RAMS , the Horsford’s Group and the SKNA National Bank have all recorded record breaking financial performances over the last two years since the election of the Team UNITY Administration to office.

Business, Economics, Local news, News

St Kitts-Nevis Anguilla National Bank Group of companies Records Best Financial Performance in Years . AGM Set For April 27th

http://timescaribbeanonline.com/st-kitts-nevis-anguilla-national-bank-group-companies-records-best-financial-performance-years-agm-set-april-27th/ #

Published: 5 April 2017

The election of a new Team UNITY Administration , the installation of a new board of directors and the hard work of Senior Management is continuing to be a good combination for the St.Kitts-Nevis Anguilla National Bank Group. The St.Kitts-Nevis Anguilla National Bank Group of Companies is again performing well and has recorded one of it’s best years ever for the financial year 2016. The Bank recorded a Net Operating profit of $28.4 Million which is an increase of 10% over the same financial period in 2015. This announcement was made by St.Kitts-Nevis Prime Minister and Minister of Finance Dr. Hon. Timothy Harris at his Monthly Press Conference.

Prime Minister Harris stated “St Kitts-Nevis Anguilla National Bank Group of companies has recorded one of its best years. For the financial year ended 2016, National Bank group recorded one of its best normal net operating profit of $28.4 million. This represents an increase of 10.1% percent over the comparative period for the financial year ended 2015. Indeed, National Bank group’s profits for the last 5 financial years are as follows:

Profits approximated:

2016 – $28.4 million

2015 – $25.8 million

2014 – $25.3 million

2013 – $22.0 million

2012 – $14 million .”

The Prime Minister also announced that the Bank has paid an interim dividend and will hold it’s AGM onApril 27^th 2017.

Prime Minister Harris declared “ Our National Bank Group of Companies is in good hands. A successful bank means secure jobs and a stable financial system. An interim 5 percent dividend of $6.7 million was paid last Friday March 31, 2017 its 3622 shareholders on record. It is expected that the final dividend will be announced at the Bank’s AGM slated for April 27, 2017.”

The Board of the SKNA National Bank Group continues to be given high praises for their prudent and efficient oversight of the Management of the Institution.

The Group’s Board of Directors includes Howard McEachrane Chairperson, Norton A. Bailey 1st Vice Chairperson, Alexis Nisbett 2nd Vice Chairperson, Talibah Byron Director, Elreter Simpson-Browne Director, Dr. Cardell Rawlins Director, Lionel Benjamin Director, Theodore Hobson Director, Director William Liburd and Director Wallis Wilkin .