BSX Releases 2013 Year End Review Report
The Bermuda Stock Exchange [BSX] said that 2013 was a “significant and positive year for the Exchange with accelerated momentum in the listing of Insurance Linked Securities and the successful upgrade of the Exchange’s trading engine to the NASDAQ’s X-stream platform.”
In making the year-end announcement, BSX President and Chief Executive Officer Greg Wojciechowski stated, “2013 ended strongly with a record number of ILS listings, well-supported and successful Bermuda Government bond listings and the smooth implementation of upgraded Exchange mission critical technology.
He added, “The accomplishments of the BSX to date and in particular this year resulted from the hard work of a dedicated team of stock exchange professionals that manage and operate the Exchange on a daily basis.
“The BSX team clearly understands the importance of a modern and solid domestic capital market and its contribution to the health of a domestic economy.
“The BSX team is committed to ensuring that Bermuda’s stock exchange platform remains the leader amongst its peers internationally while providing global capital market access and solid support for the continued development of Bermuda’s domestic capital market.”
Commenting on the year, BSX Chief Compliance Officer, Mr. James McKirdy said “Year on year listings grew by 32 securities in challenging global economic conditions. In particular, new listings grew by 81 securities including 42 Insurance Linked Securities with a capitalization value of $4.617 billion. There was also growth in International Equities and Debt listings while listings of Collective Investment Vehicles declined modestly.”
As at 31 December, 2013 there was a total of 665 securities listed on the BSX. Included in the new listings were several additional Variable Rate Notes and Programs from Armor Re, Galileo Re, Loma Re, MetroCat Re, Nakame Re, Sanders Re, Tradewynd Re and VenTerra Re.
The number of Insurance Linked Securities listed on the BSX grew to 77 from 38 [a 103% increase] while the value of these securities grew to $9.71billion from $5.81 billion (a 67% increase) from the same period last year. There were 19 new collective investment vehicles, 12 international equities and 4 fixed income securities listed along with 13 subsequent issues undertaken by existing listed issuers.
Noteworthy in 2013 were the listings of two new Bermuda Government Bonds, Blue Capital Reinsurance Holdings, Global Smart Cities, Polo Resources, Energy Solutions and the BIAS Global Portfolios. Delistings included several certificates from CLSA Financial Products and Alterra Capital Holdings following its merger with the Merkel Corporation.
The total market capitalization of the BSX as at 31 December, 2013 [excluding collective investment vehicle listings] stood at over $428 billion of which approximately $1.69 billion represented the domestic market. Total trading volume for the period was 10.2 million shares with a corresponding value of $50.1 million compared to 12.7 million shares with a corresponding value of $38 million for 2012.
The RG/BSX Index closed the year at 1201.05 which is 10.105% higher than 2012.
The BSX launched its NASDAQ OMX’s X-stream trading platform in April 2013 providing the BSX with world-class trading technology and strengthening the BSX’s commitment to the development of Bermuda’s domestic market while underscoring its ability to provide global capital market support in and from Bermuda.
NASDAQ OMX technology is used by over 70 marketplaces in 50 countries. Operating with X-stream technology, the BSX is the most powerful trading venue in the Caribbean and offshore markets as defined by performance, latency and throughput.
Discussing international business development, Mr. Wojciechowski stated, “The BSX ended the year on an extremely positive note. Two important developments were the continued growth in our Insurance Linked Securities listing business and the work that we have accomplished in supporting international Small and Medium Enterprise companies [SME] capital raising and listings.
“The BSX ended the year with a record number of ILS listed issues assisting Bermuda to firmly establish itself as a centre of excellence for the creation, listing and servicing of the ILS asset class. In respect of SMEs, interest in listing and trading in their listed shares remains on the rise.”
In closing he stated, “I am delighted with the place we find ourselves as we begin 2014 and have every confidence that the hard work undertaken at the BSX and in Bermuda to create and sustain a reputable and respected commercial and regulatory environment will continue to drive commercial development and assist us in adding new lines of business and further elevate Bermuda’s position amongst the major global financial centers.”
Source-Bern News
Oil Price Falls Below $96
The price of oil dropped three per cent Thursday on expectations of higher global supplies and the impact of a strengthening dollar.
United States benchmark oil for February delivery fell $2.98 to close at $95.44 a barrel in New York. It was the biggest one-day drop in crude since November of 2012.
Brent crude, a benchmark used to price international crude used by many US refineries, was down $3.02 to $107.78 a barrel.
US oil was lower for the third straight day after closing above $100 per barrel Friday for the first time since October. Oil had risen because an improving US economy lifted consumption.
The recent retreat in the price follows reports that an end to protests at a major Libyan oil field could return 300,000 barrels of daily production to the global market. That has raised expectations that supplies will be ample.
Brighter prospects for the US economy have also raised expectations that the Federal Reserve will continue to shrink its stimulus programme, and that has helped boost the value of the dollar. A stronger dollar makes commodities such as oil that are priced in dollars more expensive to buyers using other currencies. That lowers demand, and prices.
"Further improvement in the US economy should be supportive of the US dollar and that will continue to play against oil demand in emerging markets," said Olivier Jakob, an analyst at Petromatrix in Switzerland. He highlighted recent protests in Kuala Lumpur, Malaysia, against rising gasolene prices.
The US national retail gasolene price rose less than a penny to $3.33 per gallon, according to AAA, OPIS and Wright Express. The price has climbed six cents per gallon over the past week and is four cents higher than a year ago.
In other energy futures trading, wholesale gasolene fell 9.1 cents to close at $2.695 a gallon, natural gas futures for February rose 9.1 cents to close at $4.321 per 1,000 cubic feet and heating oil fell 7.8 cents to close at $2.987 a gallon.
Source- AP
Global Stocks Drop On Weaker China Manufacturing
Global markets began the new year on a subdued note, mostly falling Thursday after a Chinese manufacturing survey suggested the world's second-largest economy might be slowing.
An industry group, the China Federation of Logistics & Purchasing, said its purchasing managers' index declined to 51 points from November's 51.4 on a 100-point scale on which numbers above 50 indicate expansion. A separate survey by HSBC Corp. declined to 50.5 from November's 50.8.
"This is the first moderation in six months, suggesting that the growth recovery since mid-July might have started to lose some stream," Bank of America economists Xiaojia Zhi and Ting Lu said in a report.
China's benchmark Shanghai Composite Index shed 0.3 percent to 2,109.3, while Hong Kong's Hang Seng Index fell 0.1 per cent to 23,278.0.
In Europe, stocks lost early gains in thin trading volumes. Britain's FTSE 100 dropped 0.2 per cent to 6,734.54, while France's CAC-40 fell 0.9 percent to 4,304.2. Germany's DAX was down 0.6 percent to 9,498.28.
Wall Street was expected to open lower, with both Dow and S&P 500 futures down 0.2 per cent.
Elsewhere, in Asia, Tokyo was closed for the New Year's holiday. Seoul's main index lost 2.2 per cent to 1,967.1, while Taiwan's Taiex was flat at 8,612.5. Benchmarks in Malaysia and Thailand also fell. India's Sensex added 0.5 per cent to 21,239.0.
In currency markets, the dollar fell 0.2 per cent to 105.05 yen while the euro fell 0.7 per cent to $1.3653.
The benchmark oil contract lost 64 cents to $97.78 per barrel in electronic trading on the New York Mercantile Exchange.
China police break up a large, illegal drugs operation
Police in China have confiscated three tonnes of the drug methamphetamine and arrested 182 people during raids at a village, officials say.
The drug, also known as crystal meth or "ice", was seized in Boshe village, Lufeng city, Guangdong province.
Police told state media that more than a third of China's methamphetamine came from Lufeng in the last three years.
The raids involved at least 3,000 police operatives, two helicopters and speedboats, an official statement said.
The operation began on 29 December, with officials making the announcement late on Thursday.
Juliana Liu reports from Hong Kong.
Source-BBC
Major Snowstorm Hits US Northeast
The first major winter storm of 2014 created havoc in the northeastern United States Friday, bringing heavy snowfall, strong winds and dangerously cold temperatures to the region.
The storm forced the cancellation of thousands of flights Thursday and Friday and prompted the governors of New York and New Jersey to declare states of emergency.
Boston was the hardest-hit city, with up to 35 centimeters of snow, while towns to the north got almost double that amount.
Wind chill temperatures across a wide swath of the northeast were expected to plummet below minus 20 degrees Celsius, prompting the National Weather Service to warn of the risk of hypothermia and frostbite. In Philadelphia, a worker was reported killed when a pile of de-icing salt fell on him.
The storm represented the first big test for New York City's newly-elected mayor, Bill de Blasio, who dispatched hundreds of plows and salt spreaders to the streets of the nation's largest city.
Meanwhile, the upper Midwest remained in a deep freeze, with temperatures as low as minus 41 degrees Celsius settling over much of the region.
Source-Voice Of America
Preliminary South Sudan Peace Talks Under Way
Talks to end weeks of deadly violence in South Sudan are under way, as the United States moves to evacuate more staff from the troubled African country.
Delegates of the South Sudanese government and rebels trying to overthrow it have each met with regional mediators in Ethiopia's capital, though no face-to-face talks have taken place.
The mediators from the East African regional bloc IGAD (Intergovernmental Authority on Development) hope to broker a cease-fire and stop the world's newest country from falling into civil war.
Fighting between the forces of President Salva Kiir and ex-vice president Riek Machar has left more than 1,000 people dead.
Both sides continue to fight as the talks began. Government troops are said to be moving in on Bor, the rebel-held Jonglei state capital, nearly 200 kilometers north of Juba. However, rebel commanders have warned they are preparing to advance from Bor to Juba.
On Friday, the U.S. embassy in Juba ordered the evacuation of more staff due to the "deteriorating security situation."
An embassy statement urged all U.S. citizens to leave and said the embassy can no longer provide consular services to Americans in South Sudan.
In a later statement, the U.S. State Department said the U.S. "remains deeply and actively committed to supporting regional and international efforts to end the violence."
Toward that goal, the U.S. announced nearly $50 million in new humanitarian assistance. The U.S. has now given more than $300 million toward humanitarian efforts in South Sudan.
The United Nations refugee agency said Thursday more than 200,000 people have been internally displaced since violence erupted in mid-December.
Italy Rescues 1,000 Migrants in 24 Hours
The Italian navy says it has rescued, in a 24-hour period, more than 1,000 migrants attempting the perilous journey across the Mediterranean by boat in rough winter seas.
The navy said Friday 832 migrants were rescued in one operation, while another 233 were saved in another effort.
Italy says the rescued men, women and children came mainly from Africa, South Asia and the Middle East.
Last year, Italy began stepping up patrols in the region after a boat filled with migrants sank near Lampedusa, killing at least 359 people.
Italy is a major gateway into Europe for many migrants seeking a better life.
Authorities say worsening humanitarian conditions in the Horn of Africa and Syria have spurred a surge in refugees fleeing to Europe.
Kerry Heads to Ramallah for More Peace Negotiations
Kerry met with Israeli Prime Minister Benjamin Netanyahu on Thursday. The Secretary of State said a framework deal would be a "significant breakthrough," though it would be less ambitious than his initial goal of reaching a comprehensive peace deal by April.
His visit - the 10th since March - comes as the Israelis and Palestinians accuse each other of sabotaging efforts to reach a two-state solution to their decades-old conflict.
Mr. Netanyahu questioned whether Palestinians are "committed to peace," accusing them of failing to recognize Israel as a Jewish state and "embracing terrorists as heroes."
He was referring to the strong welcome that Palestinian prisoners received in the West Bank this week after being released from Israeli prisons as part of the peace process.
Mr. Abbas has complained about ongoing Israeli settlement construction in the West Bank, saying Israel is trying to take land that would be part of a future Palestinian state.
Palestinians have threatened to walk out of the peace talks if Israel does not stop the settlement construction, which the U.S. has also criticized as illegitimate and unhelpful.
There is also disagreement over U.S. proposals for security arrangements in the Jordan Valley, where the West Bank borders Jordan.
Israel is looking to keep troops there, saying this is essential for security reasons. Palestinians say this would violate the sovereignty of their future state.
Other key issues to be resolved include the remaining borders between the two states, the future of Jerusalem, and the right of return for Palestinian refugees.
Route Canapé Vert renamed Nelson Mandela Avenue
Route du Canapé Vert will now be called Nelson Mandela Avenue an executive order dated December 13, 2013 announced. It should be noted that the road was given the name of Haitian hero, Jean Price-Mars, a leader of Haiti's Negritude movement, when it was first paved under previous administrations. Signs were never placed and citizens continued to call it Canapé Vert.
The Office of Communication of the National Palace announced the new name following the death of the anti-apartheid leader and former President of South Africa Nelson Mandela who died on December 5, 2013.
The press note said plates bearing the inscription "Nelson Mandela Avenue" will they be placed at each intersection serving the route.
"This decision was made to honor the memory of the symbol of the anti-apartheid struggle who dedicated his life to the liberation of the black people of South Africa and offer it as an example to future generations. It is also justified by the fact that Haiti has always been associated with the anti-apartheid struggle and that, by all appropriate means, to keep the memory of this extraordinary leader, who thrilled the world until his death," the note stated.
Source-Sentinel
CARICOM leaders clueless on Dominican reality: Roundtable president
The head of the Roundtable of Commonwealth Countries in the Dominican Republic, Fernando Gonzalez Nicolas affirms that CARICOM leaders don't understand Dominican reality to question its Constitutional Court ruling and propose penalties.
He said the wording used by the Prime Ministers of St. Vincent and of Trinidad in their various missives to president Danilo Medina show that those leaders don’t realize that Dominicans are major buyers in CARICOM among all of the Caribbean region’s countries.
“Since 2012 Dominican Republic imports from CARICOM countries the significant sum of 1.6 billion dollars in goods and products in Trinidad and other countries of that conglomerate,” the business leader said.
He said Dominican companies have made significant investments in CARICOM countries such as the recent purchase of three breweries and negotiations to install a steel mill, among other projects.
“Since Dominican Republic is CARICOM’s main trading partner in the region, the manner in which its leaders address their Dominican counterpart is strange for us,” he said and noted that Dominican Republic exported to CARICOM countries only around US$160 million in 2012, a figure which he affirms is just 2.3 per cent of the global Dominican exports.
In a statement, Gonzalez Nicolas urges CARICOM leaders to study Dominican history better, its idiosyncrasies and its trade with its Hispaniola neighbor. “They should also evaluate their interest as a trade partner and an important consumer of their products.”
He said he doesn’t see the point for Dominican Republic’s continuing effort to become an active CARICOM member. “In our opinion it’s pointless, economically or politically.”
He did however suggest stronger CARICOM-Dominican Republic ties, noting that except for Trinidad and Jamaica, none of the countries in the regional bloc have an embassy in Santo Domingo. “CARICOM leaders should reconsider the tone of the dialogue with the Dominican Republic, for the benefit of both countries, brothers and neighbors.”
Source-Dominican Today