CARICOM, Barbados and Me

The following was posted by David Weekes to the Shanique Myrie Goes to Court blog.

Caribbean Leaders signed treaty in Chaguaramas on July 4th 1973 – CDA

Could anyone please explain this to me since I am slow of mind. Ms. Shanique Myrie, citizen of Jamaica, and CARICOM denizen, while travelling to Barbados, purports to have been inappropriately searched by Barbadian Immigration (and thereafter denied the right to move/reside in Barbados as allowed for under the Revised Treaty of Chaguaramas (RTOC). Within mere weeks of her claim, her government equips her with its premiere lawyers and she brings her case to the Caribbean Court of Justice (CCJ) where the Government of Barbados brings it legal luminaries to fight on behalf of its Immigration Officials.

David Weekes, citizen of Barbados, CARICOM citizen, brings a case of breach of contract against CARICOM in 2007 and here in 2013, still cannot get a date for his case. Furthermore, said file 191/2007 goes missing from the spanking new facility at Country Road and cannot be found even up to today.

Related Links:

• A Request For Copies Of The Instruments Of Ratification [Caricom]

• Will No One Rid Me Of The Meddlesome Priest?

Does Barbados Aspire to Become the Warehouse and Whorehouse of Unskilled Labour in the Caribbean?

Canadian Court orders woman to remove Niqab

This week in the news we learned that a Canadian woman will have to remove her Niqab in order to testify against her attackers. This is a case which has occupied the attention of the Courts for five years – read Niqab ban in sexual assault trial causes controversy. Also in the news this week, and closer to home, we heard from Jamaican Minister of Foreign Affairs and Foreign Trade AJ Nicholson uttering his concern that Jamaica is not satisfied with how free movement of nationals across the Caribbean Community (Caricom) is being facilitated – read Nicholson to address Jamaican travel across CARICOM.

BU took interest in the comments of Nicholson because he pointed to the Shanique Myrie case which is pending before the Caribbean Court of Appeal. By doing so he made his intention obvious that Barbados was in his ‘gun sight’.

In strictly legal terms the two cases are unrelated BUT for BU the cases resonate because in the Canadian judgement there is a sense that the laws of Canada are in consonance with the expectation of mainstream society. In the case of the Myrie matter one gets the feeling that Barbados is being bombarded by some obligation under the Revised Treaty of Chaguaramas even at the risk of compromising its rights as a sovereign country. Are we a sovereign country or not? Why doesn’t Jamaica take a similar case to the World Court to challenge the decision to refuse their citizens entry into the USA, UK and several other developed countries which occur with frequency on a daily basis. If they were to pursue this avenue one may believe that their motive in the Myrie case is sincere.

CARICOM STOCK MARKET REVIEW 2012

Compiled by the Department of Management Studies, UWI, Cave Hill

NEW LISTINGS AND DELISTINGS

There were a number of listings and De-Listings across the regional exchanges in 2012. On the Bahamas International Securities Exchange, Arawak Port Development was listed on April 23 2012. In Guyana, Rupununi Development Company Limited was listed on March 19 2012. In Jamaica, First Caribbean International Bank Jamaica, First Jamaica Investments Limited, Montego Freeport and Pegasus Hotels were De-listed, while on the main market Proven Investments was listed, and, Consolidated Bakeries, Paramount Trading Jamaica, C2W Music Limited and K. L.E. Group Limited were listed on the Junior Market. Supreme Ventures was De-listed from the Trinidad and Tobago Stock Exchange.

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WEEKLY CARICOM STOCK REPORT 3 December to 7 December 2012

Compiled by the Department of Management Studies, UWI, Cave Hill

Keep It Simple.
Keeping it simple in investing is not stupid. Seventeenth-century philosopher Blaise Pascal once said, “All man’s miseries derive from not being able to sit quietly in a room alone.” This aptly describes the investing process. Those who trade too often, focus on irrelevant data points, or try to predict the unpredictable are likely to encounter some unpleasant surprises when investing. By keeping it simple–focusing on companies with economic moats, requiring a margin of safety when buying, and investing with a long-term horizon–you can greatly enhance your odds of success.

 

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WEEKLY CARICOM STOCK REPORT 26 November to 30 November 2012

Compiled by the Department of Management Studies, UWI, Cave Hill

The Float Ratio of a stock refers to the number of outstanding shares held by “public investors” as opposed to company officers, directors, controlling-interest investors or other strategic investors. In essence, the float ratio refers to the proportion of shares that are available for regular trading, as distinct from shareholdings that are only likely to be traded as part of a major re-organization of the firm.  The float ratio is a major determinant of the liquidity of a stock.  Stocks with relatively small float ratios tend be rather illiquid, with very little trading.  This makes it extremely difficult for investors to earn capital gains on such investments, and may leave minority investors at the mercy of the dividend policy set by dominant shareholders.  To help promote liquid markets, the Hong Kong Stock exchange, for example, requires a minimum float of 25% of the outstanding shares.  In a number of cases, stocks listed on Caricom exchanges have float ratios way below this minimum.

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WEEKLY CARICOM STOCK REPORT 12 November to 16 November 2012

Compiled by the Department of Management Studies, UWI Cave Hill

Listen to Your Gut.
Any valuation model you may create for a company is only as good as the assumptions about the future that are put into it. If the output of a model does not make sense, then it’s worthwhile to double-check your projections and calculations. Use DCF valuation models (or any other valuation models) as guides, not oracles.

Know Your Friends, and Your Enemies.
What’s the short interest in a stock you are interested in? What mutual funds own the company, and what is the record of those fund managers? Does company management have “skin in the game” via a meaningful ownership stake? Have company insiders been selling or buying? At the margin, these are valuable pieces of collateral evidence for your investment thesis on a company.

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WEEKLY CARICOM STOCK REPORT 5 November to 9 November 2012

Compiled by the Department of Management Studies, UWI Cave Hill

Prepare for the Situation to Proceed Faster than You Think.
Most deteriorating businesses will do so faster than you anticipate. Be very wary of value traps, or companies that look cheap but are generating little or no economic value. On the other hand, strong businesses with solid competitive advantages will often exceed your expectations. Have a very wide margin of safety with a troubled business, but do not be afraid to have a much smaller margin of safety for a wonderful business with a shareholder-friendly management team.

 Expect Surprises to Repeat
The first big positive surprise from a company is unlikely to be the last. Ditto the first big negative surprise. Remember the “cockroach theory.” Namely, the first cockroach you see is probably not the only one around; there are likely scores more that you can’t see.

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The G Virus

Auditor General Leigh Trotman

Many financial analysts agree that a poor governance structure contributed to the collapse of Wall Street, and precipitated a global economic meltdown not experienced since the Great Depression. A consequence of it all, small countries like Barbados have seen ‘wanton’ destruction to gains accrued to standard of living built out over the years.

On the regional front we have not been immune to the G Virus. We witnessed it with the collapse of Stanford Bank and more visibly with CLICO. The CLICO mess exposed the lack of a robust regional regulatory framework to govern pan Caribbean companies. Several years after the demise of CLICO the jury is out whether any serious attempt has been made to improve the regional regulatory framework. It is ironic to note however that despite a commitment to Caricom by regional leaders, they all own Central Banks with the exception of the sub region.

Locally, we are confronted by the G Virus at every turn. The best example is the perennial disrespect which both political parties have directed at the Office of the Auditor General. Exceptions to the financial rules of government have been highlighted by successive Auditor Generals and ignored by successive governments. How can we be serious about being competitive and building out a disciplined  society?           

CARIBBEAN STOCK REPORT 22 October to 26 October 2012

Compiled by the Department of Management Studies, UWI Cave Hill – Click image to read in PDF

Solid gains on manufacturing stocks drove the major Caribbean indices higher during the week ended October 26. For the week, 3,963,727 shares valued at $4,418,471 crossed the floors of the six stock exchanges across Caricom, with 43 stocks advancing, 36 declining and 44 remaining unchanged. Caribbean Producers was the volume leader with 719,093 shares being traded, Ciboney posted the largest gain for the week (12.32%), while on the losing end, Caribbean Cement fell (10.16%).

For the week, thirteen of the CSX 30 stocks advanced, eleven declined and six were unchanged. The CSX 30 gained 2.79 points to close the week at 1,404.27, up 6.79% year to date. In the CSX 30 there were gains for Wibisco (5.47%), Mayberry (3.17%) and scotia Group Jamaica (1.59%). On the negative side, Caribbean Cement fell (10.16%), NCB Jamaica (6.08%),CW Jamaica (4.78%), Guardian Holdings (3.68%), Desnoe & Geddes (2.12%) and Grace Kennedy (1.17%).

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WEEKLY CARICOM STOCK REPORT 1 October to 5 October 2012

Compiled by the Department of Management Studies, UWI Cave Hill – Click image to read in PDF

In a week of light trading, gains for Retail and Distribution, Conglomerate and Banking stocks saw the CSX 30 end the week higher, while the Junior market again returned to negative territory. For the week, 6,429,103 shares valued at $3,341,679 crossed the floors of the six stock exchanges across Caricom, with 20 stocks advancing, 41 declining and 64 remaining unchanged. CW Jamaica was again the volume leader with 1,388,904 shares being traded, Scotia Group Jamaica posted the largest gain for the week (8.66%), while on the losing end, Gleaner fell (14.28%).

For the week, eight of the CSX 30 stocks advanced, fourteen declined and eight were unchanged. The CSX 30 gained 15.72 points to close the week at 1,403.99, up 6.77% year to date. In the CSX 30 there were gains for Scotia Group Jamaica (8.66%), Carreras (7.36%), National Enterprises (3.26%), Ansa Mcal (1.45%) and Republic Bank (1.20%). On the negative side, Gleaner fell (14.28%), CW Jamaica (12.24%), JMMB (11.64%), Desnoe & Geddes (3.13%), Mayberry (2.72%) and Guardian (1.64%).

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WEEKLY CARICOM STOCK REPORT 24 September to 28 September 2012

Compiled by the Department of Management Studies, UWI Cave Hill

The weakness in Caribbean stock in 2012 continued as the major indices ended the week of September 28 lower.  The major indices were dragged down by losses on manufacturing and financial companies, however, there was some respite for investors on the Junior markets as that index ended the week in positive territory.  For the week,  22,767,153 shares  valued at $6,298,829 crossed the floors of the six stock exchanges across Caricom, with 22 stocks advancing,  59 declining and 43 remaining  unchanged.  JMMB was again the volume leader with 14,556,430 shares being traded, C&W Jamaica posted the largest gain for the week (9.56%), while on the losing end, Bank of Nevis fell (23.53%).

For the week, six of the CSX 30 stocks advanced,  seventeen declined and seven were unchanged.  The CSX 30 lost 1.98 points to close the week at 1,388.18, up 5.57% year to date.    In the CSX 30 there were gains for CW Jamaica (9.56%), Carreras (1.26%) and Scotia Bank TT (1.01%).  On the negative side, Desnoe & Geddes fell (6.53%), Guardian Holdings (3.13%), Scotia Group Jamaica (1.73%) and Lascelles (1.28%).

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WEEKLY CARICOM STOCK REPORT 17 September to 21 September 2012

Compiled by the Department of Management Studies, UWI Cave Hill – Click image to read in PDF

The recent rally on Caribbean stock markets was brought to an abrupt end as Caribbean stocks ended the week of September 21 lower. The major indices were dragged down by losses on financial companies. For the week, 20,196,651 shares valued at $7,156,122 crossed the floors of the six stock exchanges across Caricom, with 40 stocks advancing, 42 declining and 42 remaining unchanged. JMMB was the volume leader with 4,952,245 shares being traded, Lasco Financial posted the largest gain for the week (16.60%), while on the losing end, Caribbean Cement Producers fell (15.30%).
For the week, twelve of the CSX 30 stocks advanced, twelve declined and six were unchanged. The CSX 30 lost 3.63 points to close the week at 1,390.16, up 5.72% year to date. In the CSX 30 there were gains for Desnoe & Geddes (9.50%), Mayberry (1.59%) and Lascelles (1.38%). On the negative side, Caribbean Cement fell (15.30%), Banks DIH (9.21%), CW Jamaica (8.55%), Guardian Holdings (3.46%), Scotia Group Jamaica (2.77%), and NCB Jamaica (2.34%).

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WEEKLY CARICOM STOCK REPORT 10 September to 14 September 2012

Compiled by the Department of Management Studies, UWI Cave Hill – Click image to read in PDF

A rebound in Manufacturing and Retail and Distribution stocks saw the CSX 30 extend its rally into a third week, while the Junior Market also staged a rebound and ended the week higher. For the week, 21,446,499 shares valued at $4,036,901 crossed the floors of the six stock exchanges across Caricom, with 55 stocks advancing, 29 declining and 40 remaining unchanged. Jamaica Broilers was the volume leader with 8,798,789 shares being traded, Pulse Investments posted the largest gain for the week (39.43%), while on the losing end, Jamaica Producers fell (18.72%).

For the week, twenty of the CSX 30 stocks advanced, five declined and five were unchanged. The CSX 30 gained 7.88 points to close the week at 1,394.34, up 6.03% year to date. In the CSX 30 there were gains for Bank of Trade & Industry (21.24%), Lascelles (2.73%), Carreras (2.60%) and Scotia Group Jamaica (1.69%). On the negative side, Guardian Holdings fell (1.67%), JMMB (1.43%) and NCB Jamaica (1.11%).

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