#Toronto, ON – April 13, 2019 – Canada – IGlobal growth is slowing as the economy works through a soft patch. Early signs suggest the worst of the slowdown might be behind us. The expansion is in a delicate situation. Investors are nervous and maintaining confidence is key to a continued expansion. The global economy is particularly vulnerable to policy missteps, notably President Trump’s continued threats to disrupt US trade flows.
“While we continue to think the soft patch we are going through will be temporary, the global economy remains in a delicate position,” said Jean-François Perrault, Senior Vice President and Chief Economist at Scotiabank. “At this point in the cycle, confidence is key to sustaining the expansion, and Trump’s misguided efforts to make America great risk achieving the opposite.”
Highlights of Scotiabank’s Global Outlook include:
· Canada: Above-potential growth to resume in Q2 as the factors contributing to the soft patch in Q4 2018 and Q1 2019 are reversing.Growth is expected to slow modestly to 1.6% during 2019 before rising to 2.1% in 2020.
· United States: A gradual US GDP growth slowdown (2.9%/2.4%/1.9% in 2018/19/20) is expected on the back of the waning boost from fiscal stimulus.
· United Kingdom: While we expect that the UK and the EU will avoid a hard Brexit, we forecast that economic growth in Britain will remain sluggish in the near-term amid lingering geopolitical uncertainty and as the economy adjusts to a post-Brexit world.
· Eurozone: Real GDP growth will slow in 2019 owing to global trade and geopolitical uncertainty as well as certain transitory factors impacting the European industrial sector. Domestic demand in the euro bloc should, however, remain resilient despite external headwinds.
· Mexico: heightened uncertainty is leading to slower growth, with GDP expected to rise by 1.4% in 2019.
· China: A gradual deceleration is underway, but recent policy measures to raise demand are starting to bear fruit.
· Commodities: Healthy global economic growth provides a solid demand backdrop for commodities through 2020, allowing fundamentals to reassert commodity-specific price paths over the coming years
Read Scotiabank’s Global Outlook online here.
Scotiabank provides clients with in-depth research into the factors shaping the outlook for Canada and the global economy, including macroeconomic developments, currency and capital market trends, commodity and industry performance, as well as monetary, fiscal and public policy issues. Follow this research on Twitter at @ScotiaEconomics.
Press Release: Scotiabank
Hospital restores visitation in Provo, Security threat neutralised
#TurksandCaicos, September 29, 2023 – After a reported encounter with a patient and a weapon on Wednesday, the TCI Hospital had beefed up security and suspended visitation, but on Thursday afternoon, that 24-hour imposition was lifted.
“The Turks and Caicos Islands Hospital would like to inform the public that the heightened security alert, previously imposed due to a reported incident involving a patient and a suspected weapon, has been lowered based on the advice of the Royal Turks and Caicos Islands Police Force. We are pleased to inform you that visitation to the Cheshire Hall Medical Centre has now resumed. We understand the temporary suspension of visitation may have caused an inconvenience, and we sincerely appreciate your patience and understanding during this period,” the CHMC said in a statement.
The threat on Wednesday had resulted in armed officers at the facility, which caused concern for some residents.
The Hospitals say a heightened security alert had to be implemented at the Cheshire Hall Medical Centre in Providenciales following a reported incident involving a patient and a suspected weapon.
The hospital did not provide further details into the incident.
The Police were immediately summoned to the scene and launched ‘a thorough investigation into the matter’ according to the initial press release.
Magnetic Media had received a video of heavily armed security personnel pacing through waiting rooms in the health facility.
The hospital said: “We have immediately deployed additional security personnel to reinforce our on-site security measures. They are well-trained and equipped to handle any potential threats swiftly and effectively.”
In the end, with the threat neutralized, the Hospitals resumed regular functioning at the Providenciales centre.
“The safety and well-being of our staff, patients, and visitors remain our top priority. Accordingly, we have taken all necessary measures to ensure their protection throughout this situation.
Our security personnel and members of the Royal Turks and Caicos Islands Police Force worked diligently during this investigation, and we extend our gratitude for their efforts.”
Airlines, US Fed predicting Fall Cool Down as Post Pandemic Boom wanes
#TurksandCaicos, September 29, 2023 – The US is bracing for the beginning of the end of the post-pandemic travel boom while bringing in less money than they expected, after arguably one of the best summer travel seasons in years. Now, reports indicate US flight ticket prices are plunging as the Federal Reserve and top airlines predict a slowdown in travel this fall season.
Delta airlines, which saw record bookings in summer, hiked up its earnings forecast in July, expecting between $2.20 to $2.50 returns per share. Now as the fall season begins, it is backtracking on that, expecting to pull in less revenue.
Both companies are citing increased expenses that took a chomp out of profits, including higher fuel costs, according to a series of regulatory filings seen by our news team.
For Frontier, in their filing, it wasn’t just fuel but higher cancellations rates as well.
American media are reporting that Spirit, Southwest and Alaska Airlines are all predicting lower profits.
More concerning for international travel though, is a report from the Federal Reserve that Americans might be cooling down on luxury travel spending, the September 6th report said.
“Consumer spending on tourism was stronger than expected.” Despite this better than expected outcome, spending on tourism is slowing and projected to continue down that path.
Specifically, the Fed said tourism spending was, “surging during what most contacts considered the last stage of pent-up demand for leisure travel from the pandemic era.”
The report also expressed concern that more US consumers were turning to borrowing rather than savings, to augment their daily spending.
The lionshare of travellers to the Turks and Caicos visit from the United States. So far Tourism Officials are not weighing in on how these projections in the country’s leading source market may impact projections in the country.
Misconduct for Medical Professionals laid out by TCIG in new amendment
#TurksandCaicos, September 29, 2023 – A suite of actions that constitute misconduct for medical professionals in the Turks and Caicos has been laid out by the Government, along with a process outlined for recourse for residents who think they have been wronged via proposed amendments to the Health Professions Ordinance.
Section VIII of the ordinance which dealt with disciplinary actions has been repealed and replaced; included in that replacement is a list of 12 actions that will land medical professionals in hot water.
Drinking on the job, abandoning patients, faking certificates for vaccines and even sharing profits are actions that TCIG is warning against. The full list outlines the misconduct of a health professional as:
- If he personally abuses or misuses alcohol or other substances such that it affects or impairs the performance of his duties, or during the performance of his duties;
- If he abuses or misuses his position as a health professional;
- If he conducts himself in an indecent or violent behavior;
- For misconduct in research endeavors;
- If he willfully betrays a professional confidence;
- If he abandons a patient in danger without sufficient cause, and without giving him an opportunity to retain the services of another health professional;
- Knowingly gives a false certificate respecting birth, death, notice of disease, state of health, vaccination or disinfection or respecting any matter relating to life, health, or accident insurance;
- Divides with another person, who is not a partner, any fees or profits resulting from consultations or surgical operations, without the patient’s knowledge and consent;
- Impersonates another health professional;
- Employs in connection with his professional practice an assistant who is not registered or licensed under this Ordinance, or permits a person who is not registered or licensed under this Ordinance to attend or treat patients
- Directly or indirectly holds himself out to the public as a specialist or as being specially qualified in any particular branch of medicine and who has not taken a special course in such branch and received a certificate of specialty therein which is recognized by a council;
- Does or fails to do any act or thing, the doing of which or the failure to do which a council considers to be unprofessional or discreditable
If a resident alleges malpractice or makes a complaint against a medical health professional, the proposed amendments now require that person to provide in writing an affidavit detailing the alleged offense and his reasons for believing it true.
The authorities then have to decide whether the complaint is genuine and then proceed to censure, reprimand the health professional, suspend their license, or strike them from the register of licensed registered health professionals via hearing.
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