• According to its 2026 annual report, Access Financial Services (AFS) has outlined several key strategic priorities for FY 2027 that will be focused on strengthening resilience, improving operational performance, and supporting long-term growth and diversification.
• Following the impact of Hurricane Melissa, management adopted a customer-centric recovery strategy that included a three-month loan payment moratorium, tailored relief options, and increased direct communication with customers. Through these initiatives, the company aims to strengthen customer relationships and loyalty while stabilising and growing its loan portfolio.
• The hurricane also significantly affected branches in the south and south-western regions of Jamaica. In response, the Board directed the remaining branches across AFS’s 17-branch network to increase productivity and help offset the shortfall from the affected areas. At the same time, management continues to focus on containing costs while pursuing opportunities to generate revenue.
• Improving operational efficiency is another key priority for FY2027, particularly following the increase in the cost-to-income ratio to 78.7% in FY2026. Management plans to address this by reducing non-essential operating expenses, improving processes, and optimising its distribution channels.
• Digital transformation will also support these efficiency efforts. AFS plans to leverage technology to improve operational performance, upgrade its IT infrastructure, strengthen employee capabilities, and introduce secure digital solutions that protect company assets, reduce cybersecurity risks, and streamline loan processing.
• In addition, AFS continues to focus on product diversification and international expansion. Through its US subsidiary, Embassy Loans Inc. in Florida, the company is pursuing geographic diversification while balancing growth in auto equity and personal loans with disciplined risk management. Finally, the company remains committed to strong regulatory compliance and corporate governance. The company continues to adhere to Bank of Jamaica (BOJ) licensing requirements under the Microcredit Act while maintaining robust risk-management, credit-loss, and corporate governance frameworks to support sustainable growth.
• AFS’s stock price has increased by 0.8% year-to-date, closing at $18.50 as at Thursday, August 27. At this price, the stock is trading at a price-to-book (P/B) ratio of 1.4x, which is below the Junior Market Financial Sector’s average of 1.6x

(Source: JSE & NCBCM Research)

• Lumber Depot Limited (LUMBER) released its 2026 Annual Report on September 27^th, where management shed light on its strategy. It involves positioning itself for sustainable growth by deepening customer relationships, increasing capacity, improving operational performance, and strengthening long-term profitability.
• The company continued to serve customers from its Papine location despite disruptions caused by Hurricane Melissa and inventory constraints experienced during the third quarter. LUMBER also contributed to recovery efforts in nearby St. Andrew communities and western Jamaica. These initiatives supported the continuity of operations, product availability, and customer service, while the company remained focused on prudent cash management.
• LUMBER advanced its expansion plans with the purchase of property adjoining its flagship Papine location for $200Mn. The acquisition was financed through a mix of debt and internally generated funds. At the same time, management is taking steps to control spending by reducing non-essential costs and improving day-to-day processes, particularly as administrative expenses and professional fees associated with the acquisition have increased.
• Operational improvements are expected to remain a major focus in FY2027. This follows a rise in administrative and other expenses to $212.8Mn in FY2026. The company plans to enhance its operating systems, improve its physical infrastructure, and make better use of available space through upgrades to parking, traffic circulation, and overall store capacity.
• LUMBER is also leveraging technology to improve customer experience and make its operations more efficient. The increased use of email and WhatsApp for advance orders, together with electronic payment options, should help shorten transaction times, ease congestion within stores, and provide customers with greater convenience.
• Lumber’s stock price has declined by 11.7% year-to-date, closing at $2.48 as at Thursday, August 28. At this price, the stock is trading at a price-to-book (P/E) ratio of 14.6x, which is below the Junior Market Distribution Sector’s average of 22.3x.

 (Source: JSE & NCBCM Research)

• Guyana is now receiving as much as 12Mn barrels of crude oil per month from the Stabroek Block, according to the Ministry of Natural Resources, as the country takes a larger share of overall production following the recovery of billions of dollars in development costs.
• The ministry said Guyana’s monthly cargo entitlement has increased from about 3Mn barrels to between 10Mn and 12Mn barrels, the Ministry said in an August 24 letter. The Stabroek Block’s production capacity currently exceeds 900,000 barrels per day.
• The increase comes as Guyana’s share of total production has risen to approximately 39.8%, following the recovery of about US$55Bn in costs by the Stabroek Block partners, the government said. The ministry explained that the 39.8% figure represents Guyana’s share of all barrels produced and should not be confused with the country’s share of profit oil, which remains 50%.
• Under the 2016 Stabroek Block Production Sharing Agreement, the oil companies are allowed to recover eligible development and operating expenses from production. The ministry said that at the current stage, about 20 barrels out of every 100 produced are being used for cost recovery, leaving roughly 80 barrels as profit oil.
• Guyana receives half of that profit oil, giving the country an entitlement equivalent to approximately 39.8 barrels out of every 100 produced. This is significantly higher than during the earlier years of production, when the maximum 75% cost recovery ceiling was being utilized. With more production being allocated to cost recovery, Guyana’s effective share of total production was about 12.5%.
• The ministry said the shift to the higher entitlement occurred sooner than initially expected because strong oil production and prices allowed the companies to recover their costs about two years early. In addition to its share of profit oil, Guyana receives a 2% royalty on all crude produced and sold from the Stabroek Block.
• The government is also now receiving more oil from the Stabroek Block than any individual member of the ExxonMobil-led group. While Guyana receives its 50% share of profit oil as a single party, the companies divide the other half among themselves. ExxonMobil holds a 45% interest in the block, while Chevron, through Hess, holds 30% and CNOOC holds 25%.

(Source: OilNOW)

• Fitch BMI has revised its GDP forecast for 2026 upward and expects 4.2% y-o-y growth by year-end, following a strong performance in the first half of the year. The country registered stronger-than-expected data for the first half of 2026, with the monthly economic index reaching y-o-y growth of 8.2% in June, the highest print since 2024.
• While Fitch BMI expects a slight slowdown during H2 2026, the robust economic performance has prompted it to raise its real GDP forecasts for the year to 4.2%, up from an initial 3.8%. This positions the country as the strongest performer in the Central American region for 2026.
• While most economic activities are showing a strong performance in 2026, specific sectors like transport, construction and retail trade are responsible for the boost of the local economy this year. High-frequency economic data reflect a strong dynamism in several economic activities, such as the 7.1% increase in transit through the Panama Canal in 2026 in part due to the ongoing conflict in the Middle East, which also raised its revenues to USD2.2Bn between January and June 2026, a 9.5% increase compared to 2025.
• In addition, private construction is picking up nationwide with a 23.2% y-o-y recovery during the first half of 2026 following a strong drop last year. Fitch BMI expects both indicators to remain strong for the rest of the year, with an additional boost to this year’s GDP from partial operations of the Cobre Panama mine and buoyant tourism inflows.
• Despite this sound economic performance, some economic activities, namely agriculture and the financial sector, are underperforming this year, which is coupled with constraints on domestic consumption due to high unemployment. Additionally, the financial sector reported a surprising -0.6% y-o-y real contraction in response to restrictive financial conditions and its negative impact on financial margins, while also reflecting a more cautious stance of financial institutions amid the current global economic and local uncertainty. These dampening factors point toward a softer economic performance in H2 2026, pulling the economy back from its mid-year pace.
• Risks on growth are tilted to the downside. Despite the strong performance in H1 2026, Fitch BMI flags geopolitical risks and potential climate impacts due to El Niño as some of the key risks for the rest of the year due to their potential impacts on purchasing power and transit through the Panama Canal. Added to that, the still unclear path towards a full reopening of the Cobre Panama mine limits long-term economic expectations for the country.
• As Fitch BMI has noted elsewhere, President Mulino authorised First Quantum Minerals earlier in the year to process and export ore stockpiled at the mine before its suspension, while a final decision for its full reopening is still pending. As the operation of this mining project contributed to about 5.0% of the country’s GDP in 2021, its reopening would boost the Panamanian economy further. However, the timeline remains unclear.

(Source: BMI, A fitch Solutions Company)

• The number of Americans seeking unemployment benefits for the first time fell for a second week while the overall number of people on jobless relief rolls slid to the ​lowest level in a month. This points to a stable labour market that should give the Federal Reserve leeway to focus on containing inflation.
• Meanwhile, the U.S. trade deficit in goods, which President Donald ‌Trump is trying to reduce through his aggressive use of tariffs on imported goods, was the widest in 16 months in July as exports fell for a third straight month and capital goods imports surged on the back of the artificial intelligence build-out. The wider goods trade gap last month puts trade on track to be a net drag on U.S. gross domestic product growth for a fourth straight quarter.
• Initial claims for state unemployment benefits fell 4,000 to a seasonally adjusted 203,000 for the week ended August ​22, the Labour Department said on Thursday. Economists polled by Reuters had forecast 208,000 claims for the latest week.
• Claims are hovering at the lower end of their 189,000-230,000 range for this year, indicating ​that layoffs remain low even if hiring is soft. Despite a surprise drop in employment in July, the U.S. jobless rate ticked down again to 4.1%, a historically low ⁠
• The number of people receiving unemployment benefits after an initial week of aid, a proxy for hiring, fell 18,000 to a seasonally adjusted 1.778Mn during the week ended August 15, the claims report showed. The ​continued claims data covered the survey week for the monthly nonfarm payrolls report for August.
• Thomas Simons, chief U.S. economist at Jefferies, said recent data from payroll processor ADP and labour market analytics firm Revelio "paint a picture of a labour market that is in better balance than what is implied by the more volatile BLS (Bureau of Labour Statistics) numbers."
• "There is a modest, steady pace of private sector job creation that is right in line with the amount necessary to keep the unemployment rate steady," Simons said. "Businesses are replacing workers who leave, mostly driven by retirements, and the modest pace of payroll expansion beyond is in line with the modest pace of labour force growth."

(Source: Reuters)

• Qatar's prime minister visited Tehran ​on Thursday in an effort to revive stalled diplomacy six months into the war, as U.S. President Donald Trump said Washington was not currently talking to Iran.
• "We ‌don't want to speak to them. We're not looking to meet or anything," Trump told reporters in the Oval Office after the White House said a U.S. economic campaign against Tehran would continue until Iran decides to negotiate meaningfully.
• Major combat operations have been paused for weeks, but there has been little progress toward a wider peace agreement or reopening the Strait of Hormuz, a vital shipping route. Six months after U.S. and Israeli forces attacked Iran, killing its ​supreme leader and maiming his son and successor, the Iranian government is under economic siege, but it still holds power and has shown little urgency to negotiate.
• Trump, facing political pressure at ​home over higher energy prices ahead of November congressional elections, has opted to focus on economic sanctions, but aggressively enforcing them would require taking ⁠measures against Iranian trade partners such as China and India.
• In Tehran, Qatar's Prime Minister Sheikh Mohammed bin Abdulrahman Al Thani urged a return to diplomacy during talks with Iran's top negotiator Mohammad Baqer Qalibaf on ​Thursday, Qatar's foreign ministry said.
• Iran in turn called on regional neighbours to prevent the U.S. from using their territory to carry out military or economic attacks on Iran, Iranian Foreign Minister Abbas Araqchi said ​on his Telegram account.
• Mohsen Rezaei, the secretary of Iran's Supreme National Security Council, told the Qatari prime minister that Tehran would strike U.S. military and economic interests if Washington engaged in "mischief" against Iran, Iranian media reported.
• Rezaei said the United States must take steps to meet Iran's conditions before Tehran moved to reopen the Strait of Hormuz. Those conditions include an end to the U.S. blockade on Iranian ports, compensation and removal of sanctions.

(Source: Reuters)

• Dolphin Cove Limited (DCOVE) has clarified recent media reports suggesting that the company’s ownership and control had changed following the appointment of four new directors and an alleged sale of its majority shareholding.
• The clarification comes after a 19 August 2026 media report claimed that a buyer had taken control of Dolphin Cove. Four independent directors were appointed by shareholders on 17 August 2026, but the company says this appointment does not amount to a change in control or management.
• The report also claimed that World of Dolphins Inc. had sold its majority stake through a private, off-market agreement. However, the company clarified that no such sale has been completed as of the date of its announcement.
• World of Dolphins Inc. has previously indicated that it expects to sell its interest in Dolphin Cove, meaning a transaction could still take place in the future. The company will continue to disclose confirmed developments in accordance with Jamaica Stock Exchange rules and urges investors to rely on official company announcements rather than media reports.
• DCOVE’s stock price has declined by 13.4% since the start of the year to close at $10.73 on Wednesday, August 26, 2026. At this level, the stock trades at a price-to-book (P/B) ratio of 0.9x, which is below the Junior Market Others Sector average of 1.7x.

(Source: JSE & NCBCM Research)

• Jamaica has completed its third Voluntary National Review (VNR) of the implementation of the 2030 Agenda for Sustainable Development and the Sustainable Development Goals (SDGs). The VNR is a country-led process that assesses Jamaica’s progress in implementing the SDGs.
• Previous Reviews were completed in 2018 and 2022, demonstrating Jamaica’s continuity and sustained commitment to the follow-up and review process for sustainable development planning. Speaking during the Planning Institute of Jamaica’s (PIOJ’s) quarterly press briefing at the agency’s New Kingston offices, Director General, Dr. Wayne Henry, said that preparation of the third VNR was led by the PIOJ, the Ministry of Foreign Affairs and Foreign Trade, and the Statistical Institute of Jamaica (STATIN).
• He noted that the review also benefited from contributions from members of the National 2030 Agenda Oversight Committee and a wide range of other stakeholders. The Review reported on all 17 SDGs and 133 of the 234 unique indicators included in the global SDG indicator framework.
• With respect to the global picture, 15% of the targets tracked by UNSTAT (United Nations Statistics Division) are on track or have been met, 53% are making progress, and 32% are stagnating or regressing,” Dr Henry informed.
• Jamaica’s third Voluntary National Review (VNR), conducted a decade into the implementation of the Sustainable Development Goals (SDGs), assessed progress across all 17 goals and identified strategies to accelerate development beyond 2030. It also recognised the country’s vulnerability as a Small Island Developing State (SIDS).
• The Review highlighted significant gains, including a reduction in poverty from 21.4% in 2015 to 7.8% in 2024 and a record-low unemployment rate of 3.3% in 2025. However, persistent challenges remain, particularly the rise in maternal mortality, the high proportion of youth not in employment, education or training, and the prevalence of informal employment.

(Source: JIS News)

• Brazil’s Treasury on Wednesday revealed a worsening public debt profile this year, projecting that the share linked to the benchmark Selic rate could reach a record 53% of the outstanding stock. With more liabilities tied to floating rates, higher borrowing costs feed directly into debt accumulation.
• Although Brazil’s central bank began easing its policy in March, the benchmark rate remains at 14%, while 12-month inflation stood at 4.2% in mid-August, leaving the country with one of the highest real interest rates among major economies. The new Treasury projection came in its revised annual financing plan, which forecast floating-rate debt at 49%-53% of the total this year, up from a previous projection of 46%-50%. The share grew to 51.1% in July.
• Latin America’s largest economy finances an unusually large portion of its debt through floating-rate bonds, a tool designed to maintain investor demand during periods of market stress. The Treasury has relied more heavily on such instruments amid weak appetite for inflation-linked securities, even while offering real yields above 7% on very long-dated bonds.
• “The increase in the share of floating-rate securities in federal public debt reflects a combination of heightened volatility and elevated interest rates, contributing to stronger investor preference for shorter-duration instruments that are less sensitive to interest-rate fluctuations,” the Treasury said in a statement.
• It also lowered its forecast for inflation-linked debt to 21%-25% of the total from 23%-27% previously, while the projected share of fixed-rate securities was cut to 20%-24% from 21%-25%. Foreign-exchange-linked debt remained at 3%-7%.
• The shift comes amid global market turbulence and concerns over Brazil’s fiscal outlook. Gross public debt, the country’s main measure of solvency, reached 81.9% of GDP, up more than 10 percentage points since President Luiz Inacio Lula da Silva took office.
• The updated projections were released alongside July public debt data, which showed the federal debt stock rising 0.22% from the previous month to 9.289 trillion reais ($1.8 trillion), based on an exchange rate of 5.1550 reais to the dollar.

(Source: Reuters)

• The Panamanian government has declared a national state of emergency in response to the effects of El Niño. Cabinet Council Resolution No. 102-26 establishes the need for preventative mitigation and immediate response actions to strengthen the operational capacity of institutions to provide timely assistance in the event of any incidents.
• Official data records at least 15,643 people affected by floods from January 2026 to date. More than 70% of them were in the provinces of Bocas del Toro and Colón, with the remainder in the Ngäbe Buglé and Naso Tjër Di regions. Elsewhere, the Institute of Meteorology and Hydrology of Panama (IMHPA) forecasts that the phenomenon will intensify. Rainfall deficits are expected from October through December 2026 and January through March 2027. Effects could extend to May 2027 alongside high temperatures that could impact the population, the agricultural sector and water resources.
• The conditions could lead to droughts in river basins and low levels in lakes and reservoirs such as Bayano, affecting ship traffic and the availability of water for Panama Canal operations. Hydroelectric power generation and the stability of national energy resources may also be affected.
• The resolution tasks the Ministry of the Presidency with coordinating implementation and authorises procurement through the special procedure for national emergencies until June 30, 2027. The National Civil Protection System (Sinaproc) is authorised to receive contributions from humanitarian organisations.
• IMHPA director Luz Graciela de Calzadilla said the declaration seeks to anticipate both flooding and landslides where rainfall runs above average and drought where it falls short. Minister of Government Dinoska Montalvo said Bocas del Toro is registering 25% more rainfall than usual while 11 hydrographic basins are currently in a situation of “water stress”, complicating the operation of hydroelectric and water treatment plants.

(Source: Newsroom Panama)