• By order of the Supreme Court dated July 30, 2026, Sagicor Group Jamaica Limited will hold a court-ordered meeting of its ordinary stockholders to consider and vote on a Scheme of Arrangement. This is not a general meeting; its sole purpose is the Scheme vote.
• If approved and sanctioned, all stock units held by stockholders on record at the Scheme Record Time would be transferred to Sagicor Group Caribbean Limited, with the Company Secretary or a Director authorised to sign a Global Transfer on their behalf.
• The hybrid meeting takes place at 10:00 a.m. on October 28, 2026, at the Auditorium, R. Danny Williams Building, 28–48 Barbados Avenue, Kingston 5, with online access via iteneri.com/sagicor. Stockholders on the register at 6:00 p.m. on October 27, 2026, may attend and vote in person, online or by proxy, and should register for virtual access by 10:00 p.m. that day.
• Approval requires a majority in number of stockholders present and voting, representing at least three-fourths in value of the stock units voted. Once approved and sanctioned, the Scheme binds all stockholders, including those who did not vote or voted against it.
• The Scheme also needs Supreme Court sanctions and registration of the Court order with the Registrar of Companies to take effect. Peter Melhado will chair the meeting (or Christopher Zacca in his absence), and stockholders are urged to read the Explanatory Statement in the Combined Scheme & EGM Booklet and return proxy forms early
• The Scheme is the mechanism for merging Sagicor Group Jamaica with Sagicor Life Inc under a new holding company, Sagicor Group Caribbean (SGC), which will replace SGJ on the Jamaica Stock Exchange. The combined group would have about US$6.9Bn in assets, with Sagicor Financial owning roughly 55%. If shareholders approve it on October 28, the deal still needs Court sanction, regulatory approvals and financing before it can close, which is expected in 2026.
• SJ’s stock price has increased by 5.6% since the start of the year to close at $42.42 on October 7, 2026. At this price, the stock is trading at a price-to-book (P/B) ratio of 1.4x, which is above the Main Market median of 0.8x.

(Sources: JSE& NCBCM Research)

• At court-convened meetings in Kingston on October 7, 2026, Scotia Group Jamaica (SGJL) shareholders approved the Scheme of Arrangement to take the company private. The buyer is Scotiabank Caribbean Holdings Limited (SCHL), which already holds 71.78% of SGJL's issued share capital, so the deal buys out the remaining minority shareholders. SCHL also approved the Scheme at a separate meeting.
• Minority shareholders would receive J$75.00 per stock unit, about a 38% premium to the 30-day volume-weighted average price as at June 11, 2026. The original offer was J$61.50, roughly 13% above that same benchmark, and the increase followed an improved proposal from SCHL after SGJL delivered strong second- and third-quarter results. At J$75, the deal is valued at J$63.50Bn.
• Support was strong. According to PwC's preliminary scrutineer report, about 77% of minority shareholders who voted backed the deal, and they held about 97% of the stock units voted. Ahead of the vote, some of SGJL's largest shareholders had entered voting support arrangements in favour of the transaction.
• The deal still needs Court approval and other customary closing conditions and is expected to close in Q4 2026. Once complete, SGJL will delist from the Jamaica Stock Exchange; Scotia has said the move aims to improve capital and operational efficiency and Scotiabank's agility in responding to market opportunities.
• The buyout fits Scotiabank's regional strategy. While RBC exited the Eastern Caribbean and CIBC sold its Caribbean franchise to Butterfield, Scotiabank kept and continued investing in larger markets like Jamaica, Trinidad and Tobago and the Dominican Republic, while shedding smaller ones. The bank has operated in Jamaica since 1889, with around 1,800 staff across 28 branches, and SGJL had assets of J$774 billion as of October 31, 2025.
• Scotiabank's Jabar Singh called the vote a validation of the offer and a sign of confidence in Jamaica's long-term future, describing it as a priority market for continued investment. SGJL CEO Audrey Tugwell Henry said the local focus stays on clients, employees and communities, though some commentators note that Caribbean capital markets depend on anchor listings like SGJL
• SGJ’s stock price has increased by 37.1% since the start of the year to close at $72.87 on October 7, 2026. At this price, the stock is trading at a price-to-book (P/B) ratio of 1.3x, which is above the Main Market median of 0.8x.

(Sources: JSE& NCBCM Research)

• CariCRIS reaffirmed Access Financial Services Limited's (AFS) credit ratings of CariBBB (local currency) and CariBBB- (foreign currency) on the regional scale, and jmA- and jmBBB+ on the Jamaica national scale. These indicate adequate creditworthiness regionally and good creditworthiness in Jamaica.
• The outlook is stable, as CariCRIS expects AFS to maintain sound operating performance and meet its debt obligations comfortably over the next 12 to 15 months, helped by the gradual return to normal economic activity after Hurricane Melissa.
• The ratings are supported by AFS's established position in Jamaica's microfinance sector, strong brand recognition, robust net interest income and good asset quality, although asset quality has deteriorated somewhat. Strong capitalisation, adequate liquidity, sound governance and continued investment in technology give the company financial flexibility and the capacity to absorb losses.
• However, the ratings are held back by AFS's small size, its heavy reliance on unsecured personal loans, and its exposure to economic conditions in Jamaica, which are subdued given that GDP contracted in Q2 by 2.9%.
• An upgrade could follow an improvement in Jamaica's sovereign rating, loan growth above 10% or earnings growth above 15%. A downgrade could follow a weaker sovereign rating, a profit decline of more than 18% for two consecutive years, or non-performing loans rising above 8% of total loans.
• AFS’s stock price has increased by 8.7% since the start of the year to close at $19.94 on October 7, 2026. At this price, the stock is trading at a price-to-book (P/B) ratio of 1.5x, which is above the Junior Market median of 1.03x.

(Source: CariCRIS & NCBCM Research)

• Latin America and the Caribbean is projected to grow by 2.2% in 2026, broadly in line with the 2.4% recorded in 2025. Within the Caribbean, the outlook remains sharply divided between faster-growing resource-rich economies and tourism-dependent islands experiencing a more moderate recovery.
• Trinidad and Tobago’s economy is projected to contract by 0.2% in 2026, following a 0.5% decline in 2025, before returning to growth of 2.5% in 2027. The country maintains a steadier, mature natural gas production profile. By contrast, Saint Lucia is forecast to grow by 1.1% in 2026, following an estimated 0.6% contraction in 2025, with growth expected to strengthen to 2.1% in 2027. Saint Lucia’s 2025 contraction reflected weaker tourism, with stayover arrivals declining by 2.1%.
• Guyana’s oil-driven expansion continues to lift sub-regional growth, with the economy projected to expand by 23.7% in 2026 and 18.7% in 2027. Meanwhile, Suriname is projected to grow by 3.9% in 2026, supported by accelerating investment tied to offshore discoveries ahead of its expected transition to offshore oil production in 2028.
• Growth is expected to remain more moderate across several tourism-dependent Caribbean economies, reflecting high import and energy costs and climate-related vulnerabilities, although the factors vary by country. The Bahamas and Barbados are projected to grow by 3.0% and 2.0%, respectively, in 2026, while Jamaica is expected to contract by 0.8%. In The Bahamas, gains in cruise tourism and construction are being partly offset by hotel-capacity bottlenecks, while Barbados’ growth is expected to moderate as fiscal consolidation continues.
• Risks to the wider regional outlook remain tilted to the downside, with energy price volatility potentially stalling disinflation and keeping central banks cautious, while high debt and interest burdens constrain fiscal space and investment. El Niño could also disrupt agriculture and hydropower and place further pressure on food and energy prices.
• The World Bank identified artificial intelligence (AI) as a potential new source of productivity and economic growth. Its near-term impact is expected to be concentrated in cognitive work, with AI potentially enhancing around 8% of jobs and exposing roughly 10% more to automation.
• Although average regional growth remains modest, the World Bank noted that diverging country paths show that stronger performance is possible. Guyana’s rapid oil-led expansion and Suriname’s accelerating offshore investment contrast with softer growth across several tourism-dependent economies. Suriname’s expected transition to oil production in 2028 could widen this divergence further, while slower-growing economies remain more exposed to energy costs, high debt burdens and climate-related shocks.

(Sources: World Bank, Trinidad and Tobago Guardian & St. Lucia Times)

• The CARICOM Development Fund (CDF) has launched the Caribbean’s first regional sustainability bond, targeting US$250Mn to finance growth and climate-resilience projects across the region. The bond was unveiled at the Caribbean Investment Forum in Barbados and is expected to reach the market no later than Q1 2027, with JMMB Group serving as arranger.
• The bond will be issued through Caribbean Sustainability Investments Limited, a special-purpose vehicle, and is intended to attract traditional and non-traditional sources of capital, including sovereigns, multilateral development banks, regional and international financial institutions, institutional investors and individual Caribbean investors.
• Financing is expected to be raised at concessional or below-market rates, targeting impact investors willing to accept more affordable returns in exchange for the social, environmental and economic benefits generated by the projects. The structure is intended to help governments finance resilience projects without worsening already-high debt burdens.
• Proceeds will support climate-resilience projects, including renewable energy and coastal protection; economic diversification through areas such as new technologies, sustainable agriculture and sustainable tourism; and community-focused projects. The CDF will also establish a joint project-preparation facility with Afreximbank to help develop investment-ready projects.
• The regional approach is intended to address the Caribbean’s lack of scale in accessing global capital by pooling eligible projects under a single financing framework rather than taking numerous smaller transactions to market. JMMB noted that investors can face similar evaluation, structuring and monitoring costs whether a transaction is US$5Mn or US$100Mn, making larger aggregated opportunities potentially more attractive.
• The Climate Bonds Initiative, an international organisation working to mobilise global capital for climate action and resilience, will help determine which projects qualify for financing, with projects required to contribute meaningfully to climate adaptation and resilience without creating significant environmental harm or additional vulnerabilities. The initiative follows the CDF’s Caribbean Community Resilience Fund, a blended-finance vehicle targeting US$100Mn–US$135Mn.
• The bond could help address two persistent barriers to Caribbean climate investment: limited fiscal space and the relatively small scale of individual projects. Pooling projects across countries could make regional opportunities more attractive to institutional and impact investors while potentially lowering financing costs.

(Source: Barbados Today)

• Federal Reserve (Fed) policymakers were divided last month over the rationale for raising interest rates, with "some participants" seeing a hike as needed to keep the impact of energy and other price shocks at bay, but a more hawkish core viewing it as necessary to guard against emerging demand-driven inflation.
• The competing arguments were outlined in the minutes of the United States (U.S.) central bank's September 15-16 meeting, at which the Fed voted unanimously to raise the policy rate by a quarter of a percentage point even as officials disagreed about whether the move was largely precautionary or represented a shift towards significantly tighter monetary policy ⁠meant to curb investment and spending.
• The split, and the varying interpretations of where the economy stands right now, set up a likely vigorous debate set for the October 27-28 policy meeting over whether inflation has taken on a broader, demand-driven dimension that warrants further Fed action now. The alternative would be to wait on further rate hikes to see if incoming data shows energy, tariff and other price shocks receding and inflation heading back to the central bank's 2% target.
• "Many participants emphasised that a higher path for the target range would be prudent on risk-management grounds, providing insurance against inflation remaining persistently above target due to stronger-than-expected demand or further adverse supply shocks," said the minutes of the session, which were released on Wednesday, October 7, 2026.
• Others, meanwhile, saw the "higher policy rate" approved in September as ⁠important to prevent recent energy and other shocks from having a broader influence on prices, while "a couple" framed their support for the hike as matching what they saw as a higher estimated neutral rate of interest. "Several participants stated that they viewed the current policy rate as not restrictive or only mildly restrictive," the minutes stated. "Most participants assessed that another increase in the target range for the federal funds rate would likely be ⁠appropriate by year end."
• Investors, who had expected sequential rate hikes in the days following the September meeting, have since pared back their bets and now see the Fed keeping its policy rate in the 3.75%-4.00% range at its meeting later this month, just ahead of midterm congressional elections, ⁠but hiking again at the December 8-9 gathering.
• Following the release of weaker-than-expected jobs and inflation data, Fed officials' recent comments added weight to the sense that policymakers would now allow some time for new data to show whether underlying inflation was coming down from current levels ⁠that are more than a percentage point above the Fed's target or proving more persistent. But the arguments outlined at the September meeting have persisted, with some policymakers also saying they feel more and faster rate hikes are needed, potentially setting up a divided outcome and multiple dissents at the meeting later this month.

(Source: Reuters)

• India and the United States (U.S.) continue to make progress towards a narrow interim trade agreement, although a near-term breakthrough appears unlikely as differences remain over market access, agriculture, India’s purchases of US goods and its bilateral trade surplus. BMI expects both sides to eventually reach an agreement, but negotiations have reached a “plateau” as the remaining issues are among the most difficult to resolve.
• The main sticking points remain agricultural market access and India’s willingness to reduce trade barriers. India is likely to resist significant concessions unless Washington offers meaningful preferential access for Indian exports, while opening its dairy and genetically modified agricultural markets would carry particularly high domestic political costs.
• Meanwhile, India’s continued reliance on Russian oil has added another obstacle to negotiations. Russia accounted for approximately 50.8% of India’s crude oil import volumes in July 2026, while the new U.S. sanctions regime could expose purchasers of Russian energy to additional tariffs of up to 100%. This increases the potential cost of maintaining India’s current purchasing arrangements and could become a key point of leverage for Washington.
• Nevertheless, a narrow agreement remains possible if both governments defer their most contentious issues. India could reduce tariffs on selected U.S. agricultural and industrial products and commit to larger purchases, while Washington could provide preferential treatment for selected Indian exports without immediately resolving disputes surrounding dairy, genetically modified products and other regulatory barriers.
• The economic benefits of an agreement would likely stem more from reduced policy uncertainty than from a significant near-term increase in trade. A settlement would improve visibility for exporters and investors and reduce the risk of renewed tariff escalation, although the direct trade impact would likely remain modest given the current tariff rate and potentially narrow product coverage.
• Looking ahead, BMI expects negotiations to continue through the December 14–15 G20 Summit in Miami, although an agreement by then remains unlikely. Furthermore, the implementation of the new Russia sanctions regime in mid-October and the unresolved U.S. investigation into India’s manufacturing overcapacity will be important developments to monitor, as both could influence Washington’s negotiating position.

(Source: BMI, A Fitch Solutions Company)

• CariCRIS reaffirmed Supreme Ventures Limited's (SVL) credit ratings of CariA/CariA- on the regional scale and jmAA-/jmA+ on the Jamaica national scale, signalling high creditworthiness locally and good creditworthiness across the Caribbean.
• The ratings carry a stable outlook, as CariCRIS expects SVL to maintain its strong business profile, remain profitable and meet its financial obligations on time over the next 12 to 15 months.
• This confidence is anchored in SVL's dominant position in Jamaica's betting, gaming and lottery sector, supported by strong brand loyalty, an extensive distribution network, a long-term lottery licence and a stable regulatory environment.
• Financially, the group continues to deliver consistent profits and resilient cash flows, while the successful refinancing of maturing debt, the restoration of covenant compliance and a focus on reducing net debt have strengthened its financial flexibility.
• Looking ahead, growth in sports betting, fintech services such as Evo Cash, and rising contributions from Guyana and Ghana are expected to diversify revenue, though the ratings remain constrained by SVL's heavy reliance on Jamaica, above-peer leverage and weaker-than-average liquidity.
• An improvement in Jamaica’s sovereign rating, Guyana contributing more than 15% of profits, or profit growth above 7% could trigger a rating upgrade. A downgrade could follow revenue decline of more than 10%, weaker debt coverage, or covenant breach.
• SVL’s stock price has decreased by 6.3% since the start of the year to close at $18.36 on October 5, 2026. At this price, the stock is trading at a price-to-earnings (P/E) ratio of 24.5x, which is above the Main Market median of 12.05x.

(Source: CariCris & NCBCM Research)

• The House of Representatives has approved taking $455.9Mn from the Capital Development Fund (CDF) to support the budget of the Jamaica Bauxite Institute (JBI) for the 2026/27 financial year.
• Speaking in the House on Tuesday, September 22, Minister of Finance and the Public Service Fayval Williams explained that the Government set up the JBI in 1975 as a regulatory, planning and development agency.
• Williams noted that through the passage of the Bauxite Production Levy Act and the conclusion of the bauxite levy negotiations in 1975, an organisation to monitor, evaluate and conduct research on the bauxite and alumina industry, as well as to protect the interests of the Government in the industry was absent.
• The JBI is funded from levies on the bauxite industry, which are paid into the CDF. Mrs. Williams said that over the years the institute has also started offering laboratory services commercially, but the income from this is not enough to fully cover its operations. The $455.9Mn is expected to meet about 90% of the JBI's operating costs, with the remaining 10% coming from other income and reserves.
• The Minister said the CDF balance grew from $1.7Bn at March 31, 2021, to $8.9Bn at March 31, 2026, and reached $9.5Bn by August 31, 2026. She said the Fund therefore has enough resources to provide the approved support, and that it will hold $9.1Bn after the withdrawal.

(Source: JIS News)

• Consumer prices in The Bahamas rose 3.6% year-over-year in July 2026, despite a second consecutive monthly decline, according to the Bahamas National Statistical Institute’s (BNSI) latest Consumer Price Index (CPI) report.
• Average prices fell 0.1% compared with June, matching the decline recorded between May and June. However, higher prices in the restaurants, hotels and transport categories continued to drive the annual increase.
• Restaurants and hotels recorded the largest year-over-year increase at 15.7%, followed by transport at 12.9%. Furnishings, household equipment and routine household maintenance prices rose 3.4%, while recreation prices declined 1.9%.
• Fuel prices remained substantially above July 2025 levels despite easing during the month. Diesel prices were up 33.4% annually, while petroleum prices increased 21.4%. Compared with June, diesel prices fell 6.8% and petroleum prices declined 3.2%.
• On a monthly basis, furnishings, household equipment and routine household maintenance recorded the largest decrease at 2.3%, while restaurants and hotels prices declined 1.4% and transport prices fell 1.0%. Alcoholic beverages, tobacco and narcotics recorded the largest monthly increase at 3.3%.
• The second consecutive monthly decline indicates some easing in near-term price pressures. However, the 3.6% annual increase and still-elevated fuel and transport costs indicate that higher energy prices remain an important source of inflationary pressure. This risk remains relevant given the ongoing US-Iran conflict, which has kept global oil and refined-product prices elevated.

(Source: The Nassau Guardian)