• Caribbean Cement Company Limited (Carib Cement) posted consolidated net income of $2.70Bn for the quarter ended June 30, 2026 (Q2), nearly five times the $543.9Mn earned in Q2 2025. The swing largely reflects the absence of last year’s planned major maintenance shutdown. That shutdown had added approximately $920.0Mn in expenditure to the comparative quarter, mainly for excess consumables, hired manpower and imported cement used to keep the market supplied.
• Q2 revenues climbed 14.5% to $9.31Bn, supported by resilient market demand and a record second-quarter sales volume of 110,647 metric tonnes, the highest ever recorded for the period.
• With the shutdown costs not affecting this quarter, cost of sales fell 28.5% to $4.70Bn. Repairs and maintenance costs nearly halved to $462.9Mn, and raw materials and consumables dropped 48.9% to $491.7Mn. However, fuel and electricity almost doubled to $1.28Bn (+89.3%) and equipment hire rose 50.4% to $557.3Mn. Nevertheless, gross profit tripled to $4.60Bn from $1.55Bn, lifting the quarterly gross profit margin to 49.5% from 19.1% for Q2 2025.
• Operating expenses were essentially flat at $831.0Mn (+1.2%), while other expenses rose 11.4% to $344.6Mn on royalty and service fees of $271.5Mn (+27.0%) and $28.0Mn in manpower restructuring costs. Operating earnings therefore surged more than eight-fold to $3.45Bn from $421.5Mn. Financial expenses fell 35.0% to $33.9Mn, and a $44.4Mn foreign exchange gain provided support.
• That second-quarter surge built on an already strong Q1 2026 to deliver a stellar first half. The June quarter alone accounted for $2.70Bn, or 47.0%, of the $5.75Bn earned over the six months ended June 30, 2026, lifting six-month earnings by 126.4% relative to H1 2025. Management credited the outturn to improved operational efficiency, disciplined cost management and resilient market demand, and noted that the Company delivered its strongest EBITDA performance to date.
• Looking ahead, expanded capacity mixed with robust recovery-related demand is expected to underpin continued strong performance for Carib Cement. Fresh off its kiln expansion and supported by its quasi-monopoly position, the Company is well placed to capitalise on the anticipated rise in cement demand. This positions it to meet the increased demand from post Melissa related reconstruction activity, while maintaining sufficient inventory to expand its market share across CARICOM markets.
• The annual planned maintenance shutdown deferred from the first half is now expected in July 2026, with sufficient inventories in place to support uninterrupted supply. Consequently, third-quarter earnings should carry the associated repairs, consumables and hired-manpower costs that were absent in Q2, which could temper margins in the second half.
• Carib Cement’s outlook is not without risks. Rising fuel and energy costs linked to geopolitical tensions remain the principal threat to margins. Management has indicated that mitigation strategies are being implemented to contain potential margin pressures and preserve operational stability. Weather is the second pressure point. Heavy rainfall temporarily impacted production in April through challenges with raw materials and equipment. It could continue to disrupt output, although measures have since been introduced to stabilise affected equipment and improve operating conditions.
• As at the close of trading on July 29th, CCC shares closed at J$113.93, reflecting a 12.0% year-to-date increase. The stock has advanced 8.0% since July 27th, a move likely made in anticipation of the release of these financial statements. At this price, the shares trade at a P/E of 13.91x, which is below the Main Market Energy, Industrials and Materials Sector of 19.37x.

(Source: Caribbean Cement Company Limited Financial Statements & NCBCM Research)

• The Dominican Association of Free Zones (Adozona) expressed concern over the United States’ decision to impose a 12.5% tariff on imports from the Dominican Republic and 59 other countries, warning that the measure could create uncertainty in international trade and affect the competitiveness of export-driven economies.
• The organisation is evaluating the scope of the tariffs, possible exemptions, and their impact on Dominican exports, particularly on the free zone sector, which it described as a key partner of the United States in manufacturing, investment, and job creation.
• Adozona highlighted that Dominican free zones play a vital role in regional supply chains, especially in industries such as medical devices, advanced manufacturing, electronics, apparel, and services, helping strengthen U.S. production capacity.
• The association will continue working with Dominican authorities to maintain constructive dialogue with the United States aimed at preserving stable and mutually beneficial trade relations. It also reaffirmed its commitment to complying with national laws, international trade agreements, and high labour and sustainability standards while supporting efforts to protect the country’s competitiveness and investor confidence.
• The tariff is significant because the United States accounted for approximately 72.5% of Dominican free-zone exports in 2024. However, the sector is also closely integrated with US supply chains, with US intermediate inputs equivalent to around 51% of free-zone exports to the US. The eventual impact will therefore depend on product coverage and exemptions, particularly for major export industries such as medical devices, pharmaceuticals and electronics.

(Sources: Dominican Today & IMF)

• Brazil’s Treasury is increasing its reliance on floating-rate debt tied to the benchmark Selic interest rate, as investors shun longer-dated securities amid global volatility and persistent fiscal concerns. The trend leaves Latin America's largest economy more exposed to high borrowing costs and marks a setback for efforts to improve the composition of public debt.
• Brazil’s federal public debt rose 2.61% month-over-month to R$9.3Tn, or approximately US$1.8Tn, in June. The increase was driven by net issuance of R$142.3Bn and R$93.5Bn in interest accruals.
• The Selic rate stands at 14.25%, down from a nearly 20-year high of 15% after the central bank began an easing cycle in March 2026. However, it remains among the highest real interest rates in the world.
• Selic-linked securities accounted for 49.32% of federal public debt in June, up from 48.99% in May and close to the upper limit of the Treasury’s 2026 target range of 46% to 50%. According to Helano Dias, the Treasury's head of public debt operation, the government is likely to raise this target range when it revises its annual financing plan in September.
• The Treasury has stepped up issuance of floating-rate bonds, known as LFTs, as investors seek protection from market turbulence fuelled by geopolitical tensions in the Middle East and lingering concerns about Brazil’s fiscal outlook. Excluding foreign-currency debt, LFTs accounted for 71% of issuance in June and 67.8% through July 28.
• No major economy relies as heavily on floating-rate debt as Brazil. While this structure helps maintain demand for government securities during periods of market stress, it leaves public finances more vulnerable to swings in interest rates.

(Source: Reuters)

• The Federal Reserve held interest rates steady on Wednesday, July 29, 2026, a choice that may intensify questions about how U.S. central bank chief Kevin Warsh will deliver on his commitment to bring inflation back down to the 2% target.
• The widely expected decision to leave ‌the benchmark interest rate in the 3.50%-3.75% range drew dissents from three of the 12 members of the policy-setting Federal Open Market Committee who "preferred" a quarter-percentage-point hike at this meeting.
• Warsh, who took over as head of the Fed in May, has said he has "no tolerance" for inflation that has been running above the central bank's target for more than five years, and up until last month was accelerating as the war in the Middle East pushed up global ⁠fuel and food prices, and investment in data centers and other spending tied to artificial intelligence drove up demand.
• The Fed highlighted that economic activity is "expanding at a solid pace," noting, as it did in June, that job gains "have kept pace with the workforce, and the unemployment rate has changed little." Warsh said in a press conference following the FOMC announcement that "we've begun a new chapter, and we understand that the five-plus years of inflation above target cannot be cured in nine weeks, or by a single month of modest price decreases. This Fed will not waver" on getting inflation back to the 2% target.
• The number of officials voting in favour of tighter policy suggests a change in Fed thinking, even though some analysts think the central bank can still hold off on hikes.” Warsh has said little about the mix of risks and nothing about the outlook for the policy rate, though he has expressed the expectation that rising productivity aided by AI will allow the economy to grow faster without also ⁠pushing up inflation.
• Financial markets ahead of this week's meeting had priced in about a one-in-three chance of a rate hike and, absent such a move at this week's meeting, nearly a 100% chance of an increase in September. By then, Fed policymakers will have in hand two more monthly readings on inflation and the jobs market, giving them a better picture of whether the cooling price pressures evident last month have continued.

(Source: Reuters)

• The British public's expectations for future inflation continued to fall in July, ​according to a survey from U.S. bank, Citi, ‌and pollsters YouGov that could help to reduce worries at the Bank of England (BoE) about price pressures in the economy.
• Expectations for inflation ​in five or more years, which are closely watched ​by the BoE, fell to 3.7% in July from 3.9% ⁠in June, the survey released on Tuesday showed. Year-ahead ​expectations, which tend to be influenced by moves in short-term ​inflation and energy prices, decreased to 3.4% from 3.8%.
• The BoE's policymakers routinely monitor inflation expectations for signs that price pressures could become ​embedded among consumers as well as businesses.
• The surge in ​energy costs triggered by the Iran war prompted the central bank ‌to pause its run of interest rate increases earlier this year. "Like with gas prices, there remains a risk that a delayed increase in pump prices could trigger a small ​increase in expectations," Callum ​McLaren-Stewart, an ⁠economist at Citi, said. "But given pump prices react quickly to crude prices and the ​scale of the increase in July was ​well below ⁠what we saw in Q2, we think it is unlikely to have a meaningful impact."
• A survey of British firms ⁠published ​last week showed they were planning smaller ​price and wage rises. The BoE is expected to hold interest rates on Thursday.

(Source: Reuters)

• EduFocal Limited is proposing to change its name to Walstron Limited and to broaden its stated purpose from an education technology business to a diversified holding company operating across education technology, technology, commerce and properties/real estate. The change is subject to shareholder approval and the consent of the Registrar of Companies.
• The proposal is listed as a special resolution (Resolution No. 5) for the 2026 Annual General Meeting. The company framed the pivot as a way to capture new revenue streams and reduce reliance on the education sector alone, with the new structure allowing investments and operations across a wider range of industries.
• Operations are organised into two divisions. The Education Division covers B2C and B2B offerings, including EduFocal Academy (subscription-based PEP curriculum content), Quizzative (automated assessment), CleverSchoolTeacher.com for K-1 teachers in the US, and partnerships with Ministries of Education across the Caribbean. The Commercial Division delivers enterprise and institutional services spanning corporate training, cloud-based time and attendance management, AI-enabled onboarding and compliance/HR solutions, including the EduFocal Engage corporate learning management system.
• Rebranding aside, EduFocal completed a major restructuring in 2025, moving away from volatile one-off project contracts toward predictable recurring revenue from subscriptions, B2B retainers and government partnerships. With the restructuring largely complete, the company said it is focused on scaling its core platforms, expanding recurring B2B revenue and exploring M&A opportunities, and is winding down its African subsidiary to concentrate resources on core Caribbean markets.
• Governance was also renewed through new board leadership, the appointment of independent directors and the engagement of external auditors. Lastly, the group highlighted balance-sheet repair efforts which target accounts payable and directors’ account balances. This will be supported by ongoing creditor engagement and a planned rights issue.
• Year to date, EduFocal, whose shares trade as LEARN, is down 35.7%.

(Source: EduFocal Limited 2025 Annual Report)

• IDB Invest announced financing of up to US$30Mn for Productive Business Solutions Limited (PBS), to expand access to digital services and support technology adoption across Latin America and the Caribbean.
• PBS operates in 24 countries, delivering integrated engineering and technology solutions across information technology, networking and communications, security systems, print and imaging, managed services and AI-enabled solutions. PBS Group Limited is publicly traded on the Jamaica Stock Exchange and the Barbados Stock Exchange.
• The facility consists of a secured loan and a committed revolving credit facility, providing flexible funding for working capital needs and growth investments in support of the company’s growth strategy.
• Darryl White, Managing Director for the Caribbean Region at IDB Invest, said the region has companies with the experience and ambition to scale, and that IDB Invest’s role is to provide the financing and partnership needed to expand their reach and strengthen operations.
• Group CEO Pedro M. Paris said the agreement reinforces PBS’s long-term strategy of investing in the capabilities, expertise and partnerships needed to meet the region’s evolving technology needs.
• The project is expected to help more companies and institutions participate in the digital economy, contributing to productivity gains, job creation and greater access to technology in Caribbean and Central American markets.
• As at July 28^th, PBS shares trade at US$0.85 on the JSE, meaning it is down 12.8% year-to-date. At this price, it trades at an associated P/E of 75.89x, which is above the 22.58x average for USD Shares.

(Sources: Productive Business Solutions Group Ltd. And NCBCM Research)

• Brazil’s annual inflation rate slowed to 4.52% in mid-July, from 4.80% a month earlier, moving closer to the central bank’s target range and paving the way for a fourth consecutive interest-rate cut next week. The reading came in below all estimates in a Reuters poll of economists, whose median forecast was 4.67%.
• Brazil’s central bank targets inflation at 3%, plus or minus 1.5 percentage points, placing the upper end of the range at 4.50%. The latest reading was therefore only marginally above the ceiling and strengthened expectations of another interest rate cut when its interest rate-setting committee, known as Copom, meets on August 4–5.
• Policymakers lowered the benchmark interest rate by 25 basis points to 14.25% last month, marking the third consecutive reduction. According to Capital Economics, the softer inflation reading is likely to provide room for a fourth consecutive 25-basis-point cut at next week’s meeting.
• Consumer prices rose only 0.06% in the month to mid-July, slowing sharply from 0.41% in the previous month. The increase was also well below the 0.20% rise expected by financial markets.
• Higher housing costs were the main source of upward pressure, following a jump in electricity bills. However, food and beverage prices declined 0.66%, helping to offset the increase, while underlying indicators such as services inflation and core measures continued to show signs of deceleration.
• According to Inter chief economist Rafaela Vitoria, the data reinforced evidence that price pressures were easing and that there was no reason for Copom to pause its rate-cutting cycle. However, central bank Governor Gabriel Galipolo has warned that unanchored inflation expectations and resilient labour-market and economic activity support keeping monetary policy restrictive for longer.
• The weaker-than-expected inflation reading strengthens the case for a fourth consecutive 25-basis-point interest rate cut. However, Copom is likely to maintain a gradual pace, as inflation remains slightly above the upper end of the target range and policymakers remain concerned about inflation expectations, resilient domestic activity and volatility in the external environment.

(Source: Reuters)

• The Guyana Development Bank Bill 2026 was passed in the National Assembly on Monday, July 27, 2026, paving the way for the establishment of a dedicated financial institution to expand access to financing for small businesses and entrepreneurs across Guyana.
• The legislation fulfils a key commitment in the People’s Progressive Party/Civic’s (PPP/C) 2025 manifesto. The new bank will provide micro-credit loans of up to G$3Mn at zero per cent interest, alongside mentorship and business-development support.
• According to Finance Minister Dr. Ashni Singh, the institution would improve access to financing for the country’s smallest and most vulnerable businesses. He added that it could unlock a new wave of entrepreneurial activity, strengthen broad-based economic growth and improve the livelihoods of small-business owners.
• The bank forms part of the government’s wider strategy to broaden financial inclusion and help more Guyanese participate in the country’s expanding economy. It is also expected to support community-based enterprises and create opportunities for sustainable economic development nationwide.
• The institution will support farmers, fisherfolk, agro-processors, small manufacturers, tourism operators, artisans, women-led enterprises and young entrepreneurs. Government officials said particular attention would be given to rural, hinterland and indigenous communities, where access to affordable financing has often been limited.
• Ministers said the bank would help remove barriers that have prevented many Guyanese from turning business ideas into viable enterprises. It is also expected to support economic diversification by enabling more people and communities to participate in the country’s development.
• By combining zero-interest financing with mentorship and business support, the Development Bank is expected to widen financial inclusion, stimulate entrepreneurship and extend economic opportunities to underserved businesses and communities.

(Source: Guyana Chronicle)

• Oman has presented Iran with a plan backed by Gulf states to manage the Strait of Hormuz, including collecting voluntary fees for using it, a Gulf source and a Western diplomat told Reuters on Tuesday, July 28, 2026. The Omani proposals are intended to serve as a basis to end the disruption to trade through the strait caused by the U.S.-Israeli war ‌on Iran.
• In June, Washington and Tehran reached an agreement on a framework for talks meant to take place by the end of August to resolve major issues such as Iran's nuclear programme. President Donald Trump, who abruptly called off a two-week U.S. bombing campaign over the weekend in his latest strategic U-turn, said there were "good talks" underway with Iran but threatened to restart strikes unless negotiations deliver. Iran denies seeking to resume talks with the United States. 
• Previously, Iran had said it wants to manage the strait alongside Oman, which controls the opposite shore, and charge service fees to ships that use it. However, Washington wants to ⁠return to the status quo prior to the war, when ships were able to pass freely with no payments, and says charging mandatory fees would be illegal.
• Under the Omani proposal, Iran would not exercise sole control and fees would be voluntary, the Gulf source and Western diplomat briefed on the matter told Reuters.
• The system would be analogous to one in place on Asia's Strait of Malacca, where Indonesia, Malaysia and Singapore ask ships to pay voluntary contributions to fund navigation, environmental protection and search-and-rescue operations. The Western diplomat compared it to a voluntary carbon tax for flights, where anyone buying a plane ticket can choose to tick a box if they want to pay to offset their emissions.
• The end of the U.S. bombing campaign over the weekend sent oil prices tumbling by around 8% on Monday, and the fall continued on Tuesday. Brent crude futures were down around 1.6% at close to $87 a barrel by mid-morning on Tuesday.

(Source: Reuters)