• In accordance with Section 7 (1) (a) of the Banking Services Act 2014, the Bank of Jamaica has granted approval for JMMB Financial Holdings Limited, a subsidiary of JMMB Group Limited, to operate as a financial holding company. The Act suggests that a deposit institution must satisfy the Supervisory Committee as to the capacity of its operations to adequately support the establishment of a branch or a representative.
• To uphold the principles of good governance, the boards of directors for both JMMB Group Limited and JMMB Financial Holdings Limited have undergone a reorganisation. This restructuring aims to ensure the independence of each board, thereby strengthening oversight and accountability within the group.
• The separation of board responsibilities is designed to facilitate more focused and effective governance for each entity, allowing for tailored strategic direction and risk management in line with their respective mandates.
• By clearly delineating the roles and decision-making authority of each board, the Group can better safeguard its stakeholders’ interests and comply with regulatory requirements, such as those outlined in the Banking Services Act 2014. Furthermore, the reorganisation supports the Group’s long-term objectives by fostering a culture of transparency and responsiveness, which are essential for sustainable growth and operational resilience.
• Since the start of its financial year (April 2025), the company’s earnings have grown by 451.5% largely due to higher revenues and a 295.2% increase in the share of profit from Sagicor Financial Company.
• JMMB’s stock has decreased 20.1% year-to-date, closing at J$17.83 on Wednesday. At this price, the stock trades at a price-to-book (P/B) ratio of 0.5x, which is lower than the Main Market Financial Sector’s average of 1.2x.

(Sources: JSE & NCBCM Research)

• West Indies Petroleum Terminal Limited (WIP Terminal) is seeking a listing on the Jamaica Stock Exchange (JSE) in a move to capitalise on the advantages associated with being a publicly traded entity.
• The Company is seeking to list up to 11,180,372,000 participating ordinary voting shares in the capital of West Indies Petroleum Terminal Limited at a price of J$0.50 per share. These shares will be listed on the Main Market of the Jamaica Stock Exchange. via a Listing by Introduction.
• West Indies Petroleum Terminal Limited (WIP Terminal) was incorporated as ERI Services (St. Lucia) Limited on August 10, 2006, and was acquired by West Indies Petroleum Limited (Jamaica) (WIP) for the purposes of becoming vertically integrated in the fuel business and entering the storage business.
• WIP is headquartered in Kingston, Jamaica and its customers includes Guyana Oil Company, Barbados National Oil Company, La Romana in Dominica Republic, Dominica National Petroleum Company Ltd, Kimazou Energy in Haiti, Curoil in Curacao, CMA-CGM, Zim Integrated Shipping Services Limited, Royal Caribbean Cruise Line, Carnival Cruise Line, Norwegian Cruise Line, Caribbean Feeder Service, Lindsay Blee Limited, several other container and cargo shipping lines and over 200 retail customers in Jamaica.
• VM Wealth Management will serve as the lead broker for the upcoming listing by introduction.
• The term listing by introduction means a listing of the company’s securities on the Jamaica Stock Exchange, where none of the securities are being offered to the public. However, the advantages of listing encompass increased liquidity for existing shareholders, enhanced access to capital through equity transactions such as rights issues and Additional Public Offerings (APOs), heightened profile and visibility, and improved corporate governance.
• WIP Terminal is currently 79.84% majority owned by WIP Energy Limited, a 19.96% owned by World Energy Solutions Limited.

(Source: JSE)

• Petronas Suriname has successfully completed the Caiman-1 exploration well in Block 52 and reports encouraging results from the drilling. The well, which should contribute to the further delineation of oil and gas deposits for a possible commercial project, is a crucial step in the four-well campaign that the company is carrying out off the coast of Suriname in 2025-2026.
• The Caiman-1 well was drilled from July 21, 2025, and completed on December 6, 2025. According to Petronas, this completion marks an important milestone in the company's exploration and appraisal program in Block 52. The data collected should clarify which development concepts are feasible for future commercial production.
• Caiman-1 is the first of four scheduled wells in the program. It was drilled in the western part of Block 52. The activities were fully supported from Suriname: materials, fuel and provisions were delivered via the Surinamese shore base, while personnel were flown in and booked out via Paramaribo. As a result, Petronas emphasises, local supplier work has been strengthened, and new opportunities have been created for Surinamese companies.
• Block 52 covers approximately 4750 square kilometres, in water depths ranging from 60 to 1000 meters, and is located approximately 140 kilometres off the Surinamese coast. The area has long been seen as a promising offshore block, partly due to the successful discoveries in the adjacent blocks by other international operators.
• With the completion of Caiman-1, the course will be set in the coming year towards the next three wells, which should confirm whether Block 52 can grow into a commercial oil and gas development for Suriname.

(Source: Suriname Herald)

• The United States (U.S.) has seized an oil tanker off the coast of Venezuela, three officials told Reuters on Wednesday, December 10, 2025, a move that raised oil prices and is likely to further inflame tensions between Washington and Caracas. President Donald Trump has ordered a massive U.S. military build-up in the region, including an aircraft carrier, fighter jets and tens of thousands of troops.
• The officials, speaking on the condition of anonymity, said the operation was led by the U.S. Coast Guard. They did not name the tanker, whose flag was flying or exactly where the interdiction took place. Oil futures rose following news of the seizure, after trading in negative territory earlier in the day. Global Brent crude futures were trading at $62.35 a barrel, up 41 cents, at 2:32 p.m. ET, while U.S. West Texas Intermediate futures settled up 21 cents at $58.46 a barrel.
• The Coast Guard referred questions to the White House, which did not immediately respond to a request for comment. The Venezuelan government did not immediately respond to a request for comment.
• Venezuela exported more than 900,000 barrels per day (bpd) of oil last month, the third-highest monthly average so far this year, as state-run company PDVSA (Petróleos de Venezuela, S.A.) imported more naphtha to dilute its extra-heavy oil output. Even amid increasing pressure over Venezuelan President Nicolas Maduro, Washington had not moved to interfere with the country's oil flows.
• Oil exports are Venezuela's main source of revenue. The country has had to deeply discount its crude in its main buyer, China, due to growing competition with sanctioned oil from Russia and Iran. Venezuelan President Nicolas Maduro has alleged that the U.S. military build-up off Venezuela is aimed at overthrowing him and gaining control of the Organisation of the Petroleum Exporting Countries (OPEC) nation’s vast oil reserves. Trump has repeatedly raised the possibility of U.S. military intervention in Venezuela.

(Source: Reuters)

• The U.S. Federal Reserve cut interest rates on Wednesday in another divided vote but signaled it will likely pause further reductions in borrowing costs as officials look for clearer signals about the direction of the job market and inflation that "remains somewhat elevated."
• New projections issued after the U.S. central bank's two-day meeting showed the median policymaker sees just one quarter-percentage-point cut in 2026, the same outlook as in September, with inflation expected to slow to around 2.4% by the end of next year even as economic growth accelerates to an above-trend of 2.3% and the unemployment rate remains at a moderate 4.4%.
• "In considering the extent and timing of additional adjustments to the target range for the federal funds rates, the Committee will carefully assess incoming data," the rate-setting Federal Open Market Committee said in language that in the past has been used to signal a pause in policy actions - an outlook at odds with market expectations, which remained locked into two rate cuts next year even after the Fed issued its statement.
• "It's definitely a hawkish cut, not so much in the fact that we had two dissenters that wanted to stand pat, but if you look at the dot plot, there were six of them that penciled in no rate cut at this meeting," said Art Hogan, chief market strategist at B Riley Wealth. The dot plot graphic of Fed policymaker rate-path projections showed six "dots" at 3.9%, where the policy rate was before Wednesday's rate cut.
• The decision to lower the benchmark policy rate by a quarter of a percentage point to the 3.50%-3.75% range drew three dissents, with Chicago Fed President Austan Goolsbee joining Kansas City Fed President Jeffrey Schmid in arguing the policy rate should be left unchanged, and Fed Governor Stephen Miran again advocating a larger half-percentage-point reduction.
• How monetary policy evolves from here, heading into a midterm U.S. election year that could revolve around the performance of the economy and with President Donald Trump urging sharper reductions, will now hinge on data that is still lagging from the impact of the 43-day federal government shutdown in October and November.
• The projections are in a sense optimistic. Interest rates may remain higher than anticipated, but the economy is seen growing faster even as inflation falls and the jobless rate also eases lower. However, the latest policy statement and projections were crafted without the benefit of recent job and inflation reports, and instead relied on "available indicators," which Fed officials have said include their own internal surveys, community contacts and private data.

(Source: Reuters)

• The Bank of Canada held its key policy rate steady at 2.25% on Wednesday as widely expected. Governor Tiff Macklem said the economy was proving resilient overall to the effect of U.S. trade measures.
• Despite tariffs between 25.0% and 50.0% on some critical sectors such as cars, lumber, aluminum and steel, Canada's economy has shown signs of strength.
• Third quarter annualized GDP grew by 2.6%, much more than expected, while employment data showed the economy added 181,000 new jobs between September and November. "It's been a difficult year for Canadians and Canadian businesses, but as the year is closing, it's looking better than it looked in the spring, in the summer," Macklem said during a press conference after the rates decision.
• Macklem said the impact of tariffs has not totally spilled over into the broader economy. Uncertainty remains high and if the outlook changes, the bank is ready to respond, Macklem said, reiterating comments he made when the bank cut rates in October to their current level.
• "Governing Council sees the current policy rate at about the right level to keep inflation close to 2.0% while helping the economy," said Macklem. Macklem said even though the economy had shown some resilience, he expected GDP growth to be weak in the fourth quarter and hiring intentions to be muted.
• While the economy is adjusting to tariffs, volatility in trade and quarterly GDP numbers are making it more difficult to assess the underlying momentum of the economy, Macklem noted. The recent data has "not changed our view that GDP will expand at a moderate pace in 2026 and inflation will remain close to target."

(Source: Reuters)

• Prime Minister, Dr. the Most Hon. Andrew Holness, has welcomed a US$50Mn investment by Tropical Sugar Company Limited to re-establish commercial-scale sugar production in Clarendon. The new state-of-the-art, vertically integrated facility with an installed capacity of 50,000 metric tons will be situated in Chesterfield, near the former Monymusk Estate.
• Construction is set to begin in January 2026 and is expected to be completed within approximately 18 months. The factory will be built on approximately 11,000 acres of former sugar lands leased from Sugar Company of Jamaica Holdings (SCJH) Limited and is expected to generate roughly 2,000 direct and indirect jobs, providing new opportunities to farmers, heavy equipment operators, factory workers, transport providers and small business owners.
• Dr Holness hailed the decision by the Indian investors to put into production a portion of the almost 50,000 acres of unutilised and underutilised former sugar lands owned by the SCJH Limited in Clarendon. The project is expected to improve the economic standing of residents in the area, noting that communities that once blossomed under sugar will be revitalised. The Government has been looking at ways to stimulate economic activity in the area, “so, when the opportunity came for an investment in sugar, in agriculture, we took it, but we were very clear that we are not about to return to the old sugar industry” he explained.
• Notably, the investors indicated that Tropical Sugar Company Limited will have the capability to produce brown and white sugar, jaggery and molasses, use bagasse for energy and process sugar for other byproducts and derivatives.
• High Commissioner of India to Jamaica, His Excellency Mayank Joshi, in his remarks, said that the project represents a “powerful convergence of heritage, technology, investment, and shared vision for India and Jamaica”.

(Source: JIS)

• Jamaica's cruise industry is back on track after the country recently celebrated the official reopening of all four major ports, namely, Port Royal/Kingston, Ocho Rios, Montego Bay and Falmouth, following the passage of Hurricane Melissa. The reopening sends the message "Jamaica is open, Jamaica is ready, and Jamaica is back in business."
• The rapid restoration and reopening of the cruise gateways was attributed to efforts made by the Ministry of Tourism as well as Jamaica Vacations (JAMVAC), Jamaica Cruising, the Port Authority of Jamaica (PAJ), the Destination Assurance Councils (DACs), municipal corporations, emergency teams and dozens of supporting partners.
• Jamaica also celebrated a historic milestone this week with the arrival of Vasco da Gama, which is the first homeporting vessel in Port Royal/Kingston. "Homeporting is directly tied to higher economic impact," said Jamaica Cruising.
• For Jamaica, this implies the possibility of significant increases in passenger and crew spending, more airlift into and out of the destination, a surge in demand for hotels, transportation, restaurants and tour operators. This will also lead to greater business for essential services, such as bunkering, provisioning, freshwater supply, waste and sludge removal, and increased opportunities for pre- and post-cruise vacation stays, thus enhancing the overall visitor economy.
• "For January to August 2025, cruise passenger arrivals declined by 5.3% to 840.17k. In October, Minister of Tourism Edmund Bartlett projected that the industry would welcome 1.34 million cruise passengers for the year, representing a 7% increase over last year. However, despite this projection, the industry could underperform due to the impact of Hurricane Melissa.

(Sources: Travel Pulse, Seatrade Cruise News)

• The Bahamas’ national debt soared by almost $300Mn to hit $12.385Bn at the end of September 2025, a signal that the Government likely incurred a significant deficit during the first quarter of its current fiscal year. The Central Bank of the Bahamas, in its quarterly review of the 2025 calendar third quarter, revealed that the direct debt accumulated by the central government increased by $300.3Mn or 2.6% during the period. On an annualised basis, it grew by $413.2Mn compared to end-September 2024.
• The direct charge on the Government increased for the quarter ended September 2025 by $300.3Mn and on an annual basis, by $413.2Mn (3.5%) to $12.07Bn. A breakdown by currency revealed that Bahamian dollar debt represented 54.3% of the total, while foreign currency liabilities accounted for the remaining 45.7%, according to the Central Bank. The Government’s contingent liabilities declined by $3.9Mn (1.2%) over the review quarter and by $19.4Mn (5.8%) year-on-year to $315.9Mn.
• Consequently, the national debt, inclusive of contingent liabilities, increased by $296.5Mn (2.5%) over the three-month period and by $393.8Mn (3.3%) on an annual basis to $12.385Bn as at the end of September 2025. As a ratio to gross domestic product (GDP), the direct charge decreased by an estimated 1.5 percentage points on a yearly basis to 73.4% at the end of September. Further, the national debt-to-GDP ratio fell to an estimated 75.3% from 77% in the third quarter of 2024.
• Overall, after peaking in 2021, The Bahamas’ debt burden is set to slowly decline over the coming decade, on the back of improvements in its fiscal position. Total debt as a fraction of GDP is slated to decline from 81.5% in 2023 to 54.4% in 2032. The Bahamian government's fiscal position is estimated to improve over the next 10 years as a result of fiscal consolidation and increased value-added tax collections.
• The fiscal deficit is expected to narrow from 1.6% of GDP in FY2023/24 to 1.4% in FY2033/34. Government revenues are anticipated to rise from 22.0% of GDP in FY2023/24 to 22.9% in FY2033/34. This will mainly reflect improving economic conditions and incomes, bolstering tax take. Expenditure growth will also remain moderate over the 10-year forecast period, as increasingly efficient state-owned enterprises (SOEs) require less government support.

(Sources: The Tribune and BMI, A Fitch Solutions Company)

• Trinidad and Tobago’s Finance Bill 2025, a sweeping package of legislative reforms, was passed in Parliament on December 5, 2025, with the support of the Government’s majority. The bill was piloted by Finance Minister Davendranath Tancoo, who noted that the reforms mark a decisive step toward strengthening governance, modernising outdated laws, boosting public safety and ensuring greater fairness in the country’s tax system.
• Tancoo outlined 23 clauses that amend 21 pieces of legislation, noting that the measures will update penalties, close loopholes, modernise institutions, and introduce new revenue streams while fulfilling several key campaign promises.
• Of note, Clause 18 introduces several new tax measures, including the Commercial Asset Levy, a 0.25% levy on the total assets of licensed financial institutions and local insurers. These institutions must file annual returns, with penalties applied for late submission or payment. Tancoo said the levy ensures large financial entities “make a fair and proportionate contribution to national revenue”. The Board of Inland Revenue will be empowered to enforce compliance.
• A new surcharge on rental income, paired with mandatory property registration, will also take effect. Rates include: 2.5% on quarterly rental receipts of $20,000 or less and 3.5% on amounts above that threshold.  Additionally, unregistered rental activity and false declarations will attract penalties of $250,000 and three years’ imprisonment. This new measure is argued to be more equitable relative to the repealed property tax as it is based on “actual rental receipts as opposed to the People's National Movement’s (PNM) fictional rent”.
• The bill also institutes a 5% electricity surcharge per kilowatt-hour on commercial and industrial consumption, collected through the Trinidad and Tobago Electricity Commission (T&TEC) and remitted quarterly. Schools, healthcare facilities, and other public institutions are exempt. Additionally, a 5% tax will be applied to the CIF (Cost, Insurance and Freight) value of specified imported single-use plastics, such as bags, packaging, cutlery, and PET preforms (used to make plastic bottles). This aligns Trinidad and Tobago with global environmental standards.
• Furthermore, the bill introduces a series of governance and institutional reforms across key public systems. Clause 2 updates the Prime Minister’s Pension Act to align benefits with the new tiered, merit-based pension structure. Clause 3 modernises the Gambling and Betting Act by sharply increasing fines and custodial penalties for illegal lottery operations, which authorities link to serious crimes such as money laundering and drug trafficking. Clause 4 strengthens border security by updating the Immigration Act and supporting a shift to electronic declarations. Clause 5 formalises the Central Bank Governor’s authority to receive statistical information.

(Source: Caribbean National Weekly)