• Productive Business Solutions Limited (PBS) has strengthened its position in the Eastern Caribbean by acquiring the remaining 55% interest in Trinidad Systems Limited (TSL), giving the Group full ownership of the Trinidad-based
• TSL offers services, such as IT infrastructure, software development, and IT integration for commercial and residential clients. The company was founded in 1979 and is headquartered in Port of Spain, Trinidad & Tobago. The group provides end-to-end solutions in all fields of ICT. In addition to brick and mortar, TSL has partnerships in several islands through which goods and services are provided to various organizations in a broad range of industries.
• The transaction builds on PBS’s initial investment in TSL in 2024 and further advances its strategy of expanding its technology and managed-services platform across the region. It will provide PBS with greater exposure to Trinidad and Tobago’s (T&T’s) established ICT market while adding TSL’s 47-year operating history, customer relationships and enterprise solutions to the Group’s portfolio. TSL, which employs more than 250 professionals regionally, will continue operating under its existing brand and management team.
• Beyond consolidating its T&T operations, PBS expects the combination to broaden its addressable market across the Americas. TSL’s existing technology capabilities and partnerships are expected to complement PBS’s broader portfolio, while the enlarged platform could allow TSL’s solutions to be extended into Central and South American markets.
• The acquisition forms part of a broader expansion and organisational strengthening programme at PBS Group, following recent senior leadership appointments across finance and operations. With operations spanning 24 markets and more than 3,000 professionals, the company is positioning its growing regional footprint around greater collaboration, improved technology offering and stronger scale across its core business areas.
• The acquisition comes as PBS continues to grow its regional platform despite relatively modest top-line growth. For the six months ended June 30, 2026, revenues increased 0.4% YoY to US$184.7Mn, as the prior period included a US$20.9Mn personal-computer contract in El Salvador that did not recur. Gross profits nevertheless declined 2.6% to US$60.0Mn, as a greater contribution from lower-margin hardware and infrastructure sales reduced the gross margin to 32.5%.
• At the close of market on Wednesday, September 9, 2026, PBS’s USD ordinary shares were down 12.8% since the start of the year to close at US$0.85. At its current price, the company trades at a price-to-earnings (P/E) ratio of 44.04x, which is well above the USD Stock Market Average of 16.27x. PBS’s elevated valuation suggests that the market continues to price in meaningful earnings growth from its regional expansion strategy.

(Sources: JSE and NCBCM Research)

• The Trinidad and Tobago Stock Exchange (TTSE) launched its Green, Social and Sustainability (GSS+) Bond Guidelines, creating a formal pathway between projects requiring financing and investors seeking credible opportunities. The framework is intended to open new channels of private capital for areas including renewable energy, climate-resilient infrastructure and affordable housing.
• According to the TTSE CEO, Eva Mitchell, the country faces the dual challenge of building resilience to climate change while adapting to a changing global energy landscape and continuing to fund economic and social development. These priorities will require substantial investment, particularly as public resources alone cannot finance all the country’s development needs.
• The guidelines are intended to give investors greater confidence that funds raised through labelled bonds are being directed to projects with measurable outcomes. This includes providing greater clarity around what is being financed, how projects are selected, how proceeds are allocated and what outcomes are being achieved.
• The country already recorded some sustainable-finance activity, including the 100-megawatt Brechin Castle solar project and previous social-bond issuances. Home Mortgage Bank issued the country’s first social bond in 2023, while T&T Mortgage Bank subsequently raised a further TT$250Mn through social bonds in 2025.
• Mitchell stressed that sustainable finance should remain commercially viable rather than being viewed as philanthropy, with projects required to make economic sense and generate returns for investors. Companies, financial institutions, State enterprises and potentially the Government were encouraged to assess existing capital-expenditure programmes for projects that could qualify for sustainable financing.
• The TTSE wants sustainable issuance to become a routine financing option rather than an occasional transaction. IDB Invest also noted that public resources alone cannot close the region’s financing gap, while the framework is expected to help market participants align with international sustainable-finance practices and reduce uncertainty around labelled instruments.
• The framework could help deepen T&T’s capital market by creating a clearer route for private investors to finance projects that may otherwise rely heavily on public funding. However, as the TTSE noted, its success will ultimately depend on whether the guidelines translate into a consistent pipeline of actual GSS+ bond issuances and investments.

(Source: Trinidad Express Newspapers)

• Venezuela’s mineral resources, including gold, iron ore and bauxite, are drawing increased US interest as the Trump administration seeks to expand its involvement in the country’s natural resources beyond oil. The push could open the mining sector to greater US investment and improve access to minerals considered important to national security.
• US officials are considering measures to facilitate greater participation in Venezuela’s mining sector, including a possible executive order focused on critical minerals. The administration has also met with companies to gauge interest in potential mining investments.
• Washington has already eased some restrictions. In March 2026, the US Treasury authorised certain transactions involving Venezuelan-origin gold and later broadened the authorisation to other minerals and some mining-related services.
• Venezuela potentially holds significant mineral resources, with a 2018 government report estimating 644 metric tons of gold, 14.68Bn metric tons of iron ore, 321.5Mn metric tons of bauxite and 407,885 metric tons of nickel. However, uncertainty remains over how much can be economically extracted.
• Development of the sector faces significant challenges, including outdated geological data, weak infrastructure and illegal mining within the Orinoco Mining Arc near the borders with Guyana and Brazil. Venezuela nevertheless approved a new mining law in April 2026 aimed at attracting investment while maintaining state ownership of mineral deposits.
• Greater foreign interest could help Venezuela attract investment into its underdeveloped mining sector and diversify activity beyond oil. However, outdated geological information, weak infrastructure, illegal mining and uncertainty around commercially recoverable reserves could delay large-scale investment.

(Sources: Reuters & Kaieteur News)

• The Bank of Japan is expected to hike interest rates to 1.25% on September 18 and then to 1.75% in the second quarter of 2027, earlier than previously thought, a Reuters poll showed, amid ​persistent concerns over broadening price pressures and yen weakness.
• More than 80% of respondents said the joint U.S.-Japan yen-buying intervention to stem the currency's ‌slide to 40-year lows and remarks by Treasury Secretary Scott Bessent on BOJ policy had "significantly" or "somewhat" lowered political hurdles for rate hikes, underscoring Washington's growing sway over Japanese monetary policy and raising questions about the bank's independence.
• Bessent voiced strong support for "decisive" monetary steps to combat yen weakness in a meeting with BOJ Governor Kazuo Ueda this month during a gathering of ​G20 finance ministers and central bank governors. He also urged the BOJ to anchor inflation expectations and avoid excessive yen volatility through sound ​monetary policy.
• The September 1-8 survey showed all but two of 68 economists, or 97%, expected the BOJ to raise rates on September 18, up from 57% in a previous poll. Although still a minority, more than one-third, 24 of 66 economists, anticipated the bank would follow with another hike to 1.50% ​in either October or December, roughly double the share in August.
• Beyond this year, 89% of analysts, 57 ‌of 64, ⁠expected the policy rate to reach at least 1.50% by end-March next year, up from 65% last month. Around 62% saw the rate reaching at least 1.75% by the end of Q2 2027, three months earlier than predicted in August's poll.
• Half of 54 respondents who answered an extra question said 1.75% would be the terminal rate, unchanged from last month. The share of those choosing 2.00% or higher rose to 40% from 36% in August and 23% in July. Early hints of capital repatriation ​and expectations of a faster pace ​of monetary tightening by the BOJ ⁠, along with U.S. pressure, are combining to boost the yen, which traded around 153.37 per dollar on Wednesday, near its strongest level since February.
• Japan's budget requests for the next fiscal year totalled 143.1 trillion yen ($931.2 ​billion), swelling to pandemic-era levels as Prime Minister Sanae Takaichi's expansionary fiscal agenda drove government borrowing costs to three-decade highs. Some analysts said those concerns could rise further as the final size of the budget and the amount of new government bond issuance become clearer towards year-end.

(Source: Reuters)

• The European Commission has proposed new ​rules for public tenders that would create an EU-wide platform to improve access and slash paperwork for companies and give ‌EU governments the option to exclude bids based on EU content criteria. Wednesday's proposal is the latest in a series of Commission measures to improve the Single Market, security and supply chain resilience, and prevent industrial decline following warnings by former European Central Bank president Mario Draghi and former Italian Prime Minister Enrico Letta.
• Public buying accounts ​for around 15% of the European Union's gross domestic product, or about €2.5 trillion ($2.91 trillion) in 2025, making it a powerful tool ​for tackling intense international competition and supply chain vulnerability. But critics, including Draghi and Letta, say that the bloc ⁠has not used procurement to harness its collective strength.
• Companies bidding for tenders complain they face a myriad of hard-to-navigate templates, languages and duplications ​across the bloc's 27 jurisdictions, from federal to regional. The new rules will simplify the tender process and make it harder for authorities to ​award contracts largely based on cost to counter, for example, cheap goods offered by Chinese companies that may be subsidised.
• Procurement ‌is also ⁠a central part of the European Innovation Act, another initiative to promote EU competitiveness proposed on Wednesday. It is designed to provide sufficient demand for innovations to come to market by increased investment, including from public bodies. The new regulation would replace the EU's three existing public procurement directives, reducing national discretion in how the rules are applied. The rules will cover all sectors except defence.

 (Source: Reuters)

• The Jamaica Stock Exchange (JSE) for August 2026 highlighted a sharp increase in trading activity, although stronger market participation did not translate into broad-based price gains. The JSE Main Index edged down 0.15% to 373,456.26, although it remained firmly ahead of its December and August 2025 levels, up 17.44% year-to-date (YTD) and 16.39% year-on-year (YoY). Market capitalisation similarly slipped 0.15% to J$2.01Tn.
• Despite the Main Market’s broadly flat performance during the month, market breadth was slightly negative, with 27 stocks declining compared with 24 that advanced. Palace Amusement (+63.89%), Eppley (+15.19%) and JMMB Group (+12.74%) were among the strongest performers. Meanwhile, Sygnus Real Estate Finance (-19.98%), Innovative Energy (-14.42%) and MPC Caribbean Clean Energy (-13.97%) recorded the steepest declines.
• Investor activity nevertheless accelerated sharply, providing a notable bright spot for market liquidity. Main Market transactions rose to 38,662, up 15.55% from July and 126.62% from August 2025, while trading volume more than doubled (162.62%) month-on-month to 1.08Bn shares. Trading value also jumped to J$13.03Bn, more than three times July’s J$4.42Bn and over five times the value recorded in August 2025.
• YTD performance on the Main Market has been concentrated among a relatively small group of stocks, with some of the strongest performers also ranking among the market’s larger companies by market capitalisation. West Indies Petroleum Terminal has been the standout performer, surging 600.0%, followed by TransJamaican Highway (+140.78%), Carreras (+82.16%) and NCB Financial Group (+74.56%). Other notable advancers include Lasco Manufacturing (+37.67%) and General Accident (+34.35%). On the other hand, MPC (-46.91%), Palace (-39.80%), Proven Group (-39.24%) and First Rock Real Estate (-36.86%) have recorded the steepest declines. With only 21 advancers versus 32 decliners, the Main Market’s 17.44% YTD gain reflects significant dispersion in individual-stock performance, rather than a broad-based increase across listed stocks.
• The Junior Market provided a more positive price signal, posting a monthly gain, although the 0.82% increase in the Index was relatively small compared with the segment’s broader YTD decline. The Index rose 0.82% to 3,001.17, supported by gains in 25 stocks versus 21 decliners. Spur Tree Spices (+50.54%), One Great Studio (+46.15%) and IronRock Insurance (+34.50%) led the monthly advance, while Derrimon Trading (-20.51%), Woodcats International (-16.67%) and FosRich (-15.38%) were among the biggest laggards. Trading activity also strengthened, with August’s transactions increasing 11.12% from July and 58.97% YoY, while trading value rose 53.4% YoY to J$583.19Mn, suggesting greater investor participation.
• The Junior Market’s weakness was more evident on a YTD basis, with only 11 advancers versus 36 decliners. Jetcon Corporation has been the standout performer, surging 151.33%, followed by MFS Capital Partners (+41.03%), Dolla Financial Services (+25.91%), Spur Tree Spices (+23.89%) and Caribbean Cream (+20.57%). Future Energy Source (+20.07%) and Image Plus Consultants (+15.00%) also recorded notable gains. In contrast, Kintyre Holdings (-77.63%), Main Event Entertainment (-48.70%), FosRich (-46.99%), Derrimon Trading (-42.24%) and Edufocal (-39.29%) have been among the steepest decliners. The breadth of declines reflects the more challenging environment facing smaller-cap equities, with the Junior Market Index still 11.77% below its December 2025 level despite the August increase.
• The strongest momentum came from the USD Equities Market, suggesting growing investor interest in U.S dollar-denominated listings. However, the sharp increase in trading activity does not necessarily point to a broad-based increase in investor participation or demand for U.S. Dollar- denominated stocks, given the market’s relatively thin liquidity. Nevertheless, the USD Equities Index jumped 7.56% in August to 321.15 as market capitalisation increased to US$1.50Bn, bringing its YTD gain to 51.37% and its one-year gain to 53.79%. August USD Equities transactions surged 164.16% YoY. TransJamaican Highway (+11.81%) and Sygnus Credit Investments (+14.56%) were among stocks seeing significant appreciation.

(Sources: JSE and NCBCM Research)

• Soaring airfares are threatening the traditional Christmas travel season for Jamaicans overseas, with reduced airline capacity driving sharp increases on key United States (U.S.) - Jamaica routes. Return fares between Montego Bay and Miami have reportedly reached as high as US$3,744, while JetBlue services to Fort Lauderdale have been repeatedly sold out.
• The collapse of Spirit Airlines has intensified concerns about competition and affordability, particularly on routes connecting Jamaica with Florida. Although Spirit accounted for a relatively small share of total airlift, its departure removed an important low-cost competitor, allowing remaining airlines to capture displaced demand at higher fares.
• The higher cost of travel comes amid a significant contraction in Jamaica’s tourism arrivals, with the island recording 2.34Mn visitors and US$2.5Bn in tourism earnings through August, down 17% and 18%, respectively, year-on-year. U.S. visitor arrivals, Jamaica’s largest source market, were reportedly down 27.9%.
• However, the weakness in Jamaica’s tourism performance is not attributable to higher travel costs alone. Comparable Caribbean destinations have continued to record growth despite higher global travel costs: The Bahamas reported a 17.5% increase in total visitor arrivals in Q1 2026, including a 5.2% rise in air arrivals, while the Dominican Republic recorded a 7.0% increase in total visitors through July, with air arrivals rising 10.8% in the first five months.
• This suggests that Jamaica’s sharper decline could be more closely associated with destination-specific constraints, particularly hotel-room availability following Hurricane Melissa, although elevated fares may be adding to the pressure on demand. Of note, Hurricane Melissa continues to constrain the sector’s capacity, with only around 70% of Jamaica’s hotel room inventory currently available. The Government has attributed the weakness in tourism to a combination of hurricane-related room closures, reduced airline capacity, the loss of Spirit and broader global cost pressures.
• Restoring airlift and hotel capacity ahead of the winter season will therefore be critical to tourism recovery, as elevated fares risk discouraging both diaspora visits and broader visitor demand. Against this background, the Government is pursuing new direct routes, diversification of tourism markets and accelerated hotel-room restoration, with significant capacity expected to return between late 2026 and the first quarter of 2027 (Q1 2027).

(Sources: Caribbean National Weekly and NCBCM)

• President Irfaan Ali held talks with Qatar’s Minister of State for Energy Affairs, Saad Sherida Al Kaabi, as Guyana and Qatar explore potential areas of cooperation in the energy sector. The meeting formed part of broader efforts to strengthen bilateral ties between the two countries.
• The potential collaboration comes as Guyana seeks to expand its energy sector beyond offshore crude production and strengthen its position as a regional energy supplier. Qatar is one of the world’s major energy producers, with significant experience in oil and natural gas, particularly liquefied natural gas (LNG).
• Energy cooperation forms part of President Ali’s State Visit to Qatar, which has also focused on opportunities to deepen investment and broader economic ties. On September 8, 2026, Ali and Qatar’s Amir, Sheikh Tamim bin Hamad Al-Thani, held official talks focused particularly on investment.
• The potential partnership remains exploratory at this stage, with no specific energy projects, agreements or proposed investments announced. However, the meetings have brought energy and investment into sharper focus as Guyana seeks additional international capital to support its rapidly expanding economy.
• The discussions come as Guyana’s importance to global energy supply continues to grow. None members of the Organisation of the Petroleum Exporting Countries (OPEC) producers, including Guyana, the US and Canada, are expected to increase production by a combined 1.4Mn barrels per day in 2026, partly offsetting reduced Middle Eastern supply. Collaboration with Qatar could therefore complement Guyana’s expanding oil sector as the country explores opportunities to broaden its energy industry.

(Source: Newsroom)

• The Bahamas’ national debt increased by $1.071Bn, or 8.8%, year-over-year to $13.17Bn at the end of June 2026, according to the Central Bank of The Bahamas’ Q2 2026 Economic Review. The increase reflected nearly $700Mn in additional direct government debt and a $373.5Mn rise in contingent liabilities.
• The Government’s direct debt stood at $12.47Bn, up $697Mn, or 5.9%, year-over-year, despite declining slightly during Q2. Meanwhile, contingent liabilities increased to $703.4Mn, partly reflecting government-guaranteed borrowing related to the Grand Bahama Power Company acquisition, LNG energy reforms and the Public Hospitals Authority.
• As a share of GDP, direct government debt declined by 0.2 percentage points year-over-year to 70.7% at end-June. However, the national debt-to-GDP ratio increased to 74.7% from 72.8% in Q2 2025, while total public sector debt rose to 77.3% of GDP.
• The increase in debt comes despite a comparatively smaller $121.2Mn fiscal deficit at end-April 2026 and the Government's projection, as late as end-June, of a $32.7Mn Budget surplus for FY2025/26. The divergence has raised questions over the relationship between reported fiscal balances and the increase in government borrowing.
• The Fiscal Responsibility Council also raised concerns about deviations from the Government’s FY2025/26 Annual Borrowing Plan and the transparency of its financing disclosures. Notably, Central Bank advances increased by $290.3Mn during the nine months to end-March 2026, despite this source of financing not being included in the borrowing plan. The Council called for explanations where material deviations occur and greater consistency in reporting actual financing against planned borrowing.
• The increase in the debt-to-GDP ratio despite a decline in the direct government debt ratio highlights the growing impact of contingent liabilities on the wider public debt position. With government guarantees linked partly to energy and public-sector initiatives, the extent to which these obligations ultimately require government support will remain important for The Bahamas’ fiscal and debt trajectory.

(Source: The Tribune)

• Brent crude futures breached $100 a barrel on Wednesday for the first time since late July, as Iran and the U.S. hit tankers in the ​biggest wave of attacks on shipping since the war began, threatening to worsen the ongoing impairment of energy supplies from the Middle East.
• Front-month Brent crude futures were up $3.40, or 3.5%, at $101.32 a ‌barrel after touching a high of $101.55. U.S. West Texas Intermediate crude was up $3.45, or 3.7%, at $96.48 a barrel, highest since early June.
• Since late May, oil benchmarks have generally traded well below the $100-per-barrel psychological threshold, reflecting expectations that the conflict would remain on a low simmer. Optimism rose in particular after the U.S. and Iran came to a temporary agreementto cease attacks, even though a permanent peace deal had not been reached. That calculus has been shifting of late with the resumption of strikes. Iran ​said on Wednesday it had attacked 10 ships near the Strait of Hormuz and the U.S. sank five Iranian oil tankers, in a sharp escalationof the six-month-old war.
• Futures prices are moving closer to physical crude and fuel markets, where the reality of tight supply has been apparent for the bulk of the conflict. Since the Iran war began on February 28, Brent has surged as high as $126.41 a barrel, a peak reached on April 30 but had only briefly touched $100 a barrel in late July after retreating below that threshold in late May.
• Higher oil prices have also translated into higher bond yields and borrowing costs for the U.S. government and for consumers by extension. On Tuesday, two-year Treasury yields, which are among the most sensitive to potential inflation, hit their highest level since November 2024. The 10-year Treasury yield, which heavily influences consumer borrowing rates, rose to 4.812%, which was just short of its highest level since November 2023.
• Traders are now pricing in about a 60% chance of an interest rate hike at the Fed's September 15 to 16 policy meeting, according to the CME FedWatch Tool, up from about 50% before the jobs data. Stocks were less affected by oil prices than bonds were. Nonetheless, the S&P 500 closed down 0.58%, while the Nasdaq Composite ended the day lower by about 0.3%.

(Source: Reuters)