• The Government of Jamaica (GOJ) has approved a 16% fare increase for public passenger vehicle (PPV) operators, marking the first fare adjustment since October 2023 and bringing long-awaited relief to transport operators who have argued that rising operating costs have eroded profitability.
• The increase, which had originally been scheduled for implementation in April 2024, will take effect in two phases. An initial 8% increase became effective June 2, 2026, with a further 8% adjustment scheduled for July 1st. According to Minister of Energy, Transport and Telecommunications, Daryl Vaz, the phased implementation was designed to balance the financial pressures facing operators while limiting the immediate impact on commuters.
• The adjustment fulfils a commitment made by the Government in 2023 when a 35% fare increase was approved for operators. At the time, only the first phase, a 19% increase, was implemented, while the remaining 16%, which was set to be executed in April 2024, was deferred amid concerns about elevated inflationary pressures. The increase was subsequently delayed further due to adverse economic conditions, likely to include the effects of Hurricanes Beryl and Melissa.
• For commuters, the increase will translate into higher transportation costs across the island. The fare adjustment will also carry implications for inflation. Transportation costs form an important component of Jamaica's Consumer Price Index (CPI), and previous fare increases have had a noticeable impact on headline inflation.
• Following the 19% PPV fare increase implemented in October 2023, Jamaica's monthly inflation rate accelerated to 1.6% in November, the highest monthly reading for that calendar year, as the Transport Index surged 9.9%. Transport costs also contributed to point-to-point inflation rising to 6.9% by December 2023, above the Bank of Jamaica's 4%-6% target range.
• Consequently, while the phased approach may have helped to soften the immediate impact on consumers, the increase is still likely to place some upward pressure on inflation in the coming months as higher transportation costs filter through the economy. The extent of that impact will likely be closely monitored by the Bank of Jamaica, particularly given the ongoing U.S.-Iran war and policymakers' efforts to keep inflation within the central bank's target range.

(Sources: JIS, STATIN &  NCBCM Research)

• The tourism sector maintained its growth momentum through April, supported by continued strength in cruise arrivals and gains in the high-value-added stopover segment during the review period. This is according to the Central Bank of The Bahamas’s (CBOB) latest Monthly Economic and Financial Developments (MEFD) report for April.
• The report indicates that economic activity remained above its long-term trend, with tourism continuing to be the primary driver of growth despite ongoing capacity constraints in parts of the stopover market. “The domestic economy’s growth momentum was sustained at a healthy pace during April, vis-à-vis the comparable 2025 period,” the CBOB highlighted.
• The MEFD report explains that data from the Nassau Airport Development Company (NAD) showed total international departures from Lynden Pindling International Airport increased by 5.3% to 163,582 passengers in April, compared to the same month last year.
• It adds that the strongest gains came from markets outside the US, with non-US departures rising by 42.6% to 31,990 passengers. US departures, however, declined by 1% to 131,592 passengers.
• The Central Bank’s data reveals that during the first four months of the year, total outbound traffic increased by 4.8% to approximately 600,000 passengers. On a year-to-date basis, total room nights sold grew by 10.5%, with gains recorded across both entire-place and hotel-comparable listings. The CBOB also noted that broader monetary conditions remained supportive of economic growth during April. The report also notes that the country’s external reserves strengthened during the review period.

(Source: Trinidad Express)

• Crude oil production offshore Guyana averaged 903,000 barrels per day (b/d) in April 2026, a modest decline from 910,000 b/d in March, according to government data. Output from the four ExxonMobil-operated projects in the Stabroek Block totalled approximately 27 million barrels during the month, down from 28.2 million barrels in March.
• Despite a month-over-month decline, Guyana's crude oil production remained near record levels, exceeding 109 million barrels during the first four months of 2026 and averaging approximately 911,000 b/d, with April production distributed across Liza 1 (122,000 b/d), Liza 2 (259,000 b/d), Payara (261,000 b/d), and Yellowtail (262,000 b/d).
• The latest figures continue a gradual decline at the Liza 1 project, Guyana’s first offshore development, while the newer projects maintain output above their original nameplate capacities following optimisation work carried out by ExxonMobil.
• April’s average daily output was the lowest monthly average recorded so far this year. However, the broader trend remains one of sustained high production, supported by strong performance across the Stabroek Block’s newer developments. Elevated crude prices have also helped support revenue generation for Guyana. Oil markets have remained sensitive to geopolitical tensions in the Middle East, contributing to stronger prices and higher receipts from crude sales and royalties.
• Further production growth is expected before the end of the year. ExxonMobil is anticipated to undertake production optimisation work at the Yellowtail development, which could increase output from the project to approximately 290,000 b/d. The next major increase in national production is expected to come from the Uaru development, which is scheduled to begin production this year. The project is designed to add roughly 250,000 b/d of new capacity, pushing Guyana’s total oil production capability above the one million b/d threshold.
• All offshore oil production in Guyana currently comes from the Stabroek Block, where ExxonMobil serves as operator with a 45% interest. Its partners are Hess, now part of Chevron, with 30%, and CNOOC with 25%.

(Source: OilNow Guyana)

• The Office of the U.S. Trade Representative (USTR) has proposed additional tariffs of up to 12.5% on imports from 60 economies over their failure to ban goods made with forced labour, in a sweeping action that would hurt most trading partners, including China, the European Union and Japan.
• The determination, made under Section 301 of the Trade Act of 1974, found that all 60 countries have failed to impose or effectively enforce a prohibition on forced labour-related imports, creating what it called an “unlevel playing field” for American workers. USTR has proposed a 10% duty rate for economies that have adopted a full or partial prohibition on forced labour trade, and 12.5% for all other economies.
• The trade authority also proposed a separate textile mechanism that would allow for a certain volume of apparel and textile imports from some economies to enter the U.S. at reduced rates. Written comments for the proposal are due by July 6, with public hearings scheduled on July 7, according to the notice.
• An EU spokesperson described the reasoning behind the latest barrage of U.S. tariffs as “unjustified.” “On the EU side, we are on track to ensure implementation of our Joint Statement tariff commitments by the end of June,” they added in comments reported by Reuters.
• While the Supreme Court setback helped slow down the tariff timeline, it has not “de-fanged” the president’s agenda, said Nick Marro, principal at Economist Intelligence Unit, who expects the Trump administration to unleash further investigations and tariff announcements in preparation for renewed rounds of trade talks. The impact of proposed tariffs will, however, likely be softened by significant exemptions on goods including electronics and artificial intelligence-related products, Marro added.
• While the tariff rates may be further adjusted, any meaningful changes will reshape global supply chains by creating different economic incentives for firms, said Deborah Elms, head of trade policy at the Hinrich Foundation.
• Separately, the U.S. government also started seeking public comments Wednesday on the scope of a new U.S.-China Board of Trade — agreed by the two sides during a bilateral summit last month — which would lead to reduced tariff rates on each other’s goods. The government has also sought public opinion on non-sensitive sectors that could benefit from tariff modifications on both sides.

(Source: CNBC)

• Iran struck Kuwait International Airport early Wednesday, killing one person and injuring others, Kuwait’s Ministry of Foreign Affairs said. The attack – which Iran’s Islamic Revolutionary Guard Corps reportedly denied responsibility for – is the latest blow to an already weakened ceasefire that has been repeatedly undermined by military action as the war enters its fourth month.
• President Donald Trump declined to say directly whether the ceasefire still held when asked at the White House on Wednesday, noting only that the U.S. “hit them pretty hard” the night before. “A ceasefire there is much different than a ceasefire in other parts of the world,” he added.
• S. Central Command said it defeated multiple Iranian ballistic missiles and drones and launched “self-defense strikes” on Qeshm Island in the Persian Gulf in response to attempted attacks by Tehran. Two missiles fired at Kuwait fell short or broke apart en route, and three aimed at Bahrain were intercepted, while the U.S. also downed three attack drones launched toward civilian mariners – with no U.S. personnel harmed, CENTCOM said.
• The U.S. and Iran remain locked in a volatile stalemate, with peace efforts punctuated by public diplomatic disputes and military action. Tehran is reportedly reviewing a U.S. proposal to pause the war but has not communicated with Washington for several days, Iranian media reported.
• Iran said it would halt communication with the U.S. and move to completely block the Strait of Hormuz, in response to Israel’s military operations in Lebanon against the Iran-backed militia Hezbollah. Israeli Prime Minister Benjamin Netanyahu, speaking to CNBC, voiced optimism that alternate oil-transport routes were already being developed: “It’s already happening now.”
• Tensions have escalated across the region in recent weeks, with the IRGC striking the U.S. Fifth Fleet headquarters and targeting an Iranian tanker near the Strait of Hormuz, according to Reuters. Gulf governments reported drone attacks Wednesday as Kuwait’s air defences confronted “hostile missile and drone attacks” and Bahrain sounded warning sirens urging residents to seek shelter.

(Source: CNBC)

• Derrimon Trading Company Limited (DTL) has advised shareholders and the wider market that the release of its audited financial statements for the year ended December 31, 2025 (FY2025), will be delayed following the identification of matters requiring further review during the year-end audit process.
• The company disclosed that questions arose regarding information generated from its Enterprise Resource Planning (ERP) system, prompting its external auditors to engage specialists to conduct additional assessments. The review is aimed at evaluating the nature, scope, and potential implications of the issues identified before the audit is finalised.
• According to the company, the Board believes it is prudent to complete the review process before releasing the audited financial statements to ensure that all disclosures are accurate, reliable, and appropriately contextualised. As a result, management is working closely with the auditors to complete the necessary procedures and incorporate the findings into the final audit.
• Based on current expectations, Derrimon anticipates publishing its FY2025 audited financial statements by June 30, 2026. In the interim, the company reaffirmed its commitment to transparency, regulatory compliance, and timely communication with stakeholders. It also noted that its operations remain unaffected and that it continues to focus on serving its customers, suppliers, employees, shareholders, and other stakeholders while the review is being completed.
• At market close on Tuesday, June 2, 2026, Derrimon’s price was J$1.46, down 9.30% since the start of the year. At its current price, the company trades at a P/B of 1.31x, which is below the Junior Market Distribution Sector Average of 3.92x.

(Sources: JSE & NCBCM Research)

• The initial public offering (IPO) of Quantas Advantage Inc. closed on May 21, 2026, with strong investor demand resulting in the offer being oversubscribed, according to the company’s release on the Jamaica Stock Exchange (JSE) dated June 1, 2026.
• In response to the heightened interest, the company exercised its option to upsize the invitation, issuing an additional 46.77 million shares. This increased the total number of shares subscribed to 130.05 million and marks the first Main market IPO since Sygnus Real Estate Finance’s listing in October 2021.
• Total subscriptions received in both Jamaican and United States (U.S.) dollar tranches amounted to the equivalent of J$2.39Bn. As a result of the upsized offer, all applicants received 100% of the shares for which they applied.
• The successful completion of the IPO represents a significant milestone for Quantas Advantage Inc. and reflects continued appetite among investors for new equity offerings in the local market.
• The general public was initially offered 21,875,000 shares at a price of US$0.12 (J$19.3941) per share, while institutional investors were offered a preferential price of US$0.1140 (J$18.4244). Based on Quantas’ audited shareholders' equity of approximately US$19.05Mn at June 30, 2025, and its pre-IPO issued share capital of roughly 160.0 million shares, the company had a book value per share of about US$0.119. The general public IPO price, therefore, implies a Price-to-Book (P/B) ratio of 1.01x.
• Quantas is set to expand its investment portfolio through the acquisition of additional structured finance and securitised assets using the proceeds from the issuance, while a portion will be allocated to cover IPO-related expenses, which are estimated at no more than US$900,000.

(Sources: JSE & NCBCM Research)

• Trinidadian distribution company West Indian Traders Ltd is seeking to raise $10.13Mn through an initial public offering (IPO) as it prepares to expand its operations, invest in logistics infrastructure and pursue new growth opportunities across the region. WIT Ltd is offering 5,062,500 ordinary shares at $2 each, according to its prospectus.
• The offer, led and underwritten by NCB Merchant Bank (Trinidad and Tobago) Ltd, closes on Friday (June 5) and will pave the way for the company's listing on the Trinidad and Tobago Stock Exchange's Small and Medium Enterprise (SME) market.
• Founded three decades ago, West Indian Traders supplies confectionery, household products, packaged consumer goods and novelty items to a broad customer base that includes supermarkets, schools, hospitals, hotels, restaurants and small retailers throughout Trinidad and Tobago. The company also serves as the distributor of Nestlé products in Tobago. The IPO comes as the company reports strong revenue growth and seeks capital to strengthen its operations amid increasing demand. Revenue rose to $81.6Mn in fiscal 2025 from $58.1Mn two years earlier, according to company filings. Interim results for the six months ending December 2025 showed continued sales growth and improved profitability.
• Proceeds from the offering are expected to support investments in warehousing, transportation and operational systems, while also funding debt repayment and expenses related to the public listing. We see this IPO as an opportunity for citizens to own a stake in a business that has become part of everyday life for many people across Trinidad and Tobago,' said Marli Creese, chief executive of NCB Merchant Bank (Trinidad and Tobago), in a statement.
• The listing is expected to qualify the company for the Trinidad and Tobago Stock Exchange's SME tax incentive programme, which provides a full exemption from corporation tax, business levy and Green Fund levy for five years after listing, followed by a reduced corporation tax rate for another five years. The tax benefits are expected to improve cash flow and increase the company's capacity to reinvest earnings into expansion projects.
• The offering also reflects growing efforts to broaden access to capital markets among smaller businesses and retail investors in Trinidad and Tobago. Investors can purchase a minimum of 50 shares, representing an initial investment of $100, with additional shares available in single-share increments.

(Source: Trinidad Express Newspapers)

• On an annual basis, inflation in The Bahamas remained elevated up to February 2026, with consumer prices rising 2.7% compared to February 2025. Month over month (between January and February), inflation increased by 0.95%, driven primarily by increases in housing, utility and transportation costs, according to data from the Bahamas National Statistical Institute’s (BNSI) Consumer Price Index (CPI) report for February 2026.
• The increase marked a reversal from the slight decline recorded at the start of the year, and signals continued upward pressure on household expenses. “The monthly inflation rate in The Bahamas increased by 0.95% in February 2026 compared to January 2026, reflecting changes in the average prices of goods and services purchased by consumers during the period. This follows a decrease of 0.1% recorded between December 2025 and January 2026.
• The CPI, which measures changes in the prices consumers pay for goods and services, showed the largest month-over-month increases occurred in the housing, water, electricity, gas and other fuels category, which rose 2.7%. Transportation costs increased by 0.6%, while health-related expenses climbed 0.5% during the month.
• The BNSI revealed that restaurants and hotels recorded the largest annual increase at 17.1%, reflecting continued price pressures in sectors closely tied to tourism and hospitality activity. It also reported that the furnishings, household equipment and routine household maintenance category increased by 8.5% year-over-year, while housing, water, electricity, gas and other fuels rose 5.1%.
• In contrast, alcoholic beverages, tobacco and narcotics declined by 5.1%, compared to February 2025.
• This latest inflation data comes as policymakers continue to monitor cost-of-living pressures facing Bahamian households in the midst of the war in the Middle East and other geopolitical tensions.

(Source: The Nassau Guardian)

• U.S. job openings increased by the most in five years in April, but the surge likely overstates the labour market's health, as hiring declined against the backdrop of economic uncertainty stemming from the Iran war. The Job Openings and Labour Turnover Survey (JOLTS) from the Labour Department on Tuesday also showed resignations dropped to the lowest level in nearly six years in April, a sign of a lack of confidence in the jobs market.
• The professional and business services industry accounted for roughly 91% of the jump in job openings in April. Economists said the labour market had not shifted from its “slow-hire, slow-fire” mode, warning of downside risks from the three-month U.S.-backed war with Iran, which has caused shortages and boosted the prices of commodities, including energy products and aluminium.
• Job openings, a measure of labour demand, surged by 731,000 to 7.618 million by the last day of April, the highest level since May 2024, the Labour Department's Bureau of Labour Statistics said. Economists polled by Reuters had forecast 6.88 million unfilled jobs. Professional and business services openings jumped by 668,000, which some economists said was an anomaly, while health care and social assistance added 89,000 positions. Job openings in the finance sector decreased by 134,000. The job openings rate jumped to 4.6% from 4.2% in March.
• Hires dropped 419,000 to 5.116 million in April, suggesting the solid increase in nonfarm payrolls that month was mostly due to lower layoffs. The nearly broad-based decline was led by a decrease of 131,000 in professional and business services, with retail trade hires falling by 81,000. The hiring rate fell to 3.2% from 3.5% in March. The U.S. employment report for May, due Friday, is expected to show nonfarm payrolls increased by 85,000 jobs after two months of gains in excess of 100,000, with the unemployment rate holding steady at 4.3%.
• With hiring weak, fewer workers are job-hopping. Resignations in April dropped by 183,000 to 2.977 million, the lowest level since August 2020, and the quits rate slipped to 1.9% from 2.0% in March. The lower quits rate suggests wage inflation is not an issue for the Federal Reserve as it confronts rising price pressures due to the Middle East conflict. Financial markets expect the central bank will keep its benchmark overnight interest rate in the 3.50%-3.75% range into 2027.
• Though employers are not boosting headcount, they are not engaging in mass layoffs, anchoring the labour market. Layoffs and discharges dropped by 192,000 to 1.692 million in April, with fewer layoffs in professional and business services, retail trade and construction, though they increased in accommodation and food services. The layoff rate fell to 1.1% from 1.2% in the prior month.

(Source: Reuters)