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Tropical Announces Further Extension of Additional Public Offering (APO) Published: 24 June 2025

  • On June 20, 2024, Tropical Battery Company Limited (TROPICAL) advised that, following requests from several institutional and other prospective investors for additional time to complete their internal investment processes, the Company has elected to extend the Closing Date of its Additional Public Offering (APO).
  • After consulting with its lead brokers, NCB Capital Markets Limited and Sagicor Investments Jamaica Limited, TROPICAL has approved a further extension of the APO Closing Date from Friday, June 20, 2025, to on or before Friday, July 4, 2025, at 4:30 PM.
  • This extension underscores TROPICAL’s commitment to enabling broad-based investor access and ensuring that all interested parties have adequate time to participate in this significant capital-raising initiative.
  • Tropical is seeking to raise capital through an APO. The company is offering 954.54Mn new ordinary shares, with the possibility of increasing the offering by an additional 168.44Mn shares, for a maximum total offer size of 1.12Bn new ordinary shares. The APO price is J$1.87 per share.
  • At market close on Monday, Tropical’s stock price was J$2.03, down 23.64% since the start of the year, and 8.56% above its APO offer price. At its current price, the company trades at a trailing P/B of 2.76x, below the 3.75x average for the Junior Market Distribution Sector.

(Sources: JSE and NCBCM Research)

The Bahamas Ministry Of Tourism Capitalises On Growing Canadian Travel Demand Published: 24 June 2025

  • The Bahamas Ministry of Tourism is making a strong push in Canada this summer, hosting key trade and media events in Montreal and Toronto to deepen partnerships and capitalise on growing interest from Canadian travellers seeking fresh, accessible, and authentic vacation options beyond traditional markets.
  • Leading the mission, Deputy Prime Minister and Minister of Tourism, Investments & Aviation, the Honourable I. Chester Cooper, will spearhead high-level engagements with airline partners, tour operators, travel advisors, and media. The delegation also includes Director General Latia Duncombe and other senior tourism officials.
  • Central to this growth strategy is the Ministry’s success in expanding air connectivity with Canada. Earlier this year, the Ministry announced significant boosts in flights from major Canadian cities to The Bahamas.
  • Minister Cooper explained that “Canadian travellers are changing their travel habits, and with expanded airlift and improved accessibility, The Bahamas is well-positioned to capture this demand. This mission is focused on growing our visitor numbers and strengthening partnerships that deliver real economic benefits for our tourism industry.” He further explained that “Airline partners like Air Canada and Sunwing are responding to strong Canadian demand with expanded services. These improvements in accessibility directly enhance our ability to grow tourism business, bring new visitors, and create economic opportunities across The Bahamas.”
  • New nonstop services from Ottawa and Halifax to Nassau will launch this winter, while existing routes from Toronto and Montreal to Nassau and Grand Bahama have been extended or made year-round. These increased flight options make The Bahamas more accessible than ever, supporting year-round travel to 16 unique island destinations.

(Source: Eyewitness News)

Iran Fires Missiles at US Base in Qatar, Trump Calls for Peace Published: 24 June 2025

  • Iran launched a missile attack on an American air base in Qatar on Monday that caused no injuries, and U.S. President Donald Trump dismissed it as a "weak response" to U.S. attacks while urging Iran and Israel to make peace after 11 days of mutual hostilities.
  • The attack on Al Udeid Air Base in neighbouring Qatar threatened to widen a conflict that began on June 13 with an Israeli strike on Iran targeting its nuclear programme and ballistic missiles. Iran had threatened to retaliate against the United States after U.S. bombers dropped 30,000-pound bunker-busters on Iranian underground nuclear facilities over the weekend, joining Israel's air war against Iran, and Trump had raised the possibility of the Iranian government being toppled.
  • Iran gave advance notice to the U.S. via diplomatic channels hours ahead of the attack, as well as to Qatari authorities. Trump seized on that as a positive sign. "I want to thank Iran for giving us early notice, which made it possible for no lives to be lost, and nobody to be injured," Trump wrote on his Truth Social media site. "Perhaps Iran can now proceed to Peace and Harmony in the Region, and I will enthusiastically encourage Israel to do the same."
  • The attack strained Iran's relationship with its Arab neighbours, Qatar condemned it, as did Bahrain, the United Arab Emirates, Saudi Arabia, Kuwait, and Iraq.

(Source: Reuters)

Trump, US Senate Republicans Face Test As 'Big Beautiful Bill' Deadline Looms Published: 24 June 2025

  • U.S. President Donald Trump and his allies in the Senate face a political free-for-all over the passage of his sweeping tax-cut and spending legislation, which Republican congressional leaders hope to enact in the coming days, despite growing resistance from different party factions.
  • Senate Majority Leader John Thune, House Speaker Mike Johnson, and administration officials are pressing Republican lawmakers to pass the One Big Beautiful Bill Act so Trump can sign it into law before the July 4 U.S. Independence Day holiday.
  • But hardline Republicans have redoubled their push for additional spending cuts after an official forecast that the bill would add at least $2.8 trillion to the $36.2 trillion U.S. debt. Other lawmakers, looking to minimise the impact of cuts on social programs, including Medicaid, have also voiced adamant opposition to the bill's language.
  • Trump is expected to turn up the heat on senators this week, according to Republican lawmakers who view him as "the closer." Lawmakers are still waiting for the Senate parliamentarian, the chamber's nonpartisan gatekeeper, to decide whether the legislation qualifies for the privileged status needed to circumvent Democrats and the 60-vote Senate filibuster and pass it with only 51 votes.
  • Some Republicans are pushing back on Thune's schedule in hopes of gaining more time to negotiate bigger savings. The Wisconsin Republican said he is coordinating with fellow hardline Senators Mike Lee and Rick Scott, who want to glean additional savings from green tax credits and the Medicaid healthcare program for lower-income Americans, respectively.
  • The legislation has yet to pass muster with the Senate parliamentarian, a nonpartisan referee who has said Republican efforts to restrict food assistance, curtail the ability of judges to block government policies, slash funding for financial watchdogs, and reverse Biden vehicle policy, violate budgetary rule.

(Source: Reuters)

Private Sector Urged to Champion Productivity Published: 20 June 2025

  • The private sector is being urged to lead the charge in boosting productivity, driving growth, and accelerating national development.
  • This was the charge from Minister without Portfolio in the Office of the Prime Minister with Responsibility for Efficiency, Innovation and Digital Transformation, Senator the Hon. Ambassador Audrey Marks. She was speaking during the Jamaica Chamber of Commerce (JCC) 40thAnnual Awards Banquet on June 12, at The Jamaica Pegasus hotel in New Kingston. The banquet was held under the theme ‘Shaping the Future: Driving Productivity, Championing Equity, Inspiring Entrepreneurship’.
  • Senator Marks noted that productivity challenges remain a “stubborn barrier” to unlocking the country’s full potential. The Minister explained that, over the past decade, the Government has prioritised debt reduction, inflation control and broader socioeconomic stabilisation—creating an enabling environment for businesses to operate and thrive.
  • She said these efforts have yielded tangible results, including a debt-to-GDP ratio of 68.7%, inflation falling within the Bank of Jamaica’s four to six per cent target range, and a 43.3% decline in murders between January and May 2025, compared to the same period last year.
  • “To achieve that growth, the Government will now have to pivot from stabilisation to GDP growth strategies. We must boost productivity, not by working harder but by working smarter. It’s about integrating technology, upskilling our workforce, streamlining operations, and investing in innovation. This is where the private sector can lead the charge,” the Minister outlined.
  • Senator Marks noted that the second pillar of the theme, ‘championing equity’, challenges stakeholders to confront the entrenched issue of unequal access to opportunities.
  • The Minister also noted that the JCC has spearheaded several initiatives over the years to bridge opportunity gaps for citizens and entrepreneurs – from redevelopment projects in downtown Kingston to partnerships aimed at tackling crime and advancing technology.

(Source: JIS)

Guyana Borrows US$18Mn From CDF For Agri Programme Published: 20 June 2025

  • The Government of Guyana and the CARICOM Development Fund (CDF) on Tuesday signed a US$18Mn financing agreement to kickstart the Agricultural and Infrastructural Development Programme (AIDP). The AIDP is expected to see over 4,300 farmers across the ten regions of Guyana benefitting, with 40% of the beneficiaries being women and youth.
  • The agreement was signed at the Ministry of Finance in the presence of representatives of the Ministries of Agriculture and Finance. The programme will allow for a further boost to Guyana’s agriculture sector, supporting compliance with food safety, sanitary and phytosanitary standards in the sector.
  • Ashni Singh, Senior Minister responsible for Finance and the Public Service, expressed gratitude to the CDF for its longstanding support. He also outlined various agricultural projects supported by the CDF over the years, including farm-to-market roads, which align with the CARICOM Region’s food security agenda.
  • The AIDP will contribute to the Government’s broader diversification strategy, including further development of agriculture, one of the country’s main non-oil sectors.
  • With most agriculture concentrated on the coast, facing challenges such as climate change risks and reduced availability of water and suitable land, Guyana’s Ministry of Agriculture aims to increase production and value addition in selected commodities. Through these and other projects, the Ministry expects to be in a stronger position to propose policies and investments that generate the highest return for the country, in line with Guyana’s National Strategy for Agriculture (2020 – 2030).

(Source: Kaieteur News)

Dominican Republic Reaches Record Export Levels Published: 20 June 2025

  • President Luis Abinader announced that the Dominican Republic’s economic dynamism and export growth result from creating favourable conditions and fostering an export culture focused on education, innovation, and sustainability.
  • Speaking at the Third Presidential Meeting on the Progress of the National Export Promotion Plan (PNFE) 2020–2030, he shared that exports rose 23.6% between 2020 and 2024, reaching US$63.3Bn, with a record US$13.87Bn in 2024 alone.
  • Abinader highlighted that export momentum continues into 2025, with US$5.64Bn exported from January to May. This represented an 8.6% increase compared to the previous year. Growth spans traditional markets like the United States, which saw a US$436Bn increase, and emerging markets in Asia (such as Japan) and the Caribbean, including Cuba, Guyana, and the Turks and Caicos Islands. He emphasised that coordinated efforts are essential to sustain exports as a key driver of national development.
  • Biviana Riveiro, executive director of ProDominicana1, underscored steady export growth across strategic markets, including the U.S., U.K., Cuba, France, Jamaica, Guyana, Mexico, and Turkey.
  • She highlighted significant increases in high-value goods exports since 2020, with medical instruments rising 74% and electrical products up 15%. Riveiro noted that industrial exports have surpassed US$2.9Bn and projected exports could reach US$35.0Bn by 2036.

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1ProDominicana is the Dominican Republic’s official agency for promoting exports and attracting foreign investment to boost the country's economic development.

(Source: Dominican Today)

Fed Keeps Rates Steady but Pencils in Two Cuts by End of 2025 Published: 20 June 2025

  • The U.S. central bank held interest rates steady on Wednesday and policymakers signaled borrowing costs are still likely to fall in 2025, but Federal Reserve Chair Jerome Powell cautioned against putting too much weight on that view, and said he expects "meaningful" inflation ahead as consumers pay more for goods due to the Trump administration's planned import tariffs.
  • Powell noted that if it weren’t for tariffs, rate cuts could be justified, as recent inflation figures have been relatively low. But a cost shock is coming, he insisted, with producers, manufacturers, and retailers still involved in a complicated struggle over who will pay the levies imposed so far, and President Donald Trump still contemplating an aggressive set of import duties that could go into effect early next month.
  • In new economic projections released alongside the Fed's statement, policymakers sketched a modestly stagflationary picture of the economy, with growth in 2025 slowing to 1.4%, unemployment rising to 4.5%, and inflation ending the year at 3%, well above the current level.
  • While policymakers still anticipate cutting rates by half a percentage point this year, as they projected in March and December, they slightly slowed the pace from there to a single quarter-percentage-point cut in each of 2026 and 2027 in a protracted fight to return inflation to their 2% target.
  • There was a split among the 19 policymakers, with seven of them feeling that no rate cuts would be needed. That diversity of views reflects that while uncertainty over Trump's tariff policy is down from its peak in April, it's still "a very foggy time," Powell said, adding that policymakers may have divergent assessments of the risk that inflation could stay persistently higher, or that the labour market could weaken.

(Source: Reuters)

London stocks fall as BoE keeps rates on hold; Middle East tensions persist Published: 20 June 2025

  • London stocks dropped to an over two-week low on Thursday as the Bank of England left borrowing costs unchanged, while the raging conflict in the Middle East kept risk-taking in check. The benchmark FTSE 100 (FTSE) closed down 0.6%, with a stronger pound adding additional pressure on the index.
  • Israel and Iran's aerial attacks continued as U.S. President Donald Trump kept the world guessing about whether the U.S. would join Israel in air strikes on Tehran. Markets were hopeful of talks between the U.S. and Iran, and between the European Union and Iran on Friday, leading to a potential de-escalation in tensions.
  • The conflict has impacted oil prices, which were higher on the day, boosting the energy sector by 1.3%. The Bank of England held interest rates at 4.25% as expected on Thursday but said it was focused on risks from a weaker labour market and higher energy prices as conflict in the Middle East escalates.
  • "The big thing for UK equities ... is to see whether earnings can start picking up or not. It's something we haven't seen a lot lately, and that is what really is missing," said Lilian Chovin, head of asset allocation at the British private bank Coutts. "The slight weakness in the labour market is something you're starting to see. It's an emerging trend of loosening employment markets across the world, which should pave the way for rate cuts, maybe in the back end of this year," Chovin added.
  • This follows a meeting of the U.S. Federal Reserve, where Chair Jerome Powell said he expected "meaningful" inflation ahead, due to Trump's planned tariffs, but policymakers still kept two rate cuts in 2025 on the table, offering little clarity on the overall stance.

(Source: Reuters)

JSE Roundup: Chairman Peter Levy Resigns as EDUFOCAL Chairman and 4 Dividend Declarations Published: 19 June 2025

  • EduFocal Limited announces the resignation of its Chairman of the Board, Peter Levy, effective June 13, 2025, after 12 years of distinguished service.
  • Since assuming the role in 2013, Mr. Levy has played a critical role in EduFocal’s growth—from a startup focused on exam preparation to a publicly listed company now undergoing bold transformation.
  • Levy’s resignation from the board comes at a time of major expansion for BCIC, the company he leads as Managing Director. With BCIC’s recent acquisition of JN General Insurance, Mr. Levy will be dedicating even greater focus to this transformative integration and the future of the enlarged business.
  • Commenting on the retirement, CEO Gordon Swaby said: “It has been an honour to work alongside Peter. Over the past 12 years, he has been a pillar of strength and stability for EduFocal. We are deeply grateful for his contributions and wish him continued success as he leads BCIC into this exciting new chapter.”
  • In other news, four companies declared dividends yesterday. Productive Business Solutions Limited (PBS) declared dividends to be paid on June 30, 2025, to its 9.25% preference shareholders of US$0.23125 per share and JM$25.90 per share for 10.50% preference shareholders. A.S. Bryden & Sons Holdings Limited declared dividends of TT$0.01323 per share on July 31, 2025, to shareholders on record as of July 3, 2025. Lastly, LASCO Distributors (LASD) and LASCO Manufacturing (LASM) both have declared interim dividends of JM$0.12 and JM$0.19 per share, respectively, payable on July 24, 2025, to shareholders on record as of July 1, 2025.

(Source: JSE)