• Eppley Limited saw a 20.7% increase in earnings to J$298.4Mn for the three months ended March 31, 2026 (Q1 2026). The improved performance was underpinned by growth across the Company's key business segments.
• Revenue growth remained broad-based during the quarter. Gross investment income rose 16.0% to J$464.56Mn, supported by higher contributions from real estate, asset management, leasing and associate investments. With the continued expansion of Eppley's real estate portfolio net rental income rose 19.0%, while higher management and performance fees generated by the Caribbean Mezzanine Fund II (CMF II) buoyed asset management income, which expanded by 15.6% to J$155.16Mn. Operating lease income nearly doubled to J$44.5Mn, and profit contributions from associates and joint ventures increased 10.1%, further bolstering gross investment income.
• Improved funding efficiency and disciplined balance sheet management also enhanced profitability. Interest expense declined 6.6% to J$156.38Mn, despite the Company's continued growth initiatives, resulting in a 32.2% increase in net investment income to J$308.18Mn.
• Administrative expenses rose 32.3% to J$145.7Mn, reflecting inflationary pressures and costs associated with the Company's new corporate offices. Nevertheless, a J$2.90Mn net impairment gain on financial assets helped offset part of the increase. Consequently, profit before taxation grew 14.2% to J$300.19Mn.
• The combination of expanding revenues, lower financing costs, and a favourable tax outturn demonstrates Eppley's ability to translate topline growth into stronger shareholder earnings. Looking ahead, Eppley appears well positioned to sustain earnings momentum. The Company continues to benefit from multiple growth engines across private credit, real estate, leasing, and asset management, while its expanding third-party assets under management should support a more recurring fee-based earnings stream. Continued capital deployment opportunities and growth within its investment portfolio are expected to remain key drivers of performance over the medium term.
• Year-to-date EPPLEY's stock price has appreciated by 2.9% to closed at J$34.90 on June 8, 2026. At this price, the stock trades at a P/E ratio of 8.6x, below the Main Market Real Estate sector average of 15.5x. This valuation discount may suggest that the market has yet to fully reflect the Company's earnings growth potential and diversified business model, although investors may continue to assign a discount given the relatively illiquid nature of the stock.

(Sources: Eppley Limited 2026 First Quarter Report & NCBCM Research)

• Jamaica's Net International Reserves (NIR) rose marginally US$6.48Bn at the end of May 2026, reflecting a 0.5% month over month increase compared to April 2026. The improvement was driven primarily by a 0.5% rise in foreign assets (US$32.09Mn) alongside a marginal 0.2% decline in foreign liabilities (US$0.02Mn).
• The increase in foreign assets was largely driven by a 1.0% growth in Currency & Deposits (US$32.32Mn) and a 0.5% rise in Securities (US$15.12Mn), which were partly offset by a 7.9% decline in Special Drawing Rights (SDRs) equivalent to US$15.27Mn.
• Jamaica’s reserve position remains robust, equating to 26.6 weeks of goods & services imports down from 30.3 weeks at the end of May 2025. At this level, the NIR is more than 2.2 times the international benchmark of 12 weeks of imports, underscoring the country's strong capacity to absorb external shocks. This strong reserve position also remains a key credit strength underpinning Jamaica's BB Sovereign Credit Rating profile.
• Looking ahead, reserve levels are expected to remain supportive of macroeconomic stability despite external risks such as elevated energy prices and global market volatility. The continued accumulation of reserves reinforces Jamaica's external resilience, helping to cushion the economy against foreign exchange pressures, given weaker tourism and mining inflows. It supports the country's ability to meet external obligations, maintain confidence in the Jamaican dollar and mitigate additional inflation pressures form currency depreciation.

(Sources: Bank of Jamaica and NCBCM Research)

• A new major U.S. energy company is entering Trinidad and Tobago’s energy sector after the Government approved Occidental Petroleum Corporation’s (Oxy’s) acquisition of a 10% participating interest in Block TTUD-1, the ultra-deepwater exploration block operated by ExxonMobil. ExxonMobil will remain the operator and retain a 90% stake.
• Oxy's entry follows ExxonMobil's return to Trinidad and Tobago in August 2025, when the US energy giant secured a Production Sharing Contract (PSC) for the TTUD-1 ultra-deepwater exploration block.
• According to Prime Minister Kamla Persad-Bissessar, the Government accelerated permitting, enabling ExxonMobil to launch one of the largest seismic programmes in Trinidad and Tobago within six months of signing the PSC. Seismic acquisition is now approximately 85% complete, with full acquisition expected by late July.
• Persad-Bissessar noted that ExxonMobil’s entry into Block TTUD-1 has generated significant international interest, while Occidental’s farm-in demonstrates that the country is once again on the radar of the world’s largest and most capable energy companies. The Energy Ministry also said Oxy’s visit alongside ExxonMobil reflects confidence in Trinidad and Tobago’s energy potential and long-term investment prospects.
• The Prime Minister also highlighted broader energy-sector developments, noting that the National Gas Company (NGC) recorded more than $3.2Bn in profits, dividends were restored to thousands of citizens through Trinidad and Tobago NGL Limited (TTNGL), and all downstream gas supply agreements for 2026 have been settled.
• Work continues on Manakin-Cocuina, Manatee, Onyx, and Dragon, as NGC works to secure the country’s future gas supply, and reinforce the country’s position as a regional LNG and petrochemical hub.

(Source: Trinidad Express Newspapers)

• Dominican Republic-based InterEnergy Group has outlined its roadmap to modernise Guyana Power and Light Incorporated’s (GPL) grid through 2030, to create a more reliable, resilient and digitally managed network capable of sustaining Guyana’s rapid economic growth.
• The modernisation effort comes as Guyana continues to experience electricity reliability challenges, including periodic outages, generation shortfalls, and transmission issues that have accompanied rapid growth in power demand from households, businesses and new industrial developments. Local reports have frequently highlighted the need for grid upgrades and additional generation capacity to support the country’s expanding economy.
• The company presented its vision, progress and long-term roadmap to President Irfaan Ali, senior government officials, the private sector and the media. The event also marked the inauguration of InterEnergy’s new office in Georgetown, reinforcing its long-term commitment to Guyana and its energy future.
• Under its agreement with GPL, InterEnergy is supporting the modernisation of the electricity sector through infrastructure supervision, project management, optimisation of the power plant, asset life management and the development of the Smart Grid through 2030.
• To date, the company has supervised the development and construction of key electricity infrastructure projects, including more than 350km of transmission lines, 16 new or expanded substations, and the deployment of 20,000 smart meters, aimed at strengthening the reliability and resilience of the electricity system.
• The partnership also includes the development of a Smart Grid roadmap through 2030, which will support the modernisation of Guyana’s electricity system through advanced technologies, renewable energy integration and battery storage.
• InterEnergy’s role in GPL’s grid modernisation is strategically important, as Guyana’s rapid economic growth is increasing electricity demand faster than the legacy grid can comfortably support. The roadmap through 2030 could help improve reliability, reduce outages, support renewable energy integration, and provide the power infrastructure needed for new industries, investment, and broader economic development.

(Source: Kaieteur News)

• Despite rising inflation risks stemming from a conflict-driven ‌rise in energy prices, the Bank of Canada (BoC) will hold its key overnight rate at 2.25% on June 10 and for the rest of the year, according to ​a majority of economists polled by Reuters,. While a persistent energy shock due to the U.S.-Israeli war with Iran pushed inflation to 2.8% in April from March's 2.4%, it remained within the central bank's 1-3% target range, and a decline in core ​inflation suggests demand remains weak
• That gives the BoC, which cut rates by 275 basis points ​between June 2024 and October 2025, room to stay put as economic ⁠activity lags. Robust job gains in May were welcome news for Canada's economy, which entered a technical recession in the ​last quarter for the first time since the COVID-19 pandemic.
• All 34 economists in June 2-5 Reuters poll ​expected the BoC to leave the overnight rate unchanged next week. Over 80%, 28 of 34, predicted it would stay on hold throughout the year, similar to April poll estimates. Meanwhile, financial markets are pricing in one rate hike by ​the end of 2026.
• Canada's economy continues to struggle with trade-related uncertainties from the U.S., the country's largest trading partner. The U.S.-Mexico-Canada free trade agreement, dubbed USMCA, which has shielded most of the country's exports from ​U.S. tariffs, is up ​for renewal in July. ⁠Dominic LeBlanc, the minister responsible for Canada-U.S. trade, recently said Canada had a positive meeting with the U.S. about the review. Over 40% of poll respondents expected a rate hike in ​early 2027. However, views were split on the timing.

(Source: Reuters)

• The Strait of Hormuz will be open but under new conditions to be set by Iran and Oman, including a transit ​fee, Iran's ambassador to Moscow was quoted as saying.
• The U.S.-Israeli war on Iran has largely cut oil flows via the strait, which, before the conflict, saw one-fifth of the world's oil pass through. Several tankers ​have managed to leave the Gulf recently, but oil and liquefied natural ​gas flows are still severely constrained.
• Iran has asserted that a permanent peace deal ​should allow it to demand fees for ships passing through the strait, which ‌would ⁠vary depending upon the type of ship, its cargo and prevailing conditions.
• However, U.S. President Donald Trump vehemently opposes that position. In late May, the U.S. warned Oman not to get involved in any effort with ​Iran to impose ​a toll, and ⁠Treasury Secretary Scott Bessent said Oman's ambassador had told him there were no plans to impose such ​tolls.

(Source: Reuters)

• With the fiscal pressures arising from ongoing hurricane recovery efforts and the passage of the government's FY2026/2027 budget in early 2026, Jamaica's fiscal deficit is expected to widen significantly, from -2.8% of GDP in FY2025 to -4.9% of GDP in FY2026.
• The expansion will be driven primarily by an uptick in expenditures related to ongoing hurricane recovery efforts, projected to rise from 35.5% of GDP in FY2025 to 37.1% in FY2026, well above historical averages, before returning towards trend, as the government reimposes its fiscal rules and growth resumes over the medium term.
• On the revenue side, Jamaica has enacted its first tax increase in nearly a decade to support recovery efforts, introducing a suite of new measures, including vice taxes on alcohol, sugary drinks and cigarettes; a consumption tax on digital imports; and other levies. The decision to remove the fuel-price cap will help to mitigate fiscal pressure arising from the US-Iran conflict and rising energy prices.
• In response to rising fuel costs since the onset of the US-Iran war, in April 2026, the Jamaican government announced its intention to remove the weekly cap on fuel-price changes to reduce the fiscal burden on Petrojam and Jamaica's public finances. While this will increase domestic price pressures, it will help to alleviate fiscal strain, with revenues set to rise, given the existing consumption tax on fuel, a tailwind to overall fiscal stability.
• BMI forecasts that Jamaica's debt-to-GDP ratio will meet the 60% of GDP target by 2030, which is just a few years behind the FY2025/2026 schedule. While near-term exigencies will see debt rise in the near term, the fiscal balance will return to surplus over the medium term with the reimposition of the fiscal rule and economic recovery – as seen after the COVID-19 pandemic – underpinning Jamaica's sustainable fiscal trajectory despite ongoing shocks.
• Jamaica's recovery will likely be lengthy; however, the country has built meaningful fiscal buffers to withstand natural disasters and fund rebuilding. Should recovery financing needs exceed current allocations, which is likely given the estimated extent of damage, Jamaica's strong fiscal position provides room to increase recovery spending without jeopardising long-term fiscal sustainability. International support for ongoing recovery efforts further bolsters Jamaica's public finances. Assessments from the IMF underpin BMI’s optimistic view, indicating that Jamaica has sufficient buffers to fund ongoing disaster relief efforts.

(Source: BMI, A Fitch Solutions Company)

• Panama managed to stabilise its public finances during 2025 thanks to fiscal consolidation measures implemented by the government, according to Moody’s Ratings’ most recent periodic review report. However, the agency warned that the fiscal adjustment relied heavily on a sharp reduction in capital spending, a strategy that poses challenges to long-term economic sustainability.  The report confirms that the deficit of the Non-Financial Public Sector (NFPS) was reduced to 3.7% of Gross Domestic Product (GDP), a significant improvement compared to the 6.2% recorded in 2024 and below the legal limit of 4.0% established by Panamanian fiscal regulations.
• The rating agency believes that the fiscal performance reflects a greater management capacity on the part of the Panamanian authorities and a partial recovery of budgetary discipline. The adjustment brought Panama’s fiscal indicators closer to those observed in countries with a similar credit rating, temporarily strengthening the State’s financial position.
• Technical analysis reveals that the reduction in public spending exceeded the equivalent of 2% of GDP and was mainly concentrated on the halting of new state infrastructure projects and the restructuring of works that were already underway. 
• Despite the warnings, the rating agency maintained Panama’s sovereign rating at Baa3, the lowest level within investment grade.  However, the outlook remains negative, reflecting the existence of risks that could affect the country’s credit rating if the fiscal progress achieved is not consolidated. 
• The report also highlights that public finance started 2026 with favourable results.  During the first quarter of the year, the fiscal deficit stood at just 1.4% of GDP, driven by strong tax collection and strict control of current spending.  This performance strengthens expectations that Panama can meet the 3.5% deficit target set by the fiscal rule by the end of the year.
• Despite the progress, Moody’s warns that Panama faces significant structural challenges related to budget rigidity and limited capacity to generate tax revenue. The agency concludes that the evolution of tax reforms and the government’s ability to maintain budgetary discipline will be determining factors in preserving the country’s investment-grade rating.  Although it acknowledges significant progress in fiscal consolidation, Moody’s believes that Panama must demonstrate that it can sustainably reduce the deficit without compromising the public investment needed to boost long-term economic growth

(Source: Newsroom Panama)

• Mexico received a mixed report from the Organisation for Economic Cooperation and Development (OECD) this week, as the intergovernmental policy forum joined other recent prognosticators in lowering the GDP growth outlook for the rest of this year but boosting the forecast for next year from 1.7% to 1.8%.
• In cutting Mexico’s expected 2026 growth rate from 1.3% to 0.8%, the OECD cited economic policy uncertainty, trade tariffs and fiscal consolidation. The forecast was included in the OECD’s June Economic Outlook for Mexico, in which it projected that the Mexican economy will maintain moderate growth, supported mainly by domestic demand and private consumption, and favoured by low unemployment. It added that lower interest rates “will gradually boost private investment, but recovery will be gradual against a backdrop of persistent national and international uncertainty.” The forecast also sees inflation gradually moderating to 3.2% by 2027.
• While the report acknowledged the solid growth that marked the end of 2025, it pointed out that economic activity weakened sharply at the beginning of 2026, registering a 0.6% quarterly contraction of gross domestic product. The latest Economic Outlook represented a 0.5% reduction from the OECD’s previous forecast, issued in March. At that time, the organisation suggested Mexico needed to continue reducing the fiscal deficit through good-faith measures on both the expenditure and revenue sides.
• The OECD also urges boosting revenues and improving the quality of public spending to safeguard fiscal sustainability and create more room for productivity-enhancing public spending.

(Source: Mexico News Daily)

• Blackstone has capped withdrawals at its flagship private credit fund as redemption requests rose in the second quarter, the world's largest alternative asset manager said on Thursday, following many peers. Investors sought to pull out 10% of shares in the second quarter, compared with 7.9% in the previous quarter, from the $79 billion Blackstone Private Credit Fund (BCRED). It limited withdrawals to 5%, the customary threshold for these vehicles.
• The attempts to cash out indicate wealthy individuals are continuing a recent retreat after many years of piling into funds that give them exposure to assets that rarely trade. They pulled more money out of funds like BCRED at the beginning of this year than they put in, a first for the asset class. While most fund managers had capped redemptions at 5% in the first quarter, Blackstone raised the threshold to pay back all the money requested. The company and some employees pooled money to help meet all the redemption requests.
• Blackstone said the limits were deliberate and designed to replace immediate access to capital with the prospect of better long-term returns. “BCRED's structure is a fundamental feature, with investors exchanging some liquidity at times for long-term outperformance,” it said in a statement. Analysts said the requests were in line with or lower than they expected, but flagged concerns about continued investor demand for the funds. “We think 10% is better than feared,” Evercore analysts said in a note, comparing the increasing redemptions with those seen at a $31.3 billion Cliffwater fund earlier this week.
• Non-traded business development companies (BDCs), like BCRED, generally offer to buy back some shares every quarter. But fewer new buyers came into the fund in the period, leading to net outflows of about 3% of the fund. Blackstone's shares rose 8%, with many peers following suit. The stock had fallen on Wednesday after Switzerland's Partners Group limited redemptions from a private equity fund and investors braced for more.
• BCRED remains well capitalised, with loan repayments combined with inflows outpacing share repurchases, the fund said. Its Class I shares have delivered a 9.3% annualised total return since inception, which the firm said represents a 50.0% premium to leveraged loans.
• BCRED's latest redemption window, via its tender offer, ran from May 1 to May 29, with repurchase requests slowing in the latter half of that period. More broadly, redemption windows at key U.S. non-traded private credit funds for the second quarter began closing last Friday, and market participants are now watching the results. A top asset-management executive said last week that requests are expected to remain high throughout the year, while fellow competitors like Partners Group also flagged more withdrawal requests.

(Source: Reuters)