• Newly listed company, Quantas Advantage Inc. (QAINC) made its financial reporting debut, delivering strong results for the nine months ended March 2026. Earnings increased 60.9% year-over-year, driven by continued expansion of its investment portfolio, robust growth in net interest income, favourable unrealised foreign exchange movements, and sustained credit quality.
• Net interest income expanded by 44.5% to US$1.97Mn (2025: US$1.36Mn), reflecting growth in interest-earning assets and improved portfolio yields. Higher portfolio yields was partially offset by higher interest expense as the Company increased its use of borrowings to finance portfolio expansion.
• Further boosting the bottom line, QAINC recorded unrealised foreign exchange gain of US$106.26K compared with an unrealised loss of US$153.99K in the corresponding period last year. This favourable swing provided a meaningful boost to earnings.
• At the same time, asset quality remained resilient, with no material deterioration in the credit portfolio. As a result, the company recognised an expected credit gain of US$8.84K, compared with a marginal gain of US$0.32K in the prior year, reflecting the continued strength of its underwriting standards and risk management framework.
• As the business continues to scale, operating expenses rose 45.1% to US$0.53Mn, primarily driven by higher management fees associated with the expanding asset base, alongside increased legal and professional fees related to transaction execution and structuring activities. That said, cost efficiency remained largely intact, with the management expense ratio (or expense ratio) holding rising modestly to 1.6% of average assets, versus 1.5% in the prior year.
• Looking ahead, management intends to deploy the IPO proceeds to accelerate portfolio growth, deepen its presence in the Caribbean private credit market, and capitalise on a robust pipeline of structured finance opportunities. This strategy is expected to support sustained asset growth, higher recurring interest income, and continued earnings expansion over the medium term
• Investors have responded positively to the stock. Since listing on July 1, 2026, QAINC’s stock price has increased by 12.4% closing at $21.79 as at Thursday. At this price, the stock is trading at a price-to-book (P/B) ratio of 2.2x, which is notably higher than the Main Market Financial Sector’s average of 1.1x.  This suggests that investors are optimistic about the Company's growth prospects and are willing to pay a premium relative to its book value, reflecting confidence that future earnings and returns will exceed what is currently represented on the balance sheet.

(Sources: JSE & NCBCM Research)

• Tourism Minister Edmund Bartlett says the government is advancing a range of infrastructure and destination development projects to support sustained growth and investment in Jamaica’s tourism sector.
• His remarks follow calls from industry stakeholders for sustained investment in destination infrastructure to support the sector’s expansion, made during the Jamaica Hotel and Tourist Association (JHTA) Tourism Forum for increased investment in destination infrastructure to support the industry's expansion.
• The Government's strategy centres on infrastructure upgrades, regulatory reform, and stronger community linkages as central to transforming tourism from a standalone industry into a fully integrated “tourism economy”. Priority projects include the recently completed Destination Development Strategy for Negril, alongside ongoing redevelopment plans for Falmouth, Ocho Rios, and St Thomas Thomas as part of efforts to improve visitor experiences and ensure that more communities benefit from the sector’s growth.
• The focus on destination infrastructure likely comes as visitor arrivals is expected to continue recover overtime and hotel room capacity expands, increasing the need for improvements in transportation networks, public spaces, utilities, and visitor amenities to preserve Jamaica's competitiveness against regional tourism markets.
• From an investment perspective, continued public investment in tourism infrastructure could generate positive spillover effects across several sectors. Improved connectivity and destination enhancements are likely to support higher visitor spending, benefiting hotel operators, transportation providers, attractions, restaurants, and commercial real estate. Infrastructure projects could also create opportunities for construction companies, building materials suppliers, and financial institutions through increased project financing and private-sector investment.
• For the broader economy, a more integrated tourism ecosystem should strengthen foreign exchange earnings, support employment growth, and encourage greater participation by local businesses through stronger linkages with agriculture, manufacturing, and professional services. Over the medium term, successful execution of these initiatives will continue to reinforce tourism's role as one of Jamaica's key drivers of GDP growth.

(Source: Caribbean National Weekly and NCBCM Research)

• The expanded Panama Canal has crossed a major milestone, handling more than 31,000 Neopanamax vessel transits in its first decade of operation. The expansion began service on 26 June 2016, when the COSCO Shipping Panama made the inaugural transit through the new locks. Since then, the upgraded canal has become a central part of global shipping routes and now generates more than half of the waterway’s total revenues.
• The milestone reflects how the expansion has reshaped maritime trade over the past ten years. By allowing larger vessels to pass through, the new locks have improved the canal’s capacity and reinforced its relevance in international logistics. During the first eight months of fiscal year 2026, the canal recorded 8,593 transits, including 2,385 Neopanamax vessel movements. This implies that Neopanamax ships accounted for 27.7% of total traffic in that period.
• The expanded canal’s contribution to revenue has grown steadily and now represents more than half of the waterway’s total revenues, highlighting its growing role in global trade. This shows that the investment in larger lock infrastructure has delivered both operational and financial benefits. The expansion is also being recognised as one of the most significant infrastructure projects in modern shipping. It has changed how carriers plan routes and has increased flexibility for global trade.
• During the first eight months of fiscal year 2026 (October 2025-May 2026), the Canal recorded 8,593 transits. Of those, 2,385 involved Neopanamax vessels, representing 27.7% of total traffic. The Panama Canal Authority said improved water levels at Gatun and Alhajuela lakes have allowed the Canal to maintain safe and reliable operations after the severe drought that disrupted traffic in 2023 and 2024.
• Looking ahead, the Panama Canal Authority continues to focus on long-term water security. Projects such as the proposed Rio Indio Lake^[1] form part of its strategy to strengthen climate resilience while ensuring reliable water supplies for both Canal operations and local communities.

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¹The Rio Indio Lake Project is a massive $1.6 billion plan to dam the Río Indio and create a new reservoir. It will send water through a 5-mile tunnel into Gatún Lake. This water will help ships cross the Panama Canal during droughts.

(Sources: Panama Newsroom & Container News)

• Malaysian state-controlled oil company PETRONAS has recorded two discoveries and a successful appraisal well offshore Suriname, bringing its total successful wells in Block 52 to eight and unlocking more than 1 billion barrels of Oil Equivalent (boe) of recoverable resources. PETRONAS operates Block 52 with an 80% interest, while Staatsolie subsidiary Paradise Oil Company holds the remaining 20%.
• The company said the latest drilling campaign included the Caiman-1 exploration well, which encountered multiple oil-bearing Cretaceous sandstone intervals after reaching a total depth of 5,065 m in 90 m of water. The Swartzia Aspasia Complex-1 (SAC-1) exploration well, drilled in 610 m of water approximately 8 km east of the Sloanea-1 gas discovery, intersected gas-bearing sandstone reservoirs. Drill stem testing confirmed strong gas deliverability and reservoir quality.
• PETRONAS also completed the Roystonea-2 appraisal well, located about 7 km north of the Roystonea-1 discovery. The well confirmed the lateral extent of the oil-bearing reservoir, with testing indicating strong oil productivity.
• The latest results build on the declaration of commerciality for the Sloanea gas field in November 2025. A final investment decision on the development is targeted before the end of 2026. PETRONAS said the discoveries further strengthen the case for multiple oil and gas developments in Block 52, located within the highly prospective Suriname-Guyana Basin.
• Resource-driven Gross Domestic Product (GDP) in Suriname will get a significant boost with the commencement of new oil production in 2028, with moderate positive spillovers to non-natural resource GDP. According to the International Monetary Fund (IMF), the prospect of offshore oil production in the coming years presents an opportunity to increase growth and reduce poverty while increasing public investment to address infrastructure gaps.
• The agency expects GDP to jump to as high as 43.5% in the next few years, up from 1.5% in 2025. However, the expected oil boom also poses significant macrofiscal risks if not managed within a robust and credible policy framework

(Sources: World Oil, Upstream Online & IMF)

• A weaker-than-expected June jobs report could renew debate at the U.S. Federal Reserve (Fed) over how to assess the labour market at a time when the number of people available to work may also be declining due to an ageing population and tighter immigration policies.
• U.S. employers added 57,000 jobs in June, while job gains for April and May were revised down by a combined 74,000. Although the unemployment rate edged down to 4.2% from 4.3%, the decline was largely driven by 213,000 fewer people reporting themselves as unemployed, not stronger hiring. Instead, the number of people reporting they had jobs fell by around half a million, as many left the labour force altogether.
• The labour force decreased by about 700,000 in June and has declined by about 1.3 million since President Donald Trump returned to office. Around 1.5 million fewer people were employed in June than in January 2025, raising concerns that a shrinking workforce could weigh on future economic growth despite productivity gains.
• The weaker labour market data comes as the Fed continues to balance persistent inflation against the risk of slower growth. According to San Francisco Fed President Mary Daly, uncertainty over whether inflation or weaker growth poses the greater risk supports waiting before making further interest rate decisions. Following the report, financial markets pared expectations for additional Fed rate hikes.
• If history proves an accurate guide, June's weaker-than-expected first look ​could well be revised sharply lower in the reports for July and August. Policymakers are also assessing whether stronger productivity growth, supported by artificial intelligence, can offset a shrinking workforce and flat hours worked.

(Source: Reuters)

• Canada's manufacturing sector expanded further in June as production and employment increased, but not all was positive for the sector as intensifying supply shortages helped lift cost inflation to a near four-year high.
• The S&P Global Canada Manufacturing Purchasing Managers' Index (PMI) edged up to 53.0 in June from 52.9 in May, marking the sixth consecutive month that the index remained at or above the 50-point threshold, signalling continued expansion in manufacturing activity.
• According to S&P Global Market Intelligence, Canada's manufacturing economy on the surface enjoyed a positive June with solid gains in output and new business supporting a third consecutive month of employment growth. However, manufacturers also reported a decline in export sales as global demand remained uneven.
• Growth continued to be supported by stockpiling activity, as firms and their customers sought to build inventories amid substantial supply-side disruption. Suppliers' delivery times lengthened to the greatest extent since September 2022, reflecting shipping delays linked to the Middle East conflict.
• High oil prices, rising transportation costs and U.S. tariffs continued to push up costs. The input price index rose to 67.2 from 66.5 in May, its highest reading since July 2022, while manufacturers also increased selling prices to help offset higher operating costs.
• Despite stronger production and hiring, business confidence slipped to a three-month low, as firms remained concerned that elevated input costs, supply shortages and trade-related uncertainty would continue to weigh on growth over the coming months.

(Source: Reuters)

• Corporate developments dominated the Jamaica Stock Exchange (JSE) during the period, with a combination of regulatory actions, reporting delays and sweeping C-suite transitions shaping the corporate news flow.
• Regulatory compliance took centre stage as the JSE immediately suspended trading in the shares of Kintyre Holdings (KNTYR) and Atlantic Hardware & Plumbing (AHPC), given their audited financials being 91 days overdue. In contrast, Blue Power Group is proactively managing a comparatively minor reporting delay of its own aiming to publish its audited financial statements by July 13. The company attributed the late submission to delays in receiving the audited financials of an associated company.
• Elsewhere, Derrimon Trading Company (DTL) advised investors that publication of its FY2025 Annual Report has been deferred to late September, extending its corporate reporting timetable.
• Alongside these disclosure developments, several listed companies announced leadership changes. At CAC 2000, Executive Chairman Steven Marston has assumed the additional role of Chief Executive Officer following the departure of Gia Abraham. The wave of executive changes extended across the market, with A.S. Bryden appointing Shelley Sylvester as Group Chief Financial Officer, WIPT announcing the departure of Senior Vice President Danville Walker, and Caribbean Assurance Brokers strengthening its board with the appointment of Noel Williams as a director.
• Collectively, these developments underscore the continued importance of strong corporate governance, timely financial disclosure and the smooth execution of leadership transitions, all of which could influence market sentiment and confidence in the affected companies.

(Sources: JSE & NCBCM Research)

• The Dominican Republic has become the first country in Latin America and the Caribbean to integrate parametric insurance into its adaptive social protection system. Developed through the Tripartite Agreement between the United Nations Development Programme (UNDP), the Insurance Development Forum (IDF), and Germany’s Federal Ministry for Economic Cooperation and Development (BMZ) through the InsuResilience Solutions Fund (ISF), the initiative will initially protect 3,030 climate-vulnerable households enrolled in a conditional cash transfer programme.
• The insurance product uses a parametric mechanism that automatically triggers payouts when predefined thresholds for excessive rainfall or strong winds are reached, using independently verified satellite and meteorological data.
• The new insurance policy, activated on June 15th, provides an additional layer of protection for households most exposed to climate-related events. The objective is not simply to compensate losses after a disaster but to ensure that financial assistance reaches affected families quickly, allowing them to cope with shocks before they escalate into long-term crises.
• By strengthening the government’s ability to respond rapidly, the programme transforms public support into timely and tangible assistance for communities facing extreme weather events. This approach reflects a growing recognition that climate resilience depends as much on speed and preparedness as on recovery.
• For AXA Climate, a member of the consortium that designed the solution, this milestone demonstrates how insurance can move beyond traditional compensation mechanisms to become a proactive tool for social resilience. By embedding risk financing directly into social protection systems, governments can deliver faster and more predictable support to vulnerable populations exposed to growing climate risks.
• Beyond its immediate impact, the initiative offers a potentially scalable model for other countries seeking to strengthen climate resilience. As climate-related disasters become more frequent and severe, governments are increasingly exploring ways to build anticipatory systems that protect people before vulnerabilities turn into humanitarian or economic crises.
• Consequently, this initiative demonstrates how insurance can strengthen preparedness, support fiscal resilience and accelerate recovery. More importantly, it shows that climate resilience is not only about rebuilding after a disaster, but it is also about ensuring that people have the tools and support they need before disaster strikes.

(Source: Climate.AXA)

• On Friday, June 26, the Banco Central de Bolivia (BCB) announced that it was transitioning away from its 15-year-long currency peg towards a more liberalised foreign exchange (FX) rate framework. The BCB approved new FX regulations that will determine the exchange rate based on daily transactions carried out by financial institutions, with the new rate published by 8 p.m. local time each day and effective the following day.
• While the new framework liberalises the FX and allows for market forces to play a greater role, it should be considered more as a managed float system rather than a fully free-floating system. The new rules state that financial entities cannot charge more than 10 Bolivian cents above the daily official exchange rate when selling dollars. The volume-weighted average exchange rate for June 29, 2026 – the first day the new framework was in effect – sat at Bob9.76/USD.
• Reform to the exchange rate policy was a key commitment that President Rodrigo Paz had campaigned on, as the antiquated framework was increasingly distortionary and unsustainable, as evidenced by the emergence of a large parallel market.
• Paz has made incremental progress in moving away from this system since coming to office in November 2025. On December 1, 2025, the BCB started officially publishing the prevailing, black market exchange rate charged by financial intermediaries as the ‘referential value’, which presented a shift from the previous government that did not even acknowledge the prevalence of a parallel rate.
• The overvalued FX peg of Bob6.96/USD posed several macroeconomic challenges, primarily for external account stability, as it was not only hurting export competitiveness but also contributed to the depletion of the BCB’s international reserves as it sold hard currency to defend the peg, which ultimately led to import compression flows given a lack of USD liquidity.
• Trinidad and Tobago (T&T) offers a contrasting example of the challenges associated with maintaining a heavily managed exchange rate regime. The country has retained its de facto peg to the US dollar at around TTD6.77/USD despite persistent foreign exchange shortages, an overvalued currency, and repeated calls for greater exchange rate flexibility. The Central Bank of Trinidad and Tobago (CBTT) has instead relied on sizeable FX interventions to defend the currency, contributing to chronic shortages of US dollars and the emergence of allocation constraints across the economy.
• Rather than adjusting the exchange rate, policymakers have prioritised administrative and monetary measures to address FX pressures. Newly appointed CBTT Governor Larry Howai has indicated that higher interest rates^[1], tighter FX management, credit controls, and measures to encourage foreign exchange generation will be used to ease shortages, while stressing that any change to the exchange rate regime remains a political decision.
• This highlights the trade-offs of maintaining an overvalued peg, with T&T opting to preserve exchange rate stability despite the growing distortions in the FX market and the challenges the FX shortage is posing to businesses, consumers and the overall smooth functioning of the economy, in contrast to Bolivia's recent move towards a managed float.

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¹The CBTT has held rates even since this announcement in late 2025

(Sources: BMI, A Fitch Solutions Company & NCBCM Research)

• The Trump administration on Wednesday, July 1, 2026, declined to renew the U.S.-Mexico-Canada Agreement (USMCA) in its current form. The decision starts a decade-long clock to wind down the trade deal as the U.S. seeks changes ‌to reshore manufacturing jobs and reduce U.S. trade deficits with Mexico and Canada.
• Following the agreement's six-year review, the USMCA will remain in force for another 10 years, with annual reviews before it expires, unless the three countries agree to renew it with changes. According to U.S. Trade Representative Jamieson Greer, the United States will continue to engage with Mexico and Canada to address the agreement's shortcomings and bilateral trade deficits.
• The U.S. will proceed with a bilateral negotiating round with Mexico during the week of July 20, focusing on strengthening North American rules of origin for automobiles and other industrial goods, as well as enhancing economic security to prevent other countries from benefiting from USMCA access.
• Mexican Economy Minister Marcelo Ebrard noted that Mexico would participate in the annual reviews while working to resolve outstanding disputes. Canada also advised that it would continue discussions on President Trump's tariffs on steel, aluminium, automobiles and lumber to support North American prosperity and competitiveness.
• The decision was widely expected, as the Trump administration has argued that more time is needed to address persistent U.S. trade deficits. President Donald Trump has also pushed for North American-built vehicles to contain 50% U.S. content, increasing the regional requirement to 82%.
• The decision to shift to annual reviews raises the prospect of uncertainty for businesses that rely on the USMCA and could limit investment across North America. The deal currently governs about US$2Tn annually in goods and services between the three countries

(Sources: Reuters & The Guardian)