• Jamaica’s trade deficit narrowed in January 2026 by US$55.1Mn to US$458.4, as a broad-based contraction in imports outweighed the fall-off in exports. Despite this improvement, the export-to-import coverage declined marginally to 20.0% to (from 20.7% in 2025), meaning Jamaica earned only US$0.20 for every US$1.00 spent on imports.
• Jamaica’s total spending on imports for January 2026 was valued at US$573.1Mn, representing an 11.5% decline when compared to the US$647.6Mn recorded in January 2025. The decrease was mainly driven by lower imports of Raw Materials/Intermediate Goods (-12.3%), Consumer Goods (-10.9%), and Fuels and Lubricants (-30.7%).
• Earnings from total exports for January 2026 were valued at US$114.8Mn, representing a 14.4% decline compared to the US$134.1Mn earned in January 2025. This was driven by a 34.9% fall in the value of Crude Materials (Excl. Fuels).
• Jamaica’s top five trading partners in January 2026 were the United States, China, Brazil, Japan and Trinidad and Tobago. Combined imports from these countries totalled approximately US$379.00Mn, representing a 0.3% increase compared to the US$378.00Mn in 2025.
• On the export side, Jamaica’s main markets were the United States, the Russian Federation, Trinidad & Tobago, the Cayman Islands, and Singapore. Total earnings from these countries fell by 3.1% to US$94.2Mn in January.
• Ultimately, a narrowing trade deficit means fewer US dollars are leaving the country to finance imports relative to the foreign exchange earned from merchandise exports. This helps to ease depreciation pressures on the Jamaican Dollar (JMD). However, despite the modest improvement in January, largely driven by lower oil imports, the trade deficit is expected to widen in the coming months. The anticipated deterioration reflects rising import costs stemming from escalating geopolitical tensions in the Middle East, which have pushed global oil prices higher and are likely to increase the value of imports within the Fuels and Lubricants division.
• While declining remittances and tourism worsen this gap, for the fiscal outlook, a stronger JMD can decrease the local currency cost of servicing Jamaica’s US-dollar-denominated sovereign debt.

(Sources: STATIN & NCBCM Research)

• According to the Statistical Institute of Jamaica (STATIN), the Producer Price Index (PPI) for the Mining & Quarrying industry for April 2026 increased by 0.6%. Similarly, there was a 2.6% increase in the index for the Manufacturing industry. This suggests that the average price of finished goods leaving local factories rose in April, before hitting retail shelves or factoring in distribution markups.
• The increase in the Mining & Quarrying industry was mainly due to a 0.7% rise in the index for the major group, ‘Bauxite Mining & Alumina Processing’. In the Manufacturing industry, the upward movement was primarily influenced by increases in the index for the major groups: Food, Beverages & Tobacco’ (0.2%) and ‘Refined Petroleum Products’ (11.7%).
• That said, for the period April 2025 – April 2026, the point-to-point index for the Mining & Quarrying industry decreased by 7.1%. The decrease was largely attributed to a 7.5 per cent fall in the index for the major group ‘Bauxite Mining & Alumina Processing’. Despite an increase in the monthly index in this division, the index was down due to record exports from Guinea, the world’s largest exporter of bauxite
• Over the same period, the point-to-point index for the Manufacturing industry increased by 8.2%, driven mainly by upward movements in the index for the major groups ‘Food, Beverages & Tobacco’ (3.1%) and ‘Refined Petroleum Products’ (30.4%).
• Looking ahead, movements in the Producer Price Index (PPI) are expected to remain heavily influenced by trends in the Mining & Quarrying Index, despite higher energy prices placing upward pressure on the Manufacturing Index. In particular, the projected bauxite and alumina surplus in Guinea during 2026 could continue to weigh on prices amid softer demand conditions and China’s strict 45 million-ton production cap on primary aluminium output. However, recent export restrictions implemented by the Guinean government could help to moderate some of the downward pressure on prices.
• That said, the Manufacturing index may continue to experience upward pressure, with the crude price remaining elevated as tensions in the Middle East intensify. Furthermore, Liquefied Natural Gas (LNG), which accounts for 70% of local power generation, has seen prices climb by 143% since the onset of the conflict. The resulting increase in energy costs is likely to feed directly into manufacturing expenses through higher production costs, with further volatility expected.

(Sources: STATIN & NCBCM Research)

• Bank of N.T. Butterfield & Son (Butterfield), a Bermuda-based financial services group, has agreed to acquire Canadian Imperial Bank of Commerce’s (CIBC) controlling stake in CIBC Caribbean in a US$1.79Bn transaction that will create a regional banking group with approximately US$29.0Bn in assets.
• Under the terms of the agreement, Butterfield will acquire CIBC’s 91.7% interest in CIBC Caribbean through the purchase of CIBC Investments (Cayman) Limited, the holding company for the stake. Butterfield will then launch a mandatory offer for the remaining minority shares held by public shareholders, with the aim of securing full ownership of CIBC Caribbean.
• The transaction consideration comprises US$1.09Bn in cash and US$703.0Mn in Butterfield shares, valuing CIBC Caribbean at US$1.14 per share. Following completion of the deal, CIBC will retain an approximately 22.0% stake in the enlarged Butterfield group and will initially have the right to appoint two directors to Butterfield’s board. The deal is expected to close in the first half of 2027, subject to shareholder and regulatory approvals.
• “Butterfield and CIBC Caribbean’s expanded capabilities and scale are expected to provide enhanced corporate, personal and wealth management services across their combined client bases,” it stated.
• “Clients can expect greater ability to process cross-border payments, increased consumer and merchant banking capabilities, and continued investments in technology and digital banking infrastructure,” it stated. Butterfield said it will maintain both organisations’ operational footprints, including CIBC Caribbean’s regional headquarters in Barbados, to ensure continuity for customers and staff.
• Butterfield chairman and chief executive officer Michael Collins said the acquisition would position the combined group as a leading independent banking and wealth management platform operating across international financial centres and Caribbean markets.
• To finance the deal, Butterfield has secured commitments for US$700.0Mn in subordinated debt financing that will qualify as Tier 2 regulatory capital. The combined entity is expected to maintain a pro forma Common Equity Tier 1 capital ratio above 12% and total capital above 19% at closing.
• Butterfield projected that the transaction would deliver double-digit earnings accretion, including a 12.0% increase in GAAP earnings per share and a 15.0% increase in cash earnings per share once synergies are fully realised. The bank also forecast annual pre-tax cost savings of about US$49.0Mn by 2030.

(Source: Trinidad Express)

• Dominican Republic Minister of Energy and Mines Joel Santos reported that mining was the fastest-growing sector of the national economy during the January-April period. It recorded a year-on-year expansion of 10.7%, according to data from the Central Bank’s Monthly Indicator of Economic Activity (IMAE).
• Santos attributed the sector’s strong performance to increased gold and silver production, which contributed significantly to the Dominican economy’s overall accumulated growth of 4.0% during the first four months of the year, compared to 2.7% during the same period in 2025.
• The minister noted that the results were achieved despite global economic uncertainty linked to the conflict in the Middle East and rising international oil prices. He emphasised that the Dominican Republic’s mining industry continues to play a strategic role in supporting economic stability during periods of international volatility.
• “The mining sector is the quintessential counter-cyclical sector of the Dominican economy,” Santos said, explaining that metal prices often rise during global crises, helping stabilise the country’s economy. He also highlighted the nation’s mineral wealth, including gold, silver, copper, nickel, bauxite, and limestone, as key drivers of exports, investment, employment, and tax revenue.
• According to the minister, mining exports surpassed US$2.5Bn in 2025, while tax contributions from the sector reached approximately RD$45 billion. He added that the energy sector also recorded positive results, with cumulative growth of 3.5% between January and April.

(Source: Dominican Today)

• The United States (U.S.) and Iran reached an agreement on Thursday, May 28, 2026, to extend their ceasefire and lift restrictions on shipping through the Strait of Hormuz, sources told Reuters, though U.S. President Donald Trump has yet to approve it, and Iranian state media said it had not been ‌finalised.
• According to four sources familiar with the matter, the agreement would extend the truce for another 60 days and allow traffic to flow through the strategic waterway while negotiators tackle difficult issues such as Iran's nuclear program.
• If approved by leadership in Washington and Tehran, it would amount to the biggest step towards peace since the conflict began on February 28. News of the possible agreement came after a round of tit-for-tat attacks between the two countries, the latest such incident since the ceasefire took effect in early April.
• Trump has not yet approved the deal, the sources said. The White House declined to comment, and Iran has yet to comment on news of the proposed deal, which was first reported by Axios. Iran's Tasnim news agency, citing a source close to the ⁠negotiating team, said the text of the agreement had not been finalised or confirmed.
• The Trump administration has several times said a deal to end the fighting was close, only to have Iran dispute or downplay the claims. The deal would specify unrestricted shipping through the Strait and would require the U.S. to lift its blockade of Iranian ports. The U.S. would also lift some sanctions on Iranian oil sales.
• The reports prompted oil prices to fall on hopes of a potential reopening of the Strait of Hormuz, a key transit route for roughly a fifth of the world's oil and liquefied natural gas supply.

(Source: Reuters)

• Canadian Prime Minister Mark ‌Carney called for a "new partnership" with the United States (U.S.) to "help make America great again," in a speech delivered in New York on Thursday, May 28, 2026. Carney said that while the world is undergoing a "rupture" as the U.S. transforms its commercial relationships, working closely with Canada in specific sectors, including aluminium, automobiles and critical minerals, would strengthen both countries.
• Amid an ongoing trade war with the U.S., Carney has vowed to double Canadian exports to other markets in the next decade and signed more than 20 economic and ⁠security deals in the last year. As Carney spoke in New York, U.S. trade officials were in Mexico City in talks with officials there about overhauling the U.S.-Mexico-Canada Agreement on trade. The discussions for now exclude Canada.
• After President Donald Trump's threats to annex Canada as the 51st state, Carney described Canada's ties to the U.S. as "weaknesses we must correct" and said the U.S. had fundamentally changed its approach to trade, raising tariffs to levels last seen during the Great Depression. In January, Carney referred to "American hegemony" in a speech at the World Economic Forum in Davos, Switzerland, saying that greater integration with great powers created "vulnerabilities to be exploited." He called for middle powers to act together, adding that "if we're not at the table, we're on the menu."
• Earlier this week, Carney announced plans for Canada ‌to buy ⁠a fleet of military planes from Sweden, in a pivot from the country's past reliance on American manufacturers. In New York, however, the prime minister adopted a more conciliatory tone, describing the U.S. as "the most dynamic, resilient and inventive country the world has ever known." Carney acknowledged that while ⁠the U.S. and Canada have had disputes, the countries have always worked through them, and that a more independent Canada makes the country a better ally.
• "At a time of a global energy crisis, Canada provides the United States with the reliable power and critical minerals that help fuel American ⁠growth," Carney said. Asked about his January trip to Beijing to meet Chinese President Xi Jinping, Carney said they accomplished "a very basic reset of the relationship." Ties to China had broken down under his predecessor, former Prime Minister Justin Trudeau.

(Source: Reuters)

• The Bank of Jamaica (BOJ) is projecting a gradual recovery of the economy for financial years 2026/27 and 2027/28, with real gross domestic product (GDP) growth forecast to be within the range of 1.0% to 3.0%. This forecast is consistent with the Planning Institute of Jamaica's growth, as all industries are expected to expand as the economy recovers from the 2025 weather-related shocks.
• The forecast was given by Governor Richard Byles during the Quarterly Monetary Policy Press Conference at the Garden Hotel in Mandeville, Manchester, on Tuesday (May 26). The Governor noted that real GDP is also projected to grow at an average of 1.0% to 2.0% per cent over the medium term.
• Additionally, it was communicated that Jamaica’s Gross International Reserves remain robust, at US$6.5 Bn as at May 19, 2026 – representing about 139.6% of the sum considered adequate. “Going forward, Jamaica’s foreign reserve levels are expected to remain adequate over the medium term and will support the orderly functioning of the foreign exchange market, helping to limit volatility and thereby containing imported inflation,” he outlined. The Governor emphasised that the domestic financial system remains sound with adequate capital and liquidity.
• Meanwhile, Governor Byles noted that despite the temporary fall-off in tourism earnings, so far, the foreign exchange market has remained relatively stable. He also highlighted that this stability occurred in the context of the Bank’s continued actions to reduce volatility in the foreign exchange market, as part of its strategy to lower inflation expectations and contain inflation within the target range. He stated that the BOJ sold US$1.3Bn through its B-FXITT facility in the 12 months ending April 2026. This was up from US$1.1Bn in the previous period. Despite this, the Bank purchased US$906.4Bn more than it sold.
• Finally, he also noted that geopolitical tensions and the impact of Hurricane Melissa are expected to weaken the country’s external accounts, driven by higher fuel costs, increased reconstruction-related imports, and setbacks in the tourism sector. As a result, the Central Bank projects the current account balance for 2025/26 to range from a deficit of 0.5% of GDP to a surplus of 0.5%, compared with a surplus of 3% in 2024/25.

(Sources: JSE & NCBCM Research)

• Boardroom reshuffle revised financial filings and upcoming shareholder meetings is shaping the latest developments across the Jamaica Stock Exchange (JSE), as companies balance strategic repositioning with governance and compliance obligations ahead of a busy Annual General Meeting (AGM) season.
• Kintyre Holdings (JA) Limited (KNTYR) has initiated a major leadership transition at its subsidiary, Parallel Real Estate Ventures Limited, appointing former Tesla team members Edwin Xiao as President & Chief Executive Officer (CEO) and Dane Fairweather as Chief Operating Officer (COO). This international executive team succeeds outgoing Co-CEOs Randy Mattis and Seretse Bell, although Mattis will remain involved as a key shareholder and board committee member overseeing the Chalet Real Estate Development. He is also expected to leverage a global engineering ecosystem to help monetise Parallel’s US$10Mn asset base and execute its US$30Mn development pipeline.
• While Kintyre focuses on repositioning its leadership and operational strategy, other listed companies are contending with delays in their corporate reporting timelines. LASCO Financial Services Limited, recently announced that it will miss the regulatory deadline for submitting its audited financial statements for the fiscal year ended March 31, 2026, citing the need for its external auditors to secure additional time. The company now expects to complete and submit the audited results by June 17, 2026.
• This theme of adjusted corporate timelines also extended into shareholder meetings. ISP Finance Services Limited has now confirmed a revised date for its delayed 2024 Annual General Meeting (AGM), which is scheduled to be held virtually on June 16, 2026, at 11:00 a.m. Shareholders of record as at May 29, 2025, are expected to receive access details through notices published on the JSE website and in national newspapers starting June 10, 2026.
• Elsewhere on the AMG calendar, Carreras Limited is proceeding with the traditional in-person format, with its AGM scheduled for Thursday, June 11, 2026, at 2:00 p.m. at the AC Marriott Hotel in Kingston. However, despite the physical meeting format, the company will continue leveraging digital distribution methods, with annual reports and proxy forms being made available through QR codes.
• That same day will remain particularly active for shareholders, as Kingston Properties Limited is set to host its 18th AGM earlier that morning at 10:00 a.m. at the Courtleigh Hotel and Suites. In addition to addressing critical routine business matters, shareholders will vote on the ratification of the FY2025 audited accounts and the confirmation of an interim dividend of US$0.000566 per share paid in August 2025. Votes will also be cast on the election of newly appointed director Frederick Williams alongside retiring directors, and reappointment of KPMG as external auditors.
• Rounding out the recent wave of corporate announcements, Kingston Wharves Limited has advised that its Board of Directors will meet on June 2, 2026, to consider the declaration of an interim dividend. The announcement could provide an early signal of continued shareholder returns and liquidity support ahead of the busy mid-June AGM calendar.

(Sources: JSE & NCBCM Research)

• A comparison of the IMF's Staff Concluding Statement (February 10, 2026) and the Executive Board Concluding Statement (May 18, 2026) reveals a modest improvement in Trinidad and Tobago's (T&T’s) near-term macroeconomic outlook, according to economist Prof. Roger Hosein.
• Beneath the incremental revisions lies a familiar structural story: a slowly recovering non-energy sector carrying the burden of growth, a contracting energy sector weighing on long-term potential, and persistent vulnerabilities in inflation, fiscal balance, and external buffers.
• "Broadly, both IMF assessments present the same underlying structural narrative: T&T continues to experience weak aggregate growth due primarily to contraction in the energy sector, while the non-energy sector increasingly serves as the principal driver of economic expansion," Hosein stated. He added that the May 18 Executive Board Concluding Statement reflects a slightly more inflationary and marginally stronger macroeconomic outlook than the earlier Staff Concluding Statement of February 10.
• The most notable adjustment is the upward revision in projected nominal GDP growth for 2026 by approximately 2.5 percentage points, alongside modestly improved energy revenue expectations despite the anticipated contraction. "This suggests the IMF became somewhat more optimistic on near-term energy sector performance, likely reflecting stronger prices. The upward revision in projected gross official reserves further reinforces the view that the external position was expected to improve modestly relative to the earlier assessment," Hosein said.
• Despite these adjustments, the structural composition of growth remains largely unchanged and, in some respects, increasingly concerning. The energy sector is still projected to contract sharply by -4.5% in 2026, while the non-energy sector expands by 2.6%. "This divergence reinforces a critical structural reality. This shows that the energy sector still dominates export earnings, fiscal revenues, and foreign exchange generation, leaving the economy exposed to external shocks, energy price volatility, and balance of payments pressures," Hosein said.
• Other than the upward revisions to inflation expectations, the GDP deflator projection increased from 1.4% to 2.8%, end-of-period inflation rose from 2.4% to 3.1%, and average inflation increased from 1.4% to 1.8%. The professor noted that "These revisions suggest that the IMF became more concerned about emerging inflationary pressures and expected stronger domestic price growth over the medium term, potentially reflecting higher global commodity prices, imported inflation, and exchange rate-related pressures."
• The fiscal outlook also improved marginally with budgetary revenue projections revised marginally upward while expenditure projections were revised slightly downward. However, the revisions also continue to reveal underlying structural weakness beneath the improved headline outlook. It was noted that non-energy revenue projections were revised slightly downward, public debt and central government debt projections improved only marginally, and key expenditure categories, including capital and current spending, remained largely unchanged. This implies that the improved macroeconomic outlook remained heavily dependent on the energy sector rather than reflecting a broad-based strengthening of the non-energy economy.

(Source: Trinidad Express)

• The Dominican Republic’s energy bill is expected to climb to approximately US$5.4Bn this year, nearly US$900Mn above initial projections, as rising global oil prices driven by the conflict involving Iran continue to impact fuel costs and inflation, according to the Central Bank of the Dominican Republic (BCRD).
• In a recent analysis, the Central Bank warned that disruptions to global oil supplies caused by the war have increased economic pressure worldwide, particularly through higher fuel and energy prices. The institution noted that the closure of key shipping routes through the Strait of Hormuz has resulted in annual inflation in the Dominican Republic reaching 5.11% in April, surpassing the official target range of 4% ±1%.
• Despite the increase in inflation and energy costs, the BCRD emphasised that the local economy continues to show resilience, supported by 4.1% economic growth during the first quarter of the year and international reserves exceeding US$15.8Bn.
• The bank expects inflationary pressures to ease in the coming months if international supply conditions stabilise, projecting inflation could close the year near 4.5%, while core inflation has remained within the target range for nearly three years.

(Source: Dominican Today)