• Contrasting earnings trends and valuations place dividend sustainability and growth prospects in focus for Jamaica Stock Exchange (JSE) investors this week. Caribbean Cement Company Limited (CCC) and Blue Power Group Limited (BPOW) announced that they will make dividend payments against the background of markedly different earnings performances. Meanwhile, shareholder meetings at Mayberry Jamaican Equities Limited (MJE), Mayberry Group Limited (MGL) and Wisynco Group Limited (WISYNCO) provide opportunities for updates on their strategy and managements’ outlook for the companies.
• CCC heads into its dividend payment this week supported by strong earnings growth and a market valuation that is below its sector peers. The company will pay J$2.0854 per share on Thursday, October 15, to shareholders on record as at August 28, 2026, marginally below the J$2.0979 paid in the comparable period last year. This follows a 126.4% increase in net profit to J$5.75Bn for the six months ended June 2026, driven by higher revenue, improved operating efficiency and lower costs relative to the maintenance-heavy first half of 2025.
• Despite an 11.8% year-to-date share price gain, CCC trades at 10.61x earnings, below the energy, materials and industrials peer average of 16.28x. Its stronger operating performance and comparatively low earnings multiple suggest scope for further upside if earnings momentum is sustained.
• BPOW, on the other hand, maintained its dividend payment even as it pursues initiatives to rebuild profitability. The company will pay J$0.10 per share on Friday, October 16, to shareholders on record as at September 30, matching the comparable payment last year. Despite a 21.7% year-to-date share price decline, BPOW trades at 51.77x earnings, above the Junior Market manufacturing peer average of 19.45x. Looking ahead, cost efficiencies, expansion into higher-volume customer accounts and the launch of higher-margin speciality products offer avenues for earnings recovery, with successful execution important to supporting its valuation.
• MJE and MGL’s shareholder meetings this week will provide an opportunity for shareholders to hear management outline strategic priorities and plans to strengthen shareholder returns. Both meetings are scheduled for Tuesday, October 13, with MJE at 10:00 a.m. and MGL at 2:30 p.m. The companies’ shares have declined 16.2% and 30.3%, respectively, since the start of the year. MJE trades at a price-to-book ratio of 0.83x, matching the financial sector peer average, while MGL trades below that multiple at 0.57x. Stronger profitability and sustained growth in asset values could support renewed investor interest, particularly given both companies are trading at discounts to book value.
• WISYNCO’s shareholder meeting this week offers an opportunity to highlight the growth initiatives supporting its premium valuation relative to peers. The meeting is scheduled for Friday, October 16, at 11:00 a.m., with updates on plans to drive sales performance, operating efficiency and returns on investment likely to be useful in assessing its earnings outlook. WISYNCO’s shares have gained 10.3% year to date and trade at 18.84x earnings, above the distribution and manufacturing peer average of 13.53x. Continued sales growth and improved profitability would help support this valuation and provide a foundation for further shareholder value creation.

(Sources: JSE & NCBCM Research)

• On October 9, 2026, Caribbean Information and Credit Rating Services Limited (CariCRIS) reaffirmed the issuer/corporate credit ratings of National Commercial Bank Jamaica Limited (NCBJ) at CariA (foreign currency) and CariA+ (local currency) on the regional scale, denoting good creditworthiness, and at jmAA+ on the Jamaica national scale, denoting high creditworthiness. The stable outlook reflects the expectation that, over the next 12 to 15 months, NCBJ will retain its dominant position in the Jamaican financial services sector, sustain revenue and profitability growth, remain well capitalised and comfortably meet its financial obligations.
• The ratings are supported by the bank's franchise strength and balance sheet quality. Key strengths include NCBJ's strong brand equity, wide distribution network and diversified funding base, with a good mix of stable retail deposits, alongside good asset quality. The ratings are further underpinned by sustained revenue growth, a significant improvement in profitability over the last 12 months, comfortable capitalisation and sound risk management practices. However, the ratings are tempered by NCBJ's high reliance on the Jamaican economy, where most of its earnings, assets and funding are domiciled.
• NCBJ is the largest commercial bank in Jamaica by assets and a wholly owned subsidiary of NCB Financial Group Limited (NCBFG), which is majority-owned by AIC (Barbados) Limited (47.88% as at June 2026). The bank now has six wholly owned active subsidiaries, operating primarily in the securities industry, following the sale of NCB (Cayman) Limited effective August 31, 2026.
• The reaffirmation comes as NCBFG continues its internal restructuring, reorganising the group's expertise and resources into dedicated Centres of Excellence to strengthen capital and operational efficiency, reduce duplication and unlock synergies across its subsidiaries. Internationally, NCBJ is rated BB- by S&P, with a positive outlook since October 2025, and BB- by Fitch, with a stable outlook since February 2026.

(Source: CariCRIS)

• Trinidad and Tobago’s natural gas liquids (NGL) production rose for a second straight year to about 18,000 b/d in 2025, up from 16,000 b/d in 2024 and 14,000 b/d in 2023, marking the first back-to-back annual gains in the Energy Institute’s 2015–2025 series.
• Phoenix Park Gas Processors (PPGPL) reported a similar improvement, with NGL output up 7.7% to 17,318 b/d, as production of propane, butane and natural gasoline all increased. This growth came despite a 7.7% decline in gas volumes reaching Point Lisas, as a 29.1% rise in NGL volumes from Atlantic to 7,472 b/d, along with high plant availability, offset weaker gas processing output.
• By contrast, the 2024 gains were driven by higher gas volumes, a 9.6% improvement in NGL content and better plant uptime, which lifted PPGPL’s production by 16.7% to 16,086 b/d.
• PPGPL operates the country’s only gas processing and NGL fractionation facility, with a capacity of 70,000 b/d, and sells propane and butane as cooking gas locally, regionally and internationally, while natural gasoline is exported.
• Despite the gains in gas production, 2025 output remains about 40% below the 30,000 b/d recorded in 2015, with Atlantic playing a larger role in total supply as gas availability at Point Lisas stays constrained.

(Source: Trinidad & Tobago Guardian)

• The IMF projects Guyana’s Natural Resource Fund could reach US$34.9Bn, or about 69% of GDP, by 2031 under current withdrawal rules, a much stronger outlook than its 2025 forecast of US$13.3Bn (over 32% of GDP) by 2030.
• The upgrade reflects Guyana’s rising share of oil profits as cost-recovery payments to oil companies decline, after ExxonMobil recovered about US$55Bn in costs for the first six Stabroek developments by mid-2026, roughly two years early, helped by higher crude prices linked to the Middle East conflict.
• Under the Stabroek Block production sharing agreement, up to 75% of petroleum produced each month can be allocated to recover eligible costs. The remaining profit oil is divided equally between Guyana and the contractors, while the government also receives a 2% royalty.
• As recoverable costs decline, less oil is needed for cost recovery, increasing the government's share of production and revenue. However, new developments and ongoing operations continue to generate recoverable expenses. The IMF's latest outlook also anticipates further production growth. Three additional developments - Uaru, Whiptail and Hammerhead - are expected to help lift Guyana's oil output.
• The Fund reported that the NRF had already accumulated approximately US$4.9Bn by the end of August 2026. The US$34.9Bn projection remains dependent on factors including future oil prices, production, petroleum revenue and government withdrawals. The IMF has urged Guyana to maintain a long-term fiscal strategy that balances present development needs with savings for future generations.

(Source: Oil Now Guyana)

• European households and industries face at least another year of high gas prices, even if the Iran war is resolved and winter proves mild, as the continent will need ​to rebuild gas storage reserves from record-low levels.
• The Middle East conflict has sharply reduced LNG exports from Qatar and the United Arab Emirates, with flows through the Strait of Hormuz remaining well below pre-war levels. This has forced European buyers to compete more aggressively for alternative cargoes, supporting higher wholesale gas prices.
• Against this backdrop, European natural gas prices have risen more than 150% so far in 2026, while gas storage in the region is expected to be only 75% - 78% full by November 1, around 10 percentage points below the five-year average. This leaves Europe more exposed to a cold winter or further supply disruptions and could require substantial restocking next year.
• Higher wholesale costs are already feeding through to consumers, particularly in Germany and the UK, and further increases are possible as household and business supply contracts are renewed. Elevated gas prices could also add pressure to inflation and energy-intensive European industries.
• Looking ahead, Europe’s dependence on alternative LNG supplies could increase further from 2027, when the European Union’s (EU) planned ban on Russian LNG imports takes effect. This could further complicate efforts to rebuild depleted inventories.
• Europe’s low storage position means that the impact of the current supply shock could extend beyond this winter. The need to rebuild inventories while Russian LNG is phased out could sustain competition for global cargoes and keep gas prices elevated even if Middle East supply disruptions ease, prolonging pressure on inflation, households and energy-intensive industries.

(Source: Reuters)

• Cleveland Federal Reserve President Beth Hammack on Monday called for the US central bank to move toward a restrictive stance “relatively quickly.” Hammack argued that smaller, timely adjustments are preferable to waiting and potentially requiring a larger policy correction later.
• US inflation remains above the Federal Reserve’s (Fed’s) 2% target, with headline PCE inflation at 3.4% in August and core PCE at 3.0%, up from 2.7% and 2.9%, respectively, a year earlier. Hammack noted that price pressures have broadened beyond energy, suggesting inflation remains relatively widespread.
• Inflation pressures are also being reinforced by higher tariffs and demand associated with the AI investment boom, which has increased prices for computer, electronic and other high-tech components. Cleveland Fed estimates place underlying trend inflation in the mid-to-high 2% range, suggesting that a return to the 2% target could take time.
• The labour market remains relatively firm, with unemployment at 4.2%, while payroll growth has strengthened and mass-layoff indicators remain low. The Fed President also pointed to solid economic growth, resilient consumer spending and robust investment in data centres as evidence that the economy can withstand a tighter policy stance.
• Despite Hammack’s hawkish position, CME FedWatch shows markets pricing a 78% probability that the Fed will hold its policy rate at 3.75%–4.00% at the October 27–28 meeting, up from 51% a month earlier. Her comments come as policymakers continue to assess how persistent inflation, elevated energy prices and still-resilient economic activity should influence the pace of further tightening.
• Hammack’s comments reinforce the risk that US monetary policy may remain restrictive for longer than markets currently expect. With inflation broadening beyond energy while growth and labour-market conditions remain resilient, the Fed has greater scope to prioritise price stability, leaving upcoming inflation data particularly important for the timing of any additional rate increases.

(Source: Reuters)

• In its 2026 Annual Report, PROVEN Group outlined the new strategies it plans to pursue to improve the company’s operating performance.
• The biggest change is with Roberts Manufacturing, which was listed on the Barbados Stock Exchange on 29 May 2026. The listing cut PROVEN’s stake from 50.5% to 38.81% and moved the loss-making business off the group’s books. That leaves a more streamlined company focused on financial services and property.
• Management is now focused on cutting PROVEN’s borrowing costs, which rose 20.8% to US$17.4Mn from US$14.4Mn as its publicly issued notes repriced at higher rates. Interest on that debt rose faster than the income earned on the assets it funds, narrowing PROVEN’s spreads. The extra US$3Mn in interest accounted for roughly two-fifths of the US$7.3Mn swing from a US$2.5Mn profit to a US$4.8Mn loss. PROVEN plans to refinance maturing debt, diversify its funding sources and better match its debt to its assets.
• Alongside refinancing, the company is cutting costs, because operating expenses grew 14.9% while revenue grew only 5.9%. It plans to simplify operations, remove duplicated work, tighten purchasing and make better use of technology. It says it will do this without weakening risk management or compliance, which matters while its Cayman bank works through a regulatory remediation plan.
• To make earnings less dependent on property sales and investment gains, PROVEN is also building steadier fee income. That income would come from banking, wealth management, pensions and funds such as PROVEN Select, PROVEN Plus and PROVEN Rock IRAs. These business lines should make results more predictable from year to year. With property sales nearly tripling to US$28.6Mn, its focus is on completing and selling units at Sol Harbour, Bahari and Kingston Gateway, a 22-unit warehouse and office development.
• Supporting the refinancing and cost cuts is a programme to retrain staff and digitise operations. In FY2026/27 it will launch a PROVEN Academy for training, roll out a group-wide intranet and prepare successors for 70% of critical roles. Management expects staff costs to fall even as it invests, thanks to automation, employee self-service and in-house training.
• PROVEN’s strategy is directionally sound, but its success depends on refinancing at lower rates despite a still-unfavourable rate environment and no disclosed implementation timeline. The US Federal Reserve and the Bank of Jamaica both raised rates in September, and the Fed has signalled another hike before year-end. Maturing notes may therefore be refinanced at higher rates if it has a tight refinancing timeline. The staff strategy could improve efficiency and succession planning, but its benefits may take time to materialise. Moreover, adopting technology comes with cybersecurity, data-protection and operational-disruption risks and can be costly to implement, especially in an inflationary environment.
• Proven’s stock price has increased by 5.4% since the start of the year to close at $9.66 on October 7, 2026. At this price, the stock is trading at a price-to-book (P/B) ratio of 0.4x, which is below the Main Market Financial Sector median of 0.8x.

• Productive Business Solutions Group (PBS) announced on 8 October 2026 that it has acquired a 70% stake in TSL (Barbados) Ltd. The deal follows its recent takeover of Trinidad Systems Limited and strengthens PBS’s presence in Barbados and its regional technology portfolio. The Corbin family keeps the remaining 30%.
• TSL Barbados will keep its brand and stay locally run. Directors Jake Corbin (Sales & Marketing) and Luke Corbin (Consulting & Operations) will jointly lead the business as long-time CEO Peter Corbin retires. Its customers will keep the same account managers and service teams.
• PBS CEO Pedro M. Paris called TSL Barbados a natural fit, citing its local expertise and customer relationships. He noted that the deal shows confidence in Barbados and widens the integrated technology solutions PBS can offer across its seven business lines.
• Trinidad Systems Limited’s expertise in payment methods adds to PBS’s work in financial services. With both TSL businesses in the group, the Barbados and Trinidad teams can share expertise and pursue new business across the region.
• TSL Barbados gains PBS’s regional resources, technology capabilities and specialised staff training. Its leaders say they will stay focused on their people and customers while building on the TSL brand.
• PBS’s stock price has fallen 25.9% since the start of the year to close at US$0.7225 on October 8, 2026. This was mainly due to weaker earnings in Q1, which saw the stock price fall by more than 60% to US$0.34. Since then, the price has begun to recover, supported by a stronger Q2 in which earnings grew by 22.8%. At US$0.7225, PBS is trading at a price-to-earnings (P/E) ratio of 37.4x, which is above the USD Stock Market median of 10.6x

(Source: JSE & NCBCM Research)

• Fitch affirmed Barbados’ Long-Term Foreign Currency Issuer Default Rating at ‘B+’ with a Positive Outlook. The Positive Outlook reflects expectations that continued fiscal discipline and large primary surpluses will further reduce the country’s still-high debt burden and strengthen fiscal metrics.
• Barbados’ fiscal deficit narrowed to 0.2% of GDP in FY2025/26 from 0.8% a year earlier. The deficit is expected to widen to 0.9% in FY2026/27 amid weaker economic activity and higher expenditure, before fiscal consolidation resumes. This compares favourably with the 3.3% median for ‘B’-rated sovereigns.
• Central government debt is projected to decline to 92.2% of GDP in FY2026/27, down by around one-third from its 134.6% peak in FY2017/18. However, debt remains elevated relative to the 53% median for ‘B’-rated sovereigns, while domestic financing access remains constrained.
• Economic growth is forecast to slow to around 1.7% in 2026 from 2.7% in 2025, amid global headwinds and weakness in tourism. Fitch expects medium-term growth to settle around 2%, still well above the 2000–2019 average of about 0.6%, with upside potential if the government successfully implements the Barbados Economic Recovery and Transformation Plan (BERT) 3.0 reforms.
• Tourism growth has moderated following the strong post-pandemic rebound, with non-cruise arrivals increasing 1.5% in 2025 before slowing to 0.1% in H1 2026. Modest growth is expected to resume as source markets diversify and new airlift capacity comes online, while planned hotel developments are expected to increase room stock by 23% between 2025 and 2028.
• External risks remain elevated given Barbados’ exposure to major tourism source markets and hurricanes. Fitch expects the current account deficit to widen to 6.6% of GDP in 2026 before improving to 5.9% in 2027, while international reserves are projected at US$1.4Bn.
• A rating upgrade could follow continued high primary surpluses that reduce debt, improved access to financing beyond multilateral lenders, or stronger trend growth driven by reforms and investment. Conversely, fiscal slippage, a growth shock or a sharp deterioration in external liquidity could trigger negative rating action.

(Source: Fitch Ratings)

• The Dominican Republic welcomed 9.24Mn visitors between January and September 2026, representing a 7.5% increase compared with the corresponding period of 2025. Of the total, 7.14Mn arrived by air, while 2.10Mn arrived by sea, including cruise passengers.
• In September alone, visitor arrivals increased 16.4% year-over-year to 684,831. Air arrivals rose 8.8% to 533,735, while cruise arrivals surged 54.7% to 151,096, providing a significant boost to overall visitor growth during the month.
• The United States remained the country’s largest source market in September, accounting for 39% of arrivals, followed by Canada at 11%, Colombia at 9% and Argentina at 7%. Mexico and Puerto Rico each accounted for 4%, while the United Kingdom and Brazil represented 3% each.
• Punta Cana International Airport handled 47% of incoming flights, followed by Las Américas International Airport with 32% and Cibao International Airport with 12%, underscoring Punta Cana’s continued importance to the country’s tourism sector.
• Hotel occupancy stood at 55% in September, while visitor satisfaction reached 4.4 out of five. Tourism Ministry data showed that 93% of visitors indicated that they would return to the Dominican Republic, while 63% said they would recommend the destination.
• Tourism Minister David Collado projected that, if the current growth trend is maintained, the Dominican Republic could surpass 12.4Mn visitors by the end of 2026, potentially setting another record for the country’s tourism industry.
• The continued rise in visitor arrivals is translating into broader economic gains. Tourism revenues increased 15.3% year-over-year to US$6.72Bn in H1 2026, outpacing visitor growth over the same period, while the sector attracted 20.1% of total FDI. The stronger growth in tourism revenues relative to visitor arrivals suggests improved value generation from the sector, while its 20.1% share of FDI underscores continued investment interest.

(Sources: Dominican Today & Central Bank of the Dominican Republic)