• The All-Jamaica Consumer Price Index (CPI) for November 2025 increased by 2.4%, according to data released by the Statistical Institute of Jamaica (STATIN). The release marks the first CPI data to reflect the impact of Hurricane Melissa, which made landfall on October 28, 2025. Furthermore, this is the largest monthly movement in the All-Jamaica CPI since September 2013 (which rose by 2.8%), matching the 2.4% monthly increase recorded in August 2024 following Hurricane Beryl.
• The main contributor to the increase in the CPI for November 2025 was the ‘Food and Non-Alcoholic Beverages’ division, which rose by 6.0%. The rise in the index for the ‘Food’ group was mainly attributed to a 19.1% increase in the ‘Vegetables, tubers, plantains, cooking bananas and pulses’ class, due to higher prices for most produce, including tomatoes, pumpkins, sweet peppers, hot peppers, and cucumbers.
• There was also an 8.8% increase in the index for the ‘Fruit and Nuts’ class due to higher prices for fruits such as papayas, watermelons and ackees. Additionally, ‘Ready-made food and other food products’ increased by 16.4%, mainly due to a rise in escallion prices. Increases were observed in all other classes in the group.
• That said, the index for the ‘Housing, Water, Electricity, Gas and Other Fuels’ declined by 1.3%, largely influenced by lower electricity rates. The index for the ‘Transport’ division remained unchanged compared to the previous month.
• Owing to the significant increase in consumer prices for November, the Point to Point (P2P) inflation rate amounted to 4.4%. This was 1.5 percentage points higher than the 2.9% recorded for October 2024 to October 2025. It also marks the highest P2P since May 2025 (which was 5.2%).
• The sharp rise in inflation increases the expectation for the Bank of Jamaica (BOJ) to hold rates at its next policy meeting on December 18, 2025. It held its policy rate at 5.75% at its first meeting post-Hurricane Melissa to contain inflation, support the domestic currency and ensure the affordability of imports during storm-recovery efforts. Still, headline inflation is anticipated to rise sharply above the 4%–6% target in the near term.
• Nonetheless, the BOJ emphasised that macroeconomic stability remains its primary concern, reaffirming its commitment to contain post-Melissa inflationary pressures to protect vulnerable populations and support the economic recovery. Consequently, the Central Bank could likely hold rates for much of 2026, though analysts see room for a 25 basis points (bps) cut in the fourth quarter of 2026 (Q4 2026) to support domestic demand, lowering the rate from 5.75% to 5.50%.

(Sources: STATIN, BOJ, and BMI, A Fitch Solutions Company)

• Sagicor Group Jamaica Limited (SGJ) today announced that it has agreed with Sagicor Financial Company Ltd. (SFC) to merge Sagicor Life Inc. (SLI) with SGJ under a single Caribbean holding structure. SLI is a leading provider of life, health, and general insurance solutions across the Eastern and Southern Caribbean. As part of the merger process, new shares will be issued to SFC as consideration for shares in SLI.
• On a pro forma basis, the combined business would have over US$6.9Bn in total assets and over US$1.3Bn in total revenues for the twelve months ended September 30, 2025. Following completion, SFC’s ownership in the new entity is expected to increase from 49.0% to approximately 55.0%, reflecting SFC’s receipt of additional shares, subject to customary adjustments. Based on management projections, the transaction is expected to be accretion-neutral to shareholders, excluding the impact of cost and revenue synergies, which could provide for meaningful financial upside.
• The merger, which remains subject to regulatory and shareholder approvals, represents a transformative step for Sagicor, advancing the collective vision of a more unified, efficient, and regionally integrated Sagicor presence throughout the region. With the proposed structure, Sagicor’s Caribbean businesses will be brought together under a new holding company, Sagicor Group Caribbean (“SGC”), creating a stronger platform that advances the ONE Sagicor vision. Through a Scheme of Arrangement, SGC will replace SGJ as the company listed on the Jamaica Stock Exchange, providing continuity and transparency for investors.
• Dodridge Miller, a current Director and former Chief Executive Officer (“CEO”) of SFC, will be nominated as Chairman of Sagicor Group Caribbean, while Christopher Zacca will serve as CEO. Robert Trestrail will continue to serve as CEO of SLI. Chris and Robert will work closely to build a best-in-class Caribbean financial conglomerate. This aligned leadership structure reinforces continuity and provides a clear path toward delivering long-term strategic objectives.

(Source: Sagicor Group Jamaica)

• On December 15, 2025, Moody's Ratings (Moody's) has taken rating actions on several non-financial companies operating in Trinidad and Tobago. These actions follow the rating agency’s rating action on the Government of Trinidad & Tobago (GoTT), where the Ba2 rating was affirmed and revised the outlook to negative from stable.
• Moody’s affirmed the credit profiles of Heritage Petroleum Company Limited¹, National Gas Company of Trinidad and Tobago², and Port of Spain Waterfront Development Limited³, while revising the outlooks on all ratings to negative from stable.
• These outlook downgrades are due to the revision in Trinidad & Tobago's outlook to negative. This reflects heightened external vulnerability following a sharp decline in foreign exchange reserves, which have fallen well below prior projections, despite ongoing current account surpluses. Persistent foreign exchange shortages reported among economic agents and the reduced coverage of upcoming external maturities increase balance of payment and government liquidity risks during the transition period before new hydrocarbon projects are expected to bolster reserves and growth from 2027/28.
• Accordingly, the change in the companies' outlook to negative reflects the heightened government liquidity risks, which directly constrain the potential support available to Heritage, NGC, and POSWDL.

 _______________________

¹B2 Baseline Credit Assessment [BCA], Ba3 Corporate Family Rating [CFR] and Ba3-backed senior secured notes.
 ²Ba2 BCA, Ba2 CFR and Ba2 senior unsecured notes.
 ³Caa2 BCA, Ba2 CFR and Ba2 senior secured global notes.

(Source: Moody’s Investors Service)

• Venezuela has decided to immediately terminate all contracts, agreements and negotiations for the supply of natural gas to Trinidad and Tobago. This is according to Vice President Delcy Rodriguez, who on Monday cited “hostile acts” involving the United States.
• In a communique published on December 15, Venezuela accused the government of Trinidad and Tobago of participating in the “theft” of Venezuelan oil following what it described as a December 10 assault by the United States on a vessel transporting Venezuelan crude. The statement characterised the incident as an act of piracy and a violation of international law and the principles of free navigation and trade.
• The Venezuelan government further alleged that Trinidad and Tobago’s Prime Minister Kamla Persad-Bissessar has pursued a hostile agenda toward Caracas since taking office, including allowing the installation of U.S. military radar systems to monitor vessels carrying Venezuelan oil. It said Trinidad’s territory had been turned into a platform for U.S. actions against Venezuela.
• As a result, the government said it would halt any current or future contractual arrangements or negotiations related to natural gas supply to the Caribbean nation.

(Source: OIL Now)

• U.S. job growth rebounded more than expected in November after government-related spending cuts triggered the biggest drop in nonfarm payrolls in nearly five years in October, suggesting no material deterioration in labour market conditions as businesses navigate economic uncertainty wrought by President Donald Trump's aggressive trade policy.
• While the Labour Department's closely watched employment report on Tuesday showed the unemployment rate at more than a four-year high of 4.6% last month, the Bureau of Labour Statistics changed its methodology after the 43-day government shutdown prevented the collection of data from households.
• The jobless rate is calculated from the household survey. No unemployment rate for October was published for the first time since the government started tracking the series in 1948. The BLS warned on Monday that standard errors around the November household survey results would be "slightly higher" than usual. Economists said they were focusing on private job growth to get a better sense of the labour market's health. Private employment growth has averaged 75,000 jobs per month over the past three months, which some economists said should allow the Federal Reserve to keep interest rates unchanged in January.
• "The firmer private sector employment figures support the Fed taking a pause in its rate-cutting cycle for some period," said Kathy Bostjancic, chief economist at Nationwide. "The unemployment rate ... should be taken with a large grain of salt since the disrupted normal collection of the household survey data due to the government shutdown distorted the data readings and is associated with higher-than-usual standard errors."
• Nonfarm payrolls increased by 64,000 jobs last month. The economy shed 105,000 jobs in October, the biggest decline since December 2020. That slide was tied to a decrease of 162,000 jobs in federal government employment, the most since June 2010.
• Employees who took deferred buyouts as part of the Trump administration's push to shrink the government's footprint collected their last paycheck in September.

(Source: Reuters)

• Britain's unemployment rate hit its highest since the start of 2021, and private sector pay growth was the weakest in nearly five years in the run-up to finance minister Rachel Reeves' annual budget last month, official figures showed on Tuesday.
• The downbeat data reinforced the chances that the Bank of England will cut interest rates on Thursday to help the almost stagnant economy. The jobless rate edged up to 5.1% in the three months to October, its highest since the three months to January 2021, while private sector pay growth, excluding bonuses, slowed to 3.9% from 4.2%.
• "The UK's jobs market visibly buckled ahead of the budget," Suren Thiru, economics director at the Institute of Chartered Accountants in England and Wales, said. "The unrelenting uncertainty from a torrent of policy speculation and a slumping economy forced more firms to reduce recruitment and curb wage settlements." Official data last week showed the economy unexpectedly shrank by 0.1% in the three months to October.
• After months of media speculation over possible tax increases, Reeves announced £26Bn ($35Bn) of tax hikes in her budget on November 26. But she delayed the introduction of most of them and spared employers the hit that she imposed in her first budget a year earlier. Many employers have said they scaled back hiring this year after Reeves raised their social security contributions in October 2024.
• Many employers have said they scaled back hiring this year after Reeves raised their social security contributions in October 2024. A measure of payroll data provided by the tax office showed a monthly drop of 38,000 in November. A fall of 32,000 first reported for October was revised to show a decline of 22,000 people in payrolled employment.

(Sources: Reuters)

• In accordance with Section 7 (1) (a) of the Banking Services Act 2014, the Bank of Jamaica has granted approval for JMMB Financial Holdings Limited, a subsidiary of JMMB Group Limited, to operate as a financial holding company. The Act suggests that a deposit institution must satisfy the Supervisory Committee as to the capacity of its operations to adequately support the establishment of a branch or a representative.
• To uphold the principles of good governance, the boards of directors for both JMMB Group Limited and JMMB Financial Holdings Limited have undergone a reorganisation. This restructuring aims to ensure the independence of each board, thereby strengthening oversight and accountability within the group.
• The separation of board responsibilities is designed to facilitate more focused and effective governance for each entity, allowing for tailored strategic direction and risk management in line with their respective mandates.
• By clearly delineating the roles and decision-making authority of each board, the Group can better safeguard its stakeholders’ interests and comply with regulatory requirements, such as those outlined in the Banking Services Act 2014. Furthermore, the reorganisation supports the Group’s long-term objectives by fostering a culture of transparency and responsiveness, which are essential for sustainable growth and operational resilience.
• Since the start of its financial year (April 2025), the company’s earnings have grown by 451.5% largely due to higher revenues and a 295.2% increase in the share of profit from Sagicor Financial Company.
• JMMB’s stock has decreased 20.1% year-to-date, closing at J$17.83 on Wednesday. At this price, the stock trades at a price-to-book (P/B) ratio of 0.5x, which is lower than the Main Market Financial Sector’s average of 1.2x.

(Sources: JSE & NCBCM Research)

• West Indies Petroleum Terminal Limited (WIP Terminal) is seeking a listing on the Jamaica Stock Exchange (JSE) in a move to capitalise on the advantages associated with being a publicly traded entity.
• The Company is seeking to list up to 11,180,372,000 participating ordinary voting shares in the capital of West Indies Petroleum Terminal Limited at a price of J$0.50 per share. These shares will be listed on the Main Market of the Jamaica Stock Exchange. via a Listing by Introduction.
• West Indies Petroleum Terminal Limited (WIP Terminal) was incorporated as ERI Services (St. Lucia) Limited on August 10, 2006, and was acquired by West Indies Petroleum Limited (Jamaica) (WIP) for the purposes of becoming vertically integrated in the fuel business and entering the storage business.
• WIP is headquartered in Kingston, Jamaica and its customers includes Guyana Oil Company, Barbados National Oil Company, La Romana in Dominica Republic, Dominica National Petroleum Company Ltd, Kimazou Energy in Haiti, Curoil in Curacao, CMA-CGM, Zim Integrated Shipping Services Limited, Royal Caribbean Cruise Line, Carnival Cruise Line, Norwegian Cruise Line, Caribbean Feeder Service, Lindsay Blee Limited, several other container and cargo shipping lines and over 200 retail customers in Jamaica.
• VM Wealth Management will serve as the lead broker for the upcoming listing by introduction.
• The term listing by introduction means a listing of the company’s securities on the Jamaica Stock Exchange, where none of the securities are being offered to the public. However, the advantages of listing encompass increased liquidity for existing shareholders, enhanced access to capital through equity transactions such as rights issues and Additional Public Offerings (APOs), heightened profile and visibility, and improved corporate governance.
• WIP Terminal is currently 79.84% majority owned by WIP Energy Limited, a 19.96% owned by World Energy Solutions Limited.

(Source: JSE)

• Petronas Suriname has successfully completed the Caiman-1 exploration well in Block 52 and reports encouraging results from the drilling. The well, which should contribute to the further delineation of oil and gas deposits for a possible commercial project, is a crucial step in the four-well campaign that the company is carrying out off the coast of Suriname in 2025-2026.
• The Caiman-1 well was drilled from July 21, 2025, and completed on December 6, 2025. According to Petronas, this completion marks an important milestone in the company's exploration and appraisal program in Block 52. The data collected should clarify which development concepts are feasible for future commercial production.
• Caiman-1 is the first of four scheduled wells in the program. It was drilled in the western part of Block 52. The activities were fully supported from Suriname: materials, fuel and provisions were delivered via the Surinamese shore base, while personnel were flown in and booked out via Paramaribo. As a result, Petronas emphasises, local supplier work has been strengthened, and new opportunities have been created for Surinamese companies.
• Block 52 covers approximately 4750 square kilometres, in water depths ranging from 60 to 1000 meters, and is located approximately 140 kilometres off the Surinamese coast. The area has long been seen as a promising offshore block, partly due to the successful discoveries in the adjacent blocks by other international operators.
• With the completion of Caiman-1, the course will be set in the coming year towards the next three wells, which should confirm whether Block 52 can grow into a commercial oil and gas development for Suriname.

(Source: Suriname Herald)

• The United States (U.S.) has seized an oil tanker off the coast of Venezuela, three officials told Reuters on Wednesday, December 10, 2025, a move that raised oil prices and is likely to further inflame tensions between Washington and Caracas. President Donald Trump has ordered a massive U.S. military build-up in the region, including an aircraft carrier, fighter jets and tens of thousands of troops.
• The officials, speaking on the condition of anonymity, said the operation was led by the U.S. Coast Guard. They did not name the tanker, whose flag was flying or exactly where the interdiction took place. Oil futures rose following news of the seizure, after trading in negative territory earlier in the day. Global Brent crude futures were trading at $62.35 a barrel, up 41 cents, at 2:32 p.m. ET, while U.S. West Texas Intermediate futures settled up 21 cents at $58.46 a barrel.
• The Coast Guard referred questions to the White House, which did not immediately respond to a request for comment. The Venezuelan government did not immediately respond to a request for comment.
• Venezuela exported more than 900,000 barrels per day (bpd) of oil last month, the third-highest monthly average so far this year, as state-run company PDVSA (Petróleos de Venezuela, S.A.) imported more naphtha to dilute its extra-heavy oil output. Even amid increasing pressure over Venezuelan President Nicolas Maduro, Washington had not moved to interfere with the country's oil flows.
• Oil exports are Venezuela's main source of revenue. The country has had to deeply discount its crude in its main buyer, China, due to growing competition with sanctioned oil from Russia and Iran. Venezuelan President Nicolas Maduro has alleged that the U.S. military build-up off Venezuela is aimed at overthrowing him and gaining control of the Organisation of the Petroleum Exporting Countries (OPEC) nation’s vast oil reserves. Trump has repeatedly raised the possibility of U.S. military intervention in Venezuela.

(Source: Reuters)