• Wigton Energy Ltd. (WIG) posted a 33.8% contraction in its earnings for the quarter ended September 30, 2025 (Q2 2025), despite stronger topline performance.
• Revenue rose 34.6% to J$509.37Mn, driven by higher production levels, as output in July 2024 had been disrupted by Hurricane Beryl, creating a favourable year-over-year comparison. Cost of Sales grew marginally (+4.0%) to J$271.43Mn. allowing the gross profit margin to widen to 53.3%, up from 39.5% in Q2 2024, as revenue growth far outpaced cost increases.
• However, Other income (consisting of interest and extraordinary income) fell sharply to J$141.40Mn, down from J$325.42Mn for Q2 2024, reflecting the absence of one-off insurance proceeds due to Hurricane Beryl and lower interest income. Combined with a 5.9% rise in administrative expenses, this pushed operating profit down 25.8%. A 15.9% reduction in finance costs helped moderate the decline, but the operating margin still fell to 41.1% from 75.2%.
• As a result, net earnings contracted despite lower finance expenses and stronger topline performance, as prior-year insurance proceeds and higher operating costs weighed on the quarterly performance.
• That said, for the six-month period, earnings grew 14.4%, supported by a strong Q1 (+56.3%), partially offsetting the weaker Q2 outturn.
• Average plant availability improved to 88.5% for 6M 2025 from 74.9% for 6M period in 2024, which was previously impacted by Hurricane Beryl.
• Following Hurricane Melissa, an assessment at the Rose Hill, Manchester wind farm showed limited damage at Phase I and no physical damage at Phases II and III. Repairs at Phase I are underway. However, this was a stark contrast to the aftereffects of Hurricane Beryl, where damage to its Rose Hill turbines were described as being “significant”. Wigton is likely to receive payout from its insurers to finance repairs.
• While Wigton’s internal restoration activities are advancing, the affected transmission lines that connect the wind farm to the national grid must first be inspected and re-energized by the Jamaica Public Service Company Limited (JPS) before the wind turbines can be fully tested and returned to service. Therefore, it is likely that plant availability will decline in the short term.
• Wigton continues to pursue growth in renewable energy and clean technology, focusing on utility-scale generation, battery storage, and the commercial & industrial segment. The company is advancing two major solar projects totalling 70.53 MW—the largest in Jamaica. The 49.83 MW project is well advanced, as the company has secured key regulatory approvals and progressed PPA negotiations, land arrangements, EPC terms, and financing (a mix of debt and equity). Wigton is also progressing the 20.7 MW repowering project to its Phase I wind facility in Rose Hall, both central to its diversification and long-term earnings strategy.
• For Friday’s close, WIG’s stock price closed at J$1.23, an 11.5% year-to-date decline. At this current price, the company’s P/E is 36.2x, which is above the Main Market Energy, Industries and Materials Sector average of 14.9x.

(Sources: JIS, NCBCM Research)

• Moody’s RMS Event Response estimates private market insured losses from Hurricane Melissa to be between US$3.0Bn and US$5.0Bn, with a best estimate of US$3.5Bn. This estimate represents insured losses associated primarily with wind impacts in Jamaica, the island hardest hit by the Category 5 hurricane. Insured losses for other impacted Caribbean islands, including the Bahamas, Haiti, and the Turks and Caicos Islands, are expected to be minimal.
• Economic losses in Jamaica from the event could potentially exceed the island’s GDP, which was approximately US$20.0Bn in 2024. This loss estimate reflects property damage and business interruption to residential, commercial, industrial, and automobile lines of business, considers post-event loss amplification (PLA), including potential super-cat impacts due to widespread infrastructure damage to roads, power networks, etc., as well as non-modeled losses from extended business interruption and precipitation-induced flooding.
• The estimate does not include losses for any government or sovereign protection programs covering Jamaica (Caribbean Catastrophe Risk Insurance Facility, International Bank for Reconstruction and Development cat bond, and National Disaster policies) resulting from this event, which include both traditional (re)insurance and insurance-linked securities.
• Insurance penetration in Jamaica varies by line of business. Hotels stand out with near-total coverage and strong limits, reflecting their importance to the island’s tourism-driven economy. While take-up rates for other commercial lines are also high, as most businesses have some insurance coverage, there could be significant underinsurance due to inadequate limits.
• In contrast, personal lines take-up is quite uneven, with very low coverage for single-family dwellings, particularly outside affluent neighbourhoods in urban areas. Due to the protection gap, we expect many households and businesses to be vulnerable to severe financial and social disruption from Melissa’s impacts.

(Source: Moody’s Investors Service)

• Cayman’s public finances will remain within the Framework for Fiscal Responsibility, but the cost of servicing public debt will jump in 2027. In its first budget, the National Coalition for Caymanians government outlined its commitment to adhering to the framework’s requirements. However, the rising stock of debt and growing government spending will worry some.
• The framework, introduced into Caymanian law in 2012 through amendments to the Public Management and Finance Law, is intended to ensure responsible financial management. If its rules are breached, then the Cayman Islands government would need to seek UK approval for any significant financial decisions.
• Minister for Finance and Economic Development Rolston Anglin presented the Appropriation Bill (Financial Years 2026 and 2027) 2025 in Parliament on 6 November. The figures stated by the minister show that Cayman’s projected government finances through to 2027 will comfortably meet the framework’s parameters.
• The framework requires the government to run a surplus, and Anglin’s numbers showed a projected surplus of $10Mn in 2025, increasing to $11Mn in 2026 and $37Mn in 2027. The estimated surplus for 2027 is impressive but given the volatile and controversial nature of fiscal projections, not everyone will take that figure at face value.
• It’s a similar story with cash reserves, where the government figures show a slight deterioration in finances, albeit Cayman is far from breaching the requirements. The framework states that Cayman must have enough cash reserves to cover 90 days or more of state expenditure.  Anglin’s numbers showed 97 days of cash reserves in 2025, which drops to 92 days in 2026 before recovering to 96 days in 2027.
• Cayman is in a very comfortable position when it comes to net-debt to revenue, another of the framework’s key metrics. Cayman’s current net debt-to-revenue ratio is 17.2%, well below the 80% threshold. However, by 2027, that will have risen to 24.2%.

(Source: Cayman Compass)

• The United States (U.S.) government lumbered back to life on Thursday, November 13, 2025, after the longest shutdown in U.S. history snarled air traffic, cut food assistance to low-income Americans and forced more than 1 million workers to go unpaid for more than a month. But the deep political divisions that caused the 43-day shutdown in the first place remain unresolved.
• The shutdown also exposed divides within the Democratic Party between its liberal base, which demanded its leaders do whatever is necessary to rein in Trump, and moderates who feel their options are limited so long as Republicans hold majorities in both chambers of Congress.
• Although Republicans control both the House of Representatives and the Senate, along with the Executive Branch, they needed support from Senate Democrats to overcome procedural hurdles in the Senate to reopen the government – support they gained from eight moderate Senate Democrats. This group of Senate Democrats – none of whom are up for reelection in 2026 – joined Republican colleagues to support a stopgap bill that funds the federal government through to January 30, 2026, and includes three full-year funding bills for several government agencies as part of a “minibus” funding package.
• Although the deal will only fund the government through January 30, 2026, the benefits will be swiftly felt. The shutdown’s negative impact and pressure on Senate Democrats mounted with cancelled SNAP food benefits, major travel disruptions from Federal Aviation Administration (FAA) flight reductions, widespread furloughs and layoffs, and a White House threat that payments for 600,000 furloughed workers could be withheld. The agreement to reopen the government will ensure that myriad federal services resume, which is likely to boost confidence among households and businesses. Crucially, it also restores economic data releases, which are essential for US economic policymaking and for the functioning of financial markets.
• Despite these benefits, Senate Democrats are walking away from the record-setting shutdown largely empty-handed. The deal does not include an extension of Affordable Care Act subsidies, a top priority for Democrats in shutdown negotiations.
• Congressional Democrats quickly criticised the deal, lambasting Minority Leader Chuck Schumer for failing to stand up to Senate Republicans and the White House – despite Schumer himself voting against the deal – with some House Democrats calling for his removal as Senate Minority Leader.

(Sources: Reuters, BMI- A Fitch Solutions Company)

• Britain's economy barely expanded in the third quarter of 2025 (Q3 2025), held back by September's cyberattack on Jaguar Land Rover (JLR), according to data on Thursday, November 13, 2025, that underlined the backdrop of slow growth as finance minister Rachel Reeves readies her budget.
• The economy grew 0.1% in Q3 2025, the Office for National Statistics (ONS) noted, slowing from a growth of 0.3% in Q2. Economists polled by Reuters, as well as the Bank of England, had forecast 0.2% growth in GDP for the July-September period. In September alone, the economy contracted by 0.1%, against expectations for a flat reading.
• The ONS reported a 28.6% collapse in the production of motor vehicles in September, the biggest drop since April 2020 during the onset of the COVID-19 pandemic. Overall, motor vehicles subtracted 0.17 percentage points from GDP growth in September alone and 0.06 percentage points for the third quarter as a whole.
• JLR, owned by India's Tata Motors, has three factories in Britain, which together produce about 1,000 cars per day. The hack cost the British economy an estimated 1.9 billion pounds (US$2.55Bn) and affected over 5,000 organisations, an independent cybersecurity body said in a report published last month.
• That said, given the minute increase in Q3 2025’s GDP, investors further ramped up bets that the Bank of England will cut interest rates next month, now seen as a roughly 82% chance from a 60% chance earlier this week, according to market pricing. The pound rose modestly against the dollar after the data.
• The readings are unlikely to sway deliberations around Reeves' November 26 budget, with the economy still growing tepidly despite the government's intention to "kickstart" it. "The UK's unrelentingly sluggish growth trajectory is a headache for the Chancellor (finance minister) as it will inevitably mean a substantial fiscal shortfall at the budget, making major tax hikes look unavoidable," said Suren Thiru, economics director at the ICAEW trade body for chartered accountants.

(Source: Reuters)

• With the devastation wrought by Hurricane Melissa in Western Jamaica, which severely impacted the top 3 parishes for agricultural produce, food production and availability is expected to be stymied with scarcity driving up prices. In response to this, the Rural Agricultural Development Authority (RADA) is urging persons in eastern Jamaica to increase agricultural output to help protect the island’s food security.
• Senior Plant Health and Food Safety Officer with RADA, Francine Webb, said increased production in the east by householders, backyard gardeners and the average citizen is absolutely critical at this time.
• Ms. Webb said an all-hands-on-deck approach is needed by each Jamaican to bolster food security at this time. She explained that “The call is now on the east to step up. We’re going to have to be a bit more efficient. Output from that same plot of land has to increase, the productivity has to go up while we give the west the time to get their lives back together in terms of their housing and bringing the farms back up.”
• Data from the Agriculture, Fisheries and Mining Ministry reveal that damage to agricultural crops and livestock is estimated at J$29.5Bn, with approximately 41,390 hectares of farmland affected and the devastation impacting more than 70,000 farmers. Livestock farmers have also lost approximately 1,251,410 animals, including small ruminants, poultry and cattle, including 50% of the nation’s laying flocks.
• However, the Ministry noted that it is moving fast to stabilise supply and restart production quickly. So far, there has been J$350Mn mobilised immediately for recovery, which is part of a larger J$3Bn long-term plan. Meanwhile, there will also be temporary food imports such as eggs and vegetables to keep prices affordable.
• The government is also providing the materials and support needed to restore fields and herds immediately. There has been distribution of J$40Mn in free seeds and all planting materials will be free for three months. Another J$40Mn has been allocated for urgent poultry sector revitalisation and finally, the government is offering free land preparation for the next six months via RADA.

(Source: JIS, Ministry Agriculture Fisheries and Mining)

• The Jamaica Public Service Company (JPS) is reporting that electricity has been restored for approximately 300,000 customers, representing 64.0% of its service base across sections of the island, in the aftermath of Hurricane Melissa.
• “This is a solid milestone, given the scale of destruction that we have all seen,” stated President and Chief Executive Officer (CEO), Hugh Grant, while providing an update on the restoration process during a press conference at Jamaica House on Tuesday (November 11).
• Mr. Grant reported that electricity has already been restored for more than 95.0% of customers in St. Thomas, Kingston, St. Andrew, and St. Catherine. “Right now, we’re working on the unique challenges of various customers to facilitate restoration. The good news is, there is no widespread community in these areas that are currently impacted,” he said.
• Steady progress is underway in Clarendon, Manchester, Portland, St. Mary, and St. Ann, with the restoration of critical services, including hospitals, water pumps, town centres, and key economic zones. “In St. Ann, we’re able to restore power to St. Ann’s Bay Hospital, we’re able to restore power to Ocho Rios Pier, Dunn’s River, to Ocho Rios town, also to the infirmary in Priory. This strategic restoration is not by chance; it’s intentional and aligns with our overall restoration strategy,” he said.
• However, given the scale of devastation in the western parishes, he noted that “this is much more than repair and restore – it is a redesign and rebuild of our facilities”. He also stated that landslides have caused poles and other infrastructure to be significantly damaged. As a result, rerouting some of its facilities and redesigning them to facilitate restoration needs to take place.
• The CEO indicated that power is expected to be restored in Trelawny within the week, and in Hanover and Westmoreland over the next two weeks. “We will have power in Falmouth town, Falmouth Hospital and also the pier, whereby we’re supporting the return of cruise ships to that particular pier,” he said.
• Regarding St. Elizabeth, Mr. Grant advised that power has been restored to Junction, Southfield, and several surrounding communities. “We did this by doing some creative things on the distribution system to facilitate St. Elizabeth being supplied from Manchester. There is, however, a limitation to that as we have built out in St. Elizabeth to a stage now whereby, to go further, we would need the critical high-voltage transmission to be restored. That has been significantly damaged; however, we continue to work,” he said.

(Source: JIS)

• Barbados is ramping up efforts to attract British investment in renewable energy, space technology and the creative industries, positioning itself as a hub for emerging industries as global economic partnerships evolve. Delivering the keynote speech at the sixth annual UK Trade Mission to Barbados Business Forum, Minister of Economic Affairs and Investment Kay McConney said that Barbados continues to attract diverse interest from British investors, extending beyond traditional sectors such as tourism and financial services.
• Citing World Bank data, McConney said demand for investment in energy across developing countries is expected to double by 2035. The growing interest from UK businesses reflects strong confidence in Barbados’ economy, which has now recorded 17 consecutive quarters of growth, according to the Central Bank’s September 2025 report, the minister said.
• Several steps have been taken by Bridgetown to create a more business-friendly climate, including the modernisation of public systems, the digitisation of services and ongoing reforms to improve efficiency and transparency.
• The minister for investment suggested that these partnerships bring mutual benefits for Barbados and the UK. “Barbados gains through job creation and through skills and technology transfer, which ultimately contribute to economic growth. UK and Barbadian businesses, in turn, gain access to new market opportunities and solid returns on investment.” She noted that steadily growing interest from British agencies across a wide range of industries, including financial services, ICT, agro-processing, renewable energy, construction and manufacturing. She also emphasised emerging opportunities in education, the blue economy and innovation-driven fields such as space technology and film.
• British high commissioner to Barbados and the Eastern Caribbean, Simon Mustard, underscored the importance of strengthening trade and investment links amid global uncertainty. He encouraged businesses to diversify and build resilience through collaboration in areas such as renewable and geothermal energy, digital transformation, and small business development.
• Trade between the UK and Barbados grew by 9% over the past year, reaching more than $1.59Bn (£600Mn), the high commissioner revealed. He said the UK’s global trade strategy targets eight high-growth fields: clean energy, advanced manufacturing, digital and technology, creative industries, financial services, life sciences, defence, and professional business services, backed by £22Bn ($58.3Bn) annually in research and development and £34Bn ($90Bn) in new capital. He also projected a 2.7 pe cent growth rate for Barbados this year, driven largely by tourism, construction, renewable energy, and digital transformation.

(Source: Barbados Today)

• Guyana has secured a US$15Mn signing bonus from a new Production Sharing Agreement (PSA) signed on Tuesday with a consortium comprising QatarEnergy (35%), TotalEnergies (40%, operator), and PETRONAS (25%) for the shallow-water Block S4 offshore Guyana.
• The bonus exceeds the minimum US$10Mn floor for shallow-water blocks and will be deposited directly into the Natural Resource Fund (NRF), ensuring full transparency and accountability. The agreement, inked at the Pegasus Corporate Suite on Tuesday, is the first to be signed under Guyana’s new fiscal regime. The new PSA introduces a 10 per cent corporate tax, enhanced environmental and regulatory standards, and stricter penalties for non-compliance with work programmes.
• Minister of natural resources, Vickram Bharrat, hailed the agreement as a milestone that strengthens investor confidence and marks the first PSA signed under Guyana’s new fiscal regime. The minister emphasised that the signing underscores the government’s ongoing effort to attract world-class investors while protecting Guyana’s long-term interests.
• Minister Bharrat noted that the Guyana Basin continues to attract some of the world’s largest and most experienced energy companies, including ExxonMobil, Chevron, CNOOC, TotalEnergies, QatarEnergy, and PETRONAS, solidifying Guyana’s position as an emerging global energy hub. The minister praised the technical team within the Ministry of Natural Resources for their exceptional work in managing the sector, citing Guyana’s rapid progress from its first oil production in 2019 to current production levels of approximately 930,000 barrels per day.
• Notably, Guyana has distinguished itself as one of the few new oil-producing nations to establish an NRF within just two years of commencing production, a move, Minister Bharrat describes as a commitment to transparency and sound fiscal management.
• The new oil block, ‘Block S4’, spans approximately 1,788 square kilometres, located 50 to 100 kilometres off Guyana’s coast in water depths ranging from 30 to 100 metres. Exploration activities will adhere to Guyana’s regulatory standards and international best practices for environmental protection and resource management.

(Source: Caribbean News Global)

• A deal to end the longest government shutdown in U.S. history cleared Congress on Wednesday, after the House of Representatives voted to restart disrupted food assistance, pay hundreds of thousands of federal workers and revive a hobbled air-traffic control system.
• The Republican-controlled chamber passed the package by a vote of 222-209 with six Democrats backing the Republican-led measure, setting up an end to the government shutdown after 43 days once President Donald Trump signs the legislation. The shutdown became the longest in US history, surpassing the previous record of 35 days in late 2018 and early 2019.
• The House passed a package of bills on Wednesday that will temporarily fund and reopen federal agencies through January 30 - leaving the federal government on a path to keep adding about $1.8 trillion a year to its $38 trillion in debt after the Senate finally arrived at a deal on November 9. In the coming weeks, lawmakers will negotiate a longer-term solution to avoid another closure. Trump is likely to sign the bills quickly. 
• Alongside securing general government funding through January 30, the stopgap bills set a budget for the Department of Veterans Affairs, the Department of Agriculture, the Food and Drug Administration and the legislative branch through January 2026.
• The package also restores full funding for the Supplemental Nutrition Assistance Program. However, Congress' plan does not extend Affordable Care Act (ACA) subsidies. This act provides healthcare cost relief to millions of low- and middle-income Americans beyond their December 31 expiration date and was a major goal of Democrats during the shutdown. Under Wednesday's agreement, Congress said it will negotiate on subsidies before voting in December.
• The shutdown has directly affected Americans: Airports have seen major delays, with staff concerned that the shutdown would create chaos for holiday travel. Airlines were cancelling up to 10% of flights at major hubs in the last days of the shutdown and schedules may take time to return to normal. Additionally, safety net programs were unable to pay full November benefits, and federal employees were furloughed or worked without pay for over a month.
• With the government reopen, Federal Reserve Chair Jerome Powell said he expects that Americans' finances will soon return to normality. "The shutdown of the federal government will weigh on economic activity while it persists," he said in the Fed's October meeting. "But these effects should reverse after the shutdown ends."

(Source: Business Insider)