• 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)

• Risks to tanker traffic through the Strait of Hormuz have intensified, after Iran recently warned regional countries that attempts to establish alternative oil-export routes would be considered hostile. The warnings follow the highest number of tanker attacks since the conflict began, contributing to a sharp decline in vessel transits through the strategic waterway.
• The heightened security risks are adding further pressure to an already fragile global oil market, with attacks involving missiles, drones and other projectiles raising concerns that the conflict could expand beyond the Strait to shipping approaches around Qatar, Bahrain, Saudi Arabia, Kuwait and Iraq.
• The disruption is also increasing shipping and transportation costs, as operators become more reluctant to transit the Strait and seek alternative routes and security measures. Maersk, for example, has raised its emergency fuel surcharge for inland transportation in the UK and Ireland, reflecting the broader impact of elevated fuel costs.
• At the same time, global oil-market buffers are becoming increasingly constrained, with governments and energy companies drawing down stockpiles to offset supply disruptions linked to both the Middle East conflict and the war in Ukraine. Industry executives have warned that accessible inventories are running low, leaving the market more vulnerable to further supply shocks and upward price pressures.
• The escalation also raises the risk of a broader global economic spillover, as sustained energy and transportation cost pressures could feed into inflation and weigh on economic activity. With the conflict already costing the US an estimated US$3bn per month, further escalation could intensify pressure on governments and central banks.
• Overall, the outlook for energy markets has become increasingly dependent on developments around the Strait of Hormuz, with prolonged disruption likely to keep oil prices and freight costs elevated and increase volatility across global markets. As one Royal Navy official noted, the conflict demonstrates that “a war at sea does not remain at sea.”

(Source: Reuters)

• BMI now strongly expects the Democrats to regain control of the House of Representatives in the November 2026 midterm elections, while the Senate race has become a toss-up. This marks a shift from its previous view that Republicans were likely to retain control of both chambers, reflecting weaker Republican support, rising dissatisfaction with the administration and growing economic discontent among voters.
• The deteriorating outlook for Republicans has been driven partly by elevated inflation and concerns surrounding the US-Iran conflict. Weak presidential approval ratings, particularly on the economy, have weighed on household sentiment, while higher living costs and geopolitical uncertainty have reinforced the risk of a significant electoral setback for the administration.
• Meanwhile, the Senate outcome remains uncertain despite a favourable electoral map for Republicans. Democrats require a net gain of four seats to secure a majority, but improved polling and betting-market prospects in states such as North Carolina, Texas, Alaska and Ohio have made the contest more competitive. Further deterioration in the Iran conflict or another increase in inflation could shift marginal races further in the Democrats’ favour.
• A Democrat-led Congress would constrain the administration’s legislative agenda but would not necessarily prevent it from pursuing its existing policy priorities. Major legislation would face greater resistance, while the administration would likely rely more heavily on executive action, particularly in foreign policy and trade. Congressional scrutiny of the administration would also intensify, potentially increasing policy uncertainty.
• The prospect of divided government also raises the risk of fiscal brinkmanship and renewed upward pressure on US Treasury yields. Disagreements over government funding, spending priorities and the debt limit could result in prolonged negotiations and government shutdown risks. If Democrats also secure the Senate, confirmation of senior administration officials and judicial nominees could face significant delays.
• Looking ahead, the two-month period between the November elections and the seating of the new Congress in January 2027 could prove particularly consequential. Republicans may seek to advance government funding, increase the debt limit and accelerate controversial nominations before potentially losing their majorities. However, the transition also creates a heightened risk of a government shutdown, with the current funding deadline set for December 11, 2026.

(Source: BMI, A Fitch Solutions Company)

• By order of the Supreme Court dated July 30, 2026, Sagicor Group Jamaica Limited will hold a court-ordered meeting of its ordinary stockholders to consider and vote on a Scheme of Arrangement. This is not a general meeting; its sole purpose is the Scheme vote.
• If approved and sanctioned, all stock units held by stockholders on record at the Scheme Record Time would be transferred to Sagicor Group Caribbean Limited, with the Company Secretary or a Director authorised to sign a Global Transfer on their behalf.
• The hybrid meeting takes place at 10:00 a.m. on October 28, 2026, at the Auditorium, R. Danny Williams Building, 28–48 Barbados Avenue, Kingston 5, with online access via iteneri.com/sagicor. Stockholders on the register at 6:00 p.m. on October 27, 2026, may attend and vote in person, online or by proxy, and should register for virtual access by 10:00 p.m. that day.
• Approval requires a majority in number of stockholders present and voting, representing at least three-fourths in value of the stock units voted. Once approved and sanctioned, the Scheme binds all stockholders, including those who did not vote or voted against it.
• The Scheme also needs Supreme Court sanctions and registration of the Court order with the Registrar of Companies to take effect. Peter Melhado will chair the meeting (or Christopher Zacca in his absence), and stockholders are urged to read the Explanatory Statement in the Combined Scheme & EGM Booklet and return proxy forms early
• The Scheme is the mechanism for merging Sagicor Group Jamaica with Sagicor Life Inc under a new holding company, Sagicor Group Caribbean (SGC), which will replace SGJ on the Jamaica Stock Exchange. The combined group would have about US$6.9Bn in assets, with Sagicor Financial owning roughly 55%. If shareholders approve it on October 28, the deal still needs Court sanction, regulatory approvals and financing before it can close, which is expected in 2026.
• SJ’s stock price has increased by 5.6% since the start of the year to close at $42.42 on October 7, 2026. At this price, the stock is trading at a price-to-book (P/B) ratio of 1.4x, which is above the Main Market median of 0.8x.

(Sources: JSE& NCBCM Research)

• At court-convened meetings in Kingston on October 7, 2026, Scotia Group Jamaica (SGJL) shareholders approved the Scheme of Arrangement to take the company private. The buyer is Scotiabank Caribbean Holdings Limited (SCHL), which already holds 71.78% of SGJL's issued share capital, so the deal buys out the remaining minority shareholders. SCHL also approved the Scheme at a separate meeting.
• Minority shareholders would receive J$75.00 per stock unit, about a 38% premium to the 30-day volume-weighted average price as at June 11, 2026. The original offer was J$61.50, roughly 13% above that same benchmark, and the increase followed an improved proposal from SCHL after SGJL delivered strong second- and third-quarter results. At J$75, the deal is valued at J$63.50Bn.
• Support was strong. According to PwC's preliminary scrutineer report, about 77% of minority shareholders who voted backed the deal, and they held about 97% of the stock units voted. Ahead of the vote, some of SGJL's largest shareholders had entered voting support arrangements in favour of the transaction.
• The deal still needs Court approval and other customary closing conditions and is expected to close in Q4 2026. Once complete, SGJL will delist from the Jamaica Stock Exchange; Scotia has said the move aims to improve capital and operational efficiency and Scotiabank's agility in responding to market opportunities.
• The buyout fits Scotiabank's regional strategy. While RBC exited the Eastern Caribbean and CIBC sold its Caribbean franchise to Butterfield, Scotiabank kept and continued investing in larger markets like Jamaica, Trinidad and Tobago and the Dominican Republic, while shedding smaller ones. The bank has operated in Jamaica since 1889, with around 1,800 staff across 28 branches, and SGJL had assets of J$774 billion as of October 31, 2025.
• Scotiabank's Jabar Singh called the vote a validation of the offer and a sign of confidence in Jamaica's long-term future, describing it as a priority market for continued investment. SGJL CEO Audrey Tugwell Henry said the local focus stays on clients, employees and communities, though some commentators note that Caribbean capital markets depend on anchor listings like SGJL
• SGJ’s stock price has increased by 37.1% since the start of the year to close at $72.87 on October 7, 2026. At this price, the stock is trading at a price-to-book (P/B) ratio of 1.3x, which is above the Main Market median of 0.8x.

(Sources: JSE& NCBCM Research)

• CariCRIS reaffirmed Access Financial Services Limited's (AFS) credit ratings of CariBBB (local currency) and CariBBB- (foreign currency) on the regional scale, and jmA- and jmBBB+ on the Jamaica national scale. These indicate adequate creditworthiness regionally and good creditworthiness in Jamaica.
• The outlook is stable, as CariCRIS expects AFS to maintain sound operating performance and meet its debt obligations comfortably over the next 12 to 15 months, helped by the gradual return to normal economic activity after Hurricane Melissa.
• The ratings are supported by AFS's established position in Jamaica's microfinance sector, strong brand recognition, robust net interest income and good asset quality, although asset quality has deteriorated somewhat. Strong capitalisation, adequate liquidity, sound governance and continued investment in technology give the company financial flexibility and the capacity to absorb losses.
• However, the ratings are held back by AFS's small size, its heavy reliance on unsecured personal loans, and its exposure to economic conditions in Jamaica, which are subdued given that GDP contracted in Q2 by 2.9%.
• An upgrade could follow an improvement in Jamaica's sovereign rating, loan growth above 10% or earnings growth above 15%. A downgrade could follow a weaker sovereign rating, a profit decline of more than 18% for two consecutive years, or non-performing loans rising above 8% of total loans.
• AFS’s stock price has increased by 8.7% since the start of the year to close at $19.94 on October 7, 2026. At this price, the stock is trading at a price-to-book (P/B) ratio of 1.5x, which is above the Junior Market median of 1.03x.

(Source: CariCRIS & NCBCM Research)

• Latin America and the Caribbean is projected to grow by 2.2% in 2026, broadly in line with the 2.4% recorded in 2025. Within the Caribbean, the outlook remains sharply divided between faster-growing resource-rich economies and tourism-dependent islands experiencing a more moderate recovery.
• Trinidad and Tobago’s economy is projected to contract by 0.2% in 2026, following a 0.5% decline in 2025, before returning to growth of 2.5% in 2027. The country maintains a steadier, mature natural gas production profile. By contrast, Saint Lucia is forecast to grow by 1.1% in 2026, following an estimated 0.6% contraction in 2025, with growth expected to strengthen to 2.1% in 2027. Saint Lucia’s 2025 contraction reflected weaker tourism, with stayover arrivals declining by 2.1%.
• Guyana’s oil-driven expansion continues to lift sub-regional growth, with the economy projected to expand by 23.7% in 2026 and 18.7% in 2027. Meanwhile, Suriname is projected to grow by 3.9% in 2026, supported by accelerating investment tied to offshore discoveries ahead of its expected transition to offshore oil production in 2028.
• Growth is expected to remain more moderate across several tourism-dependent Caribbean economies, reflecting high import and energy costs and climate-related vulnerabilities, although the factors vary by country. The Bahamas and Barbados are projected to grow by 3.0% and 2.0%, respectively, in 2026, while Jamaica is expected to contract by 0.8%. In The Bahamas, gains in cruise tourism and construction are being partly offset by hotel-capacity bottlenecks, while Barbados’ growth is expected to moderate as fiscal consolidation continues.
• Risks to the wider regional outlook remain tilted to the downside, with energy price volatility potentially stalling disinflation and keeping central banks cautious, while high debt and interest burdens constrain fiscal space and investment. El Niño could also disrupt agriculture and hydropower and place further pressure on food and energy prices.
• The World Bank identified artificial intelligence (AI) as a potential new source of productivity and economic growth. Its near-term impact is expected to be concentrated in cognitive work, with AI potentially enhancing around 8% of jobs and exposing roughly 10% more to automation.
• Although average regional growth remains modest, the World Bank noted that diverging country paths show that stronger performance is possible. Guyana’s rapid oil-led expansion and Suriname’s accelerating offshore investment contrast with softer growth across several tourism-dependent economies. Suriname’s expected transition to oil production in 2028 could widen this divergence further, while slower-growing economies remain more exposed to energy costs, high debt burdens and climate-related shocks.

(Sources: World Bank, Trinidad and Tobago Guardian & St. Lucia Times)