• The Barbados Central Bank (CBB) has announced plans to introduce a new payment system that it says will create a more inclusive financial ecosystem, eliminating barriers between banks, credit unions, and other financial institutions to allow seamless real-time transfers.
• Central Bank Governor, Dr. Kevin Greenidge, said that the Instant Payments System (IPS) will be launched in March next year and promises faster, cheaper and more secure transactions. “This is perhaps one of the most revolutionising things that we've done since establishing the Central Bank,” Greenidge said during a panel discussion at the Bank's 45th Annual Review Seminar.
• Under the existing system, transferring money between different banks or credit unions can take hours or even days, with some institutions charging fees for instant transfers. The CBB said that the IPS will change that by allowing real-time transactions across all participating financial service providers, including commercial banks, credit unions, and approved fintech companies.
• As a result, customers will experience no more waiting for payments to clear transfers between accounts at different institutions, lower transaction costs and more payment options, with customers being able to send and receive money directly from mobile devices, even without cash or cards. Deputy Governor Michelle Doyle, who is leading the IPS project, said customers may now do their shopping without having a credit card or cash, “but if you have your phone, you can make a payment from your mobile device.”

(Source: CariCRIS)

• The Barbados Central Bank (CBB) has announced plans to introduce a new payment system that it says will create a more inclusive financial ecosystem, eliminating barriers between banks, credit unions, and other financial institutions to allow seamless real-time transfers.
• Central Bank Governor, Dr. Kevin Greenidge, said that the Instant Payments System (IPS) will be launched in March next year and promises faster, cheaper and more secure transactions. “This is perhaps one of the most revolutionising things that we've done since establishing the Central Bank,” Greenidge said during a panel discussion at the Bank's 45th Annual Review Seminar.
• Under the existing system, transferring money between different banks or credit unions can take hours or even days, with some institutions charging fees for instant transfers. The CBB said that the IPS will change that by allowing real-time transactions across all participating financial service providers, including commercial banks, credit unions, and approved fintech companies.
• As a result, customers will experience no more waiting for payments to clear transfers between accounts at different institutions, lower transaction costs and more payment options, with customers being able to send and receive money directly from mobile devices, even without cash or cards. Deputy Governor Michelle Doyle, who is leading the IPS project, said customers may now do their shopping without having a credit card or cash, “but if you have your phone, you can make a payment from your mobile device.”

(Source: CariCRIS)

• The Trump administration released a new artificial intelligence blueprint on Wednesday, July 23, 2025, that aims to loosen environmental rules and vastly expand AI exports to allies, in a bid to maintain the American edge over China in the critical technology.
• President Donald Trump will mark the plan's release with a speech outlining the importance of winning an AI race that is increasingly seen as a defining feature of 21st-century geopolitics, with both China and the United States investing heavily in the industry to secure economic and military superiority.
• The plan, which includes some 90 recommendations, calls for the export of U.S. AI software and hardware abroad as well as a crackdown on state laws deemed too restrictive to let it flourish, a marked departure from predecessor Joe Biden's "high fence" approach that limited global access to coveted AI chips.
• "We're establishing a program led by the departments of Commerce and State to partner with industry to deliver secure full-stack AI export packages, including hardware models, software applications and standards to America's friends and allies around the world," said Michael Kratsios, head of the Office of Science and Technology Policy. An expansion in exports of a full suite of AI products could benefit AI chip juggernauts Nvidia and AMD as well as AI model giants Alphabet's Google, Microsoft, OpenAI and Facebook parent Meta.
• Biden feared U.S. adversaries like China could harness AI chips produced by companies like Nvidia and AMD to supercharge its military and harm allies. The former president, who left office in January, imposed a raft of restrictions on U.S. exports of AI chips to China and other countries that it feared could divert the semiconductors to America's top global rival.
• Trump rescinded Biden's executive order aimed at promoting competition, protecting consumers and ensuring AI was not used for misinformation. He also rescinded Biden's so-called AI diffusion rule, which capped the amount of American AI computing capacity some countries were allowed to obtain via U.S. AI chip imports.

(Source: Reuters)

• United States (U.S.) President Donald Trump announced on July 22 that he has struck trade deals with Japan and the Philippines. Trump said the U.S. will apply 15% tariffs on goods imported from Japan, while the latter will invest US$550Bn in the U.S. and increase market access to American products such as cars and rice.
• Trump did not mention auto tariffs, but various news reports said the agreement covers a 15% tariff on Japanese autos, inclusive of the existing 2.5% rate. These are lower than the 25% “reciprocal” tariff stated in a July 7 letter that Trump sent to Japan. For the Philippines, Trump said that the U.S. will apply 19% tariffs on imports, slightly lower than the 20% rate in the letter Trump sent in early July.
• When the new tariff rates come into effect, the U.S. effective tariff rate on Japan will fall from around 18% currently to 16%, slightly above Fitch Solutions’ previous base case of 15%. The agency estimates that this lower rate alone will have a limited impact on growth. Nonetheless, the benchmark Nikkei stock index jumped by 3% in early-Asia trade on July 23, with shares of automakers surging.
• Meanwhile, the U.S. effective tariff rate on the Philippines will increase from around 12.0% to close to 18.0%, higher than the previous base case of 13.5%. But given the relatively modest exports exposure to the U.S., Fitch estimates that the Philippines would still be able to grow by more than 5.0% in 2025 even in the worst-case scenario, where there is a complete pass-through and high levels of elasticity.

(Source: BMI, a Fitch Solutions Company)

• E-Learning Solution Company, One-on-One Educational Services Limited (ONE) reported a 51.3% increase in earnings to $36.55Mn for its third quarter ended May 2025 (Q3 2025).  This strong quarterly performance contributed to a nine-month turnaround in profitability, reaching $55.08Mn, driven by revenue growth and efficiency gains that resulted in lower costs.
• Quarterly revenues reached $100.54Mn, marking a 5.9% year-over-year increase, underpinned by the delivery of customised Edtech Solution. However, cost-of-Sales (+22.7%) outpaced the growth in revenues as the Company deployed hardware and services to support the expansion of One Academy. Although this led to a 2.7% reduction in gross margin, gross margins still rose by 2.4% to $80.39Mn. Moreover, the company expects the front-loaded investment to yield long-term operational efficiencies and revenue leverage.
• Administrative and selling expenses declined by 8.6% year-over-year, primarily due to improved internal processes, streamlined operations, and more strategic resource allocation.
• Building on this strong quarterly performance, which significantly contributed to a turnaround in profitability, the company plans to leverage its recent investments to further boost earnings. Its commitment to the Educational Management Information System (EMIS) and Learning Management System (LMS) aligns with its broader strategy to drive sustainable growth, and enhance operational efficiency.
• One’s stock price has decreased by 9.1% year-to-date, closing at $0.90 as of Tuesday. At this price, the stock is trading at a price-to-earnings (P/E) ratio of 23.4x, which is higher than the Junior Market Other Sector’s average of 20.3x.

(Sources: JSE &NCBCM Research)

• The Government is adopting a holistic approach to strengthening Jamaica’s resilience framework by prioritising long-term investments across key sectors, says Prime Minister, Dr. the Most Hon. Andrew Holness.
• Speaking during a recent National Commercial Bank (NCB)-hosted event titled ‘The Hurricane Beryl: Building a Better Jamaica Fund – National Tribute to Partnership and Recovery’ at the S Hotel in Kingston, Dr. Holness emphasised the Government’s increased focus on capacity-building to better withstand severe environmental events.
• He noted that, to support this effort, the Government has focused on integrating buffers and insurance mechanisms into Jamaica’s fiscal management framework to strengthen its ability to respond to crises, including adverse weather events, environmental disruptions, and external shocks such as economic and health-related challenges.
• Acknowledging Jamaica’s vulnerability due to its location in a hurricane zone, global economic conditions, rising sea levels, and adverse health events, Prime Minister Holness stated that these fiscal safeguards will enable the country to recover more swiftly and effectively from future crises.
• He further emphasised the critical role of citizens in building national resilience, pointing out that the Government will intensify its focus on public education as a key tool in strengthening Jamaica’s capacity to withstand environmental and other adverse events.

(Source: JIS)

• Exxon Mobil (XOM.N) has begun negotiations with the Trinidad and Tobago government to explore oil and gas in up to seven deepwater blocks off the East Coast of the Caribbean country, which the top U.S. oil producer left more than two decades ago, two sources close to the talks told Reuters. According to the sources, the areas Exxon is interested in are located north of the company's prolific Stabroek block in Guyana, the fastest-growing oil production province in the world.
• Trinidad and Tobago is speaking with several major oil and gas companies, Trinidad and Tobago's Energy Minister, Roodlal Moonilal, told Reuters on Tuesday, July 22, 2025. "We are in discussions with major players to ramp up exploration and production within and outside of bid rounds," Moonilal said, without disclosing names. However, Exxon has not confirmed same.
• Under the new government of Prime Minister Kamla Persad-Bissessar, Trinidad aims to rejuvenate investment, especially offshore, where more gas output is needed to support the nation's liquefied natural gas (LNG) and petrochemical industries. Since she took office in April 2025, a flagship offshore gas project with neighbouring Venezuela that lost its U.S. authorisation to move forward has been shelved, while the government has focused efforts on deepening ties with the region's other energy producers.
• According to Trinidad's laws, the government can individually negotiate areas for exploration and production if they are not included in a competitive bidding round. Trinidad and Tobago is in the middle of a deepwater auction that has been extended to close on September 17, 2025, and which does not include the blocks Exxon is negotiating for. If Exxon and Trinidad reach an agreement, the U.S. producer could acquire almost all the ultra-deepwater blocks that remain unlicensed.
• The large discoveries of oil and gas made in recent years in the Guyana-Suriname basin are one of the reasons Trinidad is now seeing a renewed interest in its ongoing deepwater auction, the country's energy minister said at a conference early in July 2025. Energy Minister Roodlal Moonilal said Trinidad was open to bids outside of auctions and hinted at the negotiations. "We are currently considering one such proposal, and if the negotiations are successful, a major announcement will soon be made," he added.

(Source: Reuters)

• In a groundbreaking move to protect farmers from climate-induced losses, Guyana President Dr. Irfaan Ali on Tuesday launched a premium-free crop insurance programme for rice farmers, hailing it as a historic step toward climate resilience and agricultural modernisation.
• The initiative — a collaboration between the Government of Guyana, Indian agrochemical giant United Phosphorus Limited (UPL), and Philip Morris International — will provide approximately 6,000 rice farmers with free insurance coverage against extreme weather events such as flooding and drought. Farmers will not be required to pay any premiums, making the programme the first of its kind in the Caribbean region
• The new insurance scheme forms part of a broader national strategy to boost food security, improve access to credit, and promote climate-smart farming practices. President Ali urged commercial banks to adjust their lending frameworks now that farmers have insurance backing.
• As part of the rollout, the government also announced a pilot rice farming system that will incorporate modern technology and advanced tools to boost productivity and climate resilience.
• Minister of Agriculture Zulfikar Mustapha described the programme as a “transformative moment” for the sector. “From now, you will be covered by this product so that you can be compensated when these things happen,” he said, referencing past difficulties accessing agricultural insurance in Guyana. “We are the first country in the entire region that is launching a product to cover our rice farmers,” Mustapha added. “This is not just about risk reduction. It is about empowerment.”
• With rice remaining a cornerstone of Guyana’s agricultural exports, the government hopes the programme will eventually be expanded nationwide and serve as a model for climate-resilient farming throughout the Caribbean.

(Source: Caribbean News Weekly)

• China kept its benchmark lending rates steady on Monday, July 21. 2025, as the country continues to grapple with weak consumer sentiment and softening growth. The People’s Bank of China (PBOC) held the 1-year loan prime rate (LPR) at 3.0% and the 5-year LPR at 3.5%^[1].
• The decision came after the country announced that GDP growth in the second quarter grew at 5.2% year over year, down from 5.4% in the first quarter. This, however, was higher than the 5.1% expected by a Reuters poll of economists. Retail sales growth in June also slowed to 4.8% from a year earlier, compared with the 6.4% year-over-year increase in May. That figure also fell short of the 5.4% forecast from Reuters-polled economists.
• In comments to CNBC after the decision, Frederic Neumann, Chief Asia Economist at HSBC, said that there is currently little perceived urgency for the PBOC to cut rates, given that GDP growth was above target. “Moreover, with interest rates already relatively low, further easing may be less effective in driving up demand than fiscal measures,” Neumann added.
• The PBOC may also want to keep some “policy powder dry for the moment,” he said, only cutting rates when the impact of U.S. tariffs on Chinese exports truly begins to bite. That said, the PBOC could ease policy further due to lingering disinflationary pressures, while real interest rates remain relatively high, Neumann stated.

(Source: CNBC)

^[1] LPR, normally charged to banks’ best clients, is calculated based on a survey of dozens of designated commercial banks that submit proposed rates to the central bank. The 1-year LPR influences corporate and most household loans in China, while the 5-year LPR serves as a benchmark for mortgage rates.

• The United Kingdom (U.K.) and 27 other countries have called for an immediate end to the war in Gaza, where they say the suffering of civilians has "reached new depths". A joint statement noted that Israel's aid delivery model is dangerous and condemns what it calls the "drip feeding of aid and the inhumane killing of civilians" seeking food and water.
• Gaza's Hamas-run health ministry said more than 100 Palestinians were killed by Israeli fire while waiting for food over the weekend and that 19 others died as a result of malnutrition. Israel's foreign ministry rejected the countries' statement, saying it was “disconnected from reality and sends the wrong message to Hamas". The ministry accused the armed group of spreading lies and undermining aid distribution, rather than agreeing to a new ceasefire and hostage release deal.
• There have been many international statements condemning Israel's tactics in Gaza during the past 21 months of its war with Hamas. But this declaration is notable for its candour. The signatories are the foreign ministers of the UK and 27 other nations, including Australia, Canada, France, Italy, Japan, New Zealand and Switzerland.
• The statement begins by declaring that "the war in Gaza must end now". It then warns: "The suffering of civilians in Gaza has reached new depths. The Israeli government's aid delivery model is dangerous, fuels instability and deprives Gazans of human dignity. "We condemn the drip feeding of aid and the inhumane killing of civilians, including children, seeking to meet their most basic needs of water and food."
• Announcing an extra £40Mn of humanitarian assistance for Gaza this year, UK Foreign Secretary David Lammy said he was "a steadfast supporter of Israel's security and its right to exist" but the government's actions were "doing untold damage to Israel's standing in the world and undermining Israel's long-term security".
• There have been almost daily reports of Palestinians being killed while waiting for food since May, when Israel partially eased an 11-week total blockade on aid deliveries to Gaza and, along with the US, helped to establish a new aid system run by the Gaza Humanitarian Foundation (GHF) to bypass the existing one overseen by the UN.
• Israel has said the GHF's system, which uses US private security contractors to hand out food parcels from sites inside Israeli military zones, prevents supplies being stolen by Hamas. But the UN and its partners have refused to co-operate with the system, saying it is unsafe and violates the humanitarian principles of impartiality, neutrality, and independence.

(Source: BBC News)