• Jamaica is experiencing a major boost in airlift and connectivity from Latin America, Europe, Canada, and the United States – a move that government officials say is transforming the island’s tourism landscape. According to State Minister for Tourism, Senator Delano Seiveright, the improvements in air access are already driving strong visitor growth and opening the door to new markets.
• Copa Airlines now operates seven weekly flights to Montego Bay and five to Kingston. At the same time, LATAM Airlines offers nonstop service between Lima, Peru, and Jamaica, bringing in more than 10,000 seats per month from Latin America alone. Charter services from Ecuador are also expected to bring over 1,000 visitors to the island this summer.
• In a bid to ease travel to Jamaica’s northeast coast, American Airlines has introduced service to Ian Fleming International Airport, reducing drive times for tourists headed to St. Ann, St. Mary, and Portland
• This is in line with the Government’s broader strategy, which includes diversifying tourism beyond traditional markets by tapping into high-growth regions such as the Asia-Pacific and the Middle East. Officials say this will strengthen the sector’s resilience and long-term sustainability.

(Source: Caribbean National Weekly)

• Prime Minister, Dr. the Most Hon. Andrew Holness, has reaffirmed the Government’s commitment to improving access to financing for micro, small, and medium-sized enterprises (MSMEs), emphasising their vital role in driving inclusive growth and strengthening Jamaica’s economy.
• Addressing the Ministry of Industry, Investment and Commerce’s MSME Linkages Day event at the University of Technology (UTech), Dr. Holness highlighted that Jamaica’s economy cannot grow unless its entrepreneurial class expands.
• Against this background, Prime Minister Holness noted that the National Export-Import Bank of Jamaica (EXIM Bank) has disbursed nearly $10 billion in MSME loans since 2021, while the Development Bank of Jamaica (DBJ) has supported lending with a $2-billion facility.
• He stated that they have eliminated upfront fees by allowing MSMEs to roll them into the principals, making it easier for small businesses to borrow and grow. He also mentioned their endorsement of the Jamaica Stock Exchange (JSE) Micro Market, which will unlock equity financing of up to $50 million for hundreds of small enterprises.
• These initiatives, he explained, are real tools and lifelines for businesses nationwide. Additionally, he emphasised their ongoing commitment to broadening access to finance through capital market innovations.
• Holness pointed out that MSMEs are the backbone of Jamaica’s economy, noting that they represent more than 90.0% of all enterprises, employ between 60.0% and 70.0% of the workforce, contribute 44.0% of gross domestic product (GDP), and account for nearly 12.0% of total tax revenues last year.

(Source: JIS)

• Latin American farmers are in for a rough ride if the U.S. slaps secondary sanctions on buyers of Russian exports, such as the fertilisers essential for cash crops from Mexican avocados to Brazilian soybeans and corn.
• Potential U.S. sanctions would pose a big problem for farmers in Mexico, which imported more than $580.0Mn of fertilisers last year from Russia, its largest supplier according to government data.
• Former director of international affairs for Mexico's agriculture ministry, Raul Urteaga, warned of a drop-off in the quality of fertilisers available if Russian imports disappear. He also noted that it could weaken avocado production and send prices higher for U.S. consumers. According to U.S. government data, the U.S. accounts for more than 80% of Mexico's total avocado exports, a market worth over $3.0Bn in 2024. "The price of avocados would increase if producers have to use other alternatives or find fertilisers that are imported from sources other than Russia," Urteaga said.
• NATO Secretary General Mark Rutte singled out Brazil among a handful of countries that could be hit "very hard" by sanctions for doing business with Russia as part of U.S. President Donald Trump's renewed push to end the war in Ukraine. For farm powerhouse Brazil, which covered about a third of its fertiliser demand with $3.7Bn of imports from Russia last year, there is virtually no alternative to fill the gap if those flows are halted, experts and industry players said.
• The World Bank has identified fertiliser costs as a driver of food inflation in Central America, contributing to a cost-of-living crisis that has stoked northward migration. Furthermore, fertiliser companies that have already severed ties with Russian suppliers, such as U.S.-based Mosaic, have expressed concerns that further trade disruptions with one of the world's top three fertiliser producers could exacerbate volatility. Consequently, the Presidents of Brazil and Mexico have indicated plans to boost domestic production and reduce reliance on foreign fertilisers.

(Source: Reuters)

• The government of Panama is celebrating the European Union’s (EU) decision to remove Panama from its list of “high-risk” countries for money laundering and terrorism financing as a victory. Economy and Finance Minister Felipe Chapman asserts that Panama is “cooperative” in the fight against money laundering. However, Panama remains on the EU’s tax haven list.
• Panama has a territorial tax regime, where only income generated within the country is taxed, while foreign-sourced income is exempt. This enables tax evasion since an offshore company registered in Panama and connected to a business and a bank account elsewhere can hide funds without declaring them anywhere. After the “Panama Papers” scandal in 2016, the Financial Action Task Force (FATF), an intergovernmental body, and the EU included Panama on their lists for money laundering and terrorism financing risks.
• In response to the scandal, Panama reformed its laws and began sharing financial information with over 100 countries. It criminalised tax evasion and implemented measures to trace accounting movements and identify the real beneficiaries of offshore companies. This led to Panama being removed from the EU list in July 2025. The FATF had already taken Panama off its list in 2023. The Panamanian government now expects increased investment and lower-cost foreign credit, as businesses and banks will no longer be penalised for operating in a blacklisted country.
• To be removed from the EU’s tax haven list, Panama must change its laws to require companies to have offices and employees within its territory. “If Panama passes a law by September 2025 regulating this requirement, it could be removed from the list in the EU’s October 2025 review,” said tax consultant Luis Ocando. The Organisation for Economic Cooperation and Development (OECD) also includes Panama on a list for deficiencies in tax information exchange. Panama, which seeks to join the OECD, has asked the organisation to reconsider its status.

(Source: CariCRIS)

• United States (U.S.) hotel hiring managers ordered more background checks in the first half of 2025 compared with the same period in 2024 amid growing scrutiny of foreign-born workers in the hospitality industry, according to a leading human resources and recruitment management company.
• In June, the U.S. Department of Homeland Security said it was reversing guidance issued that Immigration and Customs Enforcement agents were not to conduct immigration raids at farms, hotels and restaurants. President Donald Trump has sought to end temporary legal status for hundreds of thousands of migrants in the United States and vowed to deport millions of undocumented people in the country.
• Hotel hiring managers requested 36.0% more background checks from January to June 2025 compared with the same period in 2024, according to Hireology, which tracks hiring and employment trends across a thousand U.S. hotel properties.
• "Companies are certainly far more cognizant of that than they've ever been, and they don't want to be caught up in or be accused of lax hiring practices when it comes to verification of immigration status," said Patrick Scholes, Truist hotel equity analyst.
• At least one-third of workers employed or supported by the U.S. travel industry are immigrants, according to the U.S. Travel Association. In 2024, hotels directly employed more than 2.15 million people, according to the American Hotel and Lodging Association.
• Total hires across 1,000 hotels increased 22% to over 8,000 workers. Increases in the most in-demand roles, such as front desk associates, housekeepers and cooks, were flat or grew slightly year-over-year. About 34% of housekeepers and 24% of cooks are foreign-born, according to 2023 data from the U.S. Census Bureau and Tourism Economics.

(Source: Reuters)

• Fitch Solutions has made several revisions to its 2025 forecasts for the United States (U.S.) economy since April, given significant tariff volatility. Despite continued uncertainty, the agency now believes the worst has passed from a trade perspective. However, given the recent rise in tariffs, there are risks that the average effective tariff rate will end the year higher than the previous estimate of 13.0-14.0%.
• Fitch continues to forecast U.S. growth for 2025 at 1.5% since revising it in early June. This is in line with consensus, which has risen from 1.4% to 1.5% over the same period. Furthermore, expectations are for a somewhat sluggish recovery in growth to 1.7% in 2026, in part due to the drag from growth in 2025.
• That said, Fitch has lowered its end-2025 inflation forecast from 4.0% to 3.3% y-o-y. This outlook is hinged on the estimate that a 13%-14% tariff rate will add about 1.0-1.5 percentage points (pp) to overall inflation. However, this will be partially offset by the fact that only about a third of it will be passed on to the consumer as some of the tariffs will be absorbed by the exporter as well as the importer, according to Fitch.
• Additionally, although oil prices rallied sharply in response to the 12-Day War between Israel and Iran, they are still about 14.5% below their January highs, which will exert downside pressure on prices and help anchor inflation and inflation expectations through the remainder of the year.
• As a result of slightly stronger growth and above-target inflation, Fitch believes that the U.S. Federal Reserve (Fed) will cut interest rates by 50 basis points (bps) to 4.00% by year-end. The first cut will likely be in September, and then the Fed will likely wait until December to make the next cut, although they could act sooner at the October meeting if the labour market weakens. This will be followed by another 50bps of cuts to a terminal rate of 3.50% by mid-2026. That said, markets are pricing in a slightly more dovish path for interest rates following dovish comments by some members of the Federal Open Market Committee in June.

(Source: BMI, a Fitch Solutions Company)

• On July 15, 2025, the Board of Directors of Image Plus Consultants Limited (IPCL) advised that the company reached an agreement with Dr Verna Reid for IPCL to acquire the assets and brand of The Woman’s Place (TWP).
• TWP is a Jamaican company, incorporated and domiciled locally, and has been providing medical imaging services since 2006, with a strong focus on mammography. TWP, led by Dr Verna Reid, has built a reputation as a trusted provider in its field and has maintained a solid track record of financial performance, according to IPCL in a notice published on the website of the Jamaica Stock Exchange.
• “This marks an important step forward for our business,” said Kisha Anderson, CEO of IPCL. “We look forward to continuing to serve the patients of The Woman’s Place under the Apex Radiology banner, while broadening access and enhancing what they have come to expect in terms of care and service. We anticipate ongoing patient satisfaction, profit and operational benefits as we incorporate these resources into our service offerings.”
• That said, the proposed acquisition is subject to the successful execution of a definitive sale and purchase agreement. The company noted that, once concluded, further information will be shared through market disclosures.
• Dr Karlene McDonnough, Chairman of the board, noted that the acquisition is aligned with IPCL’s growth priorities: “The addition of these assets and the established brand fits neatly into our plans to inorganically grow market share and enhance our service offering in this specialised area of diagnostic imaging. We are also elated that Dr Reid will continue to offer her caring services to patients as a part of the team of committed Consultant Radiologists at Apex Radiology.”

(Source: JSE)

• TransJamaican Highway Limited (TJH), in a notice published on the website of the Jamaica Stock Exchange, has noted that shareholders who originally purchased shares in United States dollars (USD) are now able to receive dividend payments in USD currency, rather than in Jamaican dollars (JMD). The change came as TJH noted that they understood the importance of investors receiving their dividends in the currency that they invested in.
• If investors wish for future dividends in USD, they must submit a written request to the Jamaica Central Securities Depository (JCSD) Limited, asking to be added to the “TJH Special USD Elect Listing.”
• However, before clients make this election, please take note of the following:
• For shareholders with NCB USD accounts, payments will be made electronically via ELINK upload. Currently, there are no bank charges associated with this transaction.
• For shareholders with USD accounts at other local banks, payments will be made by USD cheque and sent to the recipient’s Bank for processing.
• Shareholders may also opt to have dividends paid via Wire Transfer to their USD Bank account. For Shareholders who are requesting the wire transfer option, please note that:
• This is subject to a wire transfer fee (determined by your bank). The applicable wire transfer fee will be deducted from the dividend amount.
• For shareholders with USD accounts receiving dividends of less than the wire transfer fee: Payments will be made by USD cheque and sent to the recipient’s Bank for processing.

• Foreign direct investment (FDI) in Latin America grew by 7.1% in 2024 to $188.96 billion, but new investment interest has stagnated, according to the Economic Commission for Latin America and the Caribbean (ECLAC).
• FDI is a key driver of economic growth in Latin America, but a lack of new investment has raised concerns about the region’s long-term competitiveness and appeal to foreign investors. FDI inflows in 2024 rose 7.1% from 2023, representing 13.7% of gross fixed capital formation and 2.8% of GDP. However, these figures remained below the 16.8% and 3.3%, respectively, recorded during the 2010s.
• Brazil received the largest share of FDI at 38%, followed by Mexico with 24%. Argentina saw a 44% increase in natural resource investments, while Guyana experienced a 43% rise due to more spending in its hydrocarbon sector.
• ECLAC urged Latin American governments to focus on strategies that sustain investor interest, particularly as manufacturing investment rises and services decline. The region may need to adapt to global tariff changes and reconfigure value chains to stay competitive.

(Source: Reuters)

• During the first half of 2025, Dominicans living abroad sent a total of US$5.83 billion in remittances to the country, an 11.2% increase compared to the same period in 2024, according to data from the Central Bank.
• The National District and Santo Domingo province together accounted for 46.2% of the total, with the National District alone receiving 38.2%. Santiago followed with 12.5%, and Santo Domingo province with 8.0%, underscoring the dominance of the metropolitan areas, which collectively received 58.7% of all remittances.
• Regionally, the Northern region received 12.7%, the Eastern region 7.9%, and the Southern region 6.0%. In June alone, remittances totalled US$923.8Mn, representing a 7.9% increase from June 2024.
• The Central Bank highlighted that this strong inflow of foreign currency has helped maintain exchange rate stability. By the end of June 2025, the Dominican peso had depreciated only 2.1% compared to the end of 2024.
• Additionally, these remittances contributed to a healthy level of international reserves, which stood at US$14.79Bn, equivalent to 11.3% of GDP and covering 5.4 months of imports, surpassing IMF-recommended levels.

(Source: Dominican Today)