• The European Union (EU) will suspend its two packages of countermeasures to U.S. tariffs for six months following a deal with U.S. President Donald Trump.
• The EU-U.S. agreement leaves many questions open, including tariff rates on spirits, and Trump's executive order last week setting tariffs on most EU goods at 15% did not include carve-outs such as for cars and car parts. EU officials have said they expect more executive orders to follow soon.
• "The EU continues to work with the U.S. to finalise a Joint Statement, as agreed on 27 July," the spokesperson said in a statement. "With these objectives in mind, the Commission will take the necessary steps to suspend by 6 months the EU’s countermeasures against the US, which were due to enter into force on 7 August."
• The retaliatory tariffs are in two parts: one in response to U.S. steel and aluminium duties, and the other to Trump's baseline and car tariffs.

(Source: Reuters)

• Britain's main minimum wage rate will probably need to rise 4.1% next year to 12.71 pounds ($16.88) an hour to keep up with the government's goal for it to match two-thirds of median earnings, according to the body that effectively sets the rate.
• Britain's minimum wage has risen steeply in recent years - increasing by 6.7% in April to 12.21 pounds an hour - and last year it was the second-highest in Europe after France in relative terms, OECD data showed.
• Rising wage costs across the whole economy are seen by the Bank of England as one reason why British inflation has been higher than elsewhere in Europe, though it expects pressure to ease as the job market is slowing.
• Britain's minimum wage is set by the government each year based on a recommendation from the Low Pay Commission, a government-appointed body that includes representatives from employers, trade unions, and academia. Around 6.5% of British workers receive the minimum wage, and a significant number are paid only slightly more.
• A trade body for Britain's hospitality industry said rising employment costs had already led to reduced hours for staff. "Any significant wage hike may cost jobs. We urge the Low Pay Commission to recognise these cost pressures and recommend a more gradual and sustainable increase this year," UK Hospitality chair Kate Nicholls said.
• Earlier this week Britain's government gave guidelines to the commission on the factors it should consider, which were little changed from 2024. They include keeping minimum pay no lower than two-thirds of the median, while taking into account economic competitiveness and employment. In May, the commission predicted that the minimum wage for employees aged 21 and over, which the government calls the National Living Wage, would rise by 3.6% next year

(Source: Reuters)

• Guardian Holdings Limited (GHL) delivered a strong second quarter performance, with Q2 2025 earnings rising by 64.1% year on year to TTD$274.4Mn. This was primarily driven by higher net investment income and continued growth in its English-speaking, Dutch Caribbean and Netherlands insurance markets.
• Net investment income climbed 38.6% year-over-year to TTD$558.2Mn, largely due to proactive portfolio rebalancing, realised gains on securities, and higher contributions from financial assets held at amortised cost and fair value. This provided a significant boost to the Group’s Q2 earnings.
• Net insurance results rose modestly to TTD$244.5Mn (11.2%), up from TTD$220.0Mn in Q2 2024, reflecting. The improvement was supported by a sharp 40.8% decline in net expenses from reinsurance contracts held, which helped offset the 20.8% rise in insurance service expenses stemming from elevated claims activity—particularly in the Property & Casualty (P&C) segment. This balance underscores the Group’s ability to preserve underwriting profitability amidst a more challenging claims environment.
• Net insurance finance expenses increased by 31.5% to TTD$268.85Mn in Q2 2025, up from TTD$204.53Mn in Q2 2024, reflecting the impact of higher discounting and accretion costs on insurance liabilities amid prevailing market interest rate conditions. The Life, Health & Pensions (LHP) segment was the primary driver of the increase, as policyholder investment-linked funds experienced strong returns, which resulted in a TTD$134.0Mn rise in client-attributed investment income. While this benefited clients, it correspondingly increased the Group’s insurance liabilities, thereby raising finance expenses.
• Against this background, the Group’s net profit for the six months ended June 2025 (H1 2025) surged to TTD$1.04Bn (+160.3%), led by the one-off gain of TTD$649.0Mn from the disposal of Thoma Exploitatie B.V. in Q1 and supported by the robust growth in earnings in Q2.
• That said, excluding profit from discontinued operations after tax, the Group recorded unaudited profit attributable to equity shareholders on continuing operations of TTD$394.93Mn, 1.0% above the TTD$392.89Mn in H1 2024. This performance reflects a falloff in Q1 earnings from continuing operations that was offset by a rebound in core earnings in Q2.
• As at the close of trading on Monday, GHL shares closed at J$308.120, reflecting a 0.50% year-to-date increase. At this price, the shares trade at a P/E of 2.09x, which is below the Main Market Financial Sector Average of 13.63x.

(Sources: Guardian Holdings Limited Financials & NCBCM Research)

• Jamaica’s agricultural sector recorded growth of 13.7% between April and June of 2025. This is up from 3.1 per cent growth for January to March, when the island, for the first time, recorded 221,000 tonnes of production in a quarter.
• “I’m pleased to announce that in our April to June quarter, our Jamaican farmers have produced, from our preliminary figures, 232,000 tonnes of production,” Minister of Agriculture, Fisheries and Mining, Hon. Floyd Green disclosed. He noted that the growth is despite the setbacks caused by Hurricane Beryl.
• Minister Green noted that one of the main areas in which support is being provided to farmers is through major irrigation projects. “As we know, the climate has changed. We’re going through these times of extended drought; water is non-negotiable and that is why this Government is spending…to ensure that our farmers have access to water,” he pointed out.
• He highlighted the recently launched Parnassus Irrigation Scheme in Clarendon, which comprises 700 acres of newly irrigated land. “I’m pleased to advise that every single acre in Parnassus is now leased to agricultural entrepreneurs, who have started the planting and who are helping to drive our production,” the Minister said.
• Pipe work has been completed for the Amity Hall irrigation project in St. Catherine, which will bring another 800 acres under irrigation. “We expect to launch Amity Hall in the last quarter of this year. Additionally, we’ve done all the pipe works…we’ve done the road works in Essex Valley, St. Elizabeth, which will bring about 3,000 acres of agricultural land under irrigation support,” the Minister said.
• He pointed out that Essex Valley will also feature 24,000 square feet of storage for produce and areas for agro processing. “We would have just broken ground this week for the rehabilitation of the Coleyville Cold Storage facility [in Manchester], with eight storage bins, and each can hold about 250,000 pounds of agricultural produce,” Minister Green said.

(Source: JIS

• The construction of the multi-million-dollar international airport at Wesley, northeast of the island, is progressing satisfactorily and is “ahead of schedule” according to the Dominican government. Finance Minister Dr. Irving McIntyre, delivering the EC$1.3 billion budget, told legislators that since the mobilisation and commencement of construction of the international airport, there has been substantial progress in transforming “this long-awaited national priority into a reality.”
• According to McIntyre, the construction of the airport, which is now over 40% complete, “will serve as a catalyst for tourism, trade and investment, reshaping Dominica’s economic landscape and global connectivity.” Further, work on the cargo facility, air traffic control tower and rescue and firefighting services building will soon commence.
• The construction of the Cabrits Marina, which is also progressing on schedule, remains a key pillar in the government’s strategic plan to position Dominica as a premier destination for marine tourism. Dr. Irving McIntyre said that the first phase of the project is scheduled for completion by June 2026 and is being executed with precision and adherence to international engineering standards. The second phase will deliver the core operational features of the marina and is expected to be completed by November 2026.
• The Dominica government has identified a reputable and experienced marina operator who has received global recognition under The Yacht Harbour Association’s (TYHA) Gold Anchor Accreditation Scheme, a standard that reflects a commitment to excellence in marina development and customer service. “The benefits of this partnership extend well beyond the physical infrastructure. It brings with it the training and employment of a local workforce, ensuring that Dominicans are equipped to take full advantage of the opportunities within the marine tourism sector.”
• The project is also expected to foster strong engagement with both community and private sector stakeholders, creating a shared sense of ownership and participation in the success of the marina. Through the operator’s global reputation for excellence, the Cabrits Marina will offer best-in-class services and standards, attracting a loyal following of captains, crew and boaters who already associate the brand with quality and professionalism.

(Source: Caribbean Today)

• ExxonMobil’s Chairman and Chief Executive Officer Darren Woods on Friday, August 1, 2025, described Guyana as one of the oil giant’s most strategically important assets and predicted that the country’s Stabroek Block will go down as one of the most successful deepwater developments in history.
• During the company’s second quarter earnings call, Woods highlighted that Exxon recently celebrated the 10th anniversary of its first oil discovery in Guyana and oil production commenced in December 2019. Exxon currently has three major developments online in the Stabroek Block, producing about 650,000 barrels of oil per day, and a fourth FPSO – One Guyana – is expected to increase daily production to 900,000 barrels of oil per day.
• Woods noted that by 2030, the company anticipates having a total production capacity of 1.7 million barrels of oil equivalent per day across eight sanctioned projects in the Stabroek Block. “The success of these projects has established Guyana as the world’s fastest growing economy, it’s also one of the reasons I believe the Guyana development will prove to be one of the most successful deepwater developments of all time,” he said.
• Stabroek Block, which spans 6.6 million acres is estimated to hold 11.6 billion barrels of oil. Exxon holds 45% interest in the Stabroek Block. Hess Guyana Exploration Ltd. (now Chevron) holds 30% interest, and CNOOC Petroleum Guyana Limited holds 25% interest. The agreement governing the Stabroek Block extends favourable terms to the oil companies. According to the agreement, Stabroek Block partners can recover 75% of oil produced to cover investment costs. The remaining 25% is considered profit and is split equally between Guyana and the consortium, giving each 12.5%.

(Source: Kaieteur News)

• U.S. President Donald Trump again threatened on Monday to raise tariffs on goods from India over its Russian oil purchases, while New Delhi called his attack "unjustified" and vowed to protect its economic interests, deepening the trade rift between the two countries.
• In a social media post, Trump wrote, "India is not only buying massive amounts of Russian Oil, they are then, for much of the Oil purchased, selling it on the Open Market for big profits. They don't care how many people in Ukraine are being killed by the Russian War Machine."
• A spokesperson for India's foreign ministry said in response that India will "take all necessary measures to safeguard its national interests and economic security.”
• Trump has said that from Friday, he will impose new sanctions on Russia as well as on countries that buy its energy exports, unless Moscow takes steps to end its 3-1/2 year war with Ukraine. Russian President Vladimir Putin has shown no public sign of altering his stance despite the deadline.
• Over the weekend, two Indian government sources told Reuters that India will keep purchasing oil from Russia despite Trump's threats. India has faced pressure from the West to distance itself from Moscow since Russia invaded Ukraine in early 2022. New Delhi has resisted, citing its longstanding ties with Russia and economic needs.
• Trump had already in July announced 25% tariffs on Indian imports, and U.S. officials have cited a range of geopolitical issues standing in the way of a U.S.-India trade accord. Trump has also cast the wider BRICS group of developing nations as hostile to the United States. Those nations have dismissed his accusation, saying the group promotes the interests of its members and developing countries at large.

(Source: Reuters)

• The Bank of Japan (BoJ) laid the groundwork this week for resuming interest rate hikes by spelling out explicitly for the first time the risks that persistent food price rises fan broad-based inflation.
• While markets took a dovish reading of BoJ Governor Kazuo Ueda's commentary after Thursday's policy meeting, much of his guidance suggests the bank is inching back towards action after a period of waiting and watching, analysts say.
• A shift in the board's inflation bias and its less gloomy view on the impact of U.S. tariffs also underscores the BOJ's resolve to pull the trigger once it is convinced the damage from higher levies will be within its expectations.
• Such hawkish signals in the BoJ's quarterly report, which represents the board's consensus view on the policy outlook, were qualified by Ueda's comments suggesting he was in no rush to raise interest rates. Still, Ueda said Japan was making some progress towards durably hitting the BoJ's 2% inflation target and stressed that its policy rate - at 0.5% - remains very low.
• All in all, the signals show the BoJ is preparing for another rate hike, while leaving all options open on the exact timing, analysts say.
• The BoJ holds its next policy meeting in September and another in October, when the board conducts a quarterly review of growth and price forecasts. It holds its final meeting for this year in December

(Source: Reuters)

• Caribbean Cement Company (CCC) saw its second quarter earnings plummet by 76.9% to J$543.94Mn. The decline came amid higher direct expenses associated with its annual plant maintenance, which outpaced revenue growth.
• Q2 2025 Revenues rose to J$8.13Bn, (up 6.0% or J$460.74Mn year-over-year). However, direct expenses outgrew revenues, rising by 73.9% to J$6.58Bn, primarily due to its planned annual maintenance shutdown.
• With the planned shutdown significantly increasing direct costs during the quarter, gross profits declined by 60.1% to J$1.55Bn, while gross profit margins declined from 50.7% to 19.1%. Operating expenses also rose 5.3%, further weakening operating earnings, which fell by 84.7% to J$421.51Mn). Consequently, operating margins moved from 36.0% to 5.2%.
• CCC’s Q2 2025 results, coupled with modestly lower earnings in Q1 2025, contributed to lower 6M 2025 earnings of $2.54Bn, down 40.7% YoY.
• Looking ahead, CCC is set to enter its third quarter with a stronger operational foundation following the successful commissioning of its kiln expansion project at the end of June, which is expected to significantly boost production capacity and efficiency while supporting long-term sustainability. The expanded kiln will enable CCC to better meet domestic demand, reduce reliance on imports, and enhance cost efficiency and supply chain resilience.
• Local demand is expected to remain stable, driven by ongoing activity in the construction sector, including government infrastructure projects and private investments, particularly in the hotel industry. The company is also planning to export 28,000 tonnes of cement to Caribbean markets, starting as early as August, which points to demand outside of Jamaica.
• As at the close of trading on Wednesday, CCC shares closed at J$84.98, reflecting a 0.56% year-to-date increase. At this price, the shares trade at a P/E of 12.16x, which is below the Main Market Energy, Industrials and Materials Sector of 15.95x.

(Sources: CCC Financial Release & NCBCM Research)

• In a company release on the Jamaica Stock Exchange (JSE) on July 30, 2025, the Directors of Sygnus Credit Investments Limited (SCI) announced an invitation to its preference shareholders to a hybrid General Meeting on August 26, 2025, in Saint Lucia and Jamaica, to approve extensions and adjustments to the terms of its Class C and Class D Preference Shares, including extending maturity dates and revising dividend yields.
• The company plans to obtain approval for the proposed variation of the Class D Shares (8% US$ Cumulative Redeemable Preference Shares) to extend maturity from December 22, 2025, to December 22, 2028, and to adjust the dividend yield from 8.00% to 7.50%.
• Approval is also being sought for SCI’s Class C Shares (10.50% J$ Cumulative Redeemable Preference Shares) to extend maturity to December 22, 2028, and revise the dividend yield from 10.50% to 9.85%, opting to amend existing shares instead of issuing new ones to streamline the process.
• The rationale for the Class D USD Preference Shares rate revisions is to continue providing attractive returns to shareholders while reflecting current market conditions, particularly the decline in the 3-year US Treasury yield from 4.80% at the time of the Offer to about 3.90% in July 2025. Similarly, the rationale for revising the Class C is to reflect the Bank of Jamaica’s policy rate decreasing from 7.00% to 5.75%, and Treasury Bill yields falling from between 7.91%–8.42% to approximately 5.19%–5.37% as of mid-2025.
• SCI has demonstrated strong financial performance, with a 60.3% increase in net profit to US$6.97Mn for the first nine months of FY2025. It’s 9M 2025 results have desurpass its previous full-year earnings, driven mainly by growth from its Puerto Rican subsidiary Acrecent and record total investment income of US$13.22Mn. With over US$78Mn deployed in the first nine months and an investment pipeline exceeding US$100Mn, SCI appears well-positioned to expand its private credit platform regionally

(Source: SCI Company Release)