• Oil prices climbed sharply on September 28, 2026, after President Donald Trump rejected Iran’s latest proposal to end the conflict and reopen the Strait of Hormuz. Brent crude rose 3.29% to US$107.75 per barrel, while WTI increased 2.32% to US$94.55 per barrel in early trading, reflecting renewed concerns over global energy supply.
• Prices later pared most of those gains as expectations grew that Qatari mediators would hold further talks with the US and Iran. Brent ultimately settled 0.9% higher at US$105.28 per barrel, while WTI gained 0.2% to US$92.60 per barrel.
• Iran’s proposal was presented at the UN General Assembly and transmitted to the US through Qatari mediators. Trump rejected the plan but said he expected US negotiators to continue talks this week, suggesting that diplomatic efforts have not ended.
• The renewed rise in oil prices added to inflation concerns and upward pressure on Treasury yields, as investors assessed whether higher energy costs could require the Federal Reserve (Fed) to maintain a tighter policy stance. The Fed raised rates by 25 basis points earlier this month, while policymakers have signalled that further increases may be needed if inflation remains elevated.
• Markets are therefore increasingly sensitive to developments in the US-Iran conflict, particularly any changes in oil flows through the Strait of Hormuz. The waterway handled around one-fifth of global oil and liquefied natural gas supplies before the conflict, making its reopening an important factor for the global energy outlook.
• The sharp early rise in oil prices, followed by a partial reversal as prospects for further talks improved, highlights how sensitive energy markets remain to developments in the US-Iran conflict. A prolonged disruption to Hormuz flows could keep energy prices and inflation elevated, increasing pressure on central banks to maintain tighter monetary policy.

(Source: Reuters)

• China and the United States said they will pursue tariff cuts on US$60Bn worth of goods imported from each other, covering products ranging from US agricultural goods and cosmetics to Chinese toys and household appliances. Each country identified around US$30Bn of non-sensitive goods for more favourable tariff treatment.
• For the US, the agreement could improve market access for around 30% of US exports to China, according to US Trade Representative Jamieson Greer. China plans to reduce duties on US products including corn, wheat, sorghum, meat, dairy, vegetable oils and meals, as well as fish and seafood, wood products, cosmetics and medical devices.
• However, US soybeans were excluded from China’s tariff-reduction list, despite being the country’s largest agricultural export to China at US$16.2Bn in 2025. The American Soybean Association expressed disappointment, while soybean futures fell following the announcement.
• The US, meanwhile, proposed reciprocal tariff cuts on a range of Chinese consumer goods, including small appliances, tableware, blankets, bed linens and toys. The toy category alone accounted for US$14.4Bn of US imports from China in 2024, before falling to US$9.8Bn in 2025 amid higher tariffs.
• The tariff reductions were among the key outcomes of last week’s meeting between President Donald Trump and President Xi Jinping. The countries also extended their trade truce by two months to January 10, 2027, with China saying the extension provides a more stable and predictable policy environment for companies and continued negotiations.
• The two sides did not specify the size of the tariff reductions or when they will take effect. They also agreed to establish an agriculture working group, while China committed to import 10Mn metric tons of US coal annually in 2027 and 2028.
• The agreement represents a further easing in US-China trade tensions and could support bilateral trade by improving market access for selected goods. However, the absence of implementation dates and tariff-rate details, along with the exclusion of major products such as US soybeans, suggests the near-term economic impact may remain limited.

(Source: Reuters)

• Minister of Agriculture, Fisheries and Mining, Floyd Green, is encouraging farmers with adequate water access to consider doubling their output of ground provisions and vegetables to meet upcoming Christmas demand. The Rural Agricultural Development Authority (RADA), National Irrigation Commission (NIC) and Agro-Investment Corporation (Agro-Invest) are rolling out a programme to identify willing farmers in the agro-parks with reliable water access and underutilised land, and to support them with land preparation, seeds and fertiliser, for example, expanding a five-acre operation to 10 acres.
• The Minister noted that farmers in areas without water access cannot viably expand production, even with trucked water. As a result, the push will be concentrated in irrigated areas, with the aim of ensuring sufficient food supply by the peak Christmas season.
• The remarks were made at the official handover of a J$114.59Mn irrigation transmission force main piping system at the Ebony Park Agro Park in Clarendon, undertaken by the Jamaica Social Investment Fund (JSIF) under the second Rural Economic Development Initiative (REDI-II). The project involved the installation of 1.8 kilometres of force transmission main, upgrades to existing distribution lines, rehabilitation of the pump at Spring Plain, which serves the shared Ebony Park-Spring Plain network, and installation of pump switchgear. It will improve irrigation service across Ebony Park and the adjoining Spring Plain and Mango agro-parks, which were handed over on September 17.
• The initiative aims to strengthen food security and domestic supply resilience at a time when the agricultural sector is still rebuilding following Hurricane Melissa, but is navigating renewed risks from the super El Niño event that has triggered drought conditions across primarily Eastern parishes. Higher local output of fresh produce ahead of the peak holiday season could help contain seasonal food price pressures, a key contributor to inflation, while simultaneously reducing reliance on imported food, easing pressure on foreign exchange and supporting rural incomes. Over the medium term, investment in irrigation infrastructure should make agricultural output less vulnerable to drought and other climate shocks, reinforcing the sector’s contribution to stable growth. However, the increase in output will be confined to farms with reliable water access, limiting the overall impact on national food supply. In addition, adverse weather, pests and higher input costs could reduce the expected production gains and keep produce prices elevated.

(Sources: JIS & NCBCM Research)

• Venezuela and Trinidad and Tobago (T&T) have agreed to deepen bilateral cooperation, signalling a renewed phase of engagement between the neighbouring Caribbean states. The agreement was reached on September 23, 2026, on the sidelines of the 81st United Nations (UN) General Assembly in New York, with both governments reaffirming their commitment to dialogue, mutual respect, good-neighbourliness and cooperation.
• The renewed engagement follows a period of heightened tensions between the two countries, particularly over T&T’s position on the United States’ (U.S.) actions involving Venezuela, as well as maritime and environmental issues. Relations have also been tested by disputes surrounding oil spills affecting Venezuelan waters and fishing areas, while broader regional tensions have emerged over security and U.S. policy toward Venezuela.
• Against this backdrop, the two governments have moved to establish a more structured cooperation agenda spanning trade, energy, agriculture, tourism, air connectivity, environmental protection, security and disaster-risk management. The breadth of the agenda provides scope for closer commercial ties while addressing areas of shared regional interest.
• Energy cooperation is likely to remain particularly significant given the countries’ geographic proximity and shared natural-gas interests. Both sides have strategic interests in the development and exploitation of natural-gas resources, meaning deeper engagement could support opportunities for greater regional energy cooperation and strengthen T&T’s links with Venezuela’s energy sector. The agenda also extends beyond economic cooperation into security and regional resilience, including maritime security, migration management and disaster-risk coordination.
• The two governments now intend to translate the renewed dialogue into concrete initiatives, with President Delcy Rodríguez and Prime Minister Kamla Persad-Bissessar agreeing to make official visits to Caracas and Port of Spain. For the wider Caribbean, sustained implementation of the agenda could strengthen trade, energy and regional cooperation, although progress will depend on how effectively the two sides manage the security, environmental and geopolitical issues that have recently strained relations.

(Sources: teleSUR, Reuters, and AP News)

• Bermuda’s registered business base contracted in the first half of 2026 (Q1 2026), with total registrations falling by 1,168, or 7.2%, year-on-year (YoY) to 15,122. This marks the third consecutive quarterly decline. The contraction was broad-based, with local companies falling by 442, or 10.1%, to 3,660, their lowest level since Q3 2021, while exempted companies declined by 89 to 9,702, below 10,000 for the first time in at least six years in the fourth quarter of 2025.
• The decline in international business registrations comes as Bermuda’s corporate tax regime took effect. From January 2025, Bermuda introduced a 15% Corporate Income Tax (CIT) on in-scope multinational enterprise groups with annual global revenues of at least €750Mn, aligning the jurisdiction with the Organisation for Economic Co-operation and Development’s (OECD’s) Global Minimum Tax framework¹.
• The timing raises questions about the island’s attractiveness as an international business domicile, particularly for entities with limited economic substance in Bermuda. The OECD-led tax reforms reduce the benefit of booking profits in low-tax jurisdictions without corresponding local operations, potentially contributing to the continued decline in registered companies. However, the available data do not establish that the CIT is the sole driver of the contraction.
• For Bermuda, the trend highlights the importance of maintaining competitiveness while adapting to the global shift toward greater tax transparency. The Government’s 2023–2027 Economic Development Strategy explicitly prioritises the retention and expansion of local and international businesses, attracting investment and strengthening entrepreneurship as part of efforts to diversify the economy.
• The sustained decline in registrations could therefore have implications beyond the corporate sector, including government revenues, employment and demand for professional and financial services. While the new CIT is expected to generate meaningful government revenue from 2026 onwards, Bermuda will need to balance these fiscal gains against the potential loss of business activity as international firms reassess their domiciliations.

(Sources: The Royal Gazette & Government of Bermuda)

• For years, 5% on the benchmark US 10-year Treasury yield was viewed as the point at which global financial markets would start hitting ​turbulence. That threshold is beginning to look less like a ceiling and more like a waypoint.
• This month's breach of 5% - something that has happened only briefly in recent ‌decades - has forced investors to contemplate an unsettling question: What if 6% is the new number that should be keeping them awake at night?
• The latest move above 5% has not lasted long enough yet to properly test that theory. But it has always been a psychological marker rather than an automatic tripwire, according to BlueBay Asset Management's head of market strategy, Mike Bell. "People think of it as if there's a magic number for Treasury yields at which it becomes ​a problem, but it's a relative number, not an absolute number," Bell explained.
• JP Morgan's analysts say one of the reasons why the pain point might now be above 5% again is a "key structural shift" in the global economy, with AI, healthcare and services ​playing a bigger role. Many of those firms are spending and expanding, regardless of the level of borrowing costs.
• That means "the traditional interest-rate channel looks materially less binding" and the "breaking threshold" of stock markets may be "meaningfully higher, potentially in the 5.5%-6.0% range", JP Morgan said, referencing the views of some of the major investors at one of its most recent conferences. In the $29Tn Treasury market, which anchors pricing for virtually all financial assets, a shift from 5% to 6% ​would represent a profound adjustment in the global cost of capital.
• A 6% Treasury yield would imply either significantly higher inflation expectations, growing concerns about US fiscal sustainability, a conviction that interest rates will remain ​elevated for years - or a mix of all three.

(Source: Reuters)

• For years, 5% on the benchmark US 10-year Treasury yield was viewed as the point at which global financial markets would start hitting ​turbulence. That threshold is beginning to look less like a ceiling and more like a waypoint.
• This month's breach of 5% - something that has happened only briefly in recent ‌decades - has forced investors to contemplate an unsettling question: What if 6% is the new number that should be keeping them awake at night?
• The latest move above 5% has not lasted long enough yet to properly test that theory. But it has always been a psychological marker rather than an automatic tripwire, according to BlueBay Asset Management's head of market strategy, Mike Bell. "People think of it as if there's a magic number for Treasury yields at which it becomes ​a problem, but it's a relative number, not an absolute number," Bell explained.
• JP Morgan's analysts say one of the reasons why the pain point might now be above 5% again is a "key structural shift" in the global economy, with AI, healthcare and services ​playing a bigger role. Many of those firms are spending and expanding, regardless of the level of borrowing costs.
• That means "the traditional interest-rate channel looks materially less binding" and the "breaking threshold" of stock markets may be "meaningfully higher, potentially in the 5.5%-6.0% range", JP Morgan said, referencing the views of some of the major investors at one of its most recent conferences. In the $29Tn Treasury market, which anchors pricing for virtually all financial assets, a shift from 5% to 6% ​would represent a profound adjustment in the global cost of capital.
• A 6% Treasury yield would imply either significantly higher inflation expectations, growing concerns about US fiscal sustainability, a conviction that interest rates will remain ​elevated for years - or a mix of all three.

(Source: Reuters)

• AI-led investment is helping the global economy hold up marginally better than expected this year, but the ‌energy shock is becoming more entrenched, weighing on the outlook for 2027, the OECD said on Wednesday. After 3.4% growth last year, the global economy is set to slow to 2.9% growth in 2026, slightly better than the 2.8% forecast in June, the Organisation for Economic Co-operation and Development said in its interim economic outlook.
• Heading into 2027, the commodity price shock caused by the Middle East conflict is expected to weigh on momentum, and the OECD forecasts global growth picking up to only 3.0%, from 3.1% in June.
• The OECD said ⁠strong spending on AI infrastructure, from data centres to semiconductors, has been a key pillar of resilience this year, boosting growth in the United States and lifting technology exports from Japan and Korea.
• However, it warned the global outlook was particularly clouded by the potential for energy market jitters, extreme weather related to a strong El Niño, surging government bond yields and disappointing AI investment returns.
• If those risks materialised, the OECD estimated they could together reduce global growth by 0.7 percentage points next year and raise global inflation by 1.1 percentage points.
• In the OECD's baseline outlook, inflation in G20 economies was seen at 4.1% in 2026, up from 4.0% forecast in June. The OECD also raised its 2027 forecast to 3.6%, from 3.1% in June, which it said could force central banks to adjust interest rates if price pressures broaden or growth ‌falters.

(Source: Reuters)

• Royal Caribbean Group (RCL) has agreed to acquire a 50% stake in a newly established joint venture controlling Sandals Resorts International for US$3.0Bn, valuing the Caribbean all-inclusive resort operator at US$6.0Bn. The transaction, which represents a forward EBITDA multiple of approximately 10x, is the largest in the cruise operator’s history. Parts of the Stewart family will retain control of the other half of the business.
• The deal adds Sandals’ 20 resorts across the Caribbean to Royal Caribbean’s portfolio, operated under the couples-only Sandals brand and the family-focused Beaches brand, with properties in Jamaica, the Bahamas, Saint Lucia, Grenada, Barbados and St Vincent. The acquisition extends the company’s push into land-based vacations, building on its Perfect Day and Royal Beach Club private destinations and its planned 2027 entry into river cruising, while allowing it to cross-sell holidays on land to its customers.
• The joint venture will be governed by a board under the shared leadership of Jason Liberty, Royal Caribbean’s Chairman and CEO, and Adam Stewart, who will remain Executive Chairman of Sandals and Beaches Resorts. Existing reservations, loyalty programs and resort operations will continue as usual. Royal Caribbean has secured committed debt financing from Morgan Stanley, and the transaction is expected to close in early 2027.
• The agreement caps years of stop-start efforts to sell Sandals, the Caribbean’s largest private employer. Several sale processes over the past decade failed to yield a deal, including an attempt halted by the pandemic, while the death of founder Gordon “Butch” Stewart in 2021 gave rise to family disputes and legal battles over the trusts holding parts of his estate. Sandals engaged bankers last year to run the latest process, which drew interest from both strategic bidders and private equity groups.
• Royal Caribbean’s shares closed down 6.1% following news of the deal and are down 17% year-to-date. Cruise operators are underperforming the wider market for the first time since the pandemic, as the conflict in Iran and regional instability dent demand. In July, Royal Caribbean trimmed its 2026 revenue growth projection to 9% from 10%, citing foreign exchange effects. The company, which operates 71 ships, has a market capitalization of US$62Bn.
• Looking ahead, the joint venture is expected to accelerate the expansion of Sandals and Beaches Resorts to meet global demand, while growing Royal Caribbean’s participation in the approximately US$2 trillion global vacation market as cruise operators seek to capture a larger share of consumers’ overall travel spending. The companies will also explore opportunities to broaden distribution and deepen guest engagement across both portfolios. The transaction is expected to be accretive to Royal Caribbean’s earnings next year, subject to customary approvals and closing conditions.

(Sources: Financial Times, Reuters, Sandals Resorts & NCBCM Research)

• Jamaica Broilers Group Limited (JBG) reported a net loss of J$6.80Bn for the year ended May 2, 2026, narrowing FY2025’s loss by 5.9%.
• The loss was driven by a J$9.76Bn hit from the discontinued operations. This comprised a J$6.00Bn net loss from The Best Dressed Chicken, Inc., the Group’s underperforming US broiler processing subsidiary, before its assets were sold, and a J$3.75Bn loss on the sale itself, as the assets’ J$8.69Bn carrying amount far exceeded the J$4.98Bn in proceeds. Still a partial booster shot was that continuing operations returned to profitability, generating a net profit of J$2.96Bn compared with a J$2.95Bn loss in FY2025. Revenue from continuing operations increased 2.3% to J$74.26Bn. This was supported by a 20.1% growth in external revenue from the Group’s continuing US operations to J$14.45Bn, while Jamaica external revenue declined 0.9% to J$60.17Bn.
• Cost of sales fell 7.8% to J$52.97Bn, driving a 41.5% increase in gross profit to J$21.66Bn and a 799 basis points widening in gross margin to 29.0%. Meanwhile, total operating expenses fell 4.9% to J$14.58Bn. Distribution costs rose 24.4% to J$3.58Bn, but administration and other expenses declined 11.7% to J$10.99Bn, reflecting lower staff and inventory costs. With other income more than tripling to J$623.62Mn, operating profit rose to J$7.71Bn from J$167.10Mn, with the operating margin expanding to 10.3% from 0.2%.
• Finance costs eased by 1.6% to J$2.49Bn, but the operating profit jump was supstantial enough to drive profit before tax to J$5.15Bn, versus a J$2.32Bn loss a year earlier.
• Notably, EY issued an unmodified audit opinion¹ compared with the prior auditor’s qualified opinion on FY2025, which had related to accounting irregularities in the US operations. An independent forensic review completed after year end found no additional transactions or irregularities requiring adjustment. However, certain covenants on US subsidiary facilities were not met, and a forbearance agreement with lenders expires on October 16, 2026. Management expects positive cash flow and EBITDA from the US operations in FY2027 and is pursuing cost controls, additional working-capital funding and revenue growth initiatives.
• Looking ahead, stronger margins and the return of continuing operations to profit provide a firmer platform for FY2027. Nonetheless, the durability of the recovery will depend on sustained performance in Jamaica, the viability and refinancing of the remaining US operations, and tighter control of finance and tax costs.
• At the close of trading on September 22nd, JBG’s share price was J$12.27, representing a 28.7% decline year-to-date. At this level, the stock’s P/B of 0.64x is below the Main Market Distribution & Manufacturing sector average of 1.50x.

_______________________

¹An unmodified audit opinion (often called a clean opinion) is a report issued by an independent auditor stating that a company's financial statements are presented fairly in all material respects and comply with accounting standards like GAAP or IFRS

(Sources: Jamaia Broilers Group Ltd. Financial Statements & NCBCM Research)