• Russia’s coal shipments to China have been rising even though overall shipments to China have declined, new data from S&P Global Market Intelligence showed. 
• Russian seaborne coal deliveries to China surged 55% to 6.2Mn tonnes in the first 28 days of June compared to the same period last year, S&P’s Commodities at Sea database showed. In May, Russian seaborne supply to China also rose by 20% year-on-year to 5.5Mn tonnes. 
• Domestic production in China has also been increasing. The latest data from the National Bureau of Statistics of China showed that between January and May, raw coal production rose 10.4% year-on-year to 1.81Bn tonnes, while imports dropped to around 96Mn tonnes — down 13.6% compared to a year ago. 
• “Despite lower demand and higher domestic coal production, China has been buying significantly higher Russian coal since May 2022,” S&P Global Market Intelligence associate director Pranay Shukla said told CNBC. 
• Russia is a major global coal producer and exporter. However, since its invasion of Ukraine, Moscow has been forced to sell coal at a discount after countries like Japan banned Russian imports of the commodity.

(Source: CNBC)

• Exports to Jamaica’s top trading partners increased by 14% to US$173.1Mn for the first two months of 2022 compared to the corresponding period last year. These partners are the US, United Kingdom, Canada, Puerto Rico, and Finland. 
• A report from the Statistical Institute of Jamaica (STATIN) indicated that the out-turn for January and February was largely attributed to higher exports of bunker C fuel oil and Turbo A1 fuel to the USA. 
• However, total export earnings fell by 9.5% to US$208.5Mn compared to US$230.4Mn earned in the similar period in 2021. The decline was primarily due to a 66.6% fall in the value of outflows in the category ‘Crude Materials’. 
• Further, domestic exports, which accounted for 84.6% of total exports, declined by 11.8% to US$176.4Mn due to an 80.6 percentage point fall in the export of alumina owing to the closure of Jamalco. 
• Meanwhile, Jamaica’s import expenditure increased to just over US$1Bn, consequent on a 32.4% increase in imports for the review period. This was due to increased spending on all categories of imported goods likely owing to the global rise in the price of commodities and consumer goods stemming from the war on Ukraine and elevated supply chain challenges. 
• Imports of ‘Raw Materials/Intermediate Goods’ rose by 46.6%, the total spend on imports of Consumer Goods increased by 53.7%, while imports of ‘Fuels and Lubricants’ increased by 10.7% over the similar period in 2021.

(Sources: STATIN & NCBCM Research)

• President Ali announced that several Caribbean Community (CARICOM) member states have come together to advance work on a regional energy strategy that will guide Caribbean nations in areas for investment. 
• Discussions on the strategy have already begun with the President of Suriname, Chandrikapersad “Chan” Santokhi, and Prime Minister of Trinidad and Tobago, Dr. Keith Rowley and his Energy and Energy Industries Minister, Stuart Young. “We are proposing to move rapidly on a regional energy strategy to look at all the potential areas for investment, to bring investors together, bring the markets together, and see how quickly, and transparently as possible we can unlock opportunities,” Dr. Ali explained. 
• The strategy will also include Brazil, which is not a part of CARICOM, but, nonetheless, is currently in negotiations with Guyana and Suriname for the development of an energy corridor. 
• The aim will be to find a solution that removed bureaucratic delays, advances dynamism, and unlocks its natural gas potential, which can contribute to rebalancing the supply side for the region.

(Source: Guyana Chronicles)

• President Ali announced that several Caribbean Community (CARICOM) member states have come together to advance work on a regional energy strategy that will guide Caribbean nations in areas for investment. 
• Discussions on the strategy have already begun with the President of Suriname, Chandrikapersad “Chan” Santokhi, and Prime Minister of Trinidad and Tobago, Dr. Keith Rowley and his Energy and Energy Industries Minister, Stuart Young. “We are proposing to move rapidly on a regional energy strategy to look at all the potential areas for investment, to bring investors together, bring the markets together, and see how quickly, and transparently as possible we can unlock opportunities,” Dr. Ali explained. 
• The strategy will also include Brazil, which is not a part of CARICOM, but, nonetheless, is currently in negotiations with Guyana and Suriname for the development of an energy corridor. 
• The aim will be to find a solution that removed bureaucratic delays, advances dynamism, and unlocks its natural gas potential, which can contribute to rebalancing the supply side for the region.

(Source: Guyana Chronicles)

• Barbados and the region continue to face the chilling reality that in 20 years, a substantial portion of tourism revenues will be funding the cost of addressing the impact of climate change. 
• This concern was raised by Barbados’ Ambassador Extraordinary and Plenipotentiary with Responsibility for Climate Change, Small Island Developing States and Law of the Sea, Senator Elizabeth Thompson, who said that the Caribbean tourism sector earns $24Bn annually, contributing between 17 to 90% to GDP, and providing 40% of the jobs in the market. 
• The Inter-American Development Bank (IDB) is projecting that by 2050 the cost of addressing climate impacts for tourism will amount to US$22Mn. 
• Senator Thompson explains that the only way to change that equation is by building resilience. The reality is that tourism revenues are so integrated into the economy, with direct and indirect jobs, the region has to build resilience beyond the tourism sector. 
• Building resilience in the sector involves finding ways to guard against the ravages of climate change, protecting coastlines and coral reefs, committing to and operationalising the transition to renewable energy resources, boosting agricultural output with technology for food security, and addressing the water scarcity issues, among other measures. 
• Until then, the current challenge is for Barbados to position itself as an all-year balanced tourism destination to drive sustainability by focusing on initiatives including educating tourists on single-use plastic, food waste, carbon offsetting etc., which results in inclusive growth and economic impact.

(Source: Barbados Today)

• On June 28, 2022, the United States, imposed sanctions on more than 100 targets and banned new imports of Russian gold, acting on commitments made by the Group of Seven leaders this week to further punish Russia over its invasion of Ukraine. 
• The U.S. Treasury Department said it imposed sanctions on 70 entities, many of which it said are critical to Russia's defense industrial base, as well as 29 people in an effort to hinder Russia's ability to develop and deploy weapons and technology. 
• "Targeting Russia's defense industry will degrade Putin's capabilities and further impede his war against Ukraine, which has already been plagued by poor morale, broken supply chains, and logistical failures," Treasury Secretary Janet Yellen said in a statement. 
• Fresh sanctions were imposed on Rostec, Russia's state aerospace and defense conglomerate. The Treasury said Rostec's "management umbrella includes more than 800 entities across a wide range of sectors" and that all entities owned 50% or more, directly or indirectly, by Rostec are blocked. United Aircraft Corporation (UAC) was sanctioned to "weaken Russia's ability to continue its aerial assault on Ukraine," the Treasury said. 
• The United States slapped sanctions on Russia's largest truck manufacturer, Kamaz (KMAZ.MM), saying its vehicles have been seen carrying missiles and Russian soldiers throughout the Ukraine conflict.

(Source: Reuters)

• NATO formalized its invitation to Sweden and Finland to join its alliance on June 29, a historic expansion of the defense bloc that directly undercuts Russian President Vladimir Putin's aims as his war in Ukraine grinds ahead. 
• The group collectively decided to approve countries' applications to join after Turkey dropped its objections, paving the way for NATO's most consequential enlargement in decades. 
• "The accession of Finland and Sweden will make them safer, NATO stronger, and the Euro-Atlantic area more secure. The security of Finland and Sweden is of direct importance to the Alliance, including during the accession process," the statement said. 
• The decision will now go to the 30 member states' parliaments and legislatures for final ratification. NATO's leaders said they expected the process to move quickly, allowing for an unprecedentedly swift accession and a show of unity against Putin.

(Source: CNN)

• Real estate investors are being urged to diversify into other industries, in order to create the levels of economic expansion that will support continued growth in the sector. 
• The advice comes from State Minister in the Ministry of Industry, Investment and Commerce, Dr. the Hon. Norman Dunn, who pointed out that such investment would create wealth for Jamaicans, who could then put their money into real estate. 
• “What good are new houses, apartments, offices and factories if we do not build other industries at the same time, so that people have the financial resources to acquire real estate?” he asked, while addressing the Annual General Meeting of the Realtors Association of Jamaica (RAJ) at the Terra Nova Hotel All-Suite Hotel in St. Andrew on June 22. 
• He noted that while “investment from foreign direct investors can support this process, there is also a place for Jamaicans to commit to nation-building by actively engaging in direct investments to different industries”. 
• There are also opportunities in areas such as agro-processing, light manufacturing, and in finalising goods for export. Therefore, domestic private sector investments in these areas can ensure growth to sustain the current expansion being witnessed in the real estate industry.

(Source: JIS News)

• Barbados may be returning to the International Monetary Fund (IMF) to ask for assistance under one of its Precautionary fund facilities. Special Envoy to Prime Minister Mia Mottley on Investment and Financial Services Professor, Avinash Persaud, said the Government is looking to embrace as many life-saving safety nets against unexpected global health, economic, and natural disaster shocks as possible. 
• While not identifying a specific precautionary facility at this stage, Professor Persaud said that Government was considering the range of precautionary funds available within the IMF. He pointed out that the chosen one would add to an existing Bajan-styled safety net for debt relief, which Barbados is trying to convince the major countries to support. Additionally, the country has expressed interest in applying to the IMF for a precautionary fund to act as a buffer in the event the government needs to tap it for assistance. 
• Moreover, with the ongoing pandemic, the war on Ukraine, and effects of climate change, Professor Persaud argued that the more safety nets, emergency facilities and war chests available to the country, the better the Government can protect Barbadians and by extent, the economy.

(Source: Barbados Today)

• On June 24, WiPay, a Caribbean payment solutions company, launched in the Cayman Islands, according to an interview conducted by WiPay founder and CEO Aldwyn Wayne, who expressed delight about the launch. 
• 'I am excited because of the potential relationship with Digital Cayman and all the government initiatives that they are trying to find a solution for can be solved by our platform,' Wayne said. 
• Of note, Digital Cayman is a public sector body that supports companies seeking to establish a physical presence in the country while empowering the workforce in Cayman to pursue careers in technology and helping to guide regulatory and legislative change. 
• WiPay is positioning itself to fill a void that currently exists in the Cayman Islands in terms of the government's social payments to its population. 
• The largest number of expatriates living in the Cayman Islands were born in Jamaica, as such, this would facilitate an easy transfer of money via WiPay’s settlement network to loved ones back home. Mr. Wayne has stated that the transfer of money from Cayman to Jamaica through WiPay is going to be cheaper and quicker than using a bank transfer or a remittance company.

 (Source: CariCRIS)