• Governance upgrades are setting the tone this week, as companies continue to reinforce board independence and oversight. Image Plus Consultants Limited (IPCL) added two independent directors, while Sagicor Real Estate X Fund (XFUND) also expanded its board with a new appointment.
• Simultaneously, XFUND is evaluating a capital reduction to address negative retained earnings on its standalone accounts highlighting a more proactive approach to balance sheet management.
• Turning to shareholder returns, Sagicor Group Jamaica reinforced its commitment to shareholder value with the declaration of a final dividend of $0.89 per stock unit, payable in May 2026, resulting in a $6.95Bn total payment to shareholders over a 12-month period and a dividend yield of 4.2%, at its current price of $41.91.
• However, not all updates were as encouraging as reporting delays point to lingering compliance challenges for Spur Tree Spices Jamaica Limited and Stanley Motta Limited. Both companies indicated setbacks in finalising FY2025 audited financials and now expect them to be completed by April 15 and April 30, respectively.

(Sources: JSE & NCBCM Research)

• The Government of Dominica on Wednesday, March 25, 2026, announced a series of measures aimed at cushioning the economic impact of the ongoing Middle East conflict. Prime Minister Roosevelt Skerrit warned that rising oil prices and global supply disruptions could affect fuel, food costs, jobs, and overall economic stability, noting that while the island faces no direct military threat, it remains exposed to economic aftershocks.
• He warned that the most immediate concern for Dominica is a sharp increase in global oil prices, as the country imports all of its fuel, which will affect electricity costs, transportation, and the price of goods and services, alongside rising costs of imported food and essential supplies due to disruptions in global shipping routes and supply chains.
• The Prime Minister also cautioned that a slowdown in global travel and investment could affect tourism and capital inflows into the local economy, highlighting broader risks to economic activity beyond energy and trade channels.
• To mitigate these risks, Skerrit said the government will introduce targeted relief measures, including temporary reductions on duties and taxes for essential goods, expanded support for vulnerable households through social protection programmes, collaboration with Dominica Electricity Services to manage energy costs, and continued progress on the geothermal energy project in Laudat to reduce reliance on imported fuel and lower electricity costs over time.
• Additionally, the government will engage stakeholders across tourism, agriculture, and the private sector to protect jobs and maintain economic activity, while strengthening fiscal management by prioritising critical spending and deferring discretionary expenditures, with Skerrit urging citizens to remain calm despite potential pressure from rising prices.
• Dominica joins the Dominican Republic, Barbados, Antigua and Barbuda and Guyana, which are among the Caribbean countries that have announced relief measures for its residents in recent weeks as the US-Israeli war on Iran has caused a sharp rise in energy prices.

(Sources: Caribbean News Weekly & NCBCM Research)

• The Trinidad & Tobago government has no plans to raise fuel prices amid ongoing tensions in the Middle East, according to Finance Minister Davendranath Tancoo. He made the comments yesterday while speaking with journalists at the Trinidad and Tobago Manufacturers Association's (TTMA) Leadership Discussion and Networking Event at the Hyatt Regency (Trinidad), Port of Spain.
• Oil prices have surged in recent days amid the escalating conflict between a United States/Israel coalition and Iran, raising concerns over potential disruptions to energy supply routes in the region. Referencing the situation and its impact on global oil markets, Tancoo acknowledged that while Trinidad & Tobago has no role in the war, the recent surge in energy prices could impact the country. Notwithstanding, he reiterated that, despite rising global prices, there is no intention to increase fuel costs locally.
• He described the development as a “mixed blessing”, noting the country imports a significant portion of its fuel. “Therefore, the cost to the Government has gone up. Shipping costs have also gone up. We produce some oil and, therefore, as a result, we would have increased the take from the higher prices that have resulted.”
• Minister of Energy Dr Roodal Moonilal had stated earlier this month that rising global liquefied natural gas (LNG) prices amid Middle East tensions could boost Trinidad and Tobago's export earnings. He noted that the country's position as a net LNG exporter made it more resilient than import-dependent economies during periods of global supply uncertainty. “Trinidad and Tobago's exposure to global LNG supply disruptions is fundamentally different from that of major import-dependent economies,” he added.

(Source: Trinidad Express Newspapers)

• Britain said on Thursday, March 26, 2026, it would provide 100 million pounds (US$133.5Mn) to restart production of biogenic carbon dioxide at a shuttered plant on Teesside for three months to avert any shortages caused by ‌the Iran war. CO2 was manufactured by Ensus as a byproduct of bioethanol at the Wilton International site until September, when the plant was unable to compete with lower-cost U.S. bioethanol imports after tariffs were cut in a deal agreed with U.S. President Donald Trump.
• The gas is vital in food and ⁠drinks manufacturing, and has many other uses across the economy, from operating theatres in hospitals to cooling nuclear reactors. The government said disruptions to European fertiliser production had significantly reduced the reliability of CO2 imports, and rising gas prices driven by the Iran conflict, plus unplanned maintenance at several European CO2-producing sites, meant that British supply was at risk.
• Business Secretary Peter Kyle said the government was acting to protect British businesses from the worst impacts of global uncertainty. "By restarting this plant, we've ‌acted ⁠swiftly to boost the resilience of our supply chains and protect critical UK sectors like food production, water and healthcare, as well as the jobs and communities that depend on these industries," he said.
• Ensus UK Chairman Grant Pearson said the agreement strengthened Britain's resilience ⁠in biogenic CO2 supplies. "We hope to have the plant back in full operation soon," he said. Ensus, which has had operations on Teesside in northeast England since 2010, is owned by ⁠CropEnergies, part of the Sudzucker Group.
• The plant uses distillation and fermentation to convert more than 1 million tonnes of wheat a year into 400 million litres of bioethanol, ⁠which is used to make petrol more sustainable. The process has two by-products: high-protein animal feed and carbon dioxide, with a capacity for the latter of 250,000 tonnes annually.

(Source: Reuters)

• President Donald Trump again pushed back his deadline for Iran to strike a deal with the United States (U.S.) or face more attacks, saying talks with the country were going “very well.” Trump said he would extend, by 10 days, his pledge to refrain from attacks on Iranian energy sites, offering a brief calm to global energy markets jolted by conflicting signals on the prospect of a halt to the nearly month-long war.
• The move represented the second extension since Saturday’s (March 21) threat to eviscerate Iran’s power plants, in the absence of a deal. “As per Iranian Government request, please let this statement serve to represent that I am pausing the period of Energy Plant destruction by 10 Days to Monday, April 6, 2026, at 8 P.M., Eastern Time,” Trump said in a social media post on Thursday, March 26, 2026.  
• Emerging-market currencies and U.S. Treasuries pared losses, and the dollar pared gains against major peers after his latest post. Oil prices climbed, with Brent crude settling near $108 a barrel, as shifting signals from the White House on Iran talks left traders unconvinced of a quick resolution.
• It’s still unclear with whom the U.S. is negotiating since several top Iranian government and military officials have been killed. During a Cabinet meeting Thursday morning, Trump said special envoys Steve Witkoff and Jared Kushner, as well as Vice President JD Vance, “will tell me whether or not they think it’s going along.” He added that “we have a lot of time” before the deadline, issued Monday morning (March 23) in Washington, expires.
• Iran is also calling for an end to the war on all fronts, Tasnim reported, a likely reference to Israel’s parallel war against the Tehran-backed Hezbollah militant group in Lebanon. Witkoff confirmed during the Cabinet meeting that the 15- point proposal had been delivered to Iran through Pakistani mediators, without giving details, and offered a more optimistic tone. He said it had led to “strong and positive messaging and talks.”
• The U.S. has compiled a list of a dozen demands alongside three points Iran would get in return, according to people familiar with the matter. Trump is under pressure to persuade Tehran to reopen the critical waterway for oil and gas flows, a step needed to arrest a global supply shock. He said during Thursday’s Cabinet meeting that Iran had allowed 10 boats of oil to sail through the Strait of Hormuz as a goodwill gesture, and Treasury Secretary Scott Bessent said a U.S. insurance program meant to boost shipping through the waterway will begin soon.
• Trump’s extended deadline for talks also allows more time for the U.S. to amass additional troops in the region, with some already set to arrive before the week’s end. On Thursday, Trump repeated an earlier timeline of four to six weeks for military operations and said the U.S. war effort is “ahead of schedule.”

(Source: Bloomberg)

• Pressed by softening revenues and swelling costs, Indies Pharma Jamaica Limited (Indies) reported a sharp 70.7% fall in earnings to $21.76Mn for the first quarter ended January 2026(Q1 2026).
• Quarterly revenues totalled $279.84Mn, marking a 14.0% drop compared to the same period last year, as Hurricane Melissa swept away expected gains and dampened revenue growth in November and December. However, some resilience was seen in less affected areas.
• Cost of sales fell 7.3% to $98.41Mn; however, this was not enough to offset weaker revenues, resulting in a 17.4% decline in gross profit to J$181.4Mn and a 254-basis point contraction in gross margin.
• Operating profit declined by 44.9% to $55.54Mn, leading to 1114bps contraction in EBIT Margin to 19.8%. This was largely due to a 7.7% increase in administrative costs to $130.70Mn
• On the other hand, finance costs surged 86.5% during the quarter. This increase was driven by interest costs associated with the $1Bn raised at 9.5% in FY2025 to retire a $805Mn bond that previously carried a 7.5% rate.
• Despite near-term pressures, the company’s growth outlook is supported by the recent FDA approval Regadenoson injection, a pharmacologic stress agent used in myocardial perfusion imaging. The drug has entered production and is poised to enter the market by the start of the next quarter.
• Overall, the integration of these drugs into the US market is expected to support strong business growth and serve as a major earnings driver. Additionally, the company is also actively researching to identify new generic drugs to introduce into the US market.
• Indies’ stock price has increased by 4.8% since the start of the calendar year. The stock closed Tuesday’s trading session at $2.99 and currently trades at a P/E of 29.9x, which is above the Junior Market Health Sector Average of 20.4x.

(Sources: JSE& NCBCM research)

• Visual Vibe Limited, a 100% subsidiary of Kintyre Holdings (JA) Limited, has entered into a strategic partnership with Knutsford Express Services Limited to deploy a network of indoor digital advertising screens across 19 Knutsford Express locations islandwide. The initiative introduces a new digital advertising platform for brands while enhancing the customer environment across Jamaica’s leading transportation and courier network.
• Through the partnership, Visual Vibe will install and manage a series of digital advertising screens strategically placed throughout Knutsford Express locations, creating a new channel for brands to engage with audiences in high-traffic environments across the island.
• The rollout of the digital screens across the 19 Knutsford Express locations is expected to be completed within approximately one month. The screens to be deployed across the Knutsford Express network have already been acquired by Visual Vibe through funding provided by Portland Holdings, which invested US$500,000 in the company to support the expansion of its digital media infrastructure platform.
• Tyrone Wilson, founder and executive chairman of Kintyre, highlighted that the partnership with Knutsford Express represents a major step for Visual Vibe and reflects the impact of the recent investment from Portland Holdings, which enabled the company to acquire the infrastructure needed to expand its advertising network. He added that Knutsford’s nationwide footprint and steady foot traffic provide brands with a strong platform to connect with consumers, while moving the company closer to its strategy of building a presence across major indoor and outdoor corridors.
• KEX’ stock price has decreased by 15.7% since the start of the calendar year. The stock closed Tuesday’s trading session at $9.68 and currently trades at a P/E of 26.9x, which is above the Junior Market Other Sector Average of 24.5x

(Source: JSE)

• On March 2, 2026, the Government of Trinidad and Tobago (GoTT) extended the country's state of emergency (SoE) for three months, effective March 3, with the previous SoE expiring on January 31. Prime Minister Kamla Persad-Bissessar stated that the extension responded to reports of threats against law enforcement, alongside spikes in gang-related activity and mass shootings driven primarily by organised crime, with over 60 killings recorded this year so far.
• The state of emergency grants the government additional policing powers, including the arrest of individuals on 'suspicion of criminal activities' and increased authority to enter and search public and private areas alongside the suspension of certain civil liberties, including access to bail.
• The extension follows a significant legislative defeat for the UNC-led government in January, when the Senate failed to pass the Zones of Special Operations (ZOSO) Bill, which would have given the prime minister authority to designate high-crime areas as special security zones. The bill required a three-fifths majority (given its suspension of certain rights) but received only 15 votes in favour with 14 against (including eight of nine independent senators) and one abstention.

• Of note, crime fell precipitously in 2025; however, the sustainability of such reductions remains tenuous. The extension of Trinidad and Tobago's (T&T’s) SoE follows a noticeable and highly touted drop in crime in 2025, which saw the murder rate fall from 45.7 murders per 100,000 people in 2024 to 27.0 in 2025. The Trinidad and Tobago Police Service (TTPS) reported that total murders on the island fell from 626 in 2024 to 369 in 2025, a 42.0% reduction, with gang-related murders also declining. Furthermore, the TTPS reports that serious crimes dropped by 8.0%, alongside reductions in violent crimes (-15.0%) and autos theft (-21.0%).
• This reduction in crime is largely attributed to the country's ongoing SoEs. The country has been under a state of emergency for roughly 10 of the last 14 months. However, BMI analysts noted previously in regard to other Caribbean markets using SoEs to combat persistent criminality, that the ability to sustain crime reductions through these measures is not guaranteed, instead it is displacing crime. The need to extend the SoE for an additional three months suggests that sustained crime reduction has yet to be achieved, especially given the reported escalation crime in February 2026 following the expiration of the previous state of emergency.
• That said, the reduction in crime in 2025 is a welcome development for a country long plagued by violent organized crime and the inflow of US-made weapons and represents a potential boost to the operating environment, if progress can be sustained. The Inter-American Development Bank (IDB) released a report in 2024 highlighting the costs of crime and violence in Latin America and the Caribbean (LAC), quantifying both the direct and indirect costs of crime by region and country.
• The report found that direct costs of crime, as a percentage of GDP, averaged 3.44% for Latin America and the Caribbean, and 4.97% for Trinidad and Tobago in 2022, the second highest in the region behind Jamaica. With additional indirect costs affecting tourism (a key area of economic diversification for Trinidad and Tobago), productivity and migration, sustaining 2025's crime reduction would meaningfully improve the country's operating environment, economy, and investment profile.
• However, with crime reportedly on the rise in the month without a state of emergency, BMI analysts remain relatively downbeat about the prospect of sustained crime reduction. Furthermore, the trade-off between the suspension of constitutional rights and reduced crime is a recipe for increased social pressures in the medium term.

(Source: BMI, A Fitch Solutions Company)

• ExxonMobil Guyana is seeking approval from the Government of Guyana (GoG) to increase oil production at its fourth project, Yellowtail, from 263,000 barrels per day (bpd) to 290,000 bpd. The company’s President, Alistair Routledge, revealed that an application has been filed with the GoG, which is currently reviewing the technical details.
• The company has completed several studies analysing the operation of the facilities for existing bottlenecks, while safety analysis was conducted on the production facilities to minimise or reduce bottlenecks to increase production. Any increase to the daily production levels will be done in a phased manner for safety purposes according to the Country Manager.
• The first step would increase daily production by “a few thousand barrels per day”, but the company is confident that Yellowtail can produce around 290,000 bpd, although higher output presents operational challenges related to lifting frequency and managing production at that level.
• To date, ExxonMobil has conducted debottlenecking activities on the other three Floating Production Storage and Offloading vessels (FPSOs) in the Stabroek Block, with Payara, Liza One and Liza Two all producing above their design capacity.
• Stakeholders have often raised concerns over the increased production activities being conducted by the operator, citing the increased risk of an oil spill and potential insurance implications, while the Government of Guyana maintains that debottlenecking is safe following review and approval by the Environmental Protection Agency (EPA) and the Ministry of Natural Resources.

(Source: Kaieteur News)

• British business activity has grown at the slowest pace in six months, and manufacturers' input costs accelerated at the fastest rate since 1992, according to a survey that underscores the risks to the government's economic agenda from the Iran conflict. The S&P Global Purchasing Managers' Index (PMI) is the first major survey to show the impact on British businesses from the United States (U.S.) - Israeli war on Iran, which is expected to slow already weak growth and push up inflation.
• The preliminary composite Purchasing Managers' Index, covering manufacturers and non-retail services businesses, sank to 51.0 in March from 53.7 in February, which was the joint-highest since August 2024. "March's flash PMIs show that the conflict in the Middle East is already going a long way to boosting inflation and extinguishing GDP growth. And this is just the start," Paul Dales, chief United Kingdom (U.K.) economist at ⁠ Capital Economics, said.
• S&P Global's gauge of input prices for British manufacturers, which measures how fast costs are rising, jumped to 70.2 in March from 56.0 in February, the biggest leap from one month to the next since sterling tumbled out of Europe's Exchange Rate Mechanism in 1992. Higher prices for fuel, transport and energy-intensive raw materials were the main reasons for the increase.
• The survey's headline reading was below all forecasts in a Reuters poll of economists, though above the 50-level that divides growth from contraction. It was also higher than it was in some of the run-up to finance minister Rachel Reeves' budget in November, when many businesses feared they would be hit with higher taxes.
• The equivalent PMI for the euro zone fell much less sharply, dropping to 50.5 in March from 51.0 in February. Although President Donald Trump paused some attacks on Iran ⁠ on Monday, March 23, 2026, and said there had been productive talks, British Prime Minister Keir Starmer said the government needed to plan on the basis that the conflict could continue for some time, and on Tuesday, Iran launched waves of missiles at Israel. Reeves was due to address parliament on Tuesday on the impact of the war on the economy, which she had promised to boost before an election in 2024, and on possible support measures for energy users.

(Source: Reuters)