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  • Delegation Forms
  • Crime will be the main test of the government's record over the coming year, following its decision to end the state of emergency. Prime Minister Kamla Persad-Bissessar told parliament on 17 September that the measure would not be extended again. It had been in force since 3 March and gave the authorities extraordinary powers, including detention without charge.
  • The government faced growing criticism over mass arrests and the suspension of civil liberties. Murders fell by around 42% in 2025, and the 265 homicides recorded between January and September 2026 were 3.6% below the same period a year earlier. However, emergency measures tend to displace criminal activity instead of reducing it permanently. The government declared the latest state of emergency only a month after the previous one expired, citing an increase in violent crime that included mass shootings and gang reprisal attacks.
  • BMI analyst reasons that the government will find it difficult to replace emergency powers with permanent legislation. Persad-Bissessar has said the government will seek a permanent legal framework for targeted operations against gangs, illegal weapons and the networks that fund them, with judicial oversight and parliamentary accountability. Legislation that suspends constitutional rights requires a three-fifths majority in both houses, which the government does not hold in the Senate.
  • The Zones of Special Operations bill was defeated there on 27 January, when it received 15 of the 19 votes required, with eight of the nine independent senators and all six opposition senators voting against. The government said in September that it will return the bill to parliament, where it will again need the support of at least four independent senators. In the meantime, BMI expects it to rely on administrative measures, including the 30 joint army and police posts announced in August, three of which were operating by mid-September. The opposition People's National Movement (PNM) has questioned the legality of these posts, and security policy will remain a source of conflict between the two parties.
  • A sustained rise in crime would have political and economic costs. The government has made crime reduction a central part of its economic agenda, as high levels of violence deter investment and weigh on business confidence. The homicide rate was 45.7 per 100,000 in 2024, among the highest in the region. Tourist arrivals fell in the first half of 2026 for the first time since the pandemic, partly because of regional insecurity. A reversal of the gains made in 2025 would weaken the government's main achievement since taking office and would strengthen the opposition's argument that the improvement depended on emergency powers.
  • That said, BMI expects the broader political environment to remain stable. The United National Congress (UNC) holds 26 of 41 seats in the House of Representatives, compared with 13 for the PNM, and the opposition weakened further when the Tobago People's Party won all 15 seats in the Tobago House of Assembly in January 2026. The next general election is not due until 2030. The main pressures on the government will come from the economy and public finances. Real GDP growth of just 0.3% is forecasted in 2026, and unemployment rose to 5.4% in Q1 2026 from 4.9% a year earlier. Meanwhile, the FY2026/27 budget has limited room for new spending, given wage settlements already agreed with public sector workers.

(Source: BMI, a Fitch Solutions company)

  • Scotia Group Jamaica Limited’s (SGJL; ticker: SGJ) shareholders are set to vote on October 7 on the proposed scheme that would see Scotiabank Caribbean Holdings Limited (SCHL) acquire the shares held by SGJL minority stockholders for J$61.50 per stock unit. This would take the Jamaica Stock Exchange-listed company private if approved and sanctioned by the Court.
  • The J$61.50 offer represents a premium to recent trading levels. According to the Scheme Booklet, the consideration is about 13.3% above SGJL’s June 11th closing price of J$54.30, while premiums to the three-month and one-year volume-weighted average prices are approximately 18.5% and 17.0%, respectively.
  • SGJL’s Independent Committee engaged Ernst & Young as its financial adviser and received a fairness opinion on the original J$60 offer. Scotia subsequently increased the consideration to J$61.50 and added an option for minority shareholders to receive their proceeds in US dollars, subject to the specified exchange-rate mechanism.
  • The Court-ordered meetings for SCHL and SGJL minority stockholders are scheduled for October 7, 2026, at AC Hotel by Marriott in Kingston. Approval requires at least a majority in number representing 75% of those present and voting at each applicable meeting. SGJL’s Board, with directors having material relationships with Scotiabank affiliates abstaining, unanimously recommended that minority shareholders vote in favour of the transaction.
  • Shareholders are encouraged to submit proxy forms, with completed proxies for the SGJL Minority Stockholder meeting due by 11:00 a.m. on October 5th. If approved, the Scheme is expected to go before the Court for final sanction on October 30th, with settlement targeted for 10 business days after the effective date.
  • At the close of market on August 8, 2026, SGJ share price has increased by 10.1% since the start of the year to close at $58.52, which is now 5.1% below the $61.50 offer price. At its current price, SGJL trades at a price-to-book (P/B) ratio of 1.07x, which is above the Main Market Financial sector average of 1.0x.

(Sources: JSE & NCBCM Research)

  • Scotia Group Jamaica Limited’s (SGJL; ticker: SGJ) shareholders are set to vote on October 7 on the proposed scheme that would see Scotiabank Caribbean Holdings Limited (SCHL) acquire the shares held by SGJL minority stockholders for J$61.50 per stock unit. This would take the Jamaica Stock Exchange-listed company private if approved and sanctioned by the Court.
  • The J$61.50 offer represents a premium to recent trading levels. According to the Scheme Booklet, the consideration is about 13.3% above SGJL’s June 11th closing price of J$54.30, while premiums to the three-month and one-year volume-weighted average prices are approximately 18.5% and 17.0%, respectively.
  • SGJL’s Independent Committee engaged Ernst & Young as its financial adviser and received a fairness opinion on the original J$60 offer. Scotia subsequently increased the consideration to J$61.50 and added an option for minority shareholders to receive their proceeds in US dollars, subject to the specified exchange-rate mechanism.
  • The Court-ordered meetings for SCHL and SGJL minority stockholders are scheduled for October 7, 2026, at AC Hotel by Marriott in Kingston. Approval requires at least a majority in number representing 75% of those present and voting at each applicable meeting. SGJL’s Board, with directors having material relationships with Scotiabank affiliates abstaining, unanimously recommended that minority shareholders vote in favour of the transaction.
  • Shareholders are encouraged to submit proxy forms, with completed proxies for the SGJL Minority Stockholder meeting due by 11:00 a.m. on October 5th. If approved, the Scheme is expected to go before the Court for final sanction on October 30th, with settlement targeted for 10 business days after the effective date.
  • At the close of market on August 8, 2026, SGJ share price has increased by 10.1% since the start of the year to close at $58.52, which is now 5.1% below the $61.50 offer price. At its current price, SGJL trades at a price-to-book (P/B) ratio of 1.07x, which is above the Main Market Financial sector average of 1.0x.

(Sources: JSE & NCBCM Research)

  • Europe is already one of the largest buyers of Guyana’s crude, but its interest in the country is increasingly extending beyond oil and gas, according to Private Sector Commission (PSC) Chairman Gerry Gouveia Jr.
  • During the August 10 edition of the Energy Perspectives podcast, Gouveia said European governments and businesses are now looking at Guyana as a potential source of other commodities and as a broader trading partner. He identified agriculture, timber and logistics as areas of interest for Europe.
  • Gouveia described France as a particular area of growing interest after recently presenting Guyana’s investment opportunities to the country’s minister of foreign trade, private sector organisations and government business development agencies. He said the growing European interest presents an opportunity for Guyana to attract more foreign capital while strengthening local businesses.
  • The broader interest comes as Guyana’s oil industry strengthens its commercial ties with Europe. European countries accounted for about 66% of Guyana’s crude exports in 2024, according to shipping data from London Stock Exchange Group. Europe continues to take the lion’s share of crude exports from Guyana.
  • Guyana now produces four crude grades from the Stabroek Block, including Liza, Unity Gold, Payara Gold and Golden Arrowhead.

(Source: Oil Now Guyana)