• Following the completion of its Additional Public Offering (APO), energy solutions company, Tropical Battery Limited, has now moved from the JSE Junior Market to the Main Market.
• CEO Alexander Melville stated that, although the APO did not reach the full amount originally targeted, the targeted raise was only one component of the balance sheet realignment strategy.
• He also noted that the company has prepared additional measures to strengthen the balance sheet and maintain progress with its growth plans. Key to those growth plans includes developing renewable energy solutions and expanding its presence in the Caribbean and the Americas.
• Since listing on the Junior Market of the JSE in 2020, Tropical has almost tripled its revenues, expanded into international markets, and diversified its business through acquisitions and strategic partnerships.
• However, off the back of earnings revisions, and despite second quarter improvements, Tropical had a net loss attributed to shareholders of $86.67Mn for the 6 Months ended March 2025 (6M 2025). The loss was $173.50Mn lower than the $86.63Mn profits for 6M 2024, as higher gross profits were outpaced by rising operating expenses, depreciation, amortisation and finance costs.
• Against the backdrop of the falloff in earnings, Tropical’s stock price is down 43.4% year-to-date to $1.42 on Thursday, September 11, 2025.

(Source: JSE, NCBCM Research)

• Jamaica's Net International Reserves (NIR) climbed US$6.15Bn at the end of August 2025, reflecting a 22.9% increase compared to August 2024.
• A 21.6% rise (US$1.10Bn) in total foreign assets, coupled with a 63.2% reduction (US$49.50Mn) in foreign liabilities, were the primary drivers of the improvements.
• The increase in foreign assets was largely driven by a 53.0% growth in Securities (US$854.60Mn) and a 929.9% rise in Special Drawing Rights (SDRs), totalling US$197.61Mn, and an increase in Currency & Deposits of US$44.60Mn.
• Jamaica’s NIR remains relatively high, equating to 30.7 weeks of goods & services imports (25.3 weeks at the end of August 2024). At this level, the NIR is more than 2.7 times the international benchmark of 12 weeks of imports and should provide a solid buffer in the case of a major shock.

(Sources: BOJ and NCBCM Research)

• Since August 14, 2025, the United States has deployed air and naval forces to the southern Caribbean, reportedly to counter drug trafficking. The operation has since become one of the region’s most significant U.S. military engagements in recent decades. By August 28, U.S. forces had positioned seven warships, a nuclear-powered fast-attack submarine, and approximately 4,500 personnel, including 2,200 Marines, off the coast of Venezuela.
• Tensions escalated on September 1, when Venezuelan President Nicolás Maduro characterised the U.S. presence as a threat to his government. The following day, U.S. forces conducted an airstrike against a Venezuelan-flagged vessel suspected of transporting narcotics, resulting in 11 fatalities.
• By September 5, the U.S. reinforced its posture with the deployment of 10 F-35 aircraft to Puerto Rico, extending aerial coverage across the Caribbean. On the same day, Venezuelan F-16 jets flew near a U.S. Navy destroyer, which U.S. officials described as provocative. Media reports on September 6 indicated that U.S. officials were considering additional strikes against cartel operations within Venezuela, suggesting that the September 2 incident may not remain isolated.
• Regional responses have been mixed: Trinidad & Tobago’s Prime Minister expressed support for the U.S. operations, while officials from Barbados and CARICOM emphasised the need for transparency and improved regional diplomatic coordination.
• Venezuela announced increased troop deployments along Caribbean corridors, raising the risk of further escalations
• These developments take place against the backdrop of a long-standing territorial dispute between Guyana and Venezuela over the Essequibo region, covering roughly 160,000 km², rich in oil and gas resources.

(Source: oilnow)

• The Gas-to-Energy project at Wales continues to record progress. On September 8, 2025, President Irfaan Ali provided an update on the construction initiative.
• He reported that Phase I is advancing, with the foundation for the first gas turbine poured on September 9. The remaining turbine foundations are scheduled for completion within the next month. More than 300 people are currently employed on the project, with an additional 100 staff set to be engaged within the next 30 days.
• Regarding Phase II, which envisions another 300 MW power plant and NGL facility, seven submissions have been received and are under review. The process of finalising pre-qualified firms is ongoing, paving the way for engineering, procurement, construction, and financing arrangements.
• The President also outlined developments at the Wales Industrial Zone, where an updated site map highlights existing and proposed infrastructure. Land has been designated for a data centre, an ammonia/urea plant, and a glass factory. In addition, 20 Mn cubic feet of gas per day has been earmarked for a fertiliser facility with a capacity to produce 300 tons of urea annually. Discussions with international and local firms are underway in relation to this initiative.
• This initiative sits within Guyana’s broader strategy of using its newfound oil wealth to build a more resilient, diversified economy. While oil revenues fund development, the government is aiming to channel resources into sustainable infrastructure, food security, industrialisation, and energy security.
• Guyana currently has some of the highest electricity costs in the region, driven by heavy reliance on imported fuels. By harnessing natural gas from offshore oil production, the project is expected to cut electricity costs by 50% or more. This should ease the burden on households and businesses.
• Reliable, cheaper power will unlock opportunities for downstream industries such as fertiliser, petrochemicals, glass manufacturing, and data services. These industries are already earmarked for the Wales Industrial Zone and would help diversify the economy, create jobs, and reduce dependence on crude oil exports.

(Source: oilnow)

• The U.S. economy is showing some strains after years of resilience, with domestic demand moderating and job growth slowing, the International Monetary Fund said on Thursday, September 11, 2025.
• IMF spokesperson Julie Kozack said inflation was on a path to meet the Federal Reserve's 2% target, but some risks could push it higher, largely because of tariffs imposed on imports by the Trump administration. "What we've seen over the past few years is that the U.S. economy has proven to be quite resilient. We do see now that some strains are beginning to show," she told a regular briefing. "Domestic demand has been moderating in the U.S., and job growth is slowing."
• Kozack said the front-loading of imports early in the year in anticipation of tariffs had caused some volatility in economic activity in the first half, and tariffs were now adding to inflation risks. As a result of the combined factors, she said, the IMF saw scope for the Federal Reserve to lower interest rates, although it should proceed cautiously, with an eye on emerging data. She gave a regular briefing that a downward revision in U.S. employment data announced on Tuesday was a "bit larger" than the historical average.
• The U.S. government said 911,000 fewer jobs were likely created in the 12 months through March than previously estimated, suggesting that job growth was stalling before President Donald Trump's aggressive tariffs on imports. Such revisions could be driven by a variety of factors, including statistical issues and some related to response and survey errors, she said, adding the issue would be discussed during the scheduled IMF review of the U.S. economy in November.
• The Labour Department's inspector general on Wednesday said it was initiating a review of challenges that the Bureau of Labour Statistics faces in collecting and reporting U.S. economic data after it made large downward revisions to nonfarm payrolls and cut its inflation data collection. Earlier sharp downgrades to May and June payroll figures angered Trump, prompting him to fire BLS Commissioner Erika McEntarfer and accuse her, without evidence, of faking the data. Trump has nominated E.J. Antoni, chief economist at the conservative Heritage Foundation, to replace her.
• Kozack refused to be drawn on the credibility of U.S. data, saying only that the IMF strongly advocated for accurate, timely and reliable data from all its members. "This kind of data transparency strengthens the credibility of economic management in all countries," she said.

(Source: Reuters)

• World oil supply will rise more rapidly this year, and a surplus could expand in 2026 as OPEC+ members increase output and supply from outside the group grows, the International Energy Agency (IEA) said on Thursday. This is in contrast to OPEC's updated outlook.
• The IEA said that supply is set to rise by 2.7Mn barrels per day (bpd) in 2025, up from the 2.5Mn bpd previously forecast and by a further 2.1Mn bpd next year.
• OPEC+ is adding more crude to the market after it decided to unwind its second layer of output cuts more rapidly than earlier scheduled. The extra supply has raised concerns of a surplus and weighed on oil prices this year.
• Supply is rising far faster than demand in the IEA's view, even though it upwardly revised its forecast for growth in world demand this year to 740,000 bpd, up 60,000 bpd from the previous forecast, citing resilient deliveries in advanced economies. "Oil markets are being pulled in different directions by a range of forces, with the potential for supply losses stemming from new sanctions on Russia and Iran coming against a backdrop of higher OPEC+ supply and the prospect of increasingly bloated oil balances," the IEA said in the report.
• IEA demand forecasts are at the lower end of the industry range, as the agency expects a faster transition to renewable energy sources than other forecasters.
• OPEC, on the other hand, maintained its forecast that demand will rise by 1.29Mn bpd this year, almost double the rate expected by the IEA, and said the world economy was doing well into the second half of 2025. The upbeat outlook follows the decision of the wider OPEC+ on Sunday to further raise its oil output quotas from October as its leader, Saudi Arabia, pushes to regain market share.
• Oil prices declined on Thursday, with Brent crude trading just below $67 a barrel. This is still up from a 2025 low of near $58 in April.

(Source: Reuters)

• Mexico announced on Wednesday that it will raise tariffs on automobiles from China and several other Asian countries to 50%, as part of a broader revision of import duties aimed at protecting domestic industries.
• According to the Economy Ministry, the new tariff measures will affect approximately $52 Bn of imports across multiple sectors, including textiles, steel, and automotive. Import duties on Chinese cars, which currently stand at 20%, will be increased to the maximum level permitted under World Trade Organisation (WTO) rules.
• Economy Minister Marcelo Ebrard said the measures were designed to support local employment, noting that Chinese vehicles were entering the domestic market below reference prices. The government expects the tariffs to protect an estimated 325,000 industrial and manufacturing jobs at risk.
• The policy, which still requires congressional approval, will apply to countries without free trade agreements with Mexico. This includes China, South Korea, India, Indonesia, Russia, Thailand, and Turkey.
• Beyond automobiles, the measures include a 35% tariff on steel, toys, and motorcycles, while textiles will see tariffs ranging between 10% and 50%. In total, the new duties are projected to affect 8.6% of Mexico’s total imports.
• The tariff plan is also expected to raise an additional $3.76 Bn in revenue next year, according to government estimates.
• Analysts noted that the decision comes amid growing trade tensions between the U.S. and China, with Mexico navigating its position as a key U.S. trade partner. Mexico has nearly doubled its trade deficit with China over the past decade, reaching $120 Bn in 2023. Some analysts suggested that aligning import policies with U.S. interests could reduce potential trade frictions, given the upcoming review of the U.S.-Mexico-Canada Agreement (USMCA) scheduled for next year.

(Source: Reuters)

• Panama may open talks early next year with First Quantum Minerals on the possible restart of its shuttered Cobre Panamá copper mine.
• Commerce Minister Julio Moltó told local newspaper El Capital Financiero that the government will begin talks with First Quantum once an environmental audit is completed in three to four months. The audit is due to start within weeks, Moltó said. The review, conducted by SGS Panama Control Services, is to assess environmental, social and economic impacts, including employment opportunities for Panamanians.
• The mine has been closed since November 2023 after Panama’s Supreme Court declared its operating contract illegal. President José Raúl Mulino has identified the reopening of Cobre Panamá as a top priority for his administration, following reforms to the country’s social security fund pension system. However, Mulino has said the audit must come first before any decision on reopening.
• Before its closure, Cobre Panamá ranked among the world’s largest copper producers, yielding 350,000 tonnes in 2022, its final full year of operations. The mine contributed about 5% of Panama’s GDP, and First Quantum estimates the suspension has cost the country up to $1.7Bn in lost economic activity.
• Minera Panamá, First Quantum’s subsidiary, and other companies tied to the project have suspended international arbitration proceedings against the government, clearing the way for talks. Locals around the mine rallied the government in June to reopen operations.
• First Quantum has maintained the facility to ensure it can resume operations if an agreement is reached.

(Source: The Northern Miner)

• Investors ploughed nearly US$45Bn into their emerging market (EM) equities and debt portfolios in August, the most in nearly a year, but a large outflow from EM stocks outside of China pointed to a change of sentiment among investors, according to a report from a banking trade group.
• The US$44.8Bn net inflow for last month compares with $38.1Bn in July, which was sharply revised lower from US$55.5Bn, and compares favourably with US$28.2Bn in August 2024, according to data from the Institute of International Finance (IIF).
• Chinese debt and stocks took in over US$39Bn net last month, while ex-China debt attracted US$13.2Bn. Stocks outside of China saw a US$7.4Bn outflow after three months of inflows. The shift "marks the weakest month for EM equity flows since the (Northern) spring and reflects a significant reversal in sentiment toward ex-China markets," Jonathan Fortun, senior economist at the IIF, wrote in a statement published alongside the data.
• Yet an external tailwind could give EM assets support, as cooler-than-expected U.S. inflation data cemented expectations that the Federal Reserve will cut borrowing costs following its meeting next week. Lower rates in developed economies help funnel investments into EMs that offer higher yields.
• Asia attracted US$18.1Bn, while Latin America added US$8.9Bn, partly boosted by debt flows to Mexico and Brazil, according to the report. EM Europe added US$8.7Bn, and the Middle East and North Africa US$5.8Bn more, the IIF data showed.
• "All (regions) posted higher inflows than the previous month, yet the underlying pattern still reflects the outsized role of China in portfolio allocations," Fortun wrote. August marked the largest inflow to Chinese equities since February. “Investor positioning appears increasingly sensitive to headline risk and policy noise, especially in economies exposed to external shocks or electoral cycles,”.

(Source: Reuters)

• S. wholesale inventories increased slightly less than initially thought in July, suggesting businesses were not rushing to rebuild inventory after stocks were depleted in the second quarter.
• Wholesale inventory edged up 0.1%, after rising by an upwardly revised 0.2% in June, the Commerce Department's Census Bureau said on Wednesday, September 10, 2025. Economists had expected wholesale inventories to rise by 0.2%, unchanged from the flash estimate, compared to the 0.1% uptick originally reported for the previous month.
• Inventories, a key part of gross domestic product, gained 0.2% in June and further advanced 1.3% on a year-over-year basis in July. Wholesale stocks of motor vehicles dropped 1.6%, but stocks of apparel surged 1.9%, while those of prescription medication increased 1.8%. Grocery inventories increased 2.0%.
• Inventories decreased at a US$32.9Bn annualised rate in the second quarter, subtracting 3.29 percentage points (pps) from GDP. That was, however, more than offset by a record 4.95pp contribution from a smaller trade deficit.
• Sales at wholesalers jumped 1.4% in July after rising 0.7% in June. With sales increasing by much more than inventories, the inventories/sales ratio for merchant wholesalers edged down to 1.28 in July from 1.29 in June. This implies that it would take wholesalers 1.28 months to clear shelves, down from 1.29 months.

(Sources: Reuters & NASDAQ)