• U.S. small-business sentiment fell in May, and the share of owners planning to raise prices over the ‌next three months increased to the highest level in nearly four years, suggesting inflation could remain elevated for a while.
• According to the National Federation of Independent Business (NFIB), its Small Business Optimism Index slipped 0.6 to 95.3 last month, falling further below its 52-year average of 98.0. The ​survey's uncertainty index rose three points to 91. It is running well above its historical average of 68.
• The U.S.-Israeli war with Iran, now in its fourth month, has driven up prices of energy and ​other products that are shipped through the Strait of Hormuz, stoking inflation. The government is expected to report on Wednesday that the Consumer Price Index surged 4.2% on a year-over-year basis in May, a Reuters survey of economists predicted, which would be the largest gain since April 2023. The CPI ​rose 3.8% in April.
• The NFIB survey showed the share of small businesses planning to increase prices over the next three ​months jumped seven points to 34%, the highest reading since July 2022. About 36% of owners reported raising prices, the highest since March 2023, ‌and ⁠up six points from April. The actual price increases were "well above the historical average of net 13%," the NFIB said. Inflation ranked as the second most important problem facing small businesses after taxes.
• Though the Labour Department's closely watched employment report last Friday showed the economy posting three straight months of strong job growth and the unemployment rate holding at 4.3% for the ​third consecutive month in May, ​small business owners were less ⁠enthusiastic about the labour market. The survey's employment index eased to 100.3 last month from 100.4 in April, declining for the third month in a row. The share of owners planning to create new jobs in the next three months dropped four points to 9%, the lowest level since May ⁠ The NFIB noted that "plans to hire are now below the historical average of a net 11%."
• While the share of owners reporting job openings they could not fill declined five points to 29%, the lowest level since May 2020, worker shortages remained an issue ⁠in some industries, including wholesale trade and agriculture.

(Source: Reuters)

• Bank of England (BoE) policymaker Alan Taylor said interest ​rates at their current level ‌were restrictive for the economy and he did not see the ​need for an increase ​to tackle inflationary pressures that ⁠have grown as a result ​of the Iran war.
• As he defined it, "restrictive" in central bank terminology means that borrowing costs are sufficiently high to moderate economic activity and dampen demand. The implication: rates don’t need to go higher to fight inflation, even though UK CPI is running at 2.8%, well above the BoE’s 2% target.
• Taylor was one of the strongest ​advocates on ​the ⁠BoE's Monetary Policy Committee (MPC) for rate cuts before ​the U.S. and Israeli ​war ⁠with Iran began. He and a majority of MPC members ⁠have ​voted since then ​to keep borrowing costs on hold.

(Source: Reuters)

• Eppley Limited saw a 20.7% increase in earnings to J$298.4Mn for the three months ended March 31, 2026 (Q1 2026). The improved performance was underpinned by growth across the Company's key business segments.
• Revenue growth remained broad-based during the quarter. Gross investment income rose 16.0% to J$464.56Mn, supported by higher contributions from real estate, asset management, leasing and associate investments. With the continued expansion of Eppley's real estate portfolio net rental income rose 19.0%, while higher management and performance fees generated by the Caribbean Mezzanine Fund II (CMF II) buoyed asset management income, which expanded by 15.6% to J$155.16Mn. Operating lease income nearly doubled to J$44.5Mn, and profit contributions from associates and joint ventures increased 10.1%, further bolstering gross investment income.
• Improved funding efficiency and disciplined balance sheet management also enhanced profitability. Interest expense declined 6.6% to J$156.38Mn, despite the Company's continued growth initiatives, resulting in a 32.2% increase in net investment income to J$308.18Mn.
• Administrative expenses rose 32.3% to J$145.7Mn, reflecting inflationary pressures and costs associated with the Company's new corporate offices. Nevertheless, a J$2.90Mn net impairment gain on financial assets helped offset part of the increase. Consequently, profit before taxation grew 14.2% to J$300.19Mn.
• The combination of expanding revenues, lower financing costs, and a favourable tax outturn demonstrates Eppley's ability to translate topline growth into stronger shareholder earnings. Looking ahead, Eppley appears well positioned to sustain earnings momentum. The Company continues to benefit from multiple growth engines across private credit, real estate, leasing, and asset management, while its expanding third-party assets under management should support a more recurring fee-based earnings stream. Continued capital deployment opportunities and growth within its investment portfolio are expected to remain key drivers of performance over the medium term.
• Year-to-date EPPLEY's stock price has appreciated by 2.9% to closed at J$34.90 on June 8, 2026. At this price, the stock trades at a P/E ratio of 8.6x, below the Main Market Real Estate sector average of 15.5x. This valuation discount may suggest that the market has yet to fully reflect the Company's earnings growth potential and diversified business model, although investors may continue to assign a discount given the relatively illiquid nature of the stock.

(Sources: Eppley Limited 2026 First Quarter Report & NCBCM Research)

• Jamaica's Net International Reserves (NIR) rose marginally US$6.48Bn at the end of May 2026, reflecting a 0.5% month over month increase compared to April 2026. The improvement was driven primarily by a 0.5% rise in foreign assets (US$32.09Mn) alongside a marginal 0.2% decline in foreign liabilities (US$0.02Mn).
• The increase in foreign assets was largely driven by a 1.0% growth in Currency & Deposits (US$32.32Mn) and a 0.5% rise in Securities (US$15.12Mn), which were partly offset by a 7.9% decline in Special Drawing Rights (SDRs) equivalent to US$15.27Mn.
• Jamaica’s reserve position remains robust, equating to 26.6 weeks of goods & services imports down from 30.3 weeks at the end of May 2025. At this level, the NIR is more than 2.2 times the international benchmark of 12 weeks of imports, underscoring the country's strong capacity to absorb external shocks. This strong reserve position also remains a key credit strength underpinning Jamaica's BB Sovereign Credit Rating profile.
• Looking ahead, reserve levels are expected to remain supportive of macroeconomic stability despite external risks such as elevated energy prices and global market volatility. The continued accumulation of reserves reinforces Jamaica's external resilience, helping to cushion the economy against foreign exchange pressures, given weaker tourism and mining inflows. It supports the country's ability to meet external obligations, maintain confidence in the Jamaican dollar and mitigate additional inflation pressures form currency depreciation.

(Sources: Bank of Jamaica and NCBCM Research)

• A new major U.S. energy company is entering Trinidad and Tobago’s energy sector after the Government approved Occidental Petroleum Corporation’s (Oxy’s) acquisition of a 10% participating interest in Block TTUD-1, the ultra-deepwater exploration block operated by ExxonMobil. ExxonMobil will remain the operator and retain a 90% stake.
• Oxy's entry follows ExxonMobil's return to Trinidad and Tobago in August 2025, when the US energy giant secured a Production Sharing Contract (PSC) for the TTUD-1 ultra-deepwater exploration block.
• According to Prime Minister Kamla Persad-Bissessar, the Government accelerated permitting, enabling ExxonMobil to launch one of the largest seismic programmes in Trinidad and Tobago within six months of signing the PSC. Seismic acquisition is now approximately 85% complete, with full acquisition expected by late July.
• Persad-Bissessar noted that ExxonMobil’s entry into Block TTUD-1 has generated significant international interest, while Occidental’s farm-in demonstrates that the country is once again on the radar of the world’s largest and most capable energy companies. The Energy Ministry also said Oxy’s visit alongside ExxonMobil reflects confidence in Trinidad and Tobago’s energy potential and long-term investment prospects.
• The Prime Minister also highlighted broader energy-sector developments, noting that the National Gas Company (NGC) recorded more than $3.2Bn in profits, dividends were restored to thousands of citizens through Trinidad and Tobago NGL Limited (TTNGL), and all downstream gas supply agreements for 2026 have been settled.
• Work continues on Manakin-Cocuina, Manatee, Onyx, and Dragon, as NGC works to secure the country’s future gas supply, and reinforce the country’s position as a regional LNG and petrochemical hub.

(Source: Trinidad Express Newspapers)

• Dominican Republic-based InterEnergy Group has outlined its roadmap to modernise Guyana Power and Light Incorporated’s (GPL) grid through 2030, to create a more reliable, resilient and digitally managed network capable of sustaining Guyana’s rapid economic growth.
• The modernisation effort comes as Guyana continues to experience electricity reliability challenges, including periodic outages, generation shortfalls, and transmission issues that have accompanied rapid growth in power demand from households, businesses and new industrial developments. Local reports have frequently highlighted the need for grid upgrades and additional generation capacity to support the country’s expanding economy.
• The company presented its vision, progress and long-term roadmap to President Irfaan Ali, senior government officials, the private sector and the media. The event also marked the inauguration of InterEnergy’s new office in Georgetown, reinforcing its long-term commitment to Guyana and its energy future.
• Under its agreement with GPL, InterEnergy is supporting the modernisation of the electricity sector through infrastructure supervision, project management, optimisation of the power plant, asset life management and the development of the Smart Grid through 2030.
• To date, the company has supervised the development and construction of key electricity infrastructure projects, including more than 350km of transmission lines, 16 new or expanded substations, and the deployment of 20,000 smart meters, aimed at strengthening the reliability and resilience of the electricity system.
• The partnership also includes the development of a Smart Grid roadmap through 2030, which will support the modernisation of Guyana’s electricity system through advanced technologies, renewable energy integration and battery storage.
• InterEnergy’s role in GPL’s grid modernisation is strategically important, as Guyana’s rapid economic growth is increasing electricity demand faster than the legacy grid can comfortably support. The roadmap through 2030 could help improve reliability, reduce outages, support renewable energy integration, and provide the power infrastructure needed for new industries, investment, and broader economic development.

(Source: Kaieteur News)

• Despite rising inflation risks stemming from a conflict-driven ‌rise in energy prices, the Bank of Canada (BoC) will hold its key overnight rate at 2.25% on June 10 and for the rest of the year, according to ​a majority of economists polled by Reuters,. While a persistent energy shock due to the U.S.-Israeli war with Iran pushed inflation to 2.8% in April from March's 2.4%, it remained within the central bank's 1-3% target range, and a decline in core ​inflation suggests demand remains weak
• That gives the BoC, which cut rates by 275 basis points ​between June 2024 and October 2025, room to stay put as economic ⁠activity lags. Robust job gains in May were welcome news for Canada's economy, which entered a technical recession in the ​last quarter for the first time since the COVID-19 pandemic.
• All 34 economists in June 2-5 Reuters poll ​expected the BoC to leave the overnight rate unchanged next week. Over 80%, 28 of 34, predicted it would stay on hold throughout the year, similar to April poll estimates. Meanwhile, financial markets are pricing in one rate hike by ​the end of 2026.
• Canada's economy continues to struggle with trade-related uncertainties from the U.S., the country's largest trading partner. The U.S.-Mexico-Canada free trade agreement, dubbed USMCA, which has shielded most of the country's exports from ​U.S. tariffs, is up ​for renewal in July. ⁠Dominic LeBlanc, the minister responsible for Canada-U.S. trade, recently said Canada had a positive meeting with the U.S. about the review. Over 40% of poll respondents expected a rate hike in ​early 2027. However, views were split on the timing.

(Source: Reuters)

• The Strait of Hormuz will be open but under new conditions to be set by Iran and Oman, including a transit ​fee, Iran's ambassador to Moscow was quoted as saying.
• The U.S.-Israeli war on Iran has largely cut oil flows via the strait, which, before the conflict, saw one-fifth of the world's oil pass through. Several tankers ​have managed to leave the Gulf recently, but oil and liquefied natural ​gas flows are still severely constrained.
• Iran has asserted that a permanent peace deal ​should allow it to demand fees for ships passing through the strait, which ‌would ⁠vary depending upon the type of ship, its cargo and prevailing conditions.
• However, U.S. President Donald Trump vehemently opposes that position. In late May, the U.S. warned Oman not to get involved in any effort with ​Iran to impose ​a toll, and ⁠Treasury Secretary Scott Bessent said Oman's ambassador had told him there were no plans to impose such ​tolls.

(Source: Reuters)

• With the fiscal pressures arising from ongoing hurricane recovery efforts and the passage of the government's FY2026/2027 budget in early 2026, Jamaica's fiscal deficit is expected to widen significantly, from -2.8% of GDP in FY2025 to -4.9% of GDP in FY2026.
• The expansion will be driven primarily by an uptick in expenditures related to ongoing hurricane recovery efforts, projected to rise from 35.5% of GDP in FY2025 to 37.1% in FY2026, well above historical averages, before returning towards trend, as the government reimposes its fiscal rules and growth resumes over the medium term.
• On the revenue side, Jamaica has enacted its first tax increase in nearly a decade to support recovery efforts, introducing a suite of new measures, including vice taxes on alcohol, sugary drinks and cigarettes; a consumption tax on digital imports; and other levies. The decision to remove the fuel-price cap will help to mitigate fiscal pressure arising from the US-Iran conflict and rising energy prices.
• In response to rising fuel costs since the onset of the US-Iran war, in April 2026, the Jamaican government announced its intention to remove the weekly cap on fuel-price changes to reduce the fiscal burden on Petrojam and Jamaica's public finances. While this will increase domestic price pressures, it will help to alleviate fiscal strain, with revenues set to rise, given the existing consumption tax on fuel, a tailwind to overall fiscal stability.
• BMI forecasts that Jamaica's debt-to-GDP ratio will meet the 60% of GDP target by 2030, which is just a few years behind the FY2025/2026 schedule. While near-term exigencies will see debt rise in the near term, the fiscal balance will return to surplus over the medium term with the reimposition of the fiscal rule and economic recovery – as seen after the COVID-19 pandemic – underpinning Jamaica's sustainable fiscal trajectory despite ongoing shocks.
• Jamaica's recovery will likely be lengthy; however, the country has built meaningful fiscal buffers to withstand natural disasters and fund rebuilding. Should recovery financing needs exceed current allocations, which is likely given the estimated extent of damage, Jamaica's strong fiscal position provides room to increase recovery spending without jeopardising long-term fiscal sustainability. International support for ongoing recovery efforts further bolsters Jamaica's public finances. Assessments from the IMF underpin BMI’s optimistic view, indicating that Jamaica has sufficient buffers to fund ongoing disaster relief efforts.

(Source: BMI, A Fitch Solutions Company)

• Panama managed to stabilise its public finances during 2025 thanks to fiscal consolidation measures implemented by the government, according to Moody’s Ratings’ most recent periodic review report. However, the agency warned that the fiscal adjustment relied heavily on a sharp reduction in capital spending, a strategy that poses challenges to long-term economic sustainability.  The report confirms that the deficit of the Non-Financial Public Sector (NFPS) was reduced to 3.7% of Gross Domestic Product (GDP), a significant improvement compared to the 6.2% recorded in 2024 and below the legal limit of 4.0% established by Panamanian fiscal regulations.
• The rating agency believes that the fiscal performance reflects a greater management capacity on the part of the Panamanian authorities and a partial recovery of budgetary discipline. The adjustment brought Panama’s fiscal indicators closer to those observed in countries with a similar credit rating, temporarily strengthening the State’s financial position.
• Technical analysis reveals that the reduction in public spending exceeded the equivalent of 2% of GDP and was mainly concentrated on the halting of new state infrastructure projects and the restructuring of works that were already underway. 
• Despite the warnings, the rating agency maintained Panama’s sovereign rating at Baa3, the lowest level within investment grade.  However, the outlook remains negative, reflecting the existence of risks that could affect the country’s credit rating if the fiscal progress achieved is not consolidated. 
• The report also highlights that public finance started 2026 with favourable results.  During the first quarter of the year, the fiscal deficit stood at just 1.4% of GDP, driven by strong tax collection and strict control of current spending.  This performance strengthens expectations that Panama can meet the 3.5% deficit target set by the fiscal rule by the end of the year.
• Despite the progress, Moody’s warns that Panama faces significant structural challenges related to budget rigidity and limited capacity to generate tax revenue. The agency concludes that the evolution of tax reforms and the government’s ability to maintain budgetary discipline will be determining factors in preserving the country’s investment-grade rating.  Although it acknowledges significant progress in fiscal consolidation, Moody’s believes that Panama must demonstrate that it can sustainably reduce the deficit without compromising the public investment needed to boost long-term economic growth

(Source: Newsroom Panama)