• On December 18, 2025, Caribbean Information and Credit Rating Services Limited (CariCRIS) reaffirmed the Issuer/Corporate Credit Ratings assigned to Wigton Energy Limited (Wigton) at CariBBB+ (Local Currency Rating) on the regional rating scale, and jmA (Local Currency Rating) on the Jamaica national scale.
• The regional ratings indicate that the level of creditworthiness of Wigton, relative to other peers in the Caribbean, is ‘adequate’. However, the national scale rating indicates that the level of creditworthiness of Wigton relative to other peers in Jamaica is ‘good’.
• The ratings were driven by Wigton’s leading position as an independent renewable power producer in Jamaica, with business operations supported by long-term contracts. The company’s adequate operating efficiency, supported by well-maintained wind turbines, as well as good financial performance in FY2025, further underpins the ratings – notwithstanding a decline in profitability.
• Moreover, Wigton continues to present healthy liquidity and adequate debt servicing capability, despite some weakening, alongside a good corporate governance structure and robust risk management practices. Notwithstanding these rating strengths, Wigton’s revenue remains highly vulnerable to wind variability and the vagaries of nature. The ratings are further constrained by the lack of government support and protective legislation for local renewable energy producers.
• CariCRIS also maintained a stable outlook on the ratings for Wigton. The stable outlook is based on the high likelihood that Wigton will remain profitable over the next 12 to 15 months, notwithstanding the temporary operational and economic disruptions caused by Hurricane Melissa. This is underpinned by its core wind energy operations, strategic diversification into solar energy generation and strong insurance coverage, which are collectively expected to support its operational resilience and revenues over the period.
• Additionally, CariCRIS expects Wigton to meet all debt service commitments in a timely manner. That said, the agency noted that it will continue to closely monitor the evolving impact of Hurricane Melissa on Wigton’s operations and credit profile over the coming months.

(Source: CariCRIS)

• The Caribbean Development Bank (CDB) announced that S&P Global Ratings affirmed its long-term issuer credit rating of ‘AA+’ and an improved short-term issuer credit rating of ‘A-1+’, with a stable outlook.
• This rating reflects the view that, over the next two years, CDB will maintain high capitalisation and a solid business profile, as the region’s preferred lender. This assessment endorses CDB’s continued financial strength and its critical role in supporting sustainable development across the Caribbean.
• The affirmation follows a comprehensive review under its revised methodology for multilateral lending institutions. The bank’s risk-adjusted capital (RAC) ratio increased to 59.6%, well above the threshold for extremely strong capital adequacy. This improvement was supported by CDB’s recent Exposure Exchange Agreement (EEA), which reduced portfolio concentration and enhanced risk management.
• “This rating underscores the confidence of our shareholders and partners in CDB’s prudent financial and risk management and its unwavering commitment to the region,” said Daniel M. Best, president of the CDB. “Our strong capital position enables us to continue delivering on our mandate to accelerate inclusive and resilient growth for our 19 borrowing member countries,” he added.
• S&P highlighted CDB’s very strong enterprise risk profile, citing its policies and status among Caribbean sovereign borrowers. The stable outlook reflects expectations that CDB will maintain high capitalisation and robust liquidity over the next two years, even amid global economic headwinds and climate-related challenges. The bank’s enhanced capital base positions it to expand its loan portfolio in order to strengthen regional climate action and sustainable development.

(Source: Caribbean News Global)

• As the government transitions to a modern and digitally driven economy, the need to join the formal banking system has risen. The head of state made the remarks in his address to the nation at the Arthur Chung Conference Centre (ACCC) on Wednesday, where he outlined the government’s economic and social agenda for the next five years.
• The government has simplified bank account opening requirements, with these measures already in effect, contributing to more than 65,000 new bank accounts since 2020 and expanding participation in the formal banking system.
• Online banking is now operational at four local commercial banks, improving access nationwide, including hinterland regions, and supporting the government’s plan to deliver social cash transfers through the banking system.
• Authorities have announced plans to establish a junior stock exchange and enable online loan applications and transaction processing within the next five years, further deepening financial market access.
• SMEs will have access to up to $10.0Mn in zero-collateral loans via the Guyana Development Bank, while micro businesses can apply for up to $3.0Mn in zero-collateral, zero-interest loans through a new development bank framework.
• These initiatives align with the PPP/C administration’s 2025 Manifesto, including the launch of an SME Development Bank by Q1 2026, backed by an initial US$200.0Mn government injection, with youth, women, and persons with disabilities prioritised.

(Source: Caribbean News Global)

• At a time when Americans are frustrated and angry over the high cost of living, the government released a report Thursday showing that inflation had cooled unexpectedly in November. But economists quickly warned that last month’s numbers were suspect because they’d been delayed and likely distorted by the 43-day federal shutdown. And most Americans have not felt any let-up in the high prices they are paying for food, insurance, utilities and other necessities.
• The Labour Department reported Thursday that its consumer price index rose 2.7% in November from a year earlier. Yet, year-over-year inflation remains well above the Federal Reserve’s 2% target. Americans, dismayed by high prices, handed big victories to Democrats in local and state elections last month.
• The inflation report was delayed eight days by the shutdown, which also prevented the Labour Department from compiling overall numbers for consumer prices and core inflation in October and disrupted the usual data-collecting process. Thursday’s report gave investors, businesses and policymakers their first look at CPI since the September numbers were released on Oct. 24.
• Consumer prices had risen 3% in September from a year earlier, and forecasters had expected the November CPI to match that year-over-year increase. Kay Haigh, global co-head of fixed income and liquidity solutions at Goldman Sachs Asset Management, warned that the November numbers were “noisy … The cancelling of the October report makes month-on-month comparisons impossible, for example, while the truncated information-gathering process, given the shutdown, could have caused systematic biases in the data.”
• Many economists don’t expect to get a reliable read on inflation until next month, when the Labour Department releases CPI numbers for December. Energy prices, driven up by sharply higher fuel oil prices, rose 4.2% in November. Excluding volatile food and energy prices, so-called core inflation rose 2.6%, compared with a 3% year-over-year gain in September and the lowest since March 2021. U.S. inflation remains stubbornly high, partly because President Donald Trump decided to impose double-digit taxes on imports from almost every country on earth, along with targeted tariffs on specific products like steel, aluminium and autos.
• The president’s tariffs have so far proved less inflationary than economists feared. But they do put upward pressure on prices and complicate matters at the Fed, which is trying to decide whether to keep cutting its benchmark interest rate to support a sputtering job market or whether to hold off until inflationary pressures ease.

(Source: PBS News)

• Japan’s central bank on Thursday kicked off its last policy meeting of the year, with expectations that it will raise benchmark interest rates to their highest in 30 years, as it seeks to move ahead with policy normalisation set forth last year.
• The decision could see rates raised to 0.75% – the highest since 1995 – with data from LSEG showing an 86.4% probability of a hike by the Bank of Japan. A rate hike will likely strengthen the yen against the dollar and contain inflation, which has run above the BOJ’s target for 43 straight months. But it could further slow a weak Japanese economy that contracted in the third quarter.
• Revised GDP numbers showed that Japan’s economy in the three months through September contracted more than initially estimated, shrinking 0.6% quarter on quarter, and 2.3% on an annualised basis. With a rate hike almost certain, experts said that market focus will be more on the BOJ’s commentary after the decision.
• Gregor MA Hirt, global multi-asset chief investment officer at Allianz Global Investors, noted that the market reaction will depend on the nuances of the BOJ’s communication. Signals around the neutral, or terminal, rate, one that balances inflation and economic growth, and comments on yen weakness will be some of the things to look out for.
• Governor Kazuo Ueda reportedly said earlier this month that it was difficult to estimate the terminal rate, with the central bank pegging it at 1% to 2.5%. Japan embarked on policy normalisation last year, abandoning the world’s only negative interest rate regime that had been in place since 2016. Since then, the BOJ has consistently maintained its stance of gradually raising rates.

(Source: CNBC)

• Jamaica Broilers Group Limited (JBG) recorded a net loss attributable to shareholders of $379.3Mn for Q2 ended November 1, 2025, compared with a $756.1Mn profit in Q2 2024. Management attributed the quarterly loss primarily to continued challenges within U.S. operations, including higher feed and production costs and pressure on market selling prices, which outweighed the resilience of the Jamaican business.
• Core Q2 revenues were relatively stable at $24.09Bn (-0.2%), reflecting the offsetting impact of solid core demand in Jamaica against ongoing weakness in U.S. pricing conditions.
• However, elevated feed costs and production inefficiencies in the U.S. segment contributed to a 4.6% increase in direct costs. Consequently, Gross profit declined by 18.3% to $4.18Bn in Q2 from $5.12Bn a year earlier.
• Lower gross profits were met by a 1.0% increase in operating expenses to $3.67Bn. A 45.1% increase in distribution costs to $1.10Bn, largely attributed to the U.S. segment, was partly offset by a 10.7% decrease in Admin expenses. The group’s other income also lent a hand, increasing by 94.2% to $0.17Bn. Nonetheless, operating profits decreased, down 56.7% to $0.68bn. Net finance costs were also higher, up 31.4% to $0.91Bn. All these factors contributed to JBG’s lower Q2 profits.
• Despite the weak Q2 profits, the company recorded net profit of $1.22Bn for the six months ended November 1, 2025 (6M 2025), a 17.0% increase relative 6M 2024. JBG also completed the revaluation of its land and buildings. This added approximately $53Bn to asset values and $41Bn to stockholders’ equity. The revaluation pulled the group from a shareholder’s deficit of $10.03Bn to positive shareholders’ equity of $31.54Bn.
• Management noted that stronger Jamaican operations and decisive corrective actions underway in the U.S. helped offset the Q2 setback. Notably, it has already taken steps to improve cost performance, including optimising live-bird yields, enhancing plant efficiency and adjusting pricing where market conditions allow. However, the company communicated its willingness to sell the U.S. meat business if it received a suitable offer.
• Meanwhile, the resilience of the Jamaican business could be tested by Hurricane Melissa. Strong holiday demand and robust inventory are expected to drive high chicken sales for the company. However, the feed business faces a downturn as Hurricane Melissa decimated small farmers in Western Jamaica, who are the primary customers. While other regional farmers may ramp up production to fill supply gaps, the net impact on feed revenue remains uncertain.
• As at the close of trading on Wednesday, JBG’s stock price closed at J$17.20, reflecting a 52.1% year-to-date drop.

(Source: JSE, NCBCM Research)

• Proven Management Limited (PML), the investment manager of Proven Group Limited (PROVEN), today announced the establishment of a strategic partnership with the Cornerstone Group (Cornerstone), a US and regional investment organisation with core capabilities spanning financial services, financial technology, and substantial real estate holdings. Cornerstone’s Mark Myers was also nominated to join PROVEN’s Board of Directors.
• As the parent company of Barita Investments Limited and the second-largest shareholder in PROVEN Group,
• A key focus of collaboration will be the alignment of Proven’s real estate development expertise with Conerstone’s high-quality property holdings, positioning both platforms for long-term growth. The move also strengthens Cornerstone’s broader footprint in Jamaica’s financial sector.
• Chairman of PML, Dr Peter Bunting, noted that the agreement reflects the commitment to disciplined growth, strong governance, and long-term value creation for clients, employees and shareholders of the PROVEN Group. He further noted that the regional and global environments create a compelling opportunity for collaborations of this nature in the pursuit of efficiency, resilience and expansion.
• Both groups will continue to operate independently. The partnership is intended to unlock areas of shared interest and strategic alignment as opportunities emerge.

(Source: JSE)

• The IMF upgraded The Bahamas’ 2025 growth outlook to 2.8%, up from 2.2% projected in mid-October 2025, representing a 60-basis-point increase and roughly $90Mn in additional economic output, while slightly raising its 2026 forecast to 2%.
• Despite the improved growth outlook, the IMF again called for fiscal austerity, including new and higher taxes and spending reforms, to achieve the Government’s 50% debt-to-GDP target by FY2030/31. The Fund specifically reiterated proposals for a personal income tax and a 15% VAT rate, which the Government has said it is not considering.
• Economic conditions are expected to remain broadly stable, with unemployment staying just below 10% through 2026 and inflation below 1% in 2025, while growth is expected to decelerate after 2025 toward a long-run average of 5%–2.0% without meaningful reforms.
• Public finances have strengthened since the pandemic, but the IMF projects overall fiscal deficits of about 0.5% of GDP for this year and next, and notes that central government debt remains high at about 74% of GDP, requiring additional consolidation to meet medium-term targets.
• Key IMF policy recommendations include broad tax and expenditure reforms, such as introducing a progressive personal income tax, raising VAT to 15%, replacing the Business Licence fee with corporate income tax, removing the real property tax cap, reducing VAT and customs exemptions, and cutting transfers to state-owned enterprises, particularly the Public Hospitals Authority and Water & Sewerage Corporation.
• The IMF also urged wider structural and institutional reforms, including civil service pension reform, adoption of accrual-based accounting, improved housing affordability measures, labour market and skills reforms, stronger financial sector oversight, enhanced digital assets regulation, and continued efforts to expand financial inclusion through agency banking, digital payments, and the Sand Dollar¹.

_______________________

¹SandDollar is the digital version of the Bahamian dollar.

• The presidents of Latin America's two largest countries urged restraint on Wednesday in the face of escalating actions from the United States toward regional neighbour Venezuela.
• S. President Donald Trump on Tuesday ordered a “blockade” of all oil tankers under sanctions entering and leaving Venezuela, a move that the government of Venezuelan President Nicolas Maduro called a "grotesque threat."
• Trump's administration has moved thousands of troops and nearly a dozen warships - including an aircraft carrier - to the region, spiking tensions. Maduro's government has rejected Trump's moves and has alleged that the U.S. military aims to control Venezuela's vast oil reserves.
• Mexican President Claudia Sheinbaum, at her morning press conference, called for dialogue and asked the United Nations to act to prevent violence in Venezuela. "I call on the United Nations to fulfil its role. It has not been present. It must assume its role to prevent any bloodshed," she said, reiterating Mexico's position of being against intervention and foreign interference in Venezuela.
• Sheinbaum also offered Mexico as a host for any potential negotiations or meetings between the two countries. Brazilian President Luiz Inacio Lula da Silva also called for peace in the region.
• The two leftist presidents have both been closely engaged in trade negotiations with the Trump administration, and both have achieved a relatively positive rapport with the U.S. leader.
• In a statement shared by his spokesperson on Wednesday, United Nations Secretary-General Antonio Guterres called for the immediate de-escalation of tensions between the United States and Venezuela, asking both countries to "honor their obligations under international law, including the U.N. Charter and any other applicable legal framework to safeguard peace in the region."

(Source: Reuters)

• The Bank of England is set to cut interest rates, after lower-than-expected inflation figures and signs of a weakening jobs market. Headline inflation slowed to 3.2% in November, from 3.6% in October, the Office for National Statistics said on Wednesday. That was the lowest since March and a much clearer drop than predicted by analysts, who had forecast a rate of 3.5%. The news comes only a day after labour market data from the ONS showed the unemployment rate rising to its highest level in over four years in October.
• The economy has struggled for growth in the second half of this year, after a sugar rush in the first quarter in which exporters rushed to get their goods to the U.S. before President Donald Trump could impose trade tariffs. The hangover from that, and the lingering uncertainty over the global economic outlook caused by Trump’s trade policy, has been severe.
• But at the same time, an unwelcome rise in inflation has stopped the Bank of England from cutting interest rates more quickly to support the economy. A raft of hikes in government-controlled prices, such as energy bills and rail fares, meant that inflation was rising for much of the year, leading it to peak at 3.8% in September. That was also partly due to companies passing on increases in labour costs due to a 6.7% hike in the National Living Wage and an increase in employers’ National Insurance contributions.
• Panmure Liberum chief economist Simon French said the wide range of goods and services now showing softening price trends showed that demand is now so weak that companies are having to absorb those price increases themselves instead. The government will be particularly relieved to have seen politically sensitive food prices, which have been a constant bugbear for the last couple of years, making the biggest contribution to the slowdown in inflation in November. Prices for clothing and footwear and for discretionary services such as restaurants and hotels also fell slightly.
• However, with the worst bout of inflation in half a century still fresh in everyone’s minds, it has been forced to keep the pace of policy easing “gradual and cautious”.
• Peel Hunt’s Pickering said that the scale of the slowdown could be enough to have some members of the Monetary Policy Committee voting for a half-point cut in the Bank Rate to 3.5% on Thursday. The consensus remains for a quarter-point cut to 3.75 %.

(Source: Politico)