• 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)

• The Israeli military estimates it would need several more weeks of fighting to complete its war goals in Iran, two Israeli military officials said on Tuesday, March 24, 2026. That timeline could be cut short as the United States (U.S.) makes efforts to end the war. President Trump said the U.S. is holding "productive" talks to seek an end to the Iran war, though Iran denied the existence of direct talks.
• Pakistan, Egypt, Oman and Turkey have been playing a role in backchannel efforts toward reaching a U.S.-Iran ceasefire, according to an Egyptian official, speaking on condition of anonymity to discuss the discreet negotiations. Israeli Prime Minister Benjamin Netanyahu acknowledged Trump's diplomatic efforts but did not say whether he supported them.  "President Trump believes there is an opportunity to leverage the tremendous achievements we have reached alongside the U.S. military to realise the goals of the war through an agreement, an agreement that will safeguard our vital interests," Netanyahu said in a video address posted online.
• Though Israel's military said this week it has destroyed or disabled the majority of Iran's ballistic missile launchers, Iran continues to launch missiles at Israel. That includes an Iranian missile that evaded U.S. and Israeli air defence systems and hit a residential neighbourhood in Tel Aviv, damaging several apartment buildings and lightly wounding some people, according to Israeli authorities.
• The Israeli military still needs weeks to complete its war aims, the two Israeli officials said, speaking on condition of anonymity to discuss internal military deliberations. One of the officials, serving in a senior role in the Israeli military's operations directorate, said the war has degraded Iran's chain of command, delayed Iran's nuclear plans and destroyed many of its military industries, but that Iran remains an "active, dangerous player in the region."
• The official also said that there are remaining Iranian military industries and capabilities that Israel seeks to attack. "We are in many ways halfway there," the official said. "There are very significant achievements, both at the tactical level and at the strategic level. But there has not been a full strategic victory." The official said the Israeli military does not know when Trump will declare the war over.

(Source: NPR.org)

• The Jamaica Stock Exchange (JSE) is officially launching its electronic trading platform for Government of Jamaica (GOJ) securities on Wednesday, March 25, 2026. The platform moves the trading of government debt into a centralised, electronic environment, replacing the older or less efficient manual processes.
• A primary goal of the platform is to provide real-time data and visibility into pricing and volumes, fostering a more open fixed-income market. By providing a structured secondary market for GOJ bonds, the platform aims to make it easier for investors to buy and sell securities, thereby improving overall market liquidity.
• The initiative is designed to strengthen Jamaica's domestic financial sector by offering a more professional, automated and accessible capital market solution for both institutional and individual investors.
• The system will provide straight-through processing for clearing and settlement, leveraging the BOJ’s Real-Time Gross Settlement (RTGS) and Central Depository System (CDS) systems, while JamClear CSD ensures secure, same-day settlement capability.
• This will result in the elimination of over-the-counter trading, with investors instead trading directly through the NASDAQ platform. Trades will be visible to all investors, and price history reporting will be available, allowing market participants to view traded prices and volumes. This enhanced transparency will support improved price discovery and setting, as well as better visibility into supply and demand volumes.

(Sources: JSE and NCBCM Research)

• MFS Capital Partners has signed and entered into a Memorandum of Understanding (MOU) with Century Business Machines Limited (CBM) to acquire a 100% stake in the company, effective March 18, 2026.
• Century Business Machines Limited (CBM) is a leading Jamaican provider of office supplies, technology, and furniture, offering comprehensive workplace solutions backed by decades of reliable service, quality products, and strong customer support.
• The MOU sets the framework for exclusive negotiations between the parties and outlines the key terms and conditions for the proposed transaction. The acquisition remains subject to the satisfactory completion of due diligence, the negotiation and execution of definitive agreements, and the receipt of any required regulatory approvals.
• The acquisition forms part of MFS Capital's growth strategy and is expected to significantly enhance the Company's revenue base and portfolio diversification.
• MFS’s stock price has declined by 2.6% since the start of the year to close at $0.40 on Monday, March 23, 2026. At this current price, its P/E of 3.5x is below the Junior Market Financial Sector average of 14.1x.

(Source: JSE)