• 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)

• The scramble to secure critical mineral supply chains has become a defining feature of Western economic policy, driven by surging artificial intelligence (AI)-related demand and deepening concerns over Mainland China’s dominance across the value chain. In this context, the International Energy Agency’s 2025 report projects potential supply shortfalls of around 30% for copper and 40% for lithium by 2035, while AI-driven demand is pushing up the price of the minerals that power AI infrastructure itself.
• Latin America is already a net beneficiary of current geopolitical trends and stands to gain further by leveraging its position as a major supplier of critical minerals. Limited interstate conflict, improving investment conditions, and large and concentrated mineral endowments position the region as a more reliable and stable source of supply that will support a rising share of global mining investment and capital inflows.
• This strengthening regional supply outlook coincides with a more active US policy focus on LATAM, with the Trump administration moving aggressively to secure supply through bilateral frameworks and agreements with countries such as Argentina, Ecuador, Paraguay and Peru, as part of a broader strategy targeting both raw material supply and processing capacity.
• Against this backdrop, the current environment, where Western governments are actively seeking to develop processing capacity outside China, creates scope for LATAM countries to move up the value chain into processing and refining, thereby allowing producers to leverage competing strategic interests to secure commitments for local processing capacity.
• Notwithstanding, progress remains at an early stage and depends on overcoming regulatory complexity and infrastructure constraints, with early investment trends in countries like Brazil and Argentina indicating gradual progress. Despite Brazil holding roughly a quarter of global rare-earth reserves, it accounts for less than 0.5% of production.
• Moreover, a second channel through which this shift will materialise is through downstream energy and digital infrastructure. LATAM’s abundant renewable energy resources, particularly hydro, attract investment from US hyperscalers, such as Amazon, Microsoft and Google, who are expanding their presence in Brazil and Chile, while Mexico’s nearshoring boom is driving data centre development. However, risks such as environmental opposition, regulatory uncertainty, and the potential for a resource curse could limit the region’s ability to fully capitalise on these trends.

(Source: BMI, A Fitch Solutions Company)

• Latin American governments are launching a sweeping realignment of energy and fiscal policies, warning that the surge in oil prices from the Iran war threatens regional stability. Dominican Republic President Luis Abinader announced a “responsible” adjustment to domestic fuel prices to protect public finances.
• President Abinader called on businesses to adopt remote work and urged a new level of citizen consciousness to optimise fuel consumption. Warning that the surge creates an escalating fiscal burden that could “jeopardise the sustainability” of the state, Abinader’s administration is preparing to subsidise fertilisers to the tune of 1 billion pesos ($17 million) and redirect 10 billion pesos to bolster social programs. Abinader’s remarks mirror a broader regional pivot as leaders across the political spectrum grapple with the fallout of global energy volatility. “This is not due to domestic economic weakness, but rather because we are facing an external shock of great magnitude,” he said.
• While the government will bear the brunt of the effort, citizens must prepare for “inevitable sacrifices,” including upward pressure on electricity and food costs, Abinader said. In Chile, President José Antonio Kast said in an interview with La Tercera that “things cannot remain as they are if the price of oil doubles.” Shunning what he termed “populist exits,” Kast signalled he will use executive authority to adjust the Fuel Prices Stabilization Mechanism (MEPCO) fuel-price stabilisation mechanism.
• He framed the measures as part of a culture of responsibility required to confront an existing fiscal crisis now exacerbated by global conflict. Colombian President Gustavo Petro took the lead in the region on Saturday, saying that subsidised gasoline prices “can no longer be sustained” and will start tracking international levels. In a strategic pivot, Petro said state oil company Ecopetrol’s profits would be directed to fund subsidised, Colombian-made fertilisers, effectively moving the state’s financial support from the pump to the farm.
• Diesel subsidies will be restricted exclusively to cargo transport, he said. Across Latin America, the shifts signal that the era of state-funded fuel is ending to make room for fiscal survival as the Iran war has nearly closed off the Strait of Hormuz, a chokepoint through which 20% of the world’s oil typically flows. Oil prices have surged, with Brent crude rising 55% since hostilities began on February 28, 2026.

(Source: Bloomberg News)

• Oil prices plunged, and stock markets rebounded after President Donald Trump said the United States (U.S.) would hold off on strikes against Iranian power plants, citing "constructive" discussions about ending the conflict in the Middle East. The president wrote on social media that the two countries had held talks about a "COMPLETE AND TOTAL" resolution, but Iran denied these talks had happened. The price of Brent crude sank, while European and U.S. shares rose following Trump's statement.
• Trump had previously said he would "obliterate" Iranian power plants if the Strait of Hormuz shipping route was not reopened in 48 hours. Iran had said it would respond by targeting key infrastructure in the region. The comments over the weekend had rattled financial markets, adding to fears that the U.S.-Israeli war with Iran would be a prolonged conflict.
• At one point on Monday, March 23, 2026, the price of Brent had hit $113 a barrel, but it tumbled in the immediate aftermath of Trump's latest comments. Oil prices fell to a low of $96 a barrel before rebounding to $103. While oil fell, stocks rose. London's FTSE 100 index ended the day flat after being down more than 2% earlier on Monday. Germany's Dax index also rebounded to close 1.2% higher while France's Cac ended up roughly 0.9%. In the U.S., both the S&P 500 index and the Dow Jones were up more than 1% at midday.
• Stocks in Asia, which closed before Trump's latest comments, had seen heavy falls with Japan's Nikkei index dropping 3.5% and South Korea's Kospi down 6.5%. Of note, Japan and South Korea have been particularly affected by the conflict, as they are heavily dependent on oil and gas that would normally pass through the Strait of Hormuz, which has been blocked since the start of the war

(Source: BBC)

• Given the structural challenges facing the Canadian economy, BMI anticipates that Gross Domestic Product (GDP) will slow over the next decade to an average of 1.9% compared with 2.3% over 2010-2019. Easing trade uncertainty over the long term will support business investment and domestic demand, underpinned by shifts in government policy aimed at reducing the Canadian economy’s reliance on the United States (U.S.) market.
• Infrastructure upgrades announced as part of Budget 2025 should help to facilitate greater internal and cross-border trade by making it easier to bring goods to market. These upgrades are likely to do more for external trade than Prime Minister Mark Carney’s efforts to sign trade agreements with a variety of alternative partners. In contrast, proposed changes to interprovincial trade regulations are a more meaningful potential tailwind for domestic activity, with the International Monetary Fund (IMF) estimating that current barriers are the equivalent of a 9% national tariff, costing the Canadian economy C$210Bn per year, or around 7% of GDP.
• Despite these positives, Canada faces several structural headwinds that dampen its longer-term growth outlook. Canada faces demographic challenges, as the proportion of people aged 65 and over rose from 12.6% in 2000 to 19.5% in 2025, with the dependency ratio increasing by 6.2 percentage points (pp) since 2000 to 52.7 in 2025. Furthermore, a more restrictive immigration policy is also contributing to a less favourable future demographic profile.
• The government has moved to reduce immigration to 'sustainable levels' with non‑permanent residents falling from 7.6% of the population in October 2024 to 6.8% in October 2025, with new restrictive immigration targets for temporary residents, as outlined in Budget 2025. Canada's population fell in the fourth quarter of 2025 (Q4 2025) by 0.2%, the only recorded quarterly population decline since 1946 (excluding Q4 2020), largely due to these policy changes. Moreover, productivity growth continues to disappoint. Between Q1 2023 and Q4 2025, US quarterly labour productivity growth averaged 2.5% y-o-y, compared to Canada’s nearly flat productivity growth, which averaged 0.12% over the same period. 
• That said, risks to the outlook are balanced. If the many economic policies being proposed and implemented by the current government result in a greater-than-expected boost in productivity, growth could exceed our expectations. Securing more favourable terms in current trade talks and in the 2026 United States-Mexico-Canada Agreement (USMCA) renegotiation would boost growth further. On the downside, if looser fiscal policy fuels higher inflation, monetary policy may need to turn more restrictive, creating a headwind to investment and longer‑term growth in 2026 and beyond. Furthermore, escalating global geopolitical tensions present downside risks to Canadian – and global – economic health.

(Source: BMI, A Fitch Solutions Company)

• R.A. Williams Distributors Limited (RAWILL) posted net profits of $33.51Mn for the third quarter ended January 31, 2026 (Q3 FY2026), more than doubling the $14.17Mn earned in the prior quarter.
• Q3 revenues surged 23.2% to $541.94Mn compared to $438.90Mn in the corresponding quarter of the prior fiscal year. However, gross profits improved by just 5.4% to $215.12Mn owing to a 39.2% jump in direct costs.
• Nonetheless, driven by a significant reduction in administrative and general expenses, operating profit rose 85.0% to $52.87Mn. Administrative and general expenses fell 13.9% to $98.68Mn, which management attributed to its active drive to improve cost control, an area it outlined in Q2 would be the core focus.
• Despite the strong third quarter, it was insufficient to lift the company's 9-month figures. 9M net profit fell by 78.1% to $4.76Mn as revenue growth (+21.0%) was overrun by higher costs. Revenues grew 21.0% to $1,443.95Mn, but operating profit declined 25.9% to $60.61Mn. Higher, direct costs (+36.8%), operating expenses (+8.4%) and finance costs (+6.4%) all contributed to the weak nine-month performance and reinforce that cost containment will be critical to sustaining profit growth.
• On the revenue front, management has indicated continued focus on deepening market penetration, expanding into new therapeutic and wellness categories, and strengthening engagement with healthcare professionals across Jamaica.
• RA Williams is a pharmaceutical distributor and health solutions provider, distributing local and international pharmaceuticals to pharmacies and health institutions across Jamaica and the region. It was listed on the Jamaica Stock Exchange’s Junior Market in August 2024. Its stock price has increased by 8.1% since the start of the year to close at $0.40 on Thursday, March 19, 2026.

(Sources: R.A. Williams Distribution Limited Financial Statements & NCBCM Research)

• Tropical Battery Group has announced a landmark partnership with Wright Energy Storage Technologies (WEST), appointing Tropical Battery and its affiliate Kaya Energy as authorised resellers of WEST products across Jamaica and the Dominican Republic.
• The deal introduces WEST's Optimised Supercapacitor technology to the Caribbean – a carbon-based electrostatic storage system that differs fundamentally from traditional lithium-ion batteries. Key selling points include a 45-year design life, a 20-year warranty, 97.1% round-trip efficiency, and no risk of thermal runaway or fire.
• Tropical Battery CEO Alexander Melville said the technology is particularly suited to the Caribbean environment, noting that traditional battery chemistries often struggle with the region's high ambient temperatures and humidity. WEST modules are rated to operate from -40°C to +65°C without performance loss.
• WEST CEO Larry (Chip) Seibert said Tropical Battery's "deep roots in the Caribbean and commitment to renewable energy" made them the ideal partner to deploy the technology across the two markets. WEST currently operates across more than 35 countries and is headquartered in Manhattan, New York.
• The WEST partnership has the potential to meaningfully improve Tropical Battery's revenue. The 45-year design life and 20-year warranty of WEST modules position the company to pursue larger, longer-cycle commercial and industrial contracts that could help revenue growth.
• Ultimately, the success of the partnership would depend on Tropical Battery's ability to find customers willing to buy WEST's supercapacitor technology. Tropical would need to convince customers to trust and adopt a new product, even if it outperforms the lithium-ion batteries they're already familiar with. Effectively promoting specs, like the 45-year design life and 20-year warranty, will play a key role in achieving this.
• TROPICAL’s stock price has decreased by 13.2% since the start of the year to close at $1.38 on Thursday, March 19, 2026. At this current price, its P/E is 9.9x, below the Main Market Energy, Materials and Industrial average of 19.5x.

(Sources: JSE, Tropical Battery Group Ltd. & NCBCM Research)