• Owing to an increase in revenue, Honey Bun Ltd. reported a 31.2% increase in net profit to $218.69Mn (EPS: $0.46) for the year ended September 31, 2021. 
• The company was able to grow revenues by 28.1% for the full year which was partly attributable to a very strong fourth quarter. Also supporting the net profit performance was a 43.5% increase in finance income and a 17.1% reduction in finance cost. The lower finance costs were due to lower loan and lease interests and other finance costs. 
• The performance was, however, tempered by an increase in admin and other expenses (20.5%), selling & distribution (19.0%), and tax expenses (194.4%). The increase in admin expenses was in part due to higher spending on staff costs, repairs and maintenance, and rates and taxes. Spending on advertising and promotion and property rental also grew, influencing the rise in selling & distribution costs. The company’s 50% remission in taxes expired May 2021, as such all earnings from June 2021 will be expensed at the full income tax rate. This would have influenced the YoY increase in taxes. 
• Honey Bun’s stock price has appreciated by 85.7% since the start of the year and closed Tuesday’s trading session at $9.86 per share. At this price the stock currently trades at a P/E of 20.5x which is above the junior market manufacturing sector average of 18.9x.

(Sources: Honey Bun Financials & NCBCM Research)

• Barbados’ blue economy, its assets, people, their skills, and the potential that rests within the sector came into sharp focus during the National Blue Economy Flotilla at Carlisle Bay on Sunday. 
• Minister of Maritime Affairs and the Blue Economy, Kirk Humphrey, gave the assurance that Government would continue its work in building out the architecture for the maritime industry. 
• Speaking during a brief ceremony to announce the start of the event, Mr. Humphrey outlined that will involve digital information and technology and could see at least 1,000 jobs being created in the maritime space over the next year to a year and a half. 
• He explained that as changes occurred across the world and in the shipping industry, Barbados too would be required to change with those times, through measures such as digital information and technology.

(Source: GIS)

• The average employment rate in the country continues to be below pre-pandemic levels, according to data from a new survey by the World Bank and the United Nations Development Program (UNDP) published yesterday. 
• The series of High-Frequency Telephone Surveys, the second phase of which was implemented this year in 24 countries in the region, showed that in the pre-pandemic period the employment rate was around 72% in the Dominican Republic and that it is currently around 65%. 
• The data indicates that the Dominican Republic has recovered above what the regional average indicates (62%) at present. In addition, the country’s employment rate is above nations such as Honduras, Panama, Uruguay, Costa Rica, Argentina, Chile, Colombia, and Brazil. 
• At the local level, the Central Bank of the Dominican Republic (BCRD), in its quarterly report July-September 2021, explains that, during the three quarters of 2021, the Dominican Republic labour market has shown important signs of recovery, but is yet to reach pre-pandemic levels.

(Source: Dominican Today)

• U.S. consumer confidence dropped to a nine-month low in November amid worries about the rising cost of living and pandemic fatigue, but that did not change expectations for stronger economic growth this quarter. 
• The survey from the Conference Board on Tuesday showed consumers were less enthusiastic about buying a house and big-ticket items such as motor vehicles and major household appliances over the next six months, likely because of shortages, which have boosted prices. 
• Consumers held strong views of the labour market, with the gap between those saying jobs are plentiful versus hard to get widening to a record high. 
• "This isn't a cause for concern as the relationship between spending and sentiment is loose, particularly in the short-run," said Ryan Sweet, a senior economist at Moody's. Analytics in West Chester, Pennsylvania. "The good news is that consumers' assessment of the labour market improved in November, pointing toward a further acceleration in job growth."

(Source: Reuters)

• The Canadian economy roared back in the third quarter, with growth most likely accelerating in October on a manufacturing rebound, though economists were cautious on the looming impact of the Omicron COVID-19 variant. 
• Canada's economy grew 5.4% in the third quarter on an annualized basis, beating analyst expectations for a gain of 3.0%, Statistics Canada data showed. A preliminary estimate for October showed a gain of 0.8%, while September's GDP was in line with expectations for a 0.1% rise. 
• Statistics Canada revised down annualized second-quarter GDP to a contraction of 3.2% from a previous dip of 1.1%. But with the October gain, economic activity is now just 0.5% below pre-pandemic levels. "The October increase was maybe more encouraging for the speed of recovery even more than the third-quarter numbers," said Nathan Janzen, senior economist at Royal Bank of Canada.

(Source: Reuters)

• Minister of Finance and the Public Service, Dr. the Hon. Nigel Clarke has highlighted that with the COVID-19 pandemic accelerating the integration of technology in people’s working lives, the public sector must make better use of information and communications technology (ICT) to support economic development and enable modernisation. 
• Consequently, the Public Sector Transformation Programme seeks to leverage ICT in transforming how the public sector delivers services to its citizens and internally to itself. Two critical elements must be addressed – How can technology be embedded into the heart of the operations of the public sector? and how can ICT use be maximized in the sector?
• The Minister said that as the Government moves towards greater use of ICT in the public sector, there must be an equal if not faster move to untangle institutional dynamics to achieve modernization and enable transformation. This is essential if the public sector is to realize the benefits from emerging technologies. 
• To build capacity and capability for ICT use in the public sector, Dr. Clarke said the management, analysis, and visualization of data must collaborate seamlessly over a secure network using virtual tools. These are just some of the skills that will be required. 
• The Minister noted that the capacity and capability must exist to harness technology and smarter and more efficient work. They must also be an enabling policy framework buttressed by a robust change management process, and a continuous build-out of capacity and capability for the transformation to be successful.

(Source: JIS News)

• Jamaica’s burgeoning film industry earned approximately US$236 million from 47 productions undertaken during the 2020/21 year while generating 867 jobs. 
• This was disclosed by the Minister of Industry, Investment and Commerce, Hon. Audley Shaw, who said the outcome mainly resulted from Jamaica Promotions Corporation’s (JAMPRO) work in actively promoting film as a viable local investment opportunity. 
• The quality and quantity of local film content have improved over the last three years and are “responding well” to increased global demand for productions that are culture-specific. 
• He also highlighted opportunities in the animation and digital sectors, two industries that demonstrate the potential for economic transformation. In addition, greater activity in the film industry such as the recent premiere of the James Bond movie, of which a large part was filmed in Jamaica, can lead to the increased popularity of the island, which could increase demand in the tourism sector.

(Source: JIS News)

• Although oil prices have dipped because of a new COVID-19 variant, which was detected in South Africa, Brent – the benchmark Guyana uses to sell its crude – remains over US$70 per barrel of oil, allowing Guyana to end the year with over US$600 million in its Natural Resource Fund (NRF). 
• Revenues reaching close to US$70 million could be earned from the sale of the country’s final oil lift for this year, which was completed by the company producing offshore Guyana, ExxonMobil, a few days ago. 
• Minister of Natural Resources, Vickram Bharrat, confirmed on Sunday that the country received its final lift and it will soon be exported. Even amid the fluctuations in market prices caused by the global response to the new COVID-19 variant, Bharrat is hopeful that oil prices will hold so that Guyana could get the best price for its commodity. 
• Guyana has earned close to US$80 million from the sale of its penultimate lift for 2021, taking the total earnings in the NRF to over US$534 million. According to the Bank of Guyana’s monthly report on the NRF, the aggregate sum moved from US$436Mn in September to US$534Mn in October.

 (Source: Guyana Chronicle)

• The Bahamas is on target to realise its “far-off dream” of one million stopover visitors in 2021, a top official disclosed yesterday, while hotel rates and tourist spending inch closer to pre-COVID levels. 
• Joy Jibrilu, the Ministry of Tourism’s director-general, told the weekly media briefing by the Prime Minister’s Office that “the quality of the numbers” that The Bahamas is enjoying in its pandemic recovery is more important than just mere visitor arrivals. 
• Confirming that The Bahamas is on track to hit the one million stopover visitor target set by former tourism minister, Dionisio D’Aguilar, when he spoke to Tribune Business in early July, she said: “Internally, we’re floating a number. When we floated that number in September, that seemed like a far-off dream. But it’s more than that at this stage.” 
• Jibrilu said hotel and tourism industry margins, and yields had increased instead of dropping as had initially been predicted. And increased tourism spending meant that the economic impact from The Bahamas’ largest sector is being felt more widely, and by more persons.

(Source: The Tribune)

• Pandemic-weary corporations struggled to assess the impact of the new Omicron variant of the coronavirus on Monday, with industries from airlines to autos awaiting more details to help determine how it might affect their operations and profits. 
• The World Health Organization warned on Monday that the Omicron variant carries a very high global risk of infection surges. Spooked investors wiped roughly $2 trillion off global stocks on Friday, but markets were calmer on Monday. 
• Countries have swiftly imposed bans on travel from southern Africa, where the variant was first discovered. Japan and Israel went even further, announcing bans on all foreign arrivals.

(Source: Reuters)