• Approximately 27,357 Jamaicans will receive a one-off $16,000 payment under the COVID – 19 Cash Assistance programme. 
• The $155.0Mn cash transfer initiative, is aimed at aiding poor and needy persons, who are not benefiting from Government social assistance. This will in turn contribute to an improvement in private consumption and consequently, economic recovery. 
• The United Nations World Food Programme, through the Canadian Government, provided a grant to the Ministry of Labour and Social Security to undertake the initiative. The Ministry will oversee the equitable distribution of the funds. 
• The cash distribution is being facilitated by WiPay (Jamaica) Limited, through its network of outlets across the island. Portfolio Minister, Hon. Karl Samuda, said that the use of WiPay will increase efficacy in the distribution of the funds and facilitate greater levels of accountability. He further added that it allows for greater flexibility and greater accountability because the system is one that makes provision for automatic audit.

(Sources: JIS News & NCBCM Research)

• Inflation in Mexico was lower than expected during the first half of December, data showed on Thursday, though core inflation exceeded forecasts, prompting a member of the Central Bank's board to voice concern about underlying price pressures. 
• National statistics agency INEGI said inflation reached 7.45% in early December after averaging 7.37% in November, which was the highest rate in Mexico since early 2001. 
• The core rate of inflation, which strips out some volatile items, hit 5.87%, above Reuters’ analysts' prediction of 5.70%. The initial Reuters consensus forecast for core inflation was 5.68% after the core rate had reached 5.67% in November.

 (Source: Reuters)

• CariCRIS has reaffirmed Barbados’ credit rating of CariBB for local currency and CariBB- for foreign currency, with a stable outlook. 
• The stable outlook reflects the agency’s expectation of successful realignment of the home-grown Barbados Economic Recovery and Transformation (BERT) programme, which is aimed at reducing debt-to-GDP to 60% by 2035/36 and introducing more stringent fiscal planning and accountability. 
• The ratings were also supported by several factors, including the fact that fiscal consolidation continues despite COVID-19 pressures and other unanticipated shocks, comfortable and growing foreign currency reserves, good financial sector stability indicators, and “strong tourism fundamentals suggest robust post-COVID-19 rebound potential”.

 (Source: CariCRIS)

• Canada's economy likely expanded for the sixth consecutive month in November, after matching expectations in October, official data showed on Thursday, implying the Bank of Canada will stay the course on interest rate hikes, despite the rise of the Omicron variant. 
• Real gross domestic product rose 0.8% in October from September, in line with analyst estimates, while November GDP was most likely up 0.3%, according to Statistics Canada. It also revised up September's GDP gain to 0.2% from 0.1%. 
• With November's rise, which is a preliminary estimate, Canada's economy is just 0.1% below pre-pandemic levels, Statscan said. The gains also imply fourth-quarter GDP will be stronger than Bank of Canada forecasts, analysts said.

(Source: Investing.com)

• China will roll out more policies to help exporters and importers as foreign trade faces growing uncertainties, the official Xinhua news agency said on Thursday. 
• China's surprisingly resilient trade performance this year has provided a crucial buffer to the slowing economy, but analysts expect exports to come under great pressure in coming months as the COVID-19 pandemic eases. Demand for Chinese goods is expected to fall as global lockdowns ease and people spend more on services. 
• Authorities will step up the support to the trade sector, including implementing previously flagged tax and fee cuts and speeding up the export tax rebates, said the State Council. Premier Li Keqiang said in November that China is studying a new combination of tax and fee cuts to help small businesses.

(Source: Reuters)

• Owing to an increase in other income and lower admin and other expenses, iCreate reported a profit of $3.87Mn for the nine months ended September 30, 2021, versus a net loss of $2.26Mn in the previous corresponding period. 
• The company was able to grow other income to $3.07Mn from $0.68Mn, which contributed to the improved fourth quarter. Also supporting the net profit performance was a decline in the company’s cost of sales (34.0%) and admin and other expenses (46.0%) as iCreate continues to benefit from its initiatives that include a re-alignment of the company’s cost structure. 
• However, revenues contracted (32.5%) as the company was unable to conduct physical and hands-on training, which accounts for 60% of revenues, as it did in the past. Nevertheless, iCreate continues to find new ways to generate revenues, with the video production division delivering 27.9% of total revenues. iCreate’s video production division is newly launched and the company expects to continue to see growth in the division going into 2022 as the number of Internet-only platforms, such as streaming services, is likely to increase given high demand due to ongoing restrictions on gathering. 
• iCreate’s stock price has appreciated by 45.8% since the start of the year and closed Wednesday’s trading session at $0.86 per share.

 (Sources: iCreate Financials & NCBCM Research)

• Given an increase in the cost of sales and indirect costs, JBG’s net profit declined by 14.7% to $882.14Mn (EPS: $0.88) for the six months ended October 30, 2021. Cost of sales grew 41.8% YoY, owing to increased input costs, which was partially mitigated by significant growth in the US business. JBG’s bottom line was also adversely impacted by growth in distribution cost (10.9%) and admin & general expenses (20.6%). 
• The falloff in net profit was tempered by an increase in revenues (35.0%). The Jamaica Operations reported a 13.0% decline due to increased grain prices and international shipping costs, which increased production costs, all of which were not passed on to its customers. The US Operations reported a 71.0% increase in the segment results, primarily driven by the increased production and sales of the Best Dressed Chicken line of products. The operations have also seen an increase in the sales of feed and fertile eggs, reflecting the growth in the US economy. 
• The operations in Haiti also showed improved results, with a segment loss of $8.6Mn, down from a prior year loss of $38.7Mn. However, revenues fell by 29%, as Haiti continues to experience economic and political instability, which continues to impact the operations in that country. 
• JBG’s stock price has appreciated by 1.6% since the start of the year and closed Wednesday’s trading session at $29.94 per share. At this price the stock currently trades at a P/E of 24.3x which is above the main market distribution and manufacturing sector average of 15.9x.

 (Source: JBG Financials & NCBCM Research)

• The Inter-American Development Bank (IDB) and its private-sector arm, IDB Invest, expect to close 2021 with $19.5Bn in new financing for Latin America and the Caribbean, as the agencies helped countries recover from the pandemic and usher in an era of sustainable and inclusive growth. 
• The financing is the second-highest annual total in the history of the IDB and IDB Invest. It helps countries invest in priorities ranging from COVID-19-era healthcare and digitalisation to climate-change action, supply chains and education. 
• The funding is also aimed at reducing gender inequality, expand entrepreneurial ecosystems, and empower small and mid-size companies, which account for over two-thirds of the Region’s jobs. 
• The combination of IDB loan approvals ($14Bn) and expected IDB Invest financial commitments ($5.5Bn) and private-sector mobilisations ($2.8Bn) totalled $22.3Bn. Latin America and the Caribbean are the regions that were hit the hardest by the pandemic. Home to about 8% of the world’s population, it accounts for almost a third of all COVID-19 deaths – over 1.5 million people. The region also continues to face high inequality and serious economic and social challenges, the bank noted.

 (Source: IDB)

• Barbadians could be paying more for meat from early next year, after the island’s lone animal feed manufacturer, Pinnacle Feeds Limited, increased prices on Monday. 
• The hike came as price support from the Government to help keep costs down expired. However, Director of Roberts Manufacturing and Pinnacle Feeds Jason Sambrano said the increase would not affect meat prices this Christmas.  
• In a statement on Monday, he said the temporary support given to the livestock industry had helped delay the feed price adjustment that is required due to the continued elevated price of grains on the world market. 
• “The price adjustment will now take effect from Monday 20th December 2021, with the subsequent meat price adjustment to follow in early 2022,” Sambrano said. “We are grateful for the work done by both the Minister and the team at the Ministry of Agriculture to ensure Barbadians are spared an adjustment during the Christmas Season.” 
• Barbados is already faced with a relatively high inflation rate (5.6% point-to-point for November 2021, up from 1.3% in December 2020) due to labour shortages, the rise in gas prices, the ongoing logistics challenges and the continued pile up in some main shipping corridors, resulting in a slowdown in border crossing. These factors, along with the rise in feed and meat prices could continue to put upward pressure on inflation over the short term.

 (Source: Barbados Today & NCBCM Research Team)

• Pfizer on Wednesday received emergency use authorization for its Covid-19 pill Paxlovid to treat mild-to-moderate coronavirus disease in adults and patients of at least 12 years of age. 
• “Today’s authorization introduces the first treatment for COVID-19 that is in the form of a pill that is taken orally,  a major step forward in the fight against this global pandemic,” said Patrizia Cavazzoni, M.D., director of the FDA’s Center for Drug Evaluation and Research. 
• “This authorization provides a new tool to combat COVID-19 at a crucial time in the pandemic as new variants emerge and promises to make antiviral treatment more accessible to patients who are at high risk for progression to severe COVID-19.” 
• Paxlovid was shown to significantly reduced the risk of COVID-19 related hospitalization or death by 88% compared to placebo among patients treated within five days of symptom onset and who didn't receive COVID-19 therapeutic monoclonal antibody treatment.

(Source: Investing.com)