• The Dominican Republic has announced plans to build a commercial spaceport in the province of Pedernales after reaching an agreement with U.S.-based company Launch on Demand, marking a major step toward the country’s entry into the global space economy.
• President Luis Abinader revealed the project during his State of the Nation address before the National Assembly, stating that the spaceport will involve an investment exceeding US$600Mn and aims to enable the launch of a satellite or rocket from Dominican territory before May 2028, following three years of negotiations with Launch on Demand and U.S. investment funds led by Burton Cantlich, a former operations director at NASA.
• The spaceport project forms part of a broader government strategy to diversify the economy through high-level technological partnerships, including collaborations with Nvidia and Google, with Nvidia supporting specialised training and an artificial intelligence centre of excellence, and Google planning to invest more than US$500Mn in a digital exchange hub with a data centre and submarine cable connections to the United States.
• Abinader said these initiatives position the Dominican Republic as a regional leader in advanced technology, digital connectivity, and innovation, enhance national competitiveness, attract global technology firms, and support the transformation of Pedernales into a tourism and logistics hub alongside infrastructure development.
• The president cited economic indicators, including 2.1% growth in 2025, exports of nearly US$16Bn, foreign direct investment surpassing US$5Bn, projections from institutions such as the World Bank and the Harvard Growth Lab, and alignment with RD 2036 and Harvard University’s Atlas of Economic Complexity ambition to rank among the world’s 20 most dynamic economies.

(Source: Dominican Today)

• President, Dr. Irfaan Ali on Monday, March 2, 2026, met with the executive of the Guyana Gold and Diamond Miners Association (GGDMA), where discussions centred on strengthening governance and advancing the digital transformation of the mining sector.
• During the engagement, the association commended the government’s forward-looking management of the industry, while President Ali stressed that success in the sector must be matched by full adherence to regulations, including accurate gold declarations and compliance with legal channels such as sales through the Guyana Gold Board, urging all gold miners to make a full declaration of gold produced in 2025 and warning that registered dredges with no declarations will be deregistered and illegal foreign miners identified for prosecution and expulsion.
• The GGDMA executive expressed its commitment to working closely with the administration to ensure efficiency and transparency, pledging support for modernising mining operations through the integration of digital tools to improve monitoring and reporting, initiatives expected to bolster accountability, streamline processes, enhance productivity, and safeguard future development.
• The Head of State announced a sweeping package of support measures for small miners, including outreach with commercial banks to bring miners into the formal financial system, reduce dependence on informal credit, and roll out financial literacy programmes in partnership with the Development Bank to help miners better manage savings, understand credit, and build sustainable economic futures.
• President Ali said the government will pursue and shut down delinquent operators who exploit state incentives while failing to declare gold, overhaul systems that have enabled chronic under-declaration and illegal exports, and noted participation in the meeting by Senior Minister with responsibility for Finance Dr Ashni Singh, Minister of Natural Resources Vickram Bharrat, and Minister of Public Service, Government Efficiency and Implementation Zulfikar Ally.

(Source: Guyana Chronicle)

• Iranian drone strikes on oil refineries in Saudi Arabia and Kuwait and on Qatar Energy’s Ras Laffan LNG complex, combined with Tehran’s announcement that it would close the Strait of Hormuz, sent shockwaves through global energy markets, pushing Brent crude briefly above $82 per barrel on March 2, 2026, and driving natural gas futures up about 40% in Europe and Asia. As a result of these global shocks, attention quickly turned to the implications for energy-dependent economies such as Cayman.
• The Cayman Islands is heavily exposed to products made from crude oil, such as petrol and diesel, because in addition to transport use, Cayman also generates most of its electricity from diesel oil, with a Caribbean Utilities Company (CUC) report noting “Our generators consumed approximately 40.6Mn gallons of diesel fuel and 109,833 gallons of lube oil in 2025 to meet electrical demand.”
• “CUC’s largest generating units operate on diesel, which means the company is closely tied to global fuel price movements,” said the company’s VP of Energy Operations Stephen Jay, who explained that although CUC does not source fuel directly from Middle Eastern producers, global crude market movements ultimately drive the cost of refined diesel and fuel prices in Cayman tend to move in step with broader international market trends.
• Beyond direct fuel costs, the global energy increases will also have less obvious impacts on Cayman, said Simon Cawdery, a director at HLX Management, noting that higher fuel costs raise shipping expenses and electricity costs, increasing company overheads and pushing up inflation, which “will be bad news for consumers in Cayman from a pure economics perspective”.
• Nevertheless, there are some silver linings for Cayman, as current market conditions for diesel show only a small increase, the islands are not heavy users of natural gas which insulates them from the most extreme price spikes, and the US, a net energy exporter whose key stock markets such as the S&P 500 rose slightly on Monday, has so far suffered little economic impact.

(Source: Cayman Compass)

• The large-scale United States (U.S.)-Israeli military campaign against Iran embodies U.S. President Donald Trump’s second-term foreign policy approach of being more interventionist overseas and embracing strategic military operations. Trump seeks to establish a foreign policy legacy that demonstrates US strength and corrects the perceived ‘failures’ of his predecessors.
• The U.S. actions in pursuit of these ambitious objectives, and Iran’s retaliation, have moved the conflict immediately to a scenario of a short-lived but large-scale campaign with significant implications for the Middle East and the global economy. Trump has committed to a campaign of up to 4-5 weeks and acknowledged that the lives of some American military personnel will be lost.
• This is a clear shift from his first-term foreign policy rhetoric, where he criticised previous U.S. interventions that lost lives, which BMI analysts believe highlights his more emboldened foreign policy approach this term and his recognition of the opportunity for his legacy from military action against Iran now.
• Domestic opinion could alter Trump’s calculus. Trump’s approval rating on foreign policy before the strikes on Iran was low, with only 40% of Americans approving of his approach. His approval ratings fell sharply in January after U.S. military action in Venezuela and his threat to take over Greenland. Despite an uptick in approval after the weekend's actions in Iran, the low approval generally signals Americans’ aversion to overseas military action. BMI expects Americans to be even more cautious of action in the Middle East, with protracted conflicts in Afghanistan and Iraq, as well as elevated energy prices, still fresh in their minds.
• Trump will also be sensitive to any negative economic impact from the conflict, especially the potential of higher U.S. inflation due to an oil price shock, as well as a sharp rise in bond yields. He is already under pressure on affordability (only 36% of Americans approve of his approach to inflation). Although BMI does not expect Trump to change course if the campaign proves short-lived, given little long-term price disruption, anything more protracted may do so.
• Of note, a prolonged campaign that causes a significant oil price spike to US$110-130 per barrel (/bbl) (from the baseline forecast of US$67/bbl for 2026) over the next quarter could increase average U.S. inflation by up to 1.1 percentage point (pp) from the 2026 forecast of 2.3%, which would be enough for Trump to change course and seek a quick end to the conflict.
• Finally, Congress is not expected to force Trump to end the conflict, despite it considering a war powers resolution this week. This is primarily due to the fact that enough members of Congress appear to support the administration’s military actions against Iran. If it did pass, the administration would still have a minimum of 60 days to end its actions without further Congressional approval. BMI does not expect that Trump would want to continue military action beyond that length of time, meaning such a vote would not change his strategy.

(Source: BMI, A Fitch Solutions Company)

• British consumer price inflation is set to average 2.3% ​in 2026, according to estimates ‌from the Office for Budget Responsibility (OBR), finance minister Rachel Reeves said in ​a budget update speech ​on Tuesday, March 3, 2026. In November, when Reeves announced ⁠a full budget, the OBR ​noted that it expected inflation of ​2.5% this year.
• Since then, inflation readings have come in lower than expected and ​are likely to fall close ​to the Bank of England's 2% target ‌in ⁠ The OBR expressed that it now expected inflation in 2027 and 2028 of 2.0%, in line ​with November's ​forecasts.
• The watchdog's ⁠forecasts were made before the recent escalation of ​conflict in the Middle ​East ⁠, which has pushed up global energy prices and raised concerns among ⁠investors ​about a fresh ​rise in inflation. The OBR noted that such an outbreak could have a "very significant" impact on the global and United Kingdom (U.K.) economies.
• The latest OBR forecast also showed growth estimates for both 2027 and 2028 have been revised up to 1.6%, from 1.5% previously. Gross domestic product (GDP) per person, an indicator of changes in living standards, is "marginally higher" than in the November forecast and is now forecast to grow by an average of 1.1% a year between 2026 and 2030. The unemployment rate is also expected to peak at 5.3% this year, up from 4.9% predicted at the Budget.
• Finally, the government's total tax take is forecasted to hit a "historic high" by 2030-31, rising to almost 38% of GDP. The "headroom", or buffer, that Reeves has against her rule not to borrow to fund day-to-day spending in five years' time has increased from £21.7Bn to £23.6Bn. This increase in the "headroom" could give Reeves "a bit more money to play with come the Budget in the autumn," said Paul Dales, chief UK economist at Capital Economics. "But that could be swamped by events in the Middle East raising U.K. inflation and weakening U.K. GDP growth."

(Sources: Reuters & BBC)

• Despite a strong start to the year, with earnings climbing 14.3% to $416.49M over the first nine-months (9M 2025), the Jamaica Stock Exchange Limited (JSE) reported an 11.3% decline in earnings to $440.08Mn for the financial year ending December 31, 2025 (FY2025). A weak fourth quarter, as revenues softened and operating expenses rose, fueled the downturn.
• Fourth quarter revenues fell 12.3% year-over-year to $615.86Mn, impacted by a sharp 54.7% drop in Cess¹ income, reflecting dampened market activity in the wake of Hurricane Melissa. Notably, market volume tumbled by 32.4% to 1.72Bn units during the period.
• Meanwhile, operating expenses (Opex) rose by 14.0% for the quarter, primarily driven by higher personnel costs. These increases were attributed to inflationary adjustments and the onboarding of new resources to support growth and improve service delivery. Additionally, property expenses climbed due to rising maintenance costs and necessary building repairs.
• With lower revenues and higher Opex in the quarter, operating profits declined by 73.6%, and operating margins narrowed from 30.0% to 9.0%. When added to its 9M earnings, operating margin slipped from 27.2% to 20.7%.
• Given that JSE regulates and operates the local stock exchange, its outlook will be intrinsically linked to activity in the primary and secondary markets. The Bank of Jamaica’s recent rate 25 basis point rate cut to 5.50%, and stabilising inflation could support a rebound in stock market activity. Moreover, the demand for building materials, consumer staples and logistics (BMCL) as well as financial services stocks post-Melissa could also contribute to greater trading activity as investors rebalance their portfolios. However, such a pivot will be gradual as investors still weigh the impact of the hurricane on their investment decisions.
• This, coupled with the anticipated launch of the new Micro Market in Q2 2026, and prospects of additional primary/secondary market activity, particularly with the new $750.00Mn capital threshold for junior market listings, could contribute to higher Cess and Fee income.
• JSE’s stock price has declined by 5.4% since the start of the year to close at $11.06 on Monday, March 2, 2026. At this price, it trades at a P/E of 17.6x, which is above the Main Market Financial Sector average of 15.2x.

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¹Cess income on the JSE refers to the revenue generated from a 35-basis point fee applied to all stock exchange transactions.

• Despite reporting robust topline growth in its financial year ending December 2025 (FY2025), Caribbean Cement Company Limited (CCC) recorded flat earnings of $5.92Bn (-0.6%) amid higher expenses.
• Annual Revenue totalled $31.55Bn (+13.0%), underpinned by a 7% increase in domestic sales volumes, as well as an increase in exports. CCC benefited from operational efficiencies realised in its Kiln expansion, which expanded capacity and improved supply reliability. Notably, the supply reliability allowed the company to satisfy domestic demand in Hurricane Melissa’s aftermath whilst still facilitating higher exports.
• Meanwhile, cost of sales increased by 16.7% to $19.05Bn, primarily reflecting expenses associated with the Company’s planned maintenance programme undertaken in the first half of the year (H1 2025). These activities temporarily constrained production efficiency and weighed on profitability, resulting in a gross margin of 33.0% during that period. However, following the completion of maintenance works in H2 2025, efficiency improved, bringing annual gross margins to 39.6%.
• Added to that, operating expenses grew by 5.5% to $3.19Bn, mostly reflecting increases in administrative, distribution and logistics expenses. This, coupled with a 41.0% dip in other income to $258.63Mn and a 21.4% increase in other expense, meant operating profits grew by 3.7%.
• Lastly, taxation charges increased by 21.2% to $2.20Bn. It reflects the cessation of tax incentives following the completion of the Company’s expansion programme. During the investment phase, the Government of Jamaica (GOJ) granted capital allowances, which made qualifying capital expenditures tax-deductible. With the expansion project finalised, these allowances tapered off, resulting in higher taxes.
• Despite a projected short-term recession following Hurricane Melissa, Jamaica’s transition to large-scale reconstruction is expected to drive sustained cement demand.
• Beyond the local market, CARICOM exports remain significantly underpenetrated, contributing less than 1% of total revenue in 2025. Management’s stated intention to expand into select regional markets presents a medium-term growth lever, particularly once domestic rebuilding demand begins to normalise.
• That said, there are downside risks to CCC’s outlook, including substitution with lower-cost building materials, and exposure to foreign exchange volatility.
• CCC's stock price has increased by 5.1% since the start of the year to close at $106.94 on Monday, March 2, 2026. At this price, it trades at a P/E of 15.4x, which is above the Main Market Energy, Industrials and Materials Sector average of 12.6x.

(Sources: JSE & NCBCM Research)

• Seprod Limited (Seprod) today announced the divestment of its subsidiary, International Biscuits Limited (IBL), in alignment with the Group’s ongoing portfolio optimisation strategy to enhance operational focus, strengthen its balance sheet, and deliver sustainable long-term value to shareholders.  International Biscuits Limited manufactures a portfolio of well-known products under its proprietary brands, including Butterkist and Snackables, and also undertakes co-manufacturing for third-party brands, including Ovaltine and Miss Birdie.
• Under the terms of the transaction, Seprod, through its distribution subsidiaries, will continue the local distribution of products manufactured by IBL. All existing export partnerships remain unchanged, ensuring continuity of supply and service across key regional and international markets. 
• Richard Pandohie, Chief Executive Officer of Seprod Limited, noted that the transaction represents a deliberate and strategic step in aligning its portfolio with its long-term growth priorities. The move is also expected to support earnings growth as the company pivots from high-overhead, capital-intensive manufacturing of IBL to focus on its high-margin distribution network.
• Seprod's stock price has declined by 5.4% since the start of the year to close at $79.41 on Monday, March 2, 2026. At this price, it trades at a P/E of 13.1x, which is above the Main Market Manufacturing Distribution Sector average of 12.6x

 (Sources: JSE & NCBCM Research)

• Barbados is taking steps to strengthen its position as a domicile for captive insurance through modernised legislation and improved business efficiency. These goals were highlighted at the launch of the Barbados Risk & Insurance Management Conference 2026 (BRIM 2026) by BIBA and its partners.
• Financial Services Commission (FSC) Chief Executive Officer, Warrick Ward, and BIBA president, Marlon Yarde, said efforts are ongoing to ensure Barbados maintains its position as a leading market for insurance investors, including the captive niche. This includes revamping legislation and working with partners such as Invest Barbados to target specialised investment areas.
• Ward noted that while there is still strong global interest in captive insurance and reinsurance, there remains a knowledge gap about how captives function, even in mature markets like Canada. He stressed the importance of stronger marketing and education efforts to attract the right investors and raise awareness of Barbados’ offerings.
• Yarde emphasised that Barbados is globally competitive from a cost perspective but must continue improving operational efficiency. Initiatives through Business Barbados are aimed at streamlining processes so the jurisdiction can attract more international business and enhance competitiveness.
• BIBA executive director Carmel Haynes highlighted opportunities for local entities, including cooperatives, to pool resources and establish captives or similar risk-sharing funds. She noted that while such models are common overseas, Barbados can adopt similar approaches to keep pace with global trends. She welcomed continued sponsorship support from firms including RBC Wealth Management, USA Risk Group, Summit Asset Management and WIM Wealth & Insurance Management, among others¹.

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¹Concorde Bank, Worldwide Reinsurance, DGM Captive Management Inc, Financial Services Commission, Active Re, Aon, SRS, Great Pacific and PricewaterhouseCoopers.

(Source: Nation News)

• While the state of play in the U.S.-Iran War remains highly fluid, BMI analysts expect that the conflict has the potential to impact Sub-Saharan Africa (SSA) via two primary transmission channels, namely, shifts in global investor sentiment and commodity price volatility.
• The Iranian authorities appear to have rolled back on unilaterally shuttering the Strait of Hormuz1; however, throughput has fallen sharply, driven by coercive signalling from Tehran, spiking insurance and freight costs, and risk avoidance by ship owners and operators.
• Given that around 25% of global oil trade flows through the Strait of Hormuz, Brent prices have risen sharply, currently hovering just shy of US$80 per barrel (/bbl) compared to US$72.5/bbl at close on February 27. Furthermore, given reports of attacks on tankers in the Persian Gulf and on oil facilities in Qatar and Saudi Arabia, there are increased risks that oil prices will rise further.
• Financial markets have also reacted broadly negatively to the conflict, though the scale of losses outside directly exposed regions has thus far been limited. The US Dollar has strengthened modestly, reflecting a mild safe‑haven bid, while the most pronounced declines have been in global equity markets, where risk aversion has driven losses.
• Emerging market (EM) equities have also sold off, and SSA currencies have broadly weakened, including the South African rand, Mauritian rupee, Ugandan shilling, and Zambian kwacha. Mauritius has also been hit particularly hard given its sensitivity to global freight and shipping costs, which have spiked amid rerouting and rising insurance premia.
• Crucially, any sharp and sustained reversal in global risk sentiment, which could trigger external pressures and currency depreciation, would pose the greatest risk to markets with large stocks of foreign‑currency liabilities, where this can translate quickly into domestic financial instability.

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¹The Strait of Hormuz is the world's most critical maritime oil chokepoint, with roughly 20-25% of global seaborne oil and 20% of LNG passing through it. Located between Iran and Oman, it is the sole sea passage from the Persian Gulf to the open ocean, essential for exporting oil from Saudi Arabia, Iraq, Qatar, and the UAE.

(Source: BMI, A Fitch Solutions Company)