• In a groundbreaking move for the Caribbean, the Jamaica Tourist Board (JTB) has partnered with the Jamaica Travel Channel (JTC) to stream destination-focused video content across multiple digital platforms, reaching a global audience. The newly redesigned Jamaica Travel Channel, which already attracts over 250,000 monthly online viewers, highlights some of Jamaica’s finest accommodations, captivating experiences, and breathtaking landscapes.
• This partnership aligns with the Ministry of Tourism's mandate to enhance awareness and drive visitor arrivals, ultimately increasing occupancy across the destination.
• Director of Tourism for JTB, Donovan White, highlighted that this initiative will expand its audience reach. Originally launched in 2015 as Jamaica’s first and only visitor in-room TV channel, the JTC already enjoys a robust presence in almost all hotel rooms island-wide, where it is viewed by tens of thousands of on island tourists daily.
• Kimani Robinson, Founder and Director of Jamaica Travel Channel, emphasized the impact of this new venture, “We currently receive hundreds of emails monthly from tourists thanking us for our platform which acts as a guide for them while on island. Streaming the Jamaica Travel Channel online significantly boosts our visibility before travelers even arrive in Jamaica.
• Beyond offering valuable content for prospective travelers, the online channel also serves as a resource for travel agents globally, equipping them to recommend Jamaica's premier experiences to their clients. The channel’s stream already features iconic brands such as Dunn’s River Falls, RIU Hotel, Couples Hotel, Jakes Hotel, Island Routes, Mystic Mountain, and The Artisan Village in Falmouth, among others.

(Source: Jamaica Tourist Board)

• The Dominican Republic continues to strengthen its international presence in the beef market, with recent exports to El Salvador and Guyana following the successful entry into the US market in 2022.
• Eric Rivero, Agricultural Advisor to the Executive Branch, emphasized the government’s commitment to fostering national production and strengthening the country’s livestock sector. “These achievements not only guarantee our food self-sufficiency but also generate foreign exchange and position our livestock industry as globally competitive,” said Rivero.
• The re-entry into the US market marked a significant milestone for the Dominican beef industry. After years of restrictions due to health and safety standards, the US Department of Agriculture’s Food Safety and Inspection Service (FSIS) approved the export of raw beef and beef products from the Dominican Republic.
• Over the past two years, the country has exported over $14 million worth of beef to the US. This success is attributed to the efforts of four to six certified slaughterhouses that adhere to strict quality standards.
• The expansion into El Salvador and Guyana represents a major step in diversifying the country’s export markets. Rivero stressed the importance of meeting international standards and continuously improving production processes. “These new markets present both challenges and opportunities,” he noted. “We must strive to maintain our high standards and adapt to evolving market demands.”
• The Dominican Republic’s beef industry is poised for further growth and development. By focusing on quality, sustainability, and market diversification, the country aims to solidify its position as a reliable supplier of beef products to the global market.
• The global beef market size was valued at US$430.23Bn in 2024 and is expected to grow at a CAGR of 5.8% from 2025-2033. In developing countries, rapid urbanization is driving a shift in dietary preferences toward Western-style diets that emphasize higher meat consumption. In China, the world’s largest importer of beef, and in Southeast Asia, beef consumption is outpacing pork and poultry consumption, reflecting the economic development and urban growth in these regions.

(Source: Dominican Today and GlobeNewswire)

• On November 25, 2024, The Bahamas and Guyana signed an open skies Air Services Agreement to promote and facilitate airlines to operate air services between the two countries, as well as other countries.
• Signing the Agreement on behalf of The Bahamas was Isaac Chester Cooper, deputy prime minister and minister of tourism, investments and aviation and for Guyana, Bishop Juan Edghill, minister of public works.
• Minister Edghill noted that the agreement is in keeping with the government’s commitment to connecting Guyana with the rest of the world and it is anticipated that Bahamas Air will soon add destination Guyana to its regional network.
• Consistent with the government’s model of open skies agreements, the Agreement facilitates acceptance of the Principal Place of Business, meaning that the airlines could benefit from foreign share capital and investment once they establish their main economic and operating base in either The Bahamas or Guyana.
• The Principal Place of Business condition for airline designation is now a common inclusion in Air Services Agreements and creates a very advantageous position for small States with limited capital or financial resources.
• Presently, there are no direct flights between Guyana and The Bahamas. However, this Agreement puts in place the legal framework that opens market access for airlines to operate and enhance competitive air transport services, trade, and economic growth between the two countries.

(Source: Caribbean News Global)

• The American economy expanded at a healthy 2.8% annual pace from July through September on strong consumer spending and a surge in exports, the government said Wednesday, November 27, 2024, leaving unchanged its initial estimate of third-quarter growth. Consumer spending, at 3.5%, was revised down from the previously estimated 3.7% rate, but up from 2.8% in the April-June period and the fastest growth since the fourth quarter of 2023.
• Furthermore, slight downward revisions to consumer spending, government outlays and exports, were offset by upgrades to private inventory accumulation, and business investment as well as state and local government spending
• The Commerce Department reported that growth in US gross domestic product, the economy’s output of goods and services, slowed from the April-July rate of 3%. However, the GDP report still showed that the US economy is proving surprisingly durable. Notably, growth has topped 2% for eight of the last nine quarters.
• Despite the resilience, the US economy is expanding at a pace that is well above what Federal Reserve officials regard as the non-inflationary growth rate of around 1.8%. Nonetheless, most Wall Street traders expect the Fed to cut rates again in December, with growth remaining steady, unemployment at a low of 4.1%, and inflation (12-month CPI), which hit a four-decade high of 9.1% in June 2022, having fallen to 2.6%.

(Sources: CNBC & Reuters)

• Inflation edged higher in October as the Federal Reserve is looking for clues on how much it should lower interest rates, the Commerce Department reported.
• The personal consumption expenditures price index, a broad measure the Federal Reserve prefers as its inflation gauge, increased 0.2% in October and showed a 12-month inflation rate of 2.3%. Both were in line with the Dow Jones consensus forecast, though the annual rate was higher than the 2.1% level in September.
• Excluding food and energy, core inflation showed even stronger readings, with an increase of 0.3% on a monthly basis and an annual reading of 2.8%. Both also met expectations. The annual rate, however, was 0.1 percentage points above the prior month.
• Fed policymakers target inflation at a 2% annual rate. PCE inflation has been above that level since March 2021 and peaked around 7.2% in June 2022, prompting the Fed to go on an aggressive rate-hiking campaign.
• While the inflation rate has dropped significantly since the Fed started tightening, it remains a nettlesome problem for households and figured prominently in the presidential race.
• According to traders December remains in play, but further rate cuts in 2025 are fading as policy gets closer to neutral. “Today’s data shouldn’t change views of the likely path for disinflation, however bumpy. But a lot of observers, probably including some at the Fed, are looking for reasons to get more hawkish on the outlook given the potential for inflationary policy change like new tariffs.”

(Sources: CNBC & Reuters)

• Tropical Battery Company Limited (TROPICAL) announced that on September 19, 2024, it acquired a property for $950Mn in Ferry Pen, Kingston 20.

• The property was acquired from Diverze Properties, an associated company under the DAI Diverze (Jamaica) Limited group.

• This acquisition supports Tropical Battery's growth strategy, enhancing its operational capabilities, reducing related-party loans, and is expected to have a positive impact on its financial performance.

• Since the beginning of the year, the company has been making headlines with several key partnerships, including becoming the authorized reseller for eGauge Systems, a provider of commercial, industrial, residential and renewable energy monitoring solutions based in US, and the official dealer for electric car manufacturing giant, Tesla.

• In addition, the company acquired Silicon Valley, California-based Rose Electronics for almost US$20Mn earlier this year, which contributed 55% and 65% to its Q3 revenues and operating profit, respectively. The acquisition was completed through Tropical’s US subsidiary - Tropical Battery USA LLC. This acquisition reaffirmed its commitment to transforming Tropical Battery into a multinational organization at the vanguard of innovative growth in emerging segments driving the transition to more sustainable energy solutions.

• Tropical Battery’s stock price has increased by 28.2% since the start of the calendar year fueled by strong year-to-date earnings growth and promising growth opportunities driven by recent strategic developments. The stock closed Wednesday’s trading session at $2.50 implying a P/E of 15.8x last 12 months’ earnings, which is above the Junior Market Distribution Sector Average of 20.0x.

(Sources: JSE & NCBCM Research)

• Minister of Tourism, Hon. Edmund Bartlett, says Jamaica stands ready to take on the role of a key supply logistics hub for the Caribbean cruise industry, creating a huge and transformative opportunity for local producers.

• Mr. Bartlett added that several major cruise lines, including the world’s two biggest cruise companies, Carnival and Royal Caribbean, have expressed an eagerness to source more of their onboard product needs from the island, marking a significant development for Jamaica’s economy. “

• Minister Bartlett, whose team recently held talks with a distinguished delegation from Carnival Cruise Lines, including senior executive and Jamaica-born Marie McKenzie, in Kingston, highlighted that the interest from these leading cruise lines is a testament to the growing recognition of Jamaica’s ability to deliver top-tier goods and services.

• However, he pointed out that meeting the rigorous standards set by international cruise operators will require substantial improvements in product sophistication, quality control, and supply chain efficiency. He emphasized that it is precisely for this reason that the Tourism Linkages Network and Jamaica Vacations (JAMVAC) have been working tirelessly to equip local businesses to meet this rising demand.

• He also pointed to the potential of integrating local artisans into the cruise supply chain, which would not only promote Jamaican culture but also enhance the tourism experience. Craft products, art, and traditional goods could gain exposure on cruise ships, allowing artisans to showcase their talents internationally.

• Ultimately, enhancing local supply chains is crucial for making Jamaica’s tourism sector more resilient and self-sufficient, as it will help to drive long-term economic recovery and growth through partnerships with global cruise lines.

(Source: JIS)

• Growth in gross domestic product (GDP) for Mexico was revised slightly higher for  its September quarter (Q3 2024), largely owing to stronger services activity, statistic agency INEGI  said on Friday.

• The economy grew at an annualized 1.6% rate in Q3, up from 1.5% growth in the first estimate reported 30 October. Still, growth in Q3 marked an easing from 2.2% annual growth recorded in Q2 2024.

• Comprising 60% of the economy, services sector growth was revised to an annualized 2.1% in the final estimate, from 1.9% in the preliminary estimate. The rebound in services in Q3, up from 1.5% in the June quarter, might be due to the delayed effects of increased public spending from the Mexican electoral process and completed works from the previous administration, Citibanamex said.

• While the industrial component, comprising 32% of GDP, experienced annualized growth of 0.4%, that was revised down from the previously estimated 0.5% growth. Nevertheless, the revised growth rate is slightly higher than the 0.3% growth observed in the second quarter.

• Additionally, Mexico's central bank, known as Banxico, lowered its key rate by 25 basis points to 10.25% last week in a unanimous decision, underscoring progress on bringing down core inflation, and signaled future rate cuts were possible.

(Source: Argus Media & Reuters)

• The Bahamas has unlocked more than US$120Mn to fund the conservation and management of its oceans and mangroves through a debt swap financed by Standard Chartered and backed by the private sector.

• Debt-for-nature swaps are emerging as crucial tools to help countries achieve conservation and climate goals, addressing the US$942Bn global nature finance gap estimated by BloombergNEF.

• By spending US$215.7Mn to buy back Eurobonds and repurchasing an US$81Mn commercial bank loan using a 4.7% US$300Mn 15- year loan from Standard Chartered, the Bahamas can redeploy interest and principal payment savings into extensive ocean conservation projects.

• The swap comes after nations at a UN biodiversity summit in Colombia in October failed to devise a plan for how countries would reach the ambitious global goals for mobilizing billions of dollars for nature conservation. 

• Funding from the Bahamas swap will go towards restoring mangroves damaged by the hurricane, managing the archipelago's 6.8Mn hectares of marine protected areas and supporting the build out of a new project to protect the entire Bahamian ocean area.

• The Bahamas’ debt swap sets a precedent for leveraging private sector involvement in conservation financing, addressing significant environmental challenges, while promoting sustainable economic development.

(Sources: Reuters & ESG News)

• OPEC+ nations are discussing a further delay to a planned oil output hike that was due to start in January, two sources from the producer group said, ahead of Sunday's meeting to decide policy for the early months of 2025.

• The two OPEC+ sources were speaking after OPEC+ members Iraq, Saudi Arabia and Russia held talks in Baghdad, Iraq, on Tuesday, November 26, 2024. OPEC+ comprises the Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia.

• OPEC+, which pumps about half the world's oil, had planned to gradually roll back oil production cuts with small increases over many months in 2024 and 2025. However, a slowdown in Chinese and global demand, and rising output outside the group, have put a dampener on that plan.

• Notably, at its most recent meeting on November 3, 2024, OPEC+ agreed to delay a planned December output increase by a month until the end of December. The hike is due to be 180,000 barrels per day (bpd), a small part of the total 5.86 million bpd of output OPEC+ is holding back, equal to about 5.7% of global demand. OPEC+ agreed to those cuts in separate steps in 2022 to support the market.

• However, last week, OPEC+ sources said the output hike could be delayed until the first quarter. Analysts at Commerzbank expect it could be postponed until at least the end of the first quarter.

• Despite OPEC+'s cuts and delays to output hikes, oil prices have mostly stayed in a $70-$80 per barrel range this year and on Tuesday (November 26, 2024) were trading below $74 a barrel, not far above a 2024 low reached in September.

(Source: Reuters)