• Chevron and Petronas have secured offshore exploration rights to Blocks 9 and 10 off the coast of Suriname, signalling growing international confidence in the country's upstream potential and its emergence as a Caribbean energy frontier. The agreements bring leading global operators into the Suriname Guyana basin and pave the way for accelerated exploration and investment, particularly as state-owned energy company Staatsolie prepares to launch a licensing round for additional offshore acreage later this month.
• Under the agreements, Block 9 will be operated by Petronas Suriname E&P B.V. (30%), with Chevron (20%), QatarEnergy (20%) and Paradise Oil Company (POC) (30%) as partners. Block 10 is led by Chevron (30%), alongside Petronas (30%), QatarEnergy (30%) and POC (10%). The initial three-year exploration phase will focus on 3D seismic surveys and subsurface mapping ahead of potential drilling.
• The awards reinforce Suriname's ongoing strategy to develop its offshore sector. Building on previous deals, such as the June 2025 PSC signed with Petronas for Block66, which includes plans for two exploration wells, the country is attracting top-tier international operators to its basins. By positioning Blocks 9 and 10 near proven deepwater discoveries and onshore producing fields in the Suriname Guyana basin, Suriname strengthens the likelihood of commercial success while reducing perception risk for other investors.
• The deals underscore the Caribbean margin as a growing hotspot for upstream investment. Neighbouring Guyana's offshore success has already drawn global attention, and Suriname's new agreements reinforce investor confidence in the region.

• The signing of Blocks 9 and 10 represents more than exploration activity, which signals investor confidence in Suriname's regulatory framework, strategic vision and growing role in the global energy market. With additional licensing opportunities imminent, Suriname is poised to attract further international investment and solidify its standing for the fifth successive year of expansion in the non-oil economy at the half-year, following the contraction in 2020.

(Sources: Energy Capital Power)

• S.-based employers cut more than 150,000 jobs in October, marking the biggest reduction for the month in more than 20 years, a report by Challenger, Gray & Christmas said on Thursday, as industries adopt AI-driven changes and intensify cost cuts.
• Tech firms led the job cuts in the private sector, followed by retailers and the services sector, the global outplacement company said.
• Cost-cutting was the top reason for the layoffs in October, followed by artificial intelligence, while "DOGE Impact" was the leading reason for job cuts in 2025.
• The layoffs in October surged 175% from a year ago to 153,074. From the start of the year to October end, employers have announced 1,099,500 job cuts, a 65% rise from 664,839 in the same time period last year.
• So far this year, job cuts are at the highest level since 2020 when 2,304,755 cuts were announced through October.
• "Some industries are correcting after the hiring boom of the pandemic, but this comes as AI adoption, softening consumer and corporate spending, and rising costs drive belt-tightening and hiring freezes," said Andy Challenger, chief revenue officer for Challenger, Gray & Christmas.
• Not only did individual companies announce large layoffs in October, but a higher number of companies announced job cut plans, Challenger said, tracking nearly 450 individual job cut plans in October compared to under 400 in September.
• Any economic data from private sources will be on investors' radar as official data continues to be absent with the U.S. government now entering its longest-ever shutdown.

(Source: Reuters)

• British companies' expectations for employment in the year fell last month for the first time in nearly five years, while expectations for future inflation touched the highest level since late 2023, a Bank of England survey showed on Thursday.
• The readings underlined the trade-offs faced by the central bank as it weighs further cuts to interest rates, faced with growing signs of a cooling labour market coupled with the highest rate of inflation among Group of Seven economies.
• The BoE kept borrowing costs on hold on Thursday, but a narrow vote and signs that Governor Andrew Bailey might soon join those seeking a rate cut increase the chances of a December move after the government's budget later this month.
• The BoE's Decision Maker Panel showed expected employment growth for companies during the three months to October slipped to -0.1% from zero in September, marking the first negative reading since November 2020, during the COVID-19 pandemic. Expectations for wage growth ticked higher to 3.7% in the three months to October, the highest reading for five months.
• While companies' expectations for their own price increases in the year ahead were steady, they predicted consumer price inflation of 3% in the year head, the highest reading since December 2023.

(Source: Reuters)

• Supreme Ventures Limited (SVL) posted a 48.7% increase in shareholder profits to $555.03Mn for Q3 2025. The growth was primarily driven by an expansion in total gaming income, which outpaced direct operating expenses.
• Total gaming income grew by 9% to $13.96Bn, supported by an 18.6% rise in income from fixed-odd wagering games and a 3.6% increase in revenue from non-fixed-odd wagering games, horse racing, and pin codes.
• Direct costs grew marginally slower, up 8.1% to J$10.79Bn. Consequently, gross profits improved by 11.7% to $3.16Bn and gross margins widened from 34.3% to 37.0%, indicating the company is better managing input costs as it grows its revenues.
• The growth in gross profits also outpaced operating expenses (+4.3%), resulting in a 32.8% improvement in operating profit relative to Q3 2024. Of note, selling, general, and administrative expenses declined by 8.7% due to the company’s ongoing cost optimisation strategies. Consequently, operating margins ended the quarter at 11.5% from 8.9%. Lastly, finance costs (+13.13% to $0.22Bn) grew more slowly than operating profits, which also supported higher shareholder profits and a widening of net margins, from 2.9% to 4.0%.
• SVL’s Q3 performance helped to offset a 41.56% slip in Q1 20251. As a result, 9M 2025 earnings are up 9.1% to $1.85Bn. Q1’s earnings decline was largely driven by a disproportionate spike in operating expenses despite higher revenues.
• Looking ahead, SVL could face significant operating pressures due to the impact of Hurricane Melissa, which ravaged the Western Section of the island. In 2024, Hurricane Beryl and Tropical Storm Rafael had a notable one-off impact on third and fourth-quarter revenues, with the company estimating a $1.00Bn loss in gross ticket sales due to damage sustained by retail networks in Clarendon, Manchester, St. Elizabeth, and Westmoreland. Due to the wider scale of damage relative to Beryl, along with the projected longer downtime of electricity and lottery terminals in the affected parishes, SVL could face losses in excess of the $1.00Bn this time around.
• The company, however, noted that it has, to date, restored 60% of its lottery terminals after Hurricane Melissa forced a temporary shutdown of its operations and that the remaining capital from its recently concluded $5Bn debt issuance has placed it in a much better position to withstand the disruption.
• At the market close on Wednesday, November 5, 2025, SVL’s stock price was J$17.59, down 28.9% since the start of the year. At this price, SVL trades at a P/E of 23.8x, which is above 13.05 for the Main Market average.

________________________

¹Q1’s earnings decline was largely driven by a disproportionate spike in operating expenses despite higher revenues.

• Jamaica’s Prime Minister, Dr. the Most Hon. Andrew Holness, on November 4, 2025, noted that last week's Hurricane Melissa caused US$6Bn to US$7Bn in damage to homes and key infrastructure, roughly equivalent to 28% to 32% of last year's gross domestic product (GDP). Holness noted the estimate was conservative, based on damages assessed so far, and short-term economic output could decline by 8% to 13%.
• He also announced that donations to the Government of Jamaica's Hurricane Melissa Relief Fund have exceeded US$1Mn (J$170Mn), an improvement on the US$728,000 and J$38Mn reached on November 2nd, according to Minister of Education, Skills, Youth and Information, Dr Dana Morris Dixon. The government noted that all funds collected will be directed toward emergency relief, housing reconstruction, healthcare support, and long-term economic recovery.
• Outside of this, under an MP-driven support programme, J$10Mn will be allocated to each constituency in the parishes most severely affected by the hurricane, including St Elizabeth, Hanover, St James, Westmoreland, Manchester, and Trelawny. Constituencies in St Ann and Clarendon will receive J$5Mn each, while all other constituencies across the island will receive J$3Mn.
• In terms of recovery efforts, the Jamaica Public Service Company (JPS) reported that 206,000 of its 550,000 customers have had their power restored. The Government has also tasked JPS with examining the feasibility of relocating sections of its electricity grid underground as it undertakes restoration work in the aftermath of Hurricane Melissa. The National Water Commission (NWC) has also restored access to 65% of its customer base and is aiming to restore access to 80% before the end of the week.
• In addition, the prime minister revealed that the National Housing Trust (NHT) has activated a comprehensive support package for its contributors and mortgage holders affected by Hurricane Melissa. This includes a six-month moratorium on mortgage payments for persons in the worst-affected parishes; a special home improvement loan of up to J$3.5Mn at an interest rate of 2%; and a special grant of up to $500,000 to contributors whose homes, or those of their immediate family members, were damaged by the hurricane.
• While the full extent of Hurricane Melissa's impact is still being assessed, authorities say the road to recovery will be long, but the nation's resilience and unity will guide the rebuilding process.

(Sources: JIS and Reuters)

• The United States is providing US$24Mn in emergency assistance for Jamaica, Haiti, the Bahamas and Cuba after the countries were hit by Hurricane Melissa last week, the State Department said.
• The department deployed teams to help with the emergency response and assess humanitarian needs after the Category 5 hurricane sowed widespread devastation, cut off communities and killed at least 50 people across the Caribbean. The Trump administration has now authorised $12Mn assistance for Jamaica, $8.5Mn for Haiti and $500,000 for the Bahamas, the State Department stated.
• Another $3Mn was authorised for Cuba and is being distributed with the help of the Catholic Church, after Secretary of State Marco Rubio issued a declaration of humanitarian need for the country and said Washington would seek to deliver aid directly to the country's people.
• President Donald Trump has taken a hard line toward the communist-run island. His administration said it would enforce a ban on U.S. tourism to Cuba while supporting an economic embargo of the country. The State Department is working with the church to ensure it can get access to U.S.-funded supplies to distribute to the people of Cuba, the official said. The Cuban government has not requested assistance from Washington, the official added.
• Hurricane Melissa is the largest natural disaster to hit the region since President Donald Trump's administration dismantled the U.S. Agency for International Development earlier this year. Disaster response is now managed by the State Department, which has sent Disaster Assistance Response Teams to several countries to coordinate the aid response and deployed specialist Urban Search and Rescue teams to Jamaica.

(Source: Reuters)

• Guyana’s economy continues a trajectory of strong, broad-based economic growth, underpinned by sustained expansion in the oil and gas sector, alongside robust performance across the non-oil economy. At the end of the first half of the year, it is estimated that Guyana’s overall economy grew by 7.5%, and the non-oil economy by an estimated 13.8%, representing the fifth successive year of expansion in the non-oil economy at the half-year, following the contraction in 2020.
• Based on the developments in the first half of the year, real GDP growth for 2025 has been revised upward to 15.2% overall from 10.6%, and 13.9% for non-oil real GDP, up from 13.8%
• The agriculture, fishing and forestry sector grew by an estimated 9% in the first half of the year. This was driven by growth in other crops, rice growing, livestock, forestry and sugar. Under the extractive industries, the mining and quarrying sector is estimated to have grown by 5.9% in the first half of the year due to increased output across all subsectors, including bauxite, gold, other mining, and oil and gas.
• The manufacturing sector is estimated to have grown by 26.8% in the first half, driven by growth across all subcategories, with the sector now projected to grow by 14.9% this year.
• Meanwhile, the services sector is estimated to have expanded by 6.6% in the first half of the year, primarily supported by growth in wholesale and retail trade and repairs, administrative and support services, financial and insurance activities, professional, scientific and technical services, information and communication, while the overall 2025 growth target for services is now 8.6%. Additionally, the construction sector is estimated to have grown by 29.9% in the first half of 2025, supported by the government’s expanded public sector investment programme, along with robust private sector investments across several sectors. With this, the sector is now expected to grow by 26.2% in 2025.
• The 2025 Mid-Year Report confirms that this Government, led by President Ali, is committed to sustaining high growth, while maintaining fiscal discipline and safeguarding Guyana’s long-term stability, with aggressive efforts to implement its ambitious policies and programmes.

(Sources: Department of Public Information, Guyana and Caribbean News Global)

• Overall U.S. household debt levels increased modestly in the third quarter as borrowing in some form of trouble stabilised and student loan woes increased, the New York Federal Reserve said on Wednesday.
• As part of its latest report on borrowing in the economy, the regional Fed bank said overall borrowing for the third quarter rose 1.0%, or US$197.0Bn, from the second quarter, to US$18.6T. From a year ago, total borrowing was up US$642.0Bn.
• Most categories of borrowing increased relative to the second quarter: Mortgage balances were up US$137.0Bn to US$13.1Tn, credit card balances were up US$24.0Bn to US$1.23Tn and student loans increased by US$15.0Bn to US$1.65Tn. Auto loan borrowing was stable, reported at US$1.66Tn.
• In a call with reporters, a New York Fed researcher added that "if you look at household balance sheets, overall, in the aggregate, they look pretty good, pretty strong." However, the researcher added that the current state of the economy, which has seen a softening in the labour market, could be an issue going forward. "The big question is, we are seeing some increases in the unemployment rate, especially amongst younger borrowers and as well as Black and Hispanic borrowers, so whether that will translate into a kind of a restart of an increase in delinquency rates, we have to see."
• The New York Fed's report said that during the third quarter, some 4.5% of all debt was in some form of trouble. Accounts just getting into trouble were mixed across borrowing types, while the share of those getting into serious distress was up across borrowing types outside of mortgage balances. Student loans, which have been troubled for some time after borrowers were forced to start repaying them, remained a source of trouble and showed the largest transition into serious delinquency during the quarter.

(Source: Reuters)

• The Bank of England kept borrowing costs on hold on Thursday but a narrow vote and signs that Governor Andrew Bailey might soon join those seeking a rate cut keep the door open for a move after the government's budget later this month.
• Mindful of Britain's still high headline inflation rate, the nine-strong Monetary Policy Committee voted 5-4 to keep the central bank's benchmark Bank Rate at 4.0%, the BoE said. Most economists polled by Reuters last week had predicted a 6-3 decision by the MPC to leave Bank Rate unchanged.
• While Andrew Bailey, Governor of the Bank of England, was among those who decided to keep borrowing costs unchanged, he was the only one of the five who felt that overall inflation risks had moved down. However, he felt there was "value in waiting for further evidence" of this in upcoming economic developments this year, the BoE said.
• Britain's inflation of 3.8% remains the highest among the Group of Seven major advanced economies and the BoE's benchmark interest rate is double the European Central Bank's, adding to the challenge for the government to speed up the economy. However, inflation unexpectedly held steady in September and recent jobs data have also hinted at weakening price pressures.
• The MPC said it believed inflation had peaked and would fall in data for October and November as weaker economic growth and a worsening jobs market took their toll on demand. Thursday's decision represented the first pause in the BoE's already-gradual, once-every-three-months pace of rate cuts, which started in August 2024.
• The BoE forecast that inflation would remain above its 2% target until the second quarter of 2027 - the same as in August - although it did forecast inflation would be slightly lower then, at 1.9%, and also flagged the weakness in the jobs market.

(Source: Reuters)

• On November 3, 2035, Moody's Ratings (Moody's) completed a periodic review of the ratings of Jamaica (B1/Positive) and other ratings that are associated with the sovereign. The review was conducted through a rating committee, in which Moody’s reassessed the appropriateness of Jamaica’s ratings, considering recent developments. The review, however, does not equate to a rating action.
• According to Moody’s, Jamaica’s credit profile is supported by the government's commitment to economic and fiscal reforms over the past decade. These reforms have contributed to greater macroeconomic stability and placed government debt on a firm downward trend. The sovereign has maintained large primary surpluses despite significant economic shocks, reflecting significant improvements in institutional capacity and policy effectiveness.
• On October 28, 2025, Jamaica was hit by Category 5 storm, Hurricane Melissa. The hurricane is the most powerful on record to hit Jamaica and has caused extensive disruption across the island. The immediate impact of Hurricane Melissa includes severe damage to infrastructure, widespread power outages, and significant disruptions in tourism, agriculture, and other key sectors. The full extent of the physical damage and fiscal implications remains uncertain, but as in past storms, Moody’s expects real GDP to contract and the debt burden to increase.
• The Jamaican government's (GOJ) policy response will be critical in mitigating the hurricane's impact on credit fundamentals. Moody’s expects the GOJ to leverage external support mechanisms, including quickly disbursing external funding. While Hurricane Melissa presents a severe but likely temporary blow to Jamaica's economy, the government's proactive disaster planning and access to external financial support can help mitigate the long-term impact on its credit profile, as well as its ongoing commitment to medium-term fiscal responsibility and debt reduction.
• Further, Jamaica's "ba3" economic strength reflects the economy's relatively small size and low income levels, very weak growth as well as limited economic diversification. Jamaica's "baa3" institutions and governance strength balance the government's track record of debt restructuring against its favourable governance indicators and improving policy framework and policy credibility.
• Finally, the positive outlook reflects Moody’s assessment that a continuation of the favourable fiscal trajectory will increase Jamaica's credit resilience. Given the improvement in the country's institutions and governance strength, a further decline in Jamaica's debt and interest burdens, though unlikely in the near term given the passage of Melissa, would support higher ratings. A less contractionary fiscal stance would also increase growth prospects for the economy.

(Source: Moody’s Investor Services)