• The ongoing protests against the mining contract between Panama and Minera Panama have hit the country’s tourism industry hard, with potential visitors fearing they will be trapped in the closures and even exposed to the danger of attacks.
• Foreign tourists continue to cancel reservations some cruise routes have changed their itineraries, and conventions and events canceled. All of this has translated into the loss of income and customers.
• Notably, the flow of travellers to and from Panama fell by 15.48% in October, and the road blockades to the interior of the country have caused losses of $60Mn for domestic tourism operators.
• Ernesto Orillac, a member of Camtur (the National “Chamber of Tourism), adds that the arrival of more than 56 cruise operations and the Home Port in Panamanian ports is at risk.
• “The street closures in Panama City, and other inland areas negatively impact tourists' perception of the country's security, and what we see is that these closures and the vandalism that currently exists have nothing to do with the legitimate peaceful protest that occurred against the mining contract,” said Orillac, pointing out that the avenues must be opened and wait for the decision of the Supreme Court.
• Orillac mentioned that according to the Panama Tourism Promotion Fund (Promtur), between 68,000 and 70,000 international visitors who had planned to come between November and December of this year will not enter the country. This will mean about $400Mn will no longer be generated throughout the tourism production chain.
• In addition to this, at least $60Mn have been lost due to the cancellations and suspension of trips to the interior during the days of national holidays. It is estimated that an additional $30Mn will also be lost this coming weekend which commemorates Panama's independence from Spain.

(Source: Newsroom Panama)

• The unexpected delay in the OPEC+ meeting, originally set for November 26 but postponed to November 30, led to a nearly 1% decline in oil prices. The meeting aimed to discuss potential changes to existing production cuts.
• Brent futures dropped 4% to $78.41 a barrel, with U.S. West Texas Intermediate crude falling over 5% to $73.79. Prices later rebounded after it was revealed that the delay was due to disagreements among smaller African producers within OPEC+, and some attributed the initial drop to low liquidity ahead of the U.S. Thanksgiving holiday.
• The delay raised concerns about potential increased oil production in the coming months, especially if OPEC+ does not extend or increase current output cuts. U.S. crude oil inventories rose by 8.7 million barrels, contributing to the downward pressure on prices.
• The U.S. dollar rebounded from a 2.5-month low, making dollar-denominated oil more expensive for buyers in other currencies. Despite the need for OPEC+ to extend and potentially increase cuts to support prices, a bearish outlook for the oil market was presented earlier in the week, and there are predictions of a slight supply surplus in the global oil market by 2024.

(Source: Reuters)

• Canada's annual inflation rate decreased more than anticipated to 3.1% in October, down New claims for unemployment benefits in the U.S. decreased more than expected, but this does not alter the perception of a gradually slowing labour market due to higher interest rates impacting economic demand.
• While weekly jobless claims dropped, the unemployment rolls, though declining for the first time since mid-September, remained near yearly highs, indicating persistent challenges in handling seasonal fluctuations in the data.
• Economists believe the Federal Reserve is unlikely to raise interest rates further, considering the slowdown in labour demand and easing inflation. However, the job market remains robust enough to preclude immediate considerations for rate cuts.
• Concerns about rising inflation expectations, reflected in a University of Michigan survey, could influence policymakers, reminding them that the recent surge in inflation may take time to fully reverse, even as the labour market moderates.

(Source: Reuters)

• The Jamaica Bankers Association (JBA) stated that its member banks are working towards improving access to Automated Banking Machines across the island, despite the continued threats of theft, vandalism and attacks on cash couriers. In a release last week, the JBA noted that there are roughly 884 ABMs islandwide which are owned and operated by its members.
• It went on to state that it has taken firm action to mitigate the threats faced and has forged closer collaborations with service providers, law enforcement, and other authorities to guide operational decisions and implement protocols.
• In addition to improving access, the JBA mentioned that its members are seeking to restore the availability of cash to improved levels. This will be accomplished with new security measures and the re-deployment of some decommissioned ABMs from remote areas to more secure sites (such as police stations).
• Additionally, the JBA highlighted that members also have plans to increase ABM deployments in key districts to fill existing demand gaps and employ the use of revised operating plans to improve cash access and fault resolutions.

(Source: RJR News)

• With an estimated value of US$4.3 trillion globally, the health and wellness industry offers significant economic opportunities to Jamaica, says Tourism Minister, Hon. Edmund Bartlett. Speaking to JIS News after the Fifth staging of the Jamaica Health and Wellness Tourism Conference on November 16, Mr Bartlett said that to make an inroad into the lucrative market, Jamaica intends to promote existing medical tourism products and services as well as to develop and market spa facilities throughout the island.
• He emphasised that developing the health and wellness subsector is among the Ministry’s growth strategy goals, “offering visitors an unmatched value proposition based on innovation, diversification and differentiation of our tourism product” Mr. Bartlett said, adding that the Milk River Bath in Clarendon and Bath, St. Thomas, spa facilities will undergo restoration to meet international standards and demands.
• Jamaica’s unique combination of natural beauty, cultural heritage and proximity to the United States gives it a competitive advantage over many of its global competitors. As the demand for holistic experiences and well-being continues to rise, Jamaica can establish itself as a leading choice for travellers seeking restorative retreats.
• “As Jamaica continues to invest in its health and wellness tourism sector, significant value-added earnings can be expected. The influx of international visitors seeking wellness experiences will lead to increased revenue from accommodation, dining, leisure activities, and transportation services,” the Minister argued.
• Partnerships have been established with wellness industry leaders, global travel agencies, and influential wellness bloggers to enhance Jamaica’s visibility as a premier destination, adding that the Government is actively supporting the construction of wellness resorts and investing in sustainable infrastructure, ensuring that Jamaica remains competitive in the global health and wellness tourism market.

 (Source: JIS)

• The Central Statistical Office (CSO) reported that Trinidad and Tobago’s (T&T’s) inflation rate fell to 1.3% last month compared to October 2022. Consumer prices rose by 0.3% in the month between September 2023 and October 2023.
• The Consumer Price Index (CPI) rose by 5.1% between October 2022 and October 2023, down from an annual increase of 6.4% in the 12 months to September 2023. The annual growth in the CPI has been over 5.0% since October 2021.
• Notably, the All-Items Index recorded for October 2023 was 124.1 points, which was 1.3% higher than the 122.5 that the index recorded one year earlier.
• Prices of food and non-alcoholic beverages increased by 1.86%, moving from 144.5 in October 2022 to 147.2 in October 2023. Food and non-alcoholic beverages constitute 17.3% of the All-Items Index, which is only surpassed by costs associated with home owning, which account for 27.5% of the All-Items Index.
• For the year between October 2022 and October 2023, alcoholic beverages and tobacco increased by 7.4%. However, clothing and footwear declined by 4.8%, housing, water, electricity, gas and other fuels fell by 1.3%, and home ownership was down by 1.8%.
• According to the CSO, the Index for Food and Non-Alcoholic Beverages decreased from 148.2 in September 2023 to 147.2 in October 2023, reflecting a decrease of 0.7%. Contributing significantly to this decrease was the general downward movement in the prices of Irish potatoes, fresh whole chicken, onions, eddoes, pumpkin, plantains, chive, dasheen, sweet potatoes, and ochroes.
• Nonetheless, the full impact of these price decreases was offset by the general increases in the prices of table margarine, carrots, melon, green sweet peppers, parboiled rice, fresh carite and grapes, melongene, bodi and brown sugar.

(Source: Trinidad and Tobago Guardian)

• President Luis Abinader presided over the inauguration of a new luxury hotel on Cayo Levantado, a development representing a €50 million investment in the Samaná province. The hotel is set to create over 500 direct job opportunities in the region.
• During the inauguration event, President Abinader highlighted the positive trends in foreign investments in the Dominican Republic. He noted that foreign investments are anticipated to reach $4.4Bn this year, up from $4.1Bn in the previous year. This upward trajectory in foreign investments signifies economic growth and increased investor confidence in the country.
• Abinader expressed his gratitude to investors for their commitment to promoting tourism and providing employment opportunities to Dominicans. He also mentioned that the tourism sector is expected to receive over $30Bn in investment next year.
• David Collado, the Minister of Tourism, revealed that investments totalling 1.7Bn pesos are currently underway in Samaná, with completion expected in January and February 2024. He also predicted that 2023 would be a record-breaking year for tourism, with over 10 million tourists expected to visit the country.
• Collado commended the government’s responsible approach to reopening the country to tourism during the pandemic, which played a pivotal role in the sector’s recovery. He highlighted the international recognition that the Dominican Republic has received for its remarkable rebound in the tourism industry.
• The newly inaugurated Cayo Levantado Resort boasts 218 rooms and represents a significant investment of over €50Mn. This resort has also become a source of employment for the province and surrounding areas, creating approximately 500 direct jobs, with a majority being Dominican citizens, contributing to the region’s economic and social growth.

(Source: Dominican Today)

• Federal Reserve officials, as per the minutes of their October-November meeting, agreed on a cautious approach to raising U.S. interest rates. They emphasized that further tightening of monetary policy would only be considered if incoming information indicated insufficient progress in lowering inflation.
• The minutes revealed that policymakers were grappling with conflicting economic signals. Despite robust U.S. economic growth, financial markets had driven interest rates higher, posing a potential threat to economic and job growth. The central theme was balancing the need to address inflation, which remained above the 2% target, with the potential negative impact of tightening credit conditions.
• The overall tone of the Federal Open Market Committee (FOMC) minutes was cautiously hawkish, indicating a commitment to a restrictive stance for "some time." This marked a shift in the Fed's policy dialogue, with a focus on the duration of maintaining the current policy rate rather than signalling immediate further rate hikes. Fed Chair Jerome Powell emphasized the importance of a careful approach and acknowledged the uncertainty in the path forward, keeping the door open for potential adjustments based on inflation trends.

 (Source: Reuters)

• Canada's annual inflation rate decreased more than anticipated to 3.1% in October, down from 3.8% in September, with core inflation measures also dropping to their lowest levels in about two years.
• The lower-than-expected inflation figures are likely to reduce the likelihood of further interest rate hikes by the Bank of Canada (BoC). Analysts suggest that the central bank may consider lowering its key policy rate from the current 22-year high of 5.00%, possibly in the first half of 2024.
• However, the Canadian economy faces challenges such as a potential shallow recession, slack in the labour market, and elevated inflation. Furthermore, the government, led by Prime Minister Justin Trudeau, is under pressure to address affordability issues without exacerbating inflation, as reflected in the Finance Minister's planned fiscal update, which is expected to show widening deficits and weak economic growth.

(Source: Reuters)

• Hundreds of farmers have suffered financial losses in the aftermath of last week's flood rains, which will further negatively affect the availability of some produce for the Christmas season. Agriculture Minister Floyd Green says farmers in St. Thomas, Portland, St. Elizabeth, St. Catherine, Clarendon and St. Andrew have been directly or indirectly affected by the severe weather.
• Mr Green mentioned that teams from the Rural Agricultural Development Authority (RADA) have been conducting damage assessments since Saturday, with St. Thomas identified as the hardest-hit parish. "Almost all the farming communities in St. Thomas have suffered tremendous loss. We see a lot of impact across East Rural St. Andrew, largely from land slippage in those areas, and about 400 farmers impacted through land slippage in the East Rural St. Andrew area - some of our banana and plantain farmers, our vegetable farmers. We've also seen significant damage in St. Catherine, parts of Bernard Lodge, Lakes Pen, Hartlands, and damage in Clarendon and St. Elizabeth," he outlined.
• The minister said the loss of crops is significant as many were ready for reaping. The affected crops include hot pepper, sweet pepper, onion, cassava, sorrel, pak choi and lettuce.
• "The RADA team is still out looking to see how we can help farmers first. If there is any possibility of salvaging their crops, that's our first priority and then trying to put dollar values to the impact. So we do expect that before the end of this week, we will have a dollar amount, but I've already said to the team to start intervention as quickly as possible to see how we can get our farmers back planted again,” he said.
• The Agriculture Minister noted that chicken farmers were also affected by the heavy rains and that the report from RADA will determine whether the government will turn to imports to boost the availability of certain produce.

(Source: RJR News)