• The JMMB Group, through its wholly-owned subsidiary, JMMB International Limited (JMMB International), officially began operations in the Caribbean island nation of Barbados. This entry to Barbados marks the fourth Caribbean nation in which the Group has a physical presence, the others being Trinidad and Tobago, Jamaica and the Dominican Republic.
• This announcement of JMMB Group’s expansion to Barbados was made during the company’s quarterly investor briefing. The JMMB Group had already been serving Barbadian business clients remotely, primarily via its representatives based in Jamaica and Trinidad and Tobago. Now, the launch of JMMB International marks its entry at a direct operational level.
• The JMMB International team of financial advisors is being led by its Trinidad & Tobago-based CEO, Tricia Kissoon; who is supported by the Barbados-based head of business development and executive director, Michael Jordan.
• In speaking to the strategic role that this entry to Barbados will play in the further growth and expansion of the JMMB Group across the Caribbean region, JMMB Group CEO, Keith Duncan, first praised the team for their hard work and commitment to achieving the goal of opening JMMB’s first office in Barbados.
• “We saw this as another opportunity to further build on our goal of providing integrated financial solutions across the region, while seeking to uniquely address client needs, especially as they try to attain their financial objectives, all while navigating challenging national, regional and global economies. I am confident that our team will work to partner with our clients in a way that provides win-win outcomes for all” he added.

(Sources: RJR News & JMMB)

• Remittances received by Latin American and Caribbean countries are projected to reach a record $155Bn in 2023 if the trends observed to date continue, according to a new report by the Inter-American Development Bank.
• This is an increase of 9.5% compared to the $142Bn received in 2022, completing fifteen consecutive years of growth.
• The sustained growth of remittances reflects new intraregional migratory flows and the contribution that migrants make to their countries of origin.
• Despite a moderate increase between 2017 and 2019 and the extraordinary growth in 2021 (26.7%), during the COVID-19 pandemic, remittances to Latin American and Caribbean countries have shown sustained growth of around 10% annually for the past 10 years.
• This increase in 2023 is mainly explained by the growth in remittances received by Central American countries (13.2%), the growth in remittances received by Mexico (9.8%), and the growth in remittances that South America received (7.9%). In the case of the Caribbean countries, growth in 2023 is more moderate (2.6%).
• This new report by the Inter-American Development Bank also offers a detailed analysis of the origins and destination of remittances to the countries of the region based on data published by the Central Banks.

 (Source: IADB)

• Venezuela is close to approving a license for Shell and the National Gas Company of Trinidad and Tobago to develop a promising offshore natural gas field and export its production to the Twin Island Republic.
• According to Reuters, the license could set in motion a long-running effort by Trinidad to boost its gas processing and petrochemical exports while providing Venezuela with a much-needed extra source of cash.
• Under the proposed terms, Shell would operate the project with a 70% stake, and Trinidad's NGC would hold the remaining 30%.
• Trinidad and Tobago's Prime Minister Keith Rowley on Monday confirmed that the parties were negotiating the license and added that Energy Minister Stuart Young was expected to visit Caracas this week.

(Source: Reuters)

• The U.S. dollar dropped to its lowest in more than two months on Monday on expectations that U.S. interest rates have peaked, as global equities rose. Closely watched U.S. treasury yields slipped after the auction, while global oil futures gained $2 on the prospect of supply cuts.
• The MSCI World Equity Index gained 0.72%. Europe's benchmark STOXX index inched up 0.1%, with energy stocks leading gains. On Wall Street, the Nasdaq led gains as shares of Microsoft hit record highs. The dollar index fell to 103.26, its weakest since the start of September, as investors appeared to solidify bets that the Fed could start cutting interest rates next year.
• Trading was expected to be muted for much of the week ahead of Thursday's U.S. Thanksgiving holiday. Black Friday sales will test the pulse of the consumer-driven U.S. economy this week. Minutes of the Fed's last meeting will offer some colour on policymakers' thinking as they held rates steady for a second time.
• Signs of progress in the battle against inflation in the United States have driven a recovery in stocks this year as investors hope for an end to the cycle of rate hikes that have been policymakers' main tool for fighting price increases on goods.

(Source: Reuters)

• The U.S. Coast Guard is actively searching for the source of an underwater pipeline leak off the Louisiana coast in the Gulf of Mexico. The leak, estimated to have released over a million gallons of crude oil, prompted the closure of the 67-mile-long pipeline by Main Pass Oil Gathering Co. on Thursday.
• Oil recovery efforts are underway, with overflight teams observing visible oil moving southwest away from the Louisiana shore. While the exact volume of discharged oil is not confirmed, initial estimates by the Coast Guard suggest 1.1 million gallons (26,190 barrels). So far, there have been no reported injuries or shoreline impacts. The cause of the leak is under investigation.
• The U.S. Environmental Protection Agency has reported the activation of the National Response Team, consisting of 15 federal entities, to coordinate the response to this oil pollution incident. The company owning the pipeline, Third Coast Infrastructure, has not provided comments, deferring inquiries to the Coast Guard.

(Source: Reuters)

• Minister of Agriculture, Fisheries and Mining, Hon. Floyd Green, says the Ministry will continue to place “tremendous emphasis” on the mining sector to facilitate growth and to identify new markets for export.
• The commitment was given as the country saw a 164.2 per cent expansion in the mining and quarrying sector for the April to June quarter compared to the same period last year.
• Minister Green said the growth was largely due to a higher output of aluminium linked to increased production at the Jamalco alumina refinery in Clarendon. Notably, there was an over 100 per cent increase in limestone exports.
• Turning to other developments in the sector, the Minister said that a ‘Mining Matters’ mobile app, which will allow Jamaicans to report grievances caused by the adverse effects of mining and quarrying activities, will be launched this month. The app is being developed in partnership with the European Union (EU).
• The app will help to frame problems reported in a structured and systematic framework, clearly enhancing visibility and facilitating a comprehensive response. The application will also allow residents to do real-time reporting and allow agencies to respond in real time.
• The Minister first spoke to JIS News about the software last month, along with a cost of production (COP) app aimed at assisting stakeholders in the sector to improve their business operations. The COP app will better assist operators in calculating costs, pricing their products, and determining profit margins.

(Source: JIS News)

• Minister of Industry, Investment and Commerce, Senator the Hon. Aubyn Hill, says micro, small and medium-sized enterprises (MSMEs) should take advantage of the assistance being offered by local funding agencies, to broaden their appeal overseas.
• Senator Hill, who was addressing the MSME Business Roadshow at the Half Moon Conference Centre in Montego Bay, St. James, on October 26, said his Ministry and all its relevant agencies will be targeting small business operators, offering expert help and guidance to better prepare them for the export market.
• The MSME sector constitutes 60 to 70 per cent of all jobs and contributes 44 per cent to GDP, noting that their importance cannot be overstated. There are approximately 64,000 people employed in the MSME sector.

(Source: JIS News)

• President Luis Abinader has expressed confidence in achieving the goal of welcoming 10 million tourists to the Dominican Republic this year. During an event organized by the Ministry of Tourism, Abinader stated that the countdown has begun toward this objective, emphasizing the positive impact of tourism on the livelihoods of Dominicans and the country’s economy.
• The event also showcased an advertising campaign featuring renowned Dominican artists singing together to achieve “10 million smiles.” The Dominican Republic has seen impressive tourism numbers, with 619,204 visitors in October, bringing the total for 2023 to 8,245,189. This represents a 23% growth compared to the same period in the previous year.
• The Ministry of Tourism highlighted the role of cruise tourism in this growth, with over 1.6 million visitors arriving via cruise ships in 2023, and emphasized the support for new ports like Taino Bay. To reach the 10 million tourist goal, an additional 1,754,811 arrivals are needed.
• President Abinader mentioned upcoming transformative projects that will continue to drive tourism growth and emphasized the importance of tourism for prosperity, development, employment, and improving the quality of life for the Dominican people.
• In other news, The Dominican Republic has replaced Ecuador as Latin America’s 7th largest economy, according to a Latinvex analysis of the latest data from the International Monetary Fund (IMF). The IMF forecasts that the Dominican Republic will keep that position for the next five years as well likely supported by sustained high growth rates that have enhanced the scale and wealth levels of the economy.

(Sources: Dominican Today & IMF)

• United States airline JetBlue has announced a new partnership with banking group CIBC FirstCaribbean and payments technology company Mastercard to launch two credit cards for customers in five Caribbean markets where JetBlue operates.
• The new JetBlue Mastercard and JetBlue Select Mastercard by CIBC FirstCaribbean will provide card members rewards, benefits, and an opportunity to earn TrueBlue points that can be used to travel to more than 100 destinations in JetBlue's network, JetBlue said in a statement from its New York headquarters yesterday.
• In November 2023, these cards will for the first time be available to residents in Trinidad and Tobago, The Bahamas, Jamaica, Barbados, and the Cayman Islands.
• 'As a leading airline in the Caribbean, JetBlue maintains its commitment to delivering innovative programmes and products to more of our loyal customers in the region. We're excited to launch our partnership with CIBC FirstCaribbean and Mastercard to offer our customers even more benefits,' said Chris Buckner, VP, Loyalty & Partnerships at Jet-Blue.
• Chief executive officer of CIBC FirstCaribbean Mark St Hill said: 'We are delighted to join with our partners Mastercard and JetBlue, the preferred airline brand flying between the US and the Caribbean. Together we will make a formidable partnership allowing us to bring added value to JetBlue TrueBlue loyalty members regionally.'

 (Source: Trinidad Express Newspaper)

• Despite frequent predictions of a hiring slowdown in the U.S. job market, the consensus on Wall Street is that the October nonfarm payrolls report will show a sharp decline in job growth from the previous month. Economists anticipate only 170,000 new jobs, down from the prior month's 336,000.
• Contrary to expectations, some experts believe the job market remains resilient. Employers are still actively hiring, even though some trends like aggressive job switching and large wage gains are showing signs of reversing. Employers are offering incentives like flexible work scheduling to attract new talent.
• The labour force participation rate is slightly below its pre-pandemic level, and this will be closely watched. Wages increased by 4.2% from the previous year in September, but this is expected to decrease to 4% for October. Wages are a key component of inflation, and policymakers are monitoring this closely.
• Employers have been hiring more part-time workers in recent months while full-time positions have decreased. The rise in the jobless rate, which is approaching the threshold set by Sahm's Rule for potential recession, could be a concerning economic indicator. Additionally, strikes by American workers may have an impact on the October jobs report.
• High-frequency data from sources like Homebase suggests that employment levels and hours worked have declined in October, indicating a potential downward trend in the job market.

(Source: CNBC)