AGP Executive Report

Banking Deal: Scotiabank has moved to take Scotia Group Jamaica Limited private, offering minority shareholders $61.50 per share in cash (about a 13% premium), with delisting expected if approvals and court processes are completed later in 2026. Capital & Markets: Jamaica’s foreign reserves stood at US$6.48b at end-May, giving the BOJ room to manage FX pressure from oil-price shocks and import demand. Business Performance: Main Event Entertainment Group reported a deeper second-quarter loss as revenue fell across most lines, with hurricane disruption and weaker discretionary spending cited. Trade Finance: Afreximbank kicked off a Jamaica roadshow to connect local firms with trade finance, investment and advisory support. Investment Facilitation: JSEZA launched a new online Facilitation Tool to streamline SEZ applications, submissions and tracking. Policy & Oversight: The House approved Jamaica’s Civil Aviation (Amendment) Act, 2026, aligning laws with ICAO standards ahead of a 2027 audit. Sports Economy Angle: Jamaica is positioning itself as the “sports capital of the global south” via the Made4Goal Jamaica Global Sports Summit later this month.

Telecom Upgrade: Flow officially switched on Jamaica’s 5G network, with coverage live in Kingston, Portmore, Spanish Town, May Pen and the North Coast, and more communities slated by month-end—though customers may need compatible phones/SIMs and, for now, postpaid accounts. Fuel Cost Pressure: Petrojam’s diesel price hike is already raising alarms from transport operators, with TODSS warning the sector can’t absorb the increase and may be forced to exit routes. Banking Liquidity Watch: BOJ data shows banks parked about $29b more at the central bank in May as government deposits fell—signal for loan conditions and dollar pressure. Capital Markets: Dequity sold its Dolla stake for about $935.75m as it reshuffles investments; VM Investments is seeking up to $4b via unsecured corporate bonds; Kingston Wharves plans US$100m in capital projects over five years. Business & Jobs: Government roadshows aim to help MSMEs tap set-aside government contracts; Jamaica’s OUR is moving to independently verify telecom service quality. Food & Industry: Caribbean Flavours and Fragrances is helping manufacturers cut sugar to manage the new sugar tax without losing taste. Security & Labour: JCF reports a fatal scrap-metal-related gun battle in St. James; wage talks between Government and the Police Federation continue with updates due by June 17. Tourism Trade: CHTA named Barbados host for CTM 2027, boosting regional B2B tourism momentum.

Tourism Strategy: Jamaica has officially launched “Tourism 3.0,” a new long-term framework aimed at putting workers, training and local communities at the centre of the next phase of growth, with officials outlining how benefits should spread beyond visitor arrivals and hotel development. Central Banking & Governance: Outgoing Bank of Jamaica Governor Richard Byles told Parliament’s finance committee meeting that the $500m FSC withdrawal poses no threat to stability, while also signalling he’ll share any ideas for improving the central bank first with Finance Minister Fayval Williams. Municipal Financing: Opposition spokesperson Natalie Neita Garvey is pushing for municipal corporations to be empowered to borrow “responsibly” to fund markets, transport hubs, waste management and green public spaces, warning against a “dependency culture” that weakens delivery. Energy & Utilities: JPS is under scrutiny after an islandwide blackout, with reports pointing to severe weather and technical faults, while officials move to restore power and address cascading impacts. Maritime Environment: The House approved the Shipping (Prevention of Garbage Pollution) Regulations, 2026, to modernise Jamaica’s legal framework for ship-generated garbage controls under MARPOL Annex V. Business & Crime: A St. Elizabeth businessman was arrested at Sangster Airport after authorities reportedly found over US$200,000 concealed in soap boxes, charged with failure to report cash and concealment of criminal property. Regional Finance Oversight: Curaçao’s CBCS hosted the XLIII Annual Conference of the Caribbean Group of Banking Supervisors, focusing on resilience, innovation and how regulators should respond to AI, cybersecurity and data protection risks.

Energy & Inflation Watch: Bank of Jamaica Governor Richard Byles warned Middle East conflict risks pushing inflation above the 4–6% target, with higher energy, transport and food costs likely over coming quarters. Banking Access: BOJ Deputy Governor Jide Lewis said Hurricane Melissa damaged ABMs, with 90–95% now back online, but the central bank can’t force banks to replace machines in every rural parish. Power Reliability: JPS blamed the June 5 islandwide blackout on severe weather and technical faults that triggered a chain reaction across transmission lines, with full restoration by early Saturday. Oil Pricing: Petrojam revised its diesel and ULSD pricing mechanism, capping pass-through changes at $12.50 per litre from June 11 after absorbing large cost swings under the old system. Local Governance & Digital Services: Shadow Minister Natalie Neita Garvey called for a Smart Municipal Jamaica Initiative and a national municipal digital platform to speed permits, approvals and tracking. Tourism Tax Pressure: JHTA renewed calls for talks over a proposed GCT increase on tourism activities, warning of knock-on effects for jobs and investment. Hurricane Recovery Spending: Finance Minister Fayval Williams outlined $67B allocated for Hurricane Melissa response across ministries, including major education, health and agriculture support. Business & Compliance: A businessman was charged after allegedly entering Jamaica with US$270,580 concealed in bath soap boxes at Sangster Airport. Justice Modernisation: Justice Minister Delroy Chuck said Jamaica’s Integrated Electronic Case Management System aims to connect justice stakeholders and move away from paper-based court processes. Corporate Partnerships: KFC Jamaica signed Reggae Boyz captain Andre Blake for its 2026 World Cup campaign, linking the deal to youth outreach via his foundation.

JPS Blackout Fallout: Jamaica’s islandwide power outage is back under the microscope as a preliminary JPS report to the OUR suggests the same kind of system failure seen in earlier years, with Energy Minister Daryl Vaz calling it “totally unacceptable” and pushing for deeper accountability. Cybersecurity & Health Data: Health Minister Christopher Tufton says hackers have contacted the National Health Fund claiming access to client medical data; the NHF has reported the threat to the Information Commissioner and updated MOCA. Productivity Push: Labour Minister Pernel Charles Jr. says the Jamaica Productivity Centre will drive a national productivity index, training and AI skills to lift output while managing job displacement risks. Digital Payments: CIBC Caribbean expands Google Wallet support to Jamaica and other markets, enabling contactless payments via Android/WearOS as the bank prepares for ownership changes. Finance & Markets: Bank of Jamaica cleared Barita Merchant Bank to roll out a digital-first platform for Cornerstone Financial Holdings, starting with a digital wallet and Visa card. Cannabis Licensing: Westmoreland Western ganja farmers register to move from informal cultivation into the regulated industry. Education Value-for-Money Debate: Educators challenge a Capri report on whether education spending is translating into outcomes for children.

Power & Grid Accountability: Energy Minister Daryl Vaz says JPS’s preliminary explanation for last week’s islandwide blackout is “inexcusable,” warning Jamaica can’t keep seeing Kingston failures cascade nationwide; an independent consultant with the OUR will scrutinise the final report. Tourism Pressure: Opposition tourism spokesperson Andrea Purkiss accuses Minister Edmund Bartlett of a “diversification myth,” saying cruise passenger arrivals fell 28.4% since 2019 and leaving tourism operators short of hundreds of thousands of visitors. Capital Markets: Jamaica’s stock market fell about 5,000 points (~1.5%) last week as high interest rates, budget uncertainty and post-Hurricane Melissa slowdown keep investors cautious. Digital Finance: CIBC Caribbean Bank launches Google Pay in Jamaica for credit cards (debit cards still restricted locally), while TAJ urges customers to avoid fake websites and verify jamaicatax.gov.jm. Business & Investment: Kingston Wharves set 2030 targets of J$20b revenue and J$5b net profit, driven by vehicle trans-shipment expansion and digital transformation; Derrimon shelved a US$2.5m Arosa manufacturing expansion to cut debt costs. Household & Livelihoods: NHT and partners move ahead with relocation plans for Parottee residents after Hurricane Melissa, aiming to protect assets and livelihoods.

Jamaica Power Shock: Jamaica’s island-wide blackout is back under the microscope as the Office of Utilities Regulation (OUR) engages JPS, seeks a preliminary report on the cause, response and system stability, and asks for corrective steps to prevent a repeat. Water Resilience Debate: Water Minister Matthew Samuda pushes back on calls for faster solar adoption for NWC backup power, saying the government is already investing in resilience measures. Skills & Training Pressure: Education and technical training leaders are challenging whether HEART/NSTA Trust is delivering enough for Jamaica’s construction labour needs, as shortages threaten housing and infrastructure delivery. Business & Investment Moves: NUGL and Cannibble begin a Jamaica market evaluation of functional beverage samples through Kaya Pizza and Square Grouper Bars, aiming to test consumer demand beyond core cannabis. Trade/Finance Signals: Jamaica’s NIR rose to US$6.48 billion in May, while the BOJ offered $1.3 billion in liquidity support to DTIs. Regional Growth Link: Afreximbank deepens engagement with Jamaica with a US$5b financing push focused on trade, investment and industrialisation.

Banking & FX: Jamaica’s net international reserves rose about 0.5% to US$6.48b in May, lifting import coverage to 40 weeks. Central Bank Liquidity: The Bank of Jamaica allocated $1.3b from $2.3b in bids in its liquidity operation to deposit-taking institutions. Energy & Water Resilience: Water Minister Matthew Samuda hit back at claims the NWC isn’t preparing for JPS failures, saying resilience steps are already underway. Labour & Skills: HEART/NSTA Trust is under fire for not delivering enough for the construction sector as Jamaica faces a shortage of skilled trades. Retirement Planning: Scotia Jamaica Life urged structured retirement savings beyond the NIS, highlighting low private pension participation. Infrastructure Push: Western Jamaica is set to get most of 55 new bridges under the Accelerated Bridge Programme, starting with the Troy Bridge opening. Trade Policy Watch: Opposition warns CARICOM should proceed carefully on a proposed 15% tariff on glass bottle imports. Disaster Finance: Credit unions supported disaster recovery in Jamaica after Hurricane Melissa, helping restore branches and services. Tourism/Branding: Sandals’ estate dispute ends in a settlement, while BYD becomes Official Car Sponsor of CPL 2026.

Power & Water Crisis: JPS will submit an OUR report on Friday’s islandwide blackout, with an initial account pointing to lightning activity near major generating stations and transmission facilities, while thousands still faced water disruptions as the utility outlines corrective steps to reduce recurrence. Energy Governance: Opposition MPs argue the outage exposed how NWC plants are too dependent on the JPS grid, calling for a sector-wide energy resilience plan for water treatment. Capital Markets: The Jamaica Stock Exchange recorded a May decline, with the Main Index down 1.58% and trading value falling sharply, even as the market remains positive year-to-date. Regional Finance & Trade: Afreximbank held an inaugural Kingston roadshow to deepen Jamaica’s trade, investment and industrialisation financing, building on a US$5b facility for the Caribbean. Tourism Investment: Sandals plans a US$200m redesign of three Jamaica resorts, upgrading suites, dining and guest experiences. Corporate Results: Pan Jamaica Group reported record 2025 earnings, with net profit up 37% to J$6.3b, while Jamaica Producers Group posted a 42% profit jump to J$2.3b. Infrastructure Leadership: The National Works Agency advertised for a new CEO as Everton “EG” Hunter’s long tenure ends, amid continued public pressure over road conditions. Business Expansion: Lasco Group says it will significantly expand exports, targeting higher value-added products and new acquisitions across the region and North America.

Power & Water Disruption: Jamaica’s islandwide blackout left households and businesses in the dark after lightning-linked damage triggered a “cascading effect,” with JPS reporting phased restoration and water supply still affected for tens of thousands of customers; the OUR has demanded reports from JPS and Energy Minister Daryl Vaz called the outage “unacceptable,” while NWC said major systems are being brought back as tanks are recharged. Housing Finance: In the Senate, Christian Tavares-Finson backed continued NHT withdrawals for budget support but warned drawdowns shouldn’t become permanent, as the bill clears to allow $11.4b over five years. Workforce Development: Jamaica is “future-proofing” jobs via a National Employment Policy partnership with the ILO, aiming to prepare for tech change, climate shocks and the platform economy. Youth & Social Support: Women’s Centre of Jamaica Foundation gets a $4.5m boost to strengthen programmes for adolescent mothers. Governance & Risk: Transparency International’s 2025 Corruption Perceptions Index ranks Haiti lowest in the Caribbean, while Jamaica’s own innovation and modern-economy building blocks face criticism in Parliament. Regional Connectivity: New airline interline partnerships in the Eastern Caribbean target smoother travel and less fragmented airlift.

Power & Water Crisis: Jamaica is still working through fallout from an islandwide blackout that hit Friday night, with JPS saying lightning damaged transmission lines and triggered a cascading grid failure; OUR has ordered a preliminary report by Monday and a full submission in 30 days, while water restoration remains uneven for tens of thousands of NWC customers. Accountability & Policy: Opposition energy spokesman Philip Paulwell and Energy Minister Daryl Vaz are demanding answers and transparency as regulators scrutinize JPS’s response and corrective actions. Business & Growth: A parliamentary committee will review flexible work arrangements, including remote work and flexible hours, as fuel and economic pressures squeeze households and employers. Governance Watch: Transparency International’s 2025 Corruption Perceptions Index ranks Haiti lowest in the Caribbean, while several regional states remain stronger performers—another signal for investor and policy risk. Regional Connectivity: New airline interline partnerships across the Eastern Caribbean aim to reduce fragmented travel and make island-hopping cheaper and easier. Sports & Economy: World Cup 2026 earnings and preparation stories continue to dominate, including South Africa’s reported jackpot for qualifying and Jamaica’s role in pre-tournament friendlies.

Energy & Utilities: Jamaica’s islandwide blackout is under investigation after JPS said lightning damaged transmission facilities and triggered an unexpected cascading grid failure; OUR ordered a preliminary report by Monday and a full report within 30 days, while about 65,000 customers still lacked water as power restoration continued. Housing & Public Finance: The Senate approved continued National Housing Trust (NHT) withdrawals of $11.4B annually for budget support through FY2030/31, as Government cites Hurricane Melissa’s fiscal pressure; NHT withdrawals and recovery spending were also defended in the latest debate. Infrastructure Delivery: Prime Minister Holness commissioned the $230M Troy Bridge at the Manchester/Trelawny border, framing it as “reconnection” after years of disruption. Agriculture & Food Supply: Hurricane Melissa’s impact is rippling into the honey market, with beekeepers and manufacturers reporting shortages and higher costs; separately, Caribbean hot sauce makers warn of Scotch bonnet pepper shortages and price pressure. Business & Investment: JN Properties says diaspora investors are increasingly seeking professional property management as overseas owners look for trusted systems to protect assets. Governance & Data: Delays to Jamaica’s Data Protection Oversight Committee were blamed on difficulty finding a retired High Court judge, prompting calls for legislative review.

Power Crisis: Jamaica is scrambling to restore electricity after a rare island-wide blackout hit Friday night; Energy Minister Daryl Vaz called it “unacceptable,” ordered an emergency meeting with JPS, and said lightning may have disrupted key grid infrastructure as power returned to about 500,000 of 700,000 customers by early Saturday, with full restoration expected soon. Trade & Competitiveness: STATIN reports Jamaica’s merchandise trade activity weakened in Jan/Feb 2026, with imports down 8.1% and export earnings falling 28.8% year-on-year, driven by lower crude materials (excluding fuels). Housing Finance: The Senate approved amendments to the NHT Act allowing the Government to withdraw $11.4B annually for five years to support the Budget, while lawmakers also flagged capacity constraints and a shortage of skilled construction workers. Infrastructure Delivery: PM Holness says Jamaica can’t afford slow bureaucracy, pointing to the Troy Bridge reopening as a lesson in faster project delivery and better governance. Workforce Development: Opposition spokesman Peter Bunting wants HEART/NSTA-Trust reshaped to better match a fast-changing, AI-driven labour market. Business & Community: Express Canteen Services donated J$1m to help Sts Peter and Paul’s Prep defend their title at the upcoming Prep School Championships.

Power & Energy: Jamaica suffered an island-wide blackout Friday night after a system failure, with Energy Minister Daryl Vaz calling it “unacceptable” and ordering a probe; JPS says power restoration is phased and customers are being updated as stations restart. Trade & FX: Exports earnings fell 28.8% to $217.7m in Jan–Feb, while Bank of Jamaica injected another US$30m into the forex market to ease pressure; it also plans to mop up J$55b to tighten liquidity. Tourism & Investment: Afreximbank launched its first Jamaica roadshow to boost trade, investment and industrialisation financing; meanwhile, Jamaica’s tourism push continues with the Caribbean Tourism Supply-Side initiative and Sandals’ $200m resort rebuild timelines. Banking & Business Moves: NCB will relocate its Falmouth branch to Champion Plaza on July 6; Stewart’s Automotive opened a US$7m GWM showroom in Kingston. Logistics & Consumer Services: Showfa Express and Paymaster launched Showfa One, a flat-rate parcel delivery service at $690 via four Paymaster locations. Public Policy: Parliament’s Economy and Production Committee will review flexible work hours and work-from-home policies as fuel and cost pressures mount.

Offshore Oil Outlook: Jamaica is watching early results from southeast Morant Bay exploratory drilling, with officials urging “cautiously optimistic” patience as any development timeline points to late-2020s construction and production in the 2030s. Disaster-Ready Construction: A revised Building Code will require Category Five hurricane-resistant construction, with stronger Municipal Corporation enforcement, compliance checks, and penalties for illegal building. Reconstruction Leadership: NaRRA CEO Ambassador Antony Anderson says his engineering and complex project management background positions him to coordinate Jamaica’s next infrastructure push. Blue Economy Push: Jamaica is calling for more financing and technical support for SIDS to strengthen ocean governance, citing blue economy’s major jobs and GDP role. Rent Control Fight (Queens): NYC’s Rent Guidelines Board hearings draw tenant pressure for freezes/rollbacks as the city weighs affordability versus landlord returns. Finance & Markets: Afreximbank launches a Kingston roadshow to boost trade, investment and industrialisation; Bank of Jamaica Governor Byles urges banks to cut lending rates; Derrimon expects overdue 2025 audited accounts by June 30; Derrimon shares remain suspended. Security & Compliance: MOCA charges three more suspects in the NCB phishing scam, bringing total charged to 20. Business Expansion: Kingston Wharves eyes doubling capacity with a potential Tinson Pen land acquisition; Delorvan’s W18 seven-storey mixed-use project targets December 2027 completion.

Housing & Disaster Recovery: PM Holness says another 300 container homes arrive today, with 1,200 already in Jamaica and the rest expected by July, as the country scales up relocation after Hurricane Melissa. Insurance & Regulation: FSC executive Keron Burrell tells senators to “look in the mirror” after pushing back on claims that insurers weren’t properly consulted on proposed insurance fee increases. Governance & Crime: CMU says an arrested staffer over alleged misuse of student funds shows its internal controls work; MOCA also charges three more in the $47.5m NCB phishing scam. Hurricane Readiness Spending: Local Government Minister Desmond McKenzie announces $60m for emergency shelter upgrades and NSWMA prepositioning and fuel reserves for the 2026 hurricane season. Business & Exports: JMEA urges manufacturers to diversify export markets after a 13.4% export decline; BPO leaders reject Opposition AI “doom” claims, saying competitiveness is the real issue. Tech Policy: Government moves to fully activate the Data Protection Act’s enforcement and sets a National AI Draft Policy by November 2026. Logistics & Trade: Jamaica hosts Afreximbank’s roadshow to unlock trade and investment financing. Tourism & Community: Golden Krust pledges to rebuild canteens at seven hurricane-damaged schools; Jamaica wins a Caribbean Media Award for its “Love Island Influencers” campaign.