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Showing posts from March, 2025

Five Caribbean islands launch real estate hub to streamline citizens by investment programme

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A new platform, the Real Estate Hub, has been designed to connect global investors with government-approved real estate opportunities eligible for citizenship by investment across the Caribbean. The platform provides access to curated listings in five Caribbean jurisdictions offering CBI programs: Antigua & Barbuda, Dominica, Grenada, St. Kitts & Nevis, and St. Lucia. Listings are said to be vetted for program eligibility, allowing users to confidently explore and compare real estate options that qualify for second citizenship. The platform is the creation of NTL Trust an investment and wealth management firm.  NTL said in its press release that the launch of the Real Estate Hub marks a significant enhancement of NTL Trust’s services, reflecting its 30+ years of experience in the investment migration industry. The company has operated in the Caribbean since the inception of CBI programs in the region and brings extensive on-the-ground knowledge of regulatory framewor...

First Rock Real Estate makes losses in 2024, but continues on acquisition path

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First Rock Real Estate Investments Limited for the 12 months ended December 31, 2024, reported a total comprehensive loss attributable to shareholders of US$9.0 million, reflecting a decline of US$6.2 million compared to the previous year.   Management says that this was primarily attributable to unrealized fair value losses on financial instruments, foreign exchange losses and losses on disposal of investment properties driven by downward movement in property valuations. They stated, “Despite these short-term financial impacts, the company remains firmly on course with its strategic realignment towards becoming a fully-fledged Real Estate Investment Trust (REIT),” First Rock sought during the year to optimize its asset portfolio by divesting non-income-generating properties while acquiring income-producing commercial assets across the Caribbean. Management, noting   a   focus on structured acquisitions, said that the company will see acquisitions of commercial pr...

Jamaican security dealers see eight per cent uptick in asset value to $1.03 trillion, but funds under management declines

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  As at September 30, 2024, there were thirty-three companies licensed as securities dealers in Jamaica. Of these 33 companies, the analysis will concentrate on the twenty-six companies whose primary activity is dealing in securities. Sector regulator the Financial Services Commission (FSC) indicates that the combined total balance sheet assets as at the September 30, 2024, stood at $1,033.13 billion, an 8 per cent increase when compared to the previous quarter as at June 2024, where assets amounted to $956.60 billion. A year over year comparison showed an improvement of 10.14 per cent where total assets grew from $938.88 billion as at September 30, 2023. Aggregate funds under management (FUM) were approximately $1,698.34 billion as at September 30, 2024, representing a $148.23 billion or 8.03 per cent reduction from the previous quarter. The year-over-year (y-o-y) comparison saw a 1.84 per cent decline in FUM from the amount seen at September 30, 2023. There are 13 collective...

Jamaican private pensions resilient says FSC as funds value exceed $782 billion

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    Pensions regulator the Financial Services Commission (FSC) reports that as at September 30, 2024, the total value of assets invested in the Jamaican private pensions industry was $782.41 billion, representing a quarter-over-quarter increase of 2.22 per cent. This represents the first uptick in the positive growth rate since the 2.95 per cent December 2023 increase. The 2.22 per cent growth for this quarter can be attributed to the 651 pension plans that reported growth in assets ranging from slightly above 0.05 per cent to 42.80 per cnet, reflecting 89 more plans than the previous quarter. The number of solvent active pension plans increased by two over the quarter from 336 to 338. Overall, the Jamaican pension industry was fairly resilient despite local and global economic challenges and geopolitical tensions, the FSC states, also asserting that amidst a decreasing interest rate environment and projected decline in real economic output, growth potential is expected to...

New medical school opens in British Virgin Islands

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  Caribbean National Weekly reports that the British Virgin Islands will in summer 2025 open   the   first medical school. The Tortola campus of the Ponce Health Sciences University (PHSU) School of Medicine will officially begin classes on July 28, 2025. At a press conference , university executives and government officials announced d that students enrolled in the four-year medical program will complete their first two years of coursework and lab training in Tortola before transitioning to one of three PHSU-affiliated campuses in Puerto Rico or the mainland United States for their clinical rotations.   This structure aligns with accreditation requirements set by the Middle States Commission on Higher Education (MSCHE) and the Accreditation Commission on Colleges of Medicine (ACCM), which mandate that at least two years of education be completed in the U.S. or a U.S. territory. The medical school has already secured provisional accreditation from both accred...

Sterling Investments rides market volatility

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Sterling Investments Limited (SIL) says that for the year ended December 2024, it continues to increase US dollar income in spite of market volatility. Total revenue increased 9.8 per cent from J$133.9 million in 2023 to J$147.0 million in 2024 due to net gains on the sale of debt investment securities held at FVOCI which moved from a loss of (J$42.6) million in 2023 to gains of J$7.8 million in 2023. Sterling Investments Limited is an investment holding company that invests primarily in US dollar fixed income investments across the globe. The company was formed in 2012 when the JMD/USD exchange rate was J$92 / US$1 and prior to the National Debt Exchange. SIL targets pension funds and long-term investors. Interest income declined by 12.2 per cent as the company refrained from buying new assets amidst the tight credit spreads and elevated interest rate regime that prevailed during the fiscal year. Interest expense declined from J$30.6 million in 2023 to J$26.7 million in 2024 – the ...

Nevis Government buys private land for affordable housing project

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  The Nevis Island Administration has purchased around 36 acres of land at Garners Estate, St. James Parish, at a cost of EC$3.6 million. The Government acquired the land, costing in millions with the aim of providing affordable, "high-quality housing" for the citizens of Nevis. This purchase is aimed at addressing growing  demand for housing on the island nation which the GON now exceeds all the availability of government-owned lands to construct homes. The land will be sub-divided into residential lots and made them available for sale to potential homeowners. The Nevis Island Administration has to date constructed around 329 homes with an investment of $71.8 million. The government has promised to subsidise the overall cost of construction. Premier Brantley has   mentioned about making provisions, aiming to allow individuals to secure funding from commercial lending institutions to purchase land and construct homes using private contractors. Source writeups24,...

Wigton reduces debt load

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In its most recent financial report, for the nine months ended December 2024, Wigton Energy Limited reported that total liabilities amounted to $4.6 billion, marking a significant decrease of $0.8 billion or 14.9 per cent compared to the similar period in 2023 when liabilities stood at $5.4 billion. Management notes that this reduction primarily resulted from quarterly principal instalments for Bond A and the deferred tax liabilities. Throughout the period, the Company successfully fulfilled all debt covenants, ensuring timely and complete payments of both interest and principal amounts. In March, 2025, the Caribbean Information and Credit Rating Services Limited has reaffirmed the assigned issue ratings of CariBBB+ on the regional rating scale and on the Jamaica national scale to the Jamaican $5.8 billion bond issue of Wigton. The regional scale rating indicates that the level of creditworthiness of this obligation, adjudged in relation to other obligations in the Caribbean, is adequ...

Bank of Jamaica maintains policy rate at six per cent, reduces overnight lending facility margin

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The  Bank of Jamaica’s (BOJ’s) Monetary Policy Committee (MPC), during its meetings on  25 and 26 March 2025, deliberated on the Bank’s monetary policy  stance in the context of increased uncertainty relating to the economic policies of Jamaica’s main trading partner s.   The MPC determined that, in these circumstances, its policy stance continues to be appropriate to support the current outlook for inflation remaining within the target range over the next two years.  The Committee, therefore, unanimously agreed to (i) hold the policy rate at 6.00 per cent per annum and (ii) preserve relative stability in the foreign exchange market. To reinforce the Bank’s monetary policy stance, the MPC also decided to lower the margin between the interest rate on the Bank’s Standing Liquidity Facility (SLF) and its policy rate.  This lower margin reduces  the interest rate at which commercial banks access short-term (overnight) liquidity from BOJ. Therefore,  e...

Proven Bank invests in transaction monitoring technology

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Fintechfurures.com reports that Proven Bank , a Caribbean-based banking group, has partnered with Irish fintech Fenergo to enhance its anti-money laundering (AML) compliance processes. Proven Bank will leverage Fenergo’s transaction monitoring solution as a key component of a “broader strategic initiative” aimed at enhancing the group’s “digital capabilities” across its offshore banking locations. The implementation will commence at the bank’s Cayman Islands branch, before being rolled out to its St. Lucia offices and affiliated company, Proven Wealth, in Jamaica. Fenergo claims that its tech will enhance the Caribbean banking group’s “operational efficiency”. The firm says its solution is designed to reduce false positives and automate manual AML processes and will allow the bank to “focus compliance resources on higher-risk customers”. Founded in 2009, Fenergo provides financial institutions with regulatory compliance, transaction monitoring, know your customer (KYC), and cli...

New Fortress Energy announces sale of Jamaican assets and operations to Excelerate Energy for US $1.055 billion

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New Fortress Energy Inc. announced today, March 27, 2025, that it has finalized a transaction with Excelerate Energy, Inc. to sell its assets and operations in Jamaica for $1.055 billion. Proceeds from the transaction will be used to reduce NFE’s corporate debt and for general corporate purposes. The company said in its news release, “ This transaction is expected to close in the second quarter of 2025 and marks a key step in NFE’s strategy to optimize its asset portfolio and enhance financial flexibility.” New Fortress Energy Inc. (NASDAQ: NFE) is a global energy infrastructure company founded to address energy poverty and accelerate the world’s transition to reliable, affordable, and clean energy. The Company owns and operates natural gas and liquefied natural gas (LNG) infrastructure and an integrated fleet of ships and logistics assets to rapidly deliver turnkey energy solutions to global markets. The transaction includes the sale of NFE’s LNG import terminal in Montego Bay, ...

OPM ready to offload Jamaica Mortgage Bank

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   Having this week concluded the divestment of its 20 per cent shareholding remaining in TransJamaican Highway Limited, the Government of Jamaica is indicating that the Jamaica Mortgage Bank will similarly be divested through the Jamaica Stock Exchange in a few months, In a few more months, the Government will divest ownership of the Jamaica Mortgage Bank (JMB), says Prime Minister Andrew Holness while addressing the ribbon-cutting ceremony for The Nitrams of Waterloo, located at 44 Upper Waterloo Road in St. Andrew, on March 25. “The Jamaica Mortgage Bank, in a few more months, will be on the [Jamaica] Stock Exchange. You can buy into it, give it some more resources, so it can fund more projects like these in collaboration with the private sector. You can participate in the wealth that it will create,” Holness said. The Nitrams of Waterloo consists of 47 one and two-bedroom units. Prices start at $36.5 million. Sagicor partnered with the JMB to finance 49 per cent of the dev...

Andrea Kelly appointed to America’s Central Securities Depositary

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General Manager of the Jamaica Central Securities Depository Limited (JCSD) and the JCSD Trustee Services Limited (JCSDTS), Andrea Kelly, has been appointed to the executive committee of the Americas’ Central Securities Depositories Association (ACSDA). ACSDA is a non-profit organization comprising Central Securities Depositories and Clearing Houses of the Americas, headquartered in Lima, Peru. Its By-laws were established at the first General Assembly held in the city of Lima, Peru on August 10, 1999. ACSDA’s main purpose is to be a forum for the exchange of information and experiences among its members in a spirit of cooperation, and to promote best practice recommendations in services such as securities depository, clearance, settlement, and risk management. ACSDA’s goal is also to support local markets in their efforts to adopt securities market regulations, while considering their specific circumstances, and to serve as a channel for dialogue with other organizations worldwide. ...

Bullish sentiment in US housing market disappears

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  Its 2025 and investment company BlackRock, one of the world’s largest asset managers, is reportedly scaling back its real estate investments by selling properties at a loss. According to citizenswatch.com, this strategic retreat comes amidst whispers of an impending market collapse, with residential prices stagnating and an oversupply of unsold properties accumulating. The decision by BlackRock to divest from real estate at a loss is not just a business maneuver but a stark indicator of underlying market dynamics.   Meanwhile JP Morgan reports that the U.S. housing market is likely to remain largely frozen through 2025 although some growth is still expected at a very subdued pace of 3 per cent or less. Analysts say, “Demand — often understood through existing home sales (EHS) — remains exceptionally low. And though housing inventory is creeping back up, it still remains below the historical averages. Both existing home sales and inventory remain low.” “Existin...

Government says divestment of 20 per cent stake in TransJamaican Limited makes room for investing public

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  National Road Operating and Constructing Company Limited (NROCC) Managing Director, Stephen Edwards, has described the decision to divest the remaining 20 per cent stake in TransJamaican Highway Limited (TJH) as “a major step forward” for investors and continued infrastructure expansion." Overseen by the Development Bank of Jamaica, the transaction which closed on March 18 is estimated to have raised J$9 billion. Meanwhile Edwards noted “NROCC will continue its responsibilities, pointing out that the organisation is refocusing on its core mandate of developing, expanding and regulating the island’s highway network, citing among these infrastructure development projects such as the Montego Bay Perimeter Road. “Let me be clear, ladies and gentlemen, NROCC is not stepping away from its responsibilities,” he stated in a Jamaica Information Service Interview. The divestment of TJH shares, he said, aligns with the Government’s broader strategy to enhance and facilitate public particip...

Government of Jamaica makes $9 billion haul via NROC/TransJamaican share sale

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  The National Road Operating and Constructing Company Limited which via TransJamaican Highway Limited offered for sale shares in that company, closed the offer on March 18, 2025, with an oversubscription of 36 per cent despite the offer being upsized. Reserved share applicants will receive 100 per cent of their bid. From the general public, applicants will be allotted the first 2,778,000 Sale Shares applied for and approximately 33.065 per cent of the balance of the amount applied for. Applications which were not met in full will be refunded as noted in the Prospectus. All applicants will receive a formal letter from the JCSD advising them of their respective allotment of shares in TransJamaican Highway Limited in due course. The Development Bank of Jamaica (DBJ) was this year mandated by the Ministry of Finance and Planning and Cabinet to execute the sale of the National Road Operating and Constructing Company (NROCC) shareholding in the TransJamaican Highway Ltd. The GOJ, th...