KINGSTON, Jamaica — Jamaica’s state-run public transit provider, the Jamaica Urban Transit Company Limited (JUTC), has delivered standout progress across key performance metrics, including revenue growth, rising passenger volumes, fleet modernization, and streamlined operations, according to Minister of Energy, Transport and Telecommunications Daryl Vaz. Vaz shared these positive updates during a formal ministerial briefing hosted by the Jamaica Information Service (JIS) on Thursday, where he zeroed in on the exceptional performance gains posted by the JUTC’s Portmore depot as a clear example of the broader turnaround.
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Cash flow forecasting in minutes, not days — with Claude, even when the JMD/USD rate won’t sit still
For Jamaican importers and business owners, sleepless nights are rarely caused by slow sales. Instead, the biggest headache stems from the foreign exchange gap that eats into potential profits: paying overseas suppliers in US dollars upfront, while waiting 60 days or more for local customers to settle invoices in Jamaican dollars. When the JMD-USD exchange rate shifts unfavorably during that waiting period, a deal that looked profitable on paper quickly turns into a loss. This is a pervasive challenge for small, open economies where costs are often tied to a global reserve currency, while revenue is generated in local tender. Exchange rate volatility does not wait for business owners to adjust, and static cash flow forecasts built on last month’s rates become obsolete almost as soon as they are saved. While no technology can fix volatile exchange rates, artificial intelligence is transforming how small finance teams assess risk and prepare for multiple future outcomes before they unfold. This week’s edition of the weekly *AI in Finance & Business* column explores Claude, Anthropic’s AI assistant that now integrates directly into Microsoft Excel, a tool that remains the backbone of financial work for most Jamaican businesses. Unlike the previous column’s deep dive into ChatGPT for Google Sheets, Claude is built for heavy-duty financial modeling and risk analysis, making it a particularly strong fit for managing currency exposure. Claude is far more than a simple chatbot tacked onto the side of your spreadsheet. It can parse an entire workbook, map the connections between different tabs, audit existing formulas for errors, and run multiple sensitivity analyses simultaneously – the exact function that matters most for businesses navigating currency risk. Users input requests in plain English, and Claude handles the entire spreadsheet workflow automatically. Before getting started, there is one key practical detail: the Claude Excel add-in is only available to users with a paid Anthropic subscription, with no free tier offered. Installation is straightforward: users can find it in the official Excel add-ins store, add it to their desktop app with one click, and sign in to their existing paid account to activate it. The traditional approach to cash flow forecasting for currency risk forces teams to build one static model with a single exchange rate assumption, then cross their fingers that the prediction holds. Adjusting for a new rate requires hours of manual formula edits, so most small teams only ever model one expected future, leaving them blind to downside risks. Claude collapses that entire process from an afternoon of work into just a few minutes. A user can open their existing workbook and prompt Claude to “build a 13-week cash flow forecast with columns for USD payables and JMD receivables, and set the exchange rate in a single editable cell.” From there, they can ask for a full sensitivity analysis: “show me the lowest weekly cash balance if the exchange rate moves between 2% stronger to 5% weaker against the JMD.” In seconds, rather than days, business owners get a full range of potential outcomes instead of one unreliable static forecast. Purpose-built forecasting tools can complement Claude’s capabilities to create a more robust system. Platforms like Float integrate directly with popular accounting software such as QuickBooks and Xero, pulling in live transaction data automatically to generate rolling forecasts that update as invoices get paid. In this setup, Claude handles the complex “what if” modeling, while Float keeps the core underlying financial data current. For businesses with steady transaction volume, forecasts are never more than 24 hours out of date. To put this workflow in context, consider a mid-sized Jamaican manufacturer with a large USD payment due in three weeks. Under the old system, answering the question “will we have enough cash to cover this payment?” would take two full days of number crunching. Today, the treasury officer can open their existing Excel model, ask Claude “what is our lowest cash balance over the next 21 days if the JMD weakens by 3% against the USD,” and get a complete answer before their coffee gets cold. If the result shows a potential cash shortfall, the business has three full weeks to act: they can draw on a credit facility, speed up outstanding customer collections, or delay non-essential discretionary payments. The biggest shift here is not the elimination of currency risk – that remains unavoidable for Jamaican importers. Instead, it gives business owners time to respond to risk, and allows a single team member to complete work that once required an entire small finance department. Before uploading sensitive financial data to any AI tool, security is the top priority, and Claude’s data policies have clear distinctions depending on the subscription plan a user chooses. For Anthropic’s business tier plans – Claude for Work, Team, and Enterprise – user data is never used to train Anthropic’s AI models. This protection is written into commercial terms, no confusing settings need to be adjusted, and all data is encrypted both in transit and at rest. The policy is different for personal paid plans (Pro and Max): as of late 2025, conversations from personal plans may be used for model training unless users actively opt out of data usage in their account privacy settings. For finance teams working with sensitive company data, the best practice is simple: use a Team or Enterprise plan, where data privacy is enabled by default. If you are using a personal plan, turn off model training in your privacy settings before uploading any sensitive content. Always mask personal identifiable data such as client names, employee salaries, and full bank details before uploading, just as you would avoid sharing that information with a new colleague you have not yet vetted. It is also critical to understand what Claude cannot do for your business. Claude cannot predict where the JMD-USD exchange rate will go, and any tool or person that claims to predict exchange rates with certainty is almost certainly selling a product you do not need. What Claude does excel at is fast arithmetic and scenario modeling: it takes the assumptions you provide and maps out their potential consequences. The assumptions and final business decisions still rest with the user, so always cross-check model logic, compare totals against actual bank balances, and never act on an AI-generated forecast you have not reviewed personally. For businesses interested in testing this workflow, the column outlines four simple steps to try this week: First, open Excel and ask Claude to build a 13-week cash flow forecast with a single editable exchange rate cell that updates the entire model when changed. Second, prompt Claude to run a sensitivity analysis across three core scenarios: base rate, stronger USD, and weaker USD, then compare the lowest weekly cash balance for each outcome. Third, ask Claude to automatically flag any week where your closing cash balance falls below a pre-set threshold. Fourth, if you already use QuickBooks or Xero, test an auto-sync forecasting tool like Float to pull live transaction data, then feed that updated data into your Claude model for analysis. Always remember to review all assumptions and final totals before acting on any forecast. Next week’s column will continue the series, exploring how Jamaican businesses can build an interactive financial dashboard from a single plain English prompt, turning static spreadsheets into explorable tools for managers. This article was written by Peta-Gaye Hardy, founder of PGH Consulting, LLC, a firm that helps finance and operations teams adopt AI in practical, low-risk ways. Hardy is based between Jamaica and the United States, and more information about her work can be found at www.pghconsultinggroup.com, or on Instagram @pghconsultinggroup. Disclosures: This content is for informational purposes only and does not constitute investment, tax, legal, accounting, or foreign exchange advice. Exchange rate movements are inherently uncertain and cannot be reliably predicted. The Claude Excel add-in requires a paid Claude subscription. The author holds no commercial relationship with Anthropic, Microsoft, Float, or any other product mentioned in this column, and received no compensation for this feature. Readers should always consult a qualified financial professional before making any business decisions.
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Government Raises Fuel Prices by Between RD$3.00 and RD$6.00
On Friday, authorities in the Dominican Republic implemented a new round of fuel price adjustments that will take effect across the country from June 13 through June 19, official data from the nation’s Ministry of Industry, Commerce and MSMEs (MICM) confirms. The regulatory body confirmed modest to moderate price increases for the country’s most widely used transportation and industrial fuels, with hikes ranging between 3 Dominican pesos (RD$3.00) and RD$6.00 per gallon, depending on the fuel grade.
For the country’s most popular gasoline categories, premium-grade gasoline will see the largest adjustment, jumping RD$6.00 per gallon to reach a new retail price of RD$341.10. Standard regular gasoline will see a smaller RD$3.00 increase, bringing the new weekly price to RD$313.50 per gallon.
Diesel, a critical fuel for the Dominican Republic’s freight, logistics and agricultural sectors, will follow a similar pattern to gasoline. Higher-grade premium diesel will match the premium gasoline increase of RD$6.00 per gallon, settling at a new retail rate of RD$293.10, while regular diesel will see a RD$3.00 uptick to RD$262.80 per gallon.
In a move that will provide relief to household budgets, the government opted to leave the prices of two commonly used residential energy sources unchanged. Liquefied petroleum gas (LPG), a primary fuel for cooking and home heating across much of the country, will remain stable at RD$137.20 per gallon. Natural gas, used for both residential and commercial energy needs, will also hold steady at RD$43.97 per cubic meter for the upcoming week.
Weekly fuel price adjustments are a standard regulatory practice in the Dominican Republic, allowing the government to align domestic retail prices with shifting global crude oil markets and transportation costs.
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Jamaican property sales near $100 billion in 2025, says RAJ
KINGSTON, Jamaica — Fresh data compiled by the Realtors Association of Jamaica (RAJ) through its industry-leading Multiple Listing Service (MLS) has painted a surprisingly resilient picture of the country’s real estate sector, showing the market generated a staggering J$99.3 billion in total property sales across 2025. This robust performance comes even after the widespread economic disruption caused by Hurricane Melissa, defying broader expectations of a slowdown across the sector.
Analysis of the aggregated MLS data shows that three parishes — St Andrew, St Ann and St Catherine — accounted for the overwhelming majority of total 2025 sales activity, with growth driven by two complementary forces: strong urban residential demand and sustained tourism-linked investment. The results cement real estate’s long-standing role as a core pillar of Jamaica’s national economic growth.
Roger Allen, RAJ Second Vice-President and chair of the MLS Committee, outlined the dual-market dynamic shaping current industry trends. “On one hand, we have high-volume urban markets serving local homebuyers and commercial users, and on the other, high-value, tourism-focused parishes that deliver strong returns even with far fewer total transactions,” Allen explained.
Breaking down 2025 parish-by-parish performance, St Andrew claimed the top spot nationally, pulling in J$41.17 billion across 1,727 recorded transactions — leading the country in both total revenue and transaction volume. St Ann followed closely behind with J$27.36 billion in sales, with growth propelled entirely by surging tourism-related investment in vacation properties and resort-adjacent developments. St Catherine generated J$11.71 billion across 700 transactions, a figure that reflects the parish’s ongoing large-scale residential expansion to meet growing demand from urban commuters.
Westmoreland posted J$6.86 billion in total sales from just 52 high-value transactions, signaling that most activity in the parish centers on large luxury resort and vacation home developments. St Mary recorded J$3.40 billion in sales, reflecting growing investor confidence in the area’s long-term tourism potential, while Manchester hit J$2.36 billion supported by steady, consistent residential activity. St Thomas was the weakest-performing parish in 2025, recording just J$96.2 million in MLS-tracked sales.
A key trend highlighted by the data is that while most parishes recorded fewer total transactions in 2025 compared to 2024, multiple parishes delivered higher total annual revenues — a clear indicator that property values are rising rapidly across Jamaica’s key high-demand markets. Among the parishes that saw higher revenues in 2025 despite lower transaction volumes were St Catherine, Westmoreland, St Ann and St Mary. Even St Andrew, which retained its national lead, recorded a small year-over-year decline in both transaction volume and total revenue compared to 2024 figures.
“St Andrew’s dominance in the market is not surprising, but the scale of its lead over other parishes remains significant,” Allen noted. “The Corporate Area continues to act as the undisputed engine of Jamaican real estate activity. The bigger question moving forward is how we can unlock sustained, inclusive growth across other parishes that have not seen the same level of activity.”
The 2025 MLS data also reinforces a long-observed connection between public infrastructure investment and property value appreciation across the island. “Highway expansion and targeted urban development projects consistently lift surrounding land values and accelerate both residential and commercial growth,” Allen explained. Areas that have recently benefited from upgraded road networks, expanded public utilities, new schools and hospitals, and increased commercial development — including Kingston, St Andrew, St Catherine, St James and sections of Clarendon — continue to draw strong buyer interest and steady investment inflows.
Beyond property sales, the Jamaican rental market also posted solid gains in 2025, generating J$772 million in tracked rental revenue between January and December. St Andrew, St Catherine and St Ann led all parishes in total annual rental revenue, while Westmoreland recorded the fastest growth rate in the rental segment. This trend underscores rising demand for short-term vacation rentals and long-term second home rentals in popular resort regions across the island.
It is important to note that the MLS figures are compiled from voluntary transaction reports submitted by roughly 2,000 registered realtors operating across Jamaica. The current dataset does not include direct sales from property developers or private transactions that are not processed through the MLS system.
Allen emphasized that the granular MLS data serves a much broader purpose than just tracking industry performance, providing critical insights for national economic planning. “Our MLS platform delivers real-time visibility into pricing trends, shifting buyer demand, persistent inventory shortages and changing transaction patterns across the country,” he said. “This information is critical for identifying underserved housing markets, persistent affordability gaps, and the infrastructure investments that will deliver the greatest long-term economic return.”
According to Allen, these insights can be leveraged to shape more effective national housing strategies and unlock targeted growth in parishes that have historically been underrepresented in national real estate activity.
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St Catherine man charged with murder following death of fiancée
A horrific domestic incident in St Catherine, Jamaica, has left a 29-year-old woman dead and her 51-year-old fiancé facing formal murder charges, local law enforcement has confirmed.
Paul Stephenson, who also goes by the alias ‘Pablo’ and resides at Sunset Crescent in New Harbour Village I, Old Harbour, was taken into police custody following the violent altercation that unfolded at his residence on Saturday, May 9. The victim, identified as Tieah Singh, was a resident of Francis Avenue in Clarendon.
According to initial police reports, the conflict erupted between the couple at approximately 10 a.m. that morning. As the argument escalated, Stephenson allegedly injected Singh with an undetermined toxic substance and also deployed pepper spray directly into her face, according to witness and investigative accounts.
Immediately after the attack, Singh began experiencing severe adverse reactions to the toxic exposure. She was rushed quickly to a nearby medical facility for emergency treatment and was admitted in critical condition.
Initially, Stephenson was taken into custody and charged with assault occasioning actual bodily harm, as Singh remained hospitalized. However, when Singh ultimately succumbed to her injuries days after the attack, prosecutors moved to upgrade the charge against the suspect to the more severe offense of murder.
As of the latest update from law enforcement, court proceedings for Stephenson are still being arranged, with a formal hearing date expected to be announced in the coming days. The investigation into the exact type of toxic substance used and the full sequence of events leading up to the argument remains ongoing.
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‘A Jamaican Path: from Hills to Ocean’ project benefits wetland and coastal ecosystems, says NEPA
KINGSTON, Jamaica — After six years of coordinated planning, field research, and community-focused action, Jamaica has wrapped up one of its most ambitious landscape and marine conservation initiatives in recent history: the “A Jamaican Path from Hills to Ocean” project. Designed to bridge watershed protection, coastal ecosystem management, and community climate resilience, the initiative concludes having delivered a robust foundation for safeguarding the island nation’s irreplaceable natural assets against the accelerating impacts of climate change.
First announced in 2019 and launched in 2020, the project operated on a €6 million total budget, split between a €4.9 million contribution from the European Union’s Global Climate Change Alliance Plus and €1.1 million in matching funding from the Government of Jamaica. The Planning Institute of Jamaica served as the lead implementing agency, partnering closely with core national stakeholders including the National Environment and Planning Agency (NEPA), the Rural Agricultural Development Authority (RADA), and the Public Gardens Division under the Ministry of Agriculture, Fisheries and Mining.
A core priority of the multi-year initiative was to generate foundational, science-backed data to guide future conservation decision-making across Jamaica’s key ecosystems. Between 2023 and 2024, research teams completed Rapid Ecological Assessments (REAs) across three critical watersheds: Rio Bueno, Wagwater, and Rio Nuevo. These surveys generated detailed baseline data on local flora, fauna, and habitat conditions, laying the groundwork for targeted restoration planning, biodiversity protection, and community-led management while strengthening the country’s national ecosystem monitoring framework.
The project also delivered a historic first for Jamaica’s marine conservation efforts: the first comprehensive assessment of seagrass health and distribution across three key coastal areas — Hellshire Bay, Half Moon Bay, and the Ocho Rios Marine Park Protected Area. To map these ecologically vital nearshore habitats, researchers combined cutting-edge high-resolution drone and satellite imagery with on-the-ground field validation, water quality testing, and geospatial modeling. The resulting maps and baseline datasets will enable consistent, long-term monitoring of seagrass ecosystems, which play a critical role in carbon sequestration, shoreline stabilization, and supporting commercial fish populations.
A landmark hydrological assessment of the Mason River Protected Area (MRPA), completed in 2024, yielded key insights into the ecological vulnerabilities and assets of the internationally recognized Ramsar wetland site that spans Clarendon and St Ann parishes. The assessment confirmed that the MRPA supports an extraordinary diversity of wetland ecosystems, including peat bogs, freshwater marshes, and scrub savannah, and is home to multiple endemic species of birds and reptiles. However, the study also identified significant threats: the area’s naturally low soil permeability limits groundwater storage, increasing its vulnerability to both flooding and prolonged drought. Water quality testing found that while most of the reserve meets global freshwater standards, localized pollution from agricultural runoff and unsustainable land use has raised nutrient and mineral levels, highlighting the urgent need for improved farming and water management practices. Socioeconomic research additionally found that surrounding communities depend heavily on small-scale farming and trucked drinking water, underscoring the need for climate-resilient livelihood opportunities and expanded water access for local populations.
To address these on-the-ground challenges, RADA supported the launch of Integrated Sustainable Landscape Management Farmer Field Schools across four communities: Mason River, Three Hills, Sommerhill, and Clonmel. The initiative paired hands-on training for smallholder farmers with the development of a specialized training manual covering sustainable production for pig and ruminant livestock operations. The manual outlines climate-smart farming techniques, disaster risk reduction, farm biosecurity, waste management, financial record keeping, and herd health planning. A dedicated training workshop was also held for RADA livestock extension officers to equip them to provide ongoing support to participating farmers after the project concluded.
Among the project’s lasting institutional gains is the adoption of the new Jamaica Watershed Classification Tool (JWCT), a custom decision-support system that enables policymakers and conservationists to evaluate watershed health, model changing environmental conditions, and plan evidence-based conservation interventions. The tool features an interactive mapping platform that lets users visualize watershed boundaries and layered environmental data, making it accessible to stakeholders across the country working in natural resource management.
The project also invested heavily in upgrading national monitoring capacity, supplying NEPA with a full suite of modern field research and environmental monitoring equipment, including rugged laptops, professional dive gear, data loggers, GPS units, and specialized marine research gear. This upgrade will allow NEPA to conduct more frequent, accurate monitoring of both marine and terrestrial ecosystems, ensuring future management decisions are rooted in real-time, on-the-ground data.
Two key site-specific improvements were also completed as part of the initiative. Jamaica’s historic Castleton Botanical Gardens, a popular tourist and educational site, received long-overdue infrastructure upgrades, including new garden furniture, solar power installations, refurbished restrooms, stabilized gabion erosion control barriers, and repaired gazebos, with ongoing work underway for an accessibility ramp, walking paths, perimeter fencing, and a boundary wall. Most recently, on May 14, 2026, project teams completed the installation of 500 meters of protective fencing around the Mason River Protected Area, the final formal activity of the six-year initiative. The fencing will prevent encroachment from unregulated farming, grazing, and illegal dumping, protecting the fragile wetland ecosystem and ensuring the long-term effectiveness of restoration and conservation work at the site.
NEPA described the fencing installation as the “proverbial icing on the cake” for the project, a final practical safeguard that complements the broader policy, research, and community interventions delivered through the multi-pronged initiative. As Jamaica prepares for the upcoming Atlantic hurricane season, the project’s outcomes position the island to better withstand extreme weather events that are growing more frequent and intense due to climate change. “In the face of natural disasters and climate change, the project is a life-jacket, helping to ensure that Jamaica’s path to recovery, from the hills to the ocean, is not a lengthy journey,” NEPA noted in its official announcement.
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NCBJ says it has won multiple international banking awards
KINGSTON, Jamaica — Jamaica’s largest financial institution, National Commercial Bank Jamaica Limited (NCBJ), has capped off a standout year of operational performance by collecting a suite of prestigious international banking awards from four of the sector’s most respected global organizations: The Banker, Global Finance Magazine, JP Morgan, and Capital Finance International. The announcement of the recognitions was made public by the bank in a press statement issued this Friday.
Among the most notable accolades, The Banker, a leading global financial publication, placed NCBJ at the top spot among all Jamaican banks across five critical performance metrics: overall profitability, operational efficiency, risk-adjusted returns, liquidity position, and aggregate banking sector performance.
Global Finance Magazine, another influential voice in international finance, extended NCBJ’s long-running winning streak with three separate 2026 honors: the title of Best Bank in Jamaica, Best FX Bank in Jamaica for the eighth consecutive year, and Best Trade Finance Provider in Jamaica for 2026. The bank also earned JP Morgan’s Elite Quality Recognition Award 2026, an honor reserved for financial institutions that achieve exceptional straight-through processing rates — a key metric that measures the share of automated payment transactions processed without requiring manual intervention, a key marker of operational efficiency.
Across all the recognitions, judges highlighted NCBJ’s strengths across core business areas: reliable access to foreign exchange, robust support for cross-border trade, consistent service reliability, and customer-centric service delivery. In particular, the eighth consecutive Best FX Bank win underscores the bank’s leading position in foreign exchange liquidity management, digital transaction execution, and customized structured FX solutions. NCBJ reported that its total annual foreign exchange activity across major global currencies reached $8 billion this year, a figure that reflects its market dominance in the segment.
Regional industry publication Capital Finance International further recognized NCBJ’s expanding influence across the Caribbean, naming it the 2026 Trusted Partner in Retail and Corporate Finance Leadership for the Caribbean region. The award acknowledges the bank’s long-standing work supporting both individual retail clients and large corporate entities across multiple Caribbean markets.
Speaking on the recognitions, NCBJ Interim Chief Executive Officer Sheree Martin framed the awards as a validation of the bank’s multi-year strategic transformation agenda. “These awards carry special weight because they are independently assessed, and they are rooted in measurable performance, operational discipline, and real impact for our customers and communities,” Martin explained. “They are a testament to the trust that our customers have placed in our institution, the incredible strength and dedication of our team, and our unwavering focus on building a bank that delivers consistent, high-quality results for all stakeholders.”
Martin emphasized that NCBJ remains committed to its core mission of building a stronger, more financially resilient institution to serve Jamaica and the broader Caribbean region. “At a moment when global benchmarking and independent validation of performance matter more than ever, our recognition on this global stage proves that a Jamaican financial institution can compete, outperform, and earn top honors alongside the world’s leading banks,” she added.
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Scotia profit rises as stock climbs after privatisation offer
KINGSTON, Jamaica — In a dual announcement filed with the Jamaica Stock Exchange on Friday, Scotia Group Jamaica Limited unveiled a robust rise in first-half net profit alongside confirmation that its controlling majority shareholder is moving forward with plans to take the financial services group private.
For the six-month period ending April 30, the full-service banking and financial conglomerate posted a net income of $10.1 billion Jamaican dollars, marking a near 10 percent increase from the $9.2 billion recorded in the same period last year. The company credited the solid gains to broad-based expansion across its core operating divisions, including retail and commercial banking, investment services, and insurance lines, fueled by growing loan origination and rising customer deposit levels.
Scotiabank Caribbean Holdings Limited, the entity that currently holds a 71.78 percent controlling stake in Scotia Group Jamaica, has tabled a cash offer to purchase all outstanding minority-held shares at a price of $61.50 per unit. The announcement sent Scotia Group’s publicly traded shares climbing on Friday, with the stock closing the trading session at $58.43, a jump of $4.22 or 7.78 percent from the previous close. Even with the gain, the market closing price still sits $3.07 below the offered buyout price, creating a clear premium that minority investors will evaluate as they consider the proposal.
Alongside its earnings release, Scotia Group reported that shareholders’ equity hit $169.7 billion, equal to approximately $54.50 per issued share, while half-year earnings per share climbed to $3.24. These key financial metrics give minority stakeholders additional context to gauge the fairness of the $61.50 per share offer against the company’s underlying fundamentals and recent market performance.
Company leadership noted that top-line revenue growth was driven by an expansion of the group’s total loan book, with balanced gains recorded across mortgages, consumer personal loans, credit card lending, and commercial financing for businesses. Total customer deposits also expanded over the period, a trend the group framed as a reflection of ongoing client trust in its brand and service offerings.
Audrey Tugwell Henry, President and Chief Executive Officer of Scotia Group Jamaica, highlighted the company’s resilient performance in the latest quarter. “We delivered a solid performance during the quarter, reflecting the strength of our strategy, the resilience of our team, and the continued confidence of our clients,” Tugwell Henry said in a statement accompanying the results.
The group also reported a rise in operating expenses over the half-year, attributing the increase to three key factors: higher transaction processing costs, ongoing strategic investments in digital and banking technology, and increased asset tax obligations. Despite the higher costs, the company confirmed that credit quality remained broadly stable across its portfolio, with the share of non-accrual, delinquent loans holding below the average for the broader Jamaican banking industry.
In additional corporate news released Friday, the company’s board of directors approved a second interim dividend of 45 cents per share, scheduled to be paid out on July 23 to all shareholders recorded on the company’s registry as of July 1.
As of the end of April, Scotia Group reported a larger total asset base than it held at the start of the reporting period, and confirmed that it continues to exceed all minimum regulatory capital requirements across every line of its business operations.
The proposed privatization transaction remains contingent on two key approvals: a vote of approval from minority shareholders, and formal sanction from the Jamaican courts. If the deal moves forward and is completed, Scotia Group Jamaica will be delisted from the Jamaica Stock Exchange and operate as a privately held entity within Scotiabank’s regional Caribbean business network.
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Ancelotti warns Brazil can compete with anyone at World Cup
EAST RUTHERFORD, U.S. – Ahead of Brazil’s opening Group C match against Morocco this Saturday in New Jersey, iconic Italian manager Carlo Ancelotti has expressed firm belief that his five-time World Cup-winning squad has what it takes to outcompete the world’s best national teams and bring an end to the nation’s 24-year wait for a new global football title.
At 67 years old, Ancelotti boasts one of the most decorated resumes in club football management, having lifted the UEFA Champions League trophy five times across his career. This tournament, however, marks his first ever appearance as a head coach at the men’s World Cup, taking the reins of a Brazilian side that has not claimed the sport’s biggest prize since their 2002 victory.
Speaking to reporters ahead of the high-stakes opener, Ancelotti framed the opportunity as a one-of-a-kind milestone in his decades-long career. “It’s a new experience, it’s a new responsibility to represent the country of football,” he said. “At the end of the day, this role boils down to two words: responsibility and honour. This is a unique, incredibly beautiful moment in my career.”
The veteran manager made clear that his squad enters the tournament with quiet confidence, backed by a healthy mix of top-tier talent and proven veteran leadership. “We have a team that can compete with every team in the world, we’re convinced of that. It’s a team with quality and experience, and with absolute confidence that it can compete with anyone,” Ancelotti added.
Looking ahead to the broader tournament landscape, Ancelotti predicted that this 2024 World Cup will be one of the most evenly matched competitions in recent memory, noting that his side has put in the work needed to hit the ground running against Morocco. Brazil’s Group C also includes Scotland and Haiti, two sides the manager did not dismiss as lower-tier competition.
The path to the World Cup has not been smooth for Brazil, however. The team’s qualifying campaign was far from solid, dropping six of their 18 matches to finish fifth in the CONMEBOL standings – a result that would have sent them to intercontinental play-offs under previous qualifying formats. The squad has also faced significant roster setbacks heading into the tournament: key forwards Rodrygo and Estevao were forced to withdraw due to injury, and star veteran Neymar will miss Saturday’s opening clash.
Neymar, 34, has not featured for the Brazilian national side since 2023 after picking up a right calf injury in mid-May. Ancelotti confirmed that the star is on track to return to team training as early as next week, and emphasized that Neymar remains a critical part of the squad’s plans even as he recovers.
“Neymar is working very hard to recover as quickly as possible,” the coach said. “We called him up not only for his football ability, which is indisputable, but also for the experience and example he can give to the younger players in the group.”
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Forex: $159.19 to one US dollar
KINGSTON, Jamaica – In the latest daily trading session on the Jamaican foreign exchange market that wrapped up on Friday, June 12, the United States dollar recorded a notable downward shift against the Jamaican dollar, official data from the Bank of Jamaica shows. Per the central bank’s daily summary of exchange trading activity, the US dollar closed out the trading day at 159.19 Jamaican dollars, marking a 16 cent decline from its previous closing level. Beyond the performance of the US dollar, the day’s trading brought mixed results for other major global currencies paired with the Jamaican dollar. The Canadian dollar, for instance, gained ground over the session, climbing to a closing rate of 114.33 Jamaican dollars, up from its prior close of 113.61 Jamaican dollars. The British pound, meanwhile, posted a small downward adjustment, ending the trading day at 213.51 Jamaican dollars, a slight dip from its previous closing value of 213.65 Jamaican dollars. These daily exchange rate fluctuations reflect ongoing shifts in global currency markets and cross-border trade and travel dynamics that impact Jamaica’s open economy, with regular updates from the Bank of Jamaica providing transparency for businesses, consumers and financial stakeholders operating in the country.