Businessuite International Weekly Recap
Week ending October 30, 2026 | What Jamaican and Caribbean business leaders need to watch
By the Businessuite International Business News Desk
Oil closed October at its highest level since April as Gulf shipping attacks and US-Iran tensions escalated, central banks in the US, Europe and Japan all held rates, and Jamaica marked a year since Hurricane Melissa. At home, Royal Caribbean’s land bank, Sagicor’s regional merger and a shrinking outsourcing sector drew business attention. Here are the ten developments most likely to shape conditions in the months ahead.
GLOBAL MARKETS AND POLICY
Oil Ends October Up Nearly 14% as Hormuz Attacks and War Fears Mount
Brent’s expiring December contract settled at US$117.64 on Friday, its highest close since the end of April, while the more active January contract finished at US$113.43. Brent gained 13.6% in October and US crude about 15%, both fourth straight monthly rises. A tanker was hit by an explosive-laden small boat in the Strait of Hormuz, bringing the month’s tally to 43 security incidents involving commercial ships, 30 of them on tankers. Traders fear escalation after the US midterms on November 3, even as Qatari mediators visit Tehran. Caribbean importers should expect fuel, freight and electricity costs to stay elevated through year-end.
Sources: Reuters via Nation Thailand, DTN, The National, USO News
Fed Holds at 3.75%–4.00%, but December Hike Looks Likely
The Federal Reserve left rates unchanged on Wednesday, though two officials, Cleveland Fed President Beth Hammack and Governor Lisa Cook, dissented in favour of a quarter-point hike. Chair Kevin Warsh called growth strong, said inflation remains too high and insisted politics played no role six days before the midterms. After the decision, CME FedWatch pricing put the odds of a December increase at about 83%. Warsh also announced the Fed will consider rate changes at fewer meetings in coming years. With the 10-year Treasury yield hovering near 5%, Caribbean borrowers with US-dollar debt should plan for costlier financing into 2027.
Sources: CNBC, Fox Business, CNN, Yahoo Finance
US Economy Grows 3.4% While Core Inflation Stays Hot
US third-quarter GDP expanded at an annualised 3.4%, beating forecasts of 3.2% and accelerating from 2.2% in the second quarter, with consumer spending growing 3.8%. Weekly jobless claims fell to 194,000. Core PCE inflation, the Fed’s preferred gauge, rose 0.3% in September and held at 3.1% year-on-year, in line with expectations, while personal income growth was a softer 0.2% as households absorbed higher prices. For the Caribbean, a resilient US consumer supports winter tourism demand and remittance inflows, but the same strength keeps US interest rates, and therefore regional borrowing costs, higher for longer.
Sources: Riotimes Global Economy Briefing, ND FX Daily Market Update, Nexo Markets Today
ECB and Bank of Japan Hold, Signalling Global Rates Stay Elevated
The European Central Bank held its deposit rate at 2.50% on Thursday by unanimous decision, a month after raising it. On Friday, the Bank of Japan kept its policy rate at 1.25% by an 8–1 vote and said it will sell its stock-market fund holdings faster from January 2027. Markets see December or early 2027 as the next possible Japanese move. Taken together with the Fed’s hold, major central banks are pausing rather than easing while energy-driven inflation persists. That matters for Caribbean businesses that borrow in US dollars, rely on European and Asian suppliers or depend on European visitors, because currency swings and funding costs may stay volatile.
Sources: Admiral Markets, Riotimes, Nexo
JAMAICA AND THE CARIBBEAN
One Year After Melissa: Recovery Funding Rises, Gaps Persist
Jamaica marked the first anniversary of Hurricane Melissa on October 28. The Planning Institute estimates total damage and losses at J$1.95 trillion (US$12.2 billion), about 56.7% of GDP. Government spending on recovery has reached roughly J$84–85 billion, and a US$6.7 billion international financing package is channelled through the new National Reconstruction and Resilience Authority (NaRRA), though a JIS documentary noted it had not yet been drawn on at the time of filming. Reports say 20 hotels remain closed and 61% of insurance claimants await full payment. Businesses should watch NaRRA’s rollout of contracts and disbursements.
Sources: Cayman Compass, Caribbean National Weekly, AccuWeather (citing AP), Jamaica Homes News
Builders Press NaRRA for Local Participation
Members of the Jamaica Developers’ Association pushed back on suggestions that Jamaica lacks the skills to rebuild, saying the island has no major shortage of architects, engineers or developers. Responding to a presentation by NaRRA chief executive Major General Antony Anderson at a webinar this week, speakers raised concerns about procurement transparency, local participation and skills transfer if overseas firms are brought in. They also said private developers and foreign investors complain about slow approvals. For contractors, suppliers and professional firms, the message is to prepare for NaRRA tenders and to position as partners, since local-content expectations are likely to shape awards.
Source: The Gleaner
Royal Caribbean Reveals 1,000-Acre Land Bank in Sandals Deal
Royal Caribbean’s US$3 billion agreement, announced September 23, to buy 50% of Sandals and Beaches Resorts also includes more than 1,000 acres of undeveloped Caribbean beachfront, executives disclosed on this week’s earnings call. The company expects the deal to close in early 2027, and its chief financial officer says growth could come from room expansion, new resorts and acquisitions. Royal Caribbean says Sandals will remain Sandals, but aims to capture more of cruise passengers’ land-vacation spending. For Jamaican suppliers, contractors and tourism workers, a larger Sandals pipeline could mean new demand, while land, labour and infrastructure pressures may rise around future sites.
Sources: Seatrade Cruise, Cruise Fever, Reuters via Hotel-Online, The Gleaner
Sagicor Shareholders Back Regional Merger; Court Sanction Next
Shareholders of Sagicor Group Jamaica backed a reorganisation at meetings on October 28 that will fold Sagicor Group Jamaica and Barbados-based Sagicor Life Inc under a new holding company, Sagicor Group Caribbean, headquartered operationally in Jamaica. Each Sagicor Jamaica share converts into one share of the new entity, which will replace it on the Jamaica Stock Exchange. A Supreme Court sanction is still required, with completion targeted by February 10, 2027. Shareholders also considered an investment by Pan Jamaica Group. The combined group would be worth about US$6.9 billion, one of the region’s largest listed financial groups.
Sources: Jamaica Observer, The Gleaner, Sagicor
Guyana Courts Washington on Oil, Gas and Data Centres
Guyana’s President Irfaan Ali met US Commerce Secretary Howard Lutnick in Washington on October 21, discussing renewed oil and gas exploration, infrastructure, housing, farming and plans to make Guyana a regional data-centre hub, according to the government’s statement. Ali also signed a defence partnership declaration at the Pentagon the same day. The talks come as ExxonMobil says its Stabroek block has produced one billion barrels, and as the World Bank projects Guyana’s economy to expand about 24% this year. Jamaican exporters, contractors and professional-services firms should assess opportunities in Guyana’s fast-growing market.
Sources: Rio Times, Department of Public Information (Guyana), Nation News
Outsourcing Slump Leaves Landlords Hunting for New Tenants
GraceKennedy is marketing business process outsourcing (BPO) space after Sutherland’s lease ended, the Gleaner reported this week, underscoring a downturn in one of Jamaica’s largest private employers. Global Services Association of Jamaica president Yoni Epstein said sector employment has fallen to about 40,000 from a peak near 60,000, blaming productivity, labour shortages, Hurricane Melissa and competition from other destinations rather than artificial intelligence. A Sotheby’s realty executive said more than 245,000 square feet of large office space was vacant in August, with warehousing, logistics and small-business demand growing. Landlords and workforce-dependent firms should rethink space, skills and service offerings.
Sources: The Gleaner
KEY DATES AHEAD
- November 1: OPEC+ meeting
- November 3: US midterm elections
- November 5: Bank of England decision
- November 6: US jobs report
- November 18: Bank of Jamaica policy rate decision
- December: Next Federal Reserve decision, with a hike widely expected
- By February 10, 2027: Targeted completion of Sagicor Group Caribbean reorganisation
- Early 2027: Expected close of Royal Caribbean’s Sandals stake
Editor’s note: Figures reflect reporting available through October 31, 2026. Brent prices differ by contract (December US$117.64, January US$113.43), and oil, exchange rates and rate expectations move quickly, so recheck immediately before acting on this information. Several Jamaica items rely on article summaries and headlines.