Business
Hurricane season brings financial fears in the Caribbean
Gemma HandyBusiness reporter, St Johns, Antigua
Getty ImagesFor some Barbudans, thunderstorms still trigger flashbacks of the night in September 2017 when they lost everything they owned to Hurricane Irma’s devastating winds.
Eight years on, while memories may be close to hand, home insurance for many on Barbuda and other islands in the Caribbean’s hurricane belt is more prohibitively expensive than ever.
Across the region premiums have gone through the roof in the past two years, surging by as much as 40% on some islands, according to industry figures.
Experts blame a perfect storm of increasing risk – as the region sees worsening and more rapidly intensifying cyclones – yet tiny populations of people to pay for policies, equating to poor returns for insurance companies.
Dwight Benjamin’s Barbuda home was one of few left relatively undamaged by Irma. After the storm, he invested in a one-room extension topped with a concrete roof that will serve as a shelter for his family should disaster strike again.
“I think the house should be sound enough but that’s my added protection,” he says.
With peak hurricane season now in full swing, Dwight is among many Caribbean people anxiously monitoring weather platforms for activity in the Atlantic. Should a system head his way, he will do as he did during Irma – hope and pray.
“I’ve never had insurance; most Barbudans don’t really think it’s worth it. It’s just an added expense to the meagre resources we have,” he explains.
“Plus, we believe in what we have built and that it should be able to withstand the weather.”
Courtesy Dwight BenjaminLike Dwight, many Caribbean people build homes “out of pocket”, rather than opting for mortgages that can have high interest rates in this part of the world.
And the majority of homes on islands affected by hurricanes are uninsured. In Jamaica only 20% are reported to have cover, and just half in Barbados.
It is not just storms threatening the region, but earthquakes and volcanos too, points out Peter Levy, boss of Jamaican insurance company BCIC.
As a result of these threats of natural disaster, which Mr Levy calls the Caribbean’s “unique market”, the cost of home insurance will always be high.
One Antiguan insurance firm, Anjo, typically charges premiums of between 1.3% and 1.7% of a home’s value. Whereas in the UK, for example, it can be less than 0.2%.
Getty ImagesThe Atlantic hurricane season runs from 1 June to 30 November, with the most activity occurring between mid-August and mid-October. The northern Caribbean nations, such as Antigua and Barbuda, the Bahamas, British Virgin Islands, and the Dominican Republic, are among the most at risk of a direct hit.
The peak months can be torturous for people with Irma-related trauma, says Mohammid Walbrook, another Barbudan resident. “Whenever there’s an announcement of a storm coming our way, it brings back bad memories. For some, even thunder and lightning are a trigger,” he says.
Back in 2017, Mohammid took shelter in a bathroom with his mother, father, sister and nephews when Irma’s category five winds tore the roof from his parents’ home.
His own uninsured two-bedroom property was also badly damaged. He was one of several Barbudans to receive a new house through assistance from international donors.
Courtesy Mohammid WalbrookWhile some Caribbean countries – like British territory Turks and Caicos, also battered by Irma – have emergency cash reserves that can help with post-storm restoration, others do not have that luxury.
For deeply indebted nation Antigua and Barbuda, agencies like the United Nations Development Programme (UNDP) are a lifeline in the aftermath of a natural disaster.
The country’s prime minister Gaston Browne estimated the cost of rebuilding Barbuda after Irma, where 90% of buildings were damaged, topped $200m (£148m). Help came from China, the European Union and Venezuela, among others.
In 2017, the UNDP stumped up $25m for Barbuda and the island country of Dominica, which was ravaged by Hurricane Maria that same month.
The money restored more than 800 wrecked buildings across the two islands. But the body’s intervention was crucial in other ways too.
With livelihoods destroyed, the UNDP’s cash-for-work programme hired hundreds of local residents who had suddenly found themselves unemployed.
They assisted with everything from debris removal to reconstruction of homes and infrastructure, including Barbuda’s hospital and post office, the UNDP’s Luis Gamarra tells the BBC.
“Injecting economic resources into affected families helps reactivate the local economy,” he says.
Almost 1,000 contractors were also trained in more resilient “build back better” techniques, to safeguard structures against future disasters.
“The climate is changing and putting more pressure on governments and communities. Storms are becoming more frequent, more intense and happening earlier in the year too,” Mr Gamarra continues.
He thinks the expansion of partnerships with the private sector and with other countries in the region might help mitigate the impacts.
One such mechanism is the Caribbean Catastrophe Risk Insurance Facility, of which 19 Caribbean governments are members. Set up after Hurricane Ivan in 2004, the first-of-its-kind risk-pooling venture allows member governments to buy disaster coverage at low cost.
Last year it made record payments topping $85m to Hurricane Beryl-hit islands.
In Antigua and Barbuda, hurricane preparedness is a year-round endeavour, explains Sherrod James, director of the country’s office of disaster services.
Assessments of buildings to be used as storm shelters, along with training of volunteers to man them, starts months before the season starts, he says.
“We also meet with the private sector, helping them put policies and preparations in place, looking at the safety and resilience of their buildings. We make sure our critical partners, such as the ports, are prepared.
“And we do a lot of proactive work to address chokepoints within waterways that can exacerbate flooding,” adds Mr James. “These days, storms can go from a category one to five in a day. The new norm has thrown out the old regiment of what has to be done; we have to be much more proactive now.”
For many Barbudans, this time of year will always bring trepidation. Dwight was among dozens who recently attended a Hurricane Irma remembrance service at the island’s Pentecostal Church.
“It was very touching and brought back a lot of memories,” he says. “This time of year, we keep an eye on the weather and our fingers crossed. But we are resilient people and we know how to survive.”
Business
India EV Market Hits 2.3 Million Sales In 2025, Policy Support, Festive Demand Drive Adoption
India EV Market: India’s electric vehicle (EV) market crossed a major milestone in 2025, with total EV sales reaching 2.3 million units, accounting for 8 per cent of all new vehicle registrations, according to the Annual Report: India EV Market 2025 prepared by the India Energy Storage Alliance (IESA) based on Vahan Portal data. The report, released this week, highlighted that EV adoption accelerated steadily through the year, supported by policy incentives and a sharp festive-led surge in the final quarter.
India’s broader automobile market recorded 28.2 million vehicle registrations in 2025, with two-wheelers remaining dominant, accounting for over 20 million units, or 72 per cent of total sales. Passenger four-wheelers crossed 4.4 million units, while tractors and agricultural vehicles exceeded 1.06 million units, reflecting broadly stable demand across segments. The report noted that overall vehicle sales growth remained steady during Q1 to Q3, followed by a festive-led acceleration in Q4, aided by GST benefits and year-end consumer demand.
Electric two-wheelers continued to anchor EV adoption, with 1.28 million units sold, representing 57 per cent of total EV sales. Electric three-wheelers (L3 and L5 combined) followed with 0.8 million units, or a 35 per cent share, while electric four-wheelers recorded sales of 1.75 lakh units. In the electric four-wheeler segment, the report noted strong momentum in electric goods carriers, particularly in small and light commercial vehicle segments, indicating early progress in the electrification of logistics applications.
Among states, Uttar Pradesh emerged as India’s largest EV market in 2025, with more than 4 lakh EV units sold, accounting for 18 per cent of total EV sales. Maharashtra accounted for 2.66 lakh units, or 12 per cent, while Karnataka recorded 2 lakh units, or 9 per cent. Together, these three states accounted for over 40 per cent of national EV volumes.
Despite lower absolute vehicle sales, states such as Delhi, at 14 per cent, Kerala, at 12 per cent, and Goa, at 11 per cent, recorded higher EV-to-ICE ratios. The report also noted that Tripura, at 18 per cent, and Assam, at 14 per cent, recorded robust EV-to-ICE ratios in 2025.
The IESA report stated that the government determined the electric three-wheeler segment had reached a sufficient level of market maturity and penetration, at around 32 per cent. A major policy development during the year was the conclusion of India’s largest-ever electric bus tender. Convergence Energy Services Limited (CESL) announced the successful completion of a 10,900 electric bus tender under the Rs 10,900 crore PM E-DRIVE scheme, aimed at accelerating green public transport.
The report indicated that while EV penetration remained strongest in light vehicle segments, the government’s focus on electrifying heavy commercial vehicles, supported by dedicated charging infrastructure development, continued to strengthen the long-term electrification roadmap, positioning India’s EV ecosystem for sustained growth beyond 2025.
Business
AI shopping: Google partners Walmart, Shopify and Wayfair to turn Gemini into in-chat checkout platform; what you need to know – The Times of India
Google has expanded the shopping capabilities of its Gemini AI chatbot by partnering with major retailers including Walmart, Shopify and Wayfair, enabling users to browse and buy products directly within the chatbot, the company said on Sunday, AP reported.The move, announced on the opening day of the National Retail Federation’s annual convention in New York, positions Gemini as both a virtual shopping assistant and a transaction platform, allowing customers to complete purchases without leaving the chat interface.According to Google and Walmart, an instant checkout feature will let users buy products from participating retailers through multiple payment providers directly inside Gemini. Customers who link their Walmart and Gemini accounts will receive personalised recommendations based on past purchases, and items bought through the chatbot can be added to their existing Walmart or Sam’s Club online carts.“The transition from traditional web or app search to agent-led commerce represents the next great evolution in retail,” Walmart’s incoming president and CEO John Furner said in a joint statement with Google and Alphabet CEO Sundar Pichai.Google said Gemini’s shopping feature can respond to product-related queries — such as recommendations for ski gear — by pulling items from participating retailers’ inventories and facilitating purchases within the same conversation.The announcement comes amid intensifying competition among tech giants to dominate AI-powered commerce. Google, OpenAI and Amazon are all racing to enable seamless shopping experiences that take users from product discovery to checkout within chatbots.OpenAI and Walmart unveiled a similar partnership in October, allowing ChatGPT users to purchase most items available on Walmart’s website through instant checkout, excluding fresh food. Ahead of the holiday shopping season, OpenAI also launched in-chat purchasing for select retailers and Etsy sellers.Salesforce estimates that artificial intelligence influenced $272 billion, or about 20 per cent, of global retail sales during the recent holiday season.Google said the AI-assisted shopping features in Gemini will initially be available only to users in the US, with international expansion planned in the coming months.
Business
Which Transactions Are Tracked by the Income Tax Department? Check Key Reasons Why You Haven’t Received Your ITR In 2026
Transactions Tracked By Income Tax Department: Imagine you buy a coffee, pay for your movie ticket, or transfer money to a friend. Most of these everyday transactions go unnoticed, yet some payments, investments, and bank movements quietly catch the attention of the Income Tax Department. Have you ever wondered why certain transactions are tracked while others are not? In this article, we will explore which financial activities the tax authorities monitor and which ones remain beyond their radar.
Transactions Tracked By Income Tax Department
According to Section 285BA of the Income Tax Act and Rule 114E of the Income-tax Rules, 1962, certain high-value transactions that exceed specified limits in a financial year must be reported to the Income Tax Department. This is done by filing a Statement of Specified Transactions using Form 61A. The purpose of this reporting is to maintain transparency in financial dealings and help detect any cases of tax evasion.
The Income Tax Department keeps an eye on certain high-value financial transactions. For instance, cash deposits exceeding Rs 10 lakh in savings or fixed deposit accounts are tracked, as are cash deposits or withdrawals over Rs 50 lakh in current accounts. Credit card payments above Rs 1 lakh in cash, or Rs 10 lakh through other modes, also attract attention.
Adding further, the property transactions worth Rs 30 lakh or more, whether purchases or sales, are monitored, along with investments in bonds, shares, or mutual funds exceeding Rs 10 lakh. These thresholds help the authorities track significant financial movements while routine transactions usually remain beyond their radar.
Transactions Not Tracked By Income Tax Department
The Press Information Bureau’s (PIB) fact-checking unit clarified a viral claim suggesting that the Income Tax Department monitors citizens’ emails, social media accounts, online shopping, digital payments, and personal apps. According to the official statement, the Income Tax Department does not track online shopping, digital payments, app-based transactions, or any form of personal spending behaviour. There is no mechanism to monitor an individual’s digital or online activity.
Income Tax Refund Delay In 2026: Key Reasons
If you filed your income tax return (ITR) for FY 2024–25 and are still waiting for your refund in 2026, you are not alone. Many taxpayers are feeling uneasy as refunds seem slower this year. For returns filed for FY 2024–25 (Assessment Year 2025–26), the department has time until December 31, 2026 to process them under Section 143(1) of the Income Tax Act. This means refunds can legally take several months, even after successful filing and verification.
Several factors can cause delays. Very high refund claims can trigger extra checks, while mistakes or mismatches in your information are another common reason. It’s important to ensure your bank details are correct and that your PAN is linked to your Aadhaar. On top of that, any unpaid taxes from previous years can block or reduce your refund. Paying attention to these details can help your refund reach you faster.
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