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Hurricane season brings financial fears in the Caribbean

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Hurricane season brings financial fears in the Caribbean


Gemma HandyBusiness reporter, St Johns, Antigua

Getty Images A home on the Caribbean island of Barbuda that had been torn apart by the high winds generated by Hurricane Irma in 2017Getty Images

Homes in Barbuda were flattened by 2017’s Hurricane Irma

For 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 Benjamin Dwight Benjamin, wearing a blue shirt and black jeans, standing in front his his home. Behind him the porch and entrance door can be seen. A bicycle is leaning against the front wall of the. Some gas cylinders are stacked in front of the house. To the left of the house, the newly built extension which serves as a shelter can be seen.Courtesy Dwight Benjamin

Dwight Benjamin built an extension to his home which serves as a shelter during hurricanes

Like 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 Images A satellite image of Hurricane Irma hitting the island of Barbuda in September 2017Getty Images

Hurricane Irma, pictured, is the most powerful storm to have hit Barbuda since records began

The 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 Walbrook Mohammid Walbrook looks into the camera in this headshot. His head is shaven and he sports a bushy black beard with some grey hairs. Courtesy Mohammid Walbrook

Mohammid Walbrook survived Hurricane Irma

While 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.”



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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

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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.



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Boeing’s airplane deliveries are the highest in 7 years. Now it’s about to pick up the pace

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Boeing’s airplane deliveries are the highest in 7 years. Now it’s about to pick up the pace


A Boeing Co. 737 Max airplane at the company’s manufacturing facility in Renton, Washington, US, on Thursday, Nov. 20, 2025.

David Ryder | Bloomberg | Getty Images

Boeing is set to report this week that it delivered the most airplanes since 2018 last year after it stabilized its production, the clearest sign of a turnaround yet after years of safety crises and snowballing quality defects.

Now, the aerospace giant is planning to ramp up production.

“It’s a long road back from a … shall we say, a rather dysfunctional culture, but they’re making big progress,” said Richard Aboulafia, managing director at AeroDynamic Advisory, an aerospace industry consulting firm.

Boeing was forced to scale back production in recent years following two fatal crashes of its popular 737 Max aircraft in 2018 and 2019 and a midair blowout of a door plug from one of its planes in the first week of 2024. The Covid pandemic snarled airplane assembly at both Boeing and its chief rival, Airbus, with supply chain delays and loss of experienced workers, even after the worst of the health crisis subsided.

A Boeing 737 approaches San Diego International for a landing, May 10, 2025.

Kevin Carter | Getty Images

Boeing’s leaders, including CEO Kelly Ortberg — a longtime aerospace executive who came out of retirement to take the top job months after the midair door plug accident — are gearing up to increase production this year of its cash cow 737 Max aircraft and the longer-range 787 Dreamliners.

That could help the manufacturer, the top U.S. exporter by value, return to profitability, as analysts expect this year, territory that was out of reach for seven years as its leaders focused on damage control and were stuck reassuring frustrated airline executives who were awaiting late planes.

Their tone has changed as Boeing has become more predictable and increased production, with the Federal Aviation Administration’s blessing. In a sign of the FAA’s increased confidence in Boeing, the agency in September said Boeing could issue its own air worthiness certificates before customers receive some of its 737s and 787s after years of restrictions.

Boeing’s commercial aircraft business is its largest unit, accounting for about 46% of sales in the first nine months of last year, with the rest coming from its defense and services business. Boeing last reported a full-year profit in 2018.

Investors are optimistic for further improvement. Boeing shares have gained 36% over the last 12 months, outpacing the S&P 500‘s nearly 20% advance.

“Boeing is definitely better and more stable,” said Bob Jordan, CEO of all-Boeing airline Southwest Airlines, in an interview Dec. 10.

The company is scheduled to outline its production plans for 2026 later this month when it reports quarterly results on Jan. 27.

Getting into gear

For Boeing, the recent turnaround has taken place largely on the assembly floor.

Under Ortberg, the manufacturer has slashed so-called traveled work, in which assembly tasks are done out of order, to avoid costly mistakes. The company has made other manufacturing changes, as well, including added training.

The National Transportation Safety Board in June said inadequate training and management oversight had been among the problems at the company, according to its investigation into what led to the door plug blowout in January 2024.

On Dec. 8, Boeing also completed its acquisition of fuselage maker Spirit AeroSystems, which Boeing had spun out of the company two decades ago. It now has more direct control of the crucial supplier.

Moving out jets

Boeing handed over 537 aircraft in the first 11 months of last year. It reports December deliveries on Tuesday, but Jefferies estimates the company delivered 61 commercial jets last month, 44 of them Boeing’s bestseller, the 737 Max.

Boeing delivered 348 aircraft in 2024 and 528 in 2023. Last year’s total would still be far off the 806 airplanes it handed over in 2018.

Last October, the FAA raised its production cap on Boeing’s 737 Max from 38 a month to 42. (The FAA required its sign-off after the door plug accident.) CFO Jay Malave said at a UBS conference on Dec. 2 that he expects the company to get to that rate in early 2026. Ortberg told investors in October that further rate increases are on the table, in increments of five planes.

Kelly Ortberg, chief executive officer of Boeing Co., during a media event at the Boeing Delivery Center in Seattle, Washington, US, on Wednesday, Jan. 7, 2026.

M. Scott Brauer | Bloomberg | Getty Images

Handovers to airlines in 2026 will likely be new production, compared with clearing out older inventory, Malave had said. Boeing is also likely to produce about eight Dreamliners a month as of early this year, he added.

Deliveries are key for airplane makers, because airlines and other customers pay the bulk of an airplane’s price when they receive the aircraft. Boeing’s chief competitor, Airbus, is scheduled to report 2025 orders and deliveries on Monday.

Still, several planes that were expected to already flying passengers aren’t certified yet, including the Boeing 777X as well as the Max 7 and Max 10 variants, depriving Boeing of cash and driving up costs.

Southwest is awaiting the delayed Max 7, the smallest plane of the Max family. The model is important for airline routes that have lower demand so airlines can avoid oversupplying the market with seats, pushing down fares.

Southwest CEO Jordan last month said that he doesn’t expect the airline to fly the Max 7 before the first half of 2027 as Boeing certification work continues. Boeing at one point expected it to enter service in 2019.

“They’re still very short in terms of delivering the aircraft that we need, but I’m glad to see the progress on the Max 7,” Jordan told CNBC.

Robust demand

Orders for both Boeing and Airbus jets look solid, with demand set to continue outstripping supply into the next decade, Bernstein aerospace analyst Douglas Harned said in a note last week.

Airbus outpaced Boeing in deliveries last year, though Boeing appears to have outsold its European competitor in new orders.

Through November, Boeing logged 1,000 gross orders compared with 797 from Airbus. Airline customers have started to look beyond this decade, snagging delivery slots into the mid-2030s as they plot out growth and international expansions.

On Wednesday, Alaska Airlines said it is ordering 105 Boeing 737 Max 10 jets, the longest aircraft of the Max group. Alaska fleet chief Shane Jones told CNBC the order is a sign of “our confidence in the Max 10 certification” as well as “our confidence in Boeing and their turnaround and their ability to produce quality aircraft on time.”

Alaska also exercised options for five 787 Dreamliners for more international routes just over a year after it acquired Hawaiian Airlines — a combination that handed Alaska more Dreamliners and Airbus A330s to reach for destinations that it couldn’t get to before, like Japan, South Korea and Italy.

The wide-body aircraft market is now picking up steam, said Ron Epstein, aerospace analyst at Bank of America, with orders starting to get handed over faster to customers.

Read more CNBC airline news

International travel, especially at the high end, has been particularly strong in the years after the pandemic as travelers splash out on vacations around the world. More and more global airlines are looking at snagging long-haul jets like Boeing’s Dreamliner and Airbus’ A330 and A350s for the coming years, heating up the wide-body airplane market, analysts said.

Globally, airplanes flew nearly 84% full in November, the highest level on record, according to the latest data available from the International Air Transport Association, an airline industry group.

With travel demand still robust, orders to replace older jets and secure new ones will continue to fuel growth.

“The magic, if you will, of air transportation is until somebody comes up with a transporter, you know, [like] ‘Star Trek,’ where you sort of vaporize and show up someplace else, we’re going to be flying,” Epstein said.



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‘Side Hustle Generation’: Over 50% Of US Gen Z Opting For Extra Gigs Amid Economic Uncertainty

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‘Side Hustle Generation’: Over 50% Of US Gen Z Opting For Extra Gigs Amid Economic Uncertainty


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At least 57% of Gen Z in the US now have side gigs, from retail to gig work, amid economic uncertainty and concerns over the impact of AI on jobs.

Gen-Z is the first generation for whom a 9-to-5 job isn’t essential for achieving financial success.  (AI-Generated Image)

Gen-Z is the first generation for whom a 9-to-5 job isn’t essential for achieving financial success. (AI-Generated Image)

Amid widespread economic uncertainty, more than half of the Gen Z population in the United States is opting for side gigs to navigate the job market and for extra cash.

At least 57% of Gen Z in the US now have side gigs, compared to 21% of boomers and older, according to The Harris Poll, which dubbed them “America’s first true ‘side hustle’ generation.”

Most of them are picking up side hustles, from retail to gig work, for extra cash. Younger people “want to work [and] find success, but many of them just feel disillusioned with the opportunities to get there through the traditional career ladder,” Glassdoor chief economist Daniel Zhao told Axios.

Role Of AI

In an August report, Glassdoor researchers said that some of the youths are chasing creative or entrepreneurial goals. Moreover, AI and other technological advances have made it easier for professionals to monetise their skills and passions.

“We’re witnessing a true side hustle generation where work identity lives outside of traditional employment. Additional commentary and research also shows that there’s a growing number of Employee+ workers who diversify income streams without abandoning job security,” Glassdoor said.

“For Gen Z, the day job funds the passion project. Work pays the bills, but identity and fulfilment can come from entrepreneurial pursuits, creative endeavours, or social causes they care about,” it added.

Why Are Gen-Z Opting For Side Gigs?

One of the main reasons for this shift is job anxiety. Recent graduates are struggling to secure jobs, while those with them aren’t seeing the career growth they expect, according to Zhao.

Data shows that the financial optimism for college students has fallen to their lowest level since 2018, mostly due to concerns over unemployment and ‘AI-induced layoffs’. The advent of AI remains the most pressing concern among young workers.

As per The Harris Poll, Gen Z is the first generation for whom a 9-to-5 job isn’t essential for achieving financial success. Side hustles are not merely distractions or fallback options; they are central to Gen Z’s identity, offering creative, entrepreneurial, or activist outlets that main jobs cannot supply.

“It definitely makes me feel more financially secure,” Katie Arce, who works full-time in e-commerce and picks up shifts at a vintage clothing store in Austin, Texas, told Axios.

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