分类： business

KINGSTON, Jamaica – In a major step to strengthen the Caribbean nation’s disaster preparedness infrastructure, the World Bank announced Tuesday the successful launch of a new catastrophe bond that delivers $200 million in hurricane insurance protection to the Jamaican government.

Structured and issued through the International Bank for Reconstruction and Development (IBRD), the new three-year instrument replaces an earlier $150 million catastrophe bond that was completely drawn down in 2025. The full payout came after Hurricane Melissa made landfall on the island in October that year, causing widespread destruction across coastal and inland communities.

Jamaica’s Ministry of Finance released a statement Wednesday confirming that the 2026 bond issuance drew far stronger interest from the global investment community than the country’s prior offering in 2024. The new deal counted participation from 25 international investors, a marked increase from the 15 investors that took part in the 2024 issuance.

As part of the IBRD’s long-running “capital at risk” notes program, this type of catastrophe bond offers a structured mechanism for developing nations to shift the financial burden of natural disaster damage from public balance sheets to global capital markets. Under the terms of the framework, the World Bank issues the bond on Jamaica’s behalf and executes a formal risk transfer agreement with the government to lock in the coverage.

Payouts will be automatically triggered if a named tropical cyclone meets predefined geographic and intensity thresholds written into the bond contract. This streamlined trigger structure eliminates lengthy claims negotiations, ensuring funds are disbursed quickly to support emergency response and early recovery efforts in the aftermath of a major storm.

The new catastrophe bond is a core component of Jamaica’s broader multi-layered disaster risk financing strategy. The national strategy is built around three key goals: boosting the country’s overall financial resilience to climate-driven extreme weather events, enabling rapid mobilization of resources for disaster response, and cutting long-term fiscal pressure that comes with unplanned disaster recovery spending.

Fayval Williams, Jamaica’s Minister of Finance and the Public Service, praised the successful placement of the bond and extended gratitude to the international partners that supported the transaction. “Jamaica is incredibly grateful to the World Bank for its market guidance and placement of the catastrophe bond across a wide cross-section of global investors,” Williams said. “Additionally, Jamaica says ‘thank you’ to the Monetary Authority of Singapore, who will be supporting the transaction financially.”

The bond is set to reach maturity on May 23, 2030, providing Jamaica with nearly four years of continuous hurricane coverage as the country adapts to growing climate risk in the Caribbean region.

KINGSTON, Jamaica — Jamaica’s state-owned oil refinery Petrojam has released its latest ex-refinery pricing update, confirming a series of adjustments to fuel costs that will go into effect for consumers across the island starting Thursday, May 28. Contrary to initial warnings that motorists would face higher gasoline prices at retail pumps, most common fuel grades have actually received a modest per-litre price cut.

The 90-octane gasoline grade, a popular option for many modern vehicles, will be priced at $201.58 per litre following a $0.25 reduction. Similarly, the more widely used 87-octane gasoline will drop by the same $0.25 margin, bringing its ex-refinery price to $194.13 per litre.

Diesel products have also seen matching downward adjustments. Regular automotive diesel will now carry an ex-refinery cost of $201.75 per litre, down $0.25 from the previous cycle, while ultra-low sulphur diesel, which meets stricter emissions standards, will retail at an ex-refinery price of $208.60 per litre, also reflecting a $0.25 per-litre decrease.

Not all fuel products moved lower in this pricing cycle, however. Kerosene, commonly used for cooking, heating and certain industrial applications, saw a $0.25 per-litre increase that brings its ex-refinery price to $186.40.

Liquefied petroleum gas (LPG) products saw far more dramatic shifts. Liquid propane will now cost $83.09 per litre, marking a $2.00 reduction from prior pricing, while liquid butane dropped even more sharply by $3.06 per litre, landing at an ex-refinery price of $94.17.

It is important to note that these published figures represent Petrojam’s ex-refinery base costs. Independent marketing companies and retail gas station operators will add their own standard markups to these base prices before consumers see the final cost at the pump.

On Sunday, May 24, 2026, Chinese automotive brand Jetour held a grand official launch ceremony at its new Mary Brown’s Corner showroom in St Andrew, Jamaica, formally cementing its place in the country’s competitive automotive retail space. The event brought together a diverse cross-section of attendees, from top business leaders and local government officials to opposition representatives, automotive enthusiasts, loyal pre-launch customers, and members of the national media, all gathering to mark the brand’s official entry into the Jamaican market.

The partnership between Jetour and local dealer Tyre Warehouse Automotive came after months of extensive market research to identify a brand that aligned with local consumer demand, according to Elijah Buddhan, head of operations for Tyre Warehouse Automotive. Buddhan explained that the team set out to find an automotive marque that balanced accessible pricing with premium, luxury-adjacent features that would make owners feel they had invested in a high-value vehicle. What they found in Jetour checked every box, he noted, adding that the brand has already claimed the title of Jamaica’s best-selling new car marque since November 2025, months ahead of its official full launch.

Among the high-profile guests in attendance was retired Jamaican Olympic sprinter Asafa Powell and his wife Alyshia Powell, who joined the celebration of the brand’s local expansion. Delano Seiveright, Minister of State in Jamaica’s Ministry of Industry, Investment and Commerce, offered official praise for the brand’s rapid growth and thoughtful market approach over its first 20 months of operating in Jamaica prior to Sunday’s launch. Seiveright highlighted Jetour Jamaica’s marketing strategy as unparalleled in the local market, noting that the brand’s strategically placed billboards feature clear, practical messaging that includes all key details consumers need—from vehicle pricing and warranty terms to monthly payment plans and contact information. He called the campaign the most sensible, well-executed advertising he has observed in the Jamaican market in years.

At the core of the launch event was the public unveiling of six all-new 2027 models tailored to meet the diverse mobility and lifestyle needs of Jamaican consumers: the T2, G700, T1, X70 Plus, Dashing, and X50. As a brand focused primarily on SUV and crossover production, Jetour designed each model to balance modern integrated technology, premium interior comfort, class-leading advanced safety features, and unbeatable market value, company representatives emphasized during the presentation. Following the official unveiling, event guests had the opportunity to explore the full new lineup in person, walk through the updated showroom, and speak directly with brand representatives to learn more about the technology and customer benefits included with every Jetour purchase.

Jetour is part of a growing wave of Chinese automaker that are expanding their footprint across Jamaica’s automotive market, all built around a core value proposition of accessible affordability, modern styling, and innovative design that undercuts traditional established brands on price while matching or exceeding their feature offerings. A key competitive differentiator for Jetour Jamaica is its industry-leading warranty package, which far outpaces the coverage offered by longer-standing global brands in the market. Purchasers of a new Jetour receive a six-year or 150,000-kilometre vehicle warranty, plus an additional three years or 42,500 kilometres of complimentary service, and a full year of connected vehicle monitoring—extra perks included at no additional cost by local dealer Tyre Warehouse Automotive. Jetour is not the only Chinese marque growing its local presence; other popular brands including BYD, MG, and BAIC have also expanded their retail footprint and customer base in Jamaica in recent years.

ST JAMES, Jamaica — In a unanimous confirmation of confidence in his leadership, local businessman Jason Russell will serve an additional one-year term as president of the Montego Bay Chamber of Commerce. The announcement came following Wednesday evening’s annual general meeting, hosted at the University of the West Indies’ Western Jamaica Campus, where Russell secured re-election without any opposing candidates.

Russell first stepped into the presidential role 12 months ago, taking over from former leader Oral Heaven, who opted not to pursue another term in office. Since assuming his position, Russell has earned widespread praise across the local business community for his approachable, grounded leadership style — particularly for his steady guidance through the aftermath of Hurricane Melissa, when the chamber played a critical role in supporting affected local enterprises.

Joining Russell on the executive leadership team for the coming term will be three re-elected vice presidents, all of whom also ran unopposed: Paulette Neil will remain in the post of first vice president, Nadine Spence retains her role as second vice president, and Richard Burrowes continues as third vice president.

The full executive body will be backed by a 14-member board of directors. Eight of these board members are returning to their positions to provide institutional continuity, while the remaining six slots will be filled by first-time directors bringing new perspectives to the chamber’s work supporting Montego Bay’s business ecosystem.

Leading tourism and political leaders from across the Caribbean are preparing to gather in New York City for the 2024 iteration of Caribbean Week, a major annual industry event set to kick off on June 1, hosted by the Caribbean Tourism Organization (CTO). The high-profile delegation bringing together top officials from multiple Caribbean jurisdictions includes Albert Bryan Jr., the elected Governor of the United States Virgin Islands, Dr. Natalio Wheatley, Premier of the British Virgin Islands, and Ian Gooding-Edghill, Barbados’ Minister of Tourism and International Transport, who also serves as the current chairman of the CTO.

The Barbados-headquartered regional tourism body confirmed that this year’s event marks the return of Caribbean Week to New York, with the timing intentionally aligned to overlap with the start of Caribbean American Heritage Month. Designed to showcase the breadth and diversity of Caribbean tourism offerings to global audiences, the 2024 gathering has been framed around the unifying theme “One Caribbean: Infinite Experiences”.

In a statement ahead of the event, CTO Secretary-General Dona Regis-Prosper emphasized the outsize importance of New York’s Caribbean Week as a foundational platform for the regional tourism sector. “Caribbean Week in New York is a critical platform for collaboration, strategy development and celebration of our region’s tourism industry,” Regis-Prosper said. “We are delighted to welcome Governor Bryan, Premier Wheatley, Minister Gooding-Edghill and senior tourism leaders from across the Caribbean as we highlight the strength, resilience and infinite potential of our destinations.”

Ahead of the week’s full schedule of events, organizers have confirmed key speaking roles for the attending leaders. Governor Bryan, who currently serves as the ninth elected governor of the U.S. Virgin Islands, will deliver the official opening address at the event’s opening ceremony. CTO chairman Gooding-Edghill is tapped to give the gathering’s keynote address, while Premier Wheatley will take part in a featured breakout session titled “Around the Caribbean in 60 Minutes”.

Beyond the opening remarks and keynote addresses, the full Caribbean Week agenda is packed with targeted strategic discussions focused on the most pressing issues and future opportunities for Caribbean tourism. Topics on the agenda include tourism sector leadership, next-generation destination marketing strategies, expanding and improving airlift connectivity to regional destinations, advancing more inclusive tourism practices, building long-term sustainability across the sector, and fostering innovation to power the next generation of Caribbean tourism growth.