World Business Report Hurricane Melissa set to hurt Jamaican economy hard
Oct 31, 2025
Chris Lowe, Chief Economist at FHN Financial, discusses market reactions to trade signals and the surge in Amazon's share price amidst Wall Street's busy week. Jensen Huang, CEO of NVIDIA, shares insights on global strategy and the critical nature of the Chinese market for growth. Irakli Kavratzkova, CEO of the Black Sea Hazelnut Company, explains how Turkey's poor hazelnut harvest impacts supply chains and prices, ultimately benefiting producers in Georgia. The conversation also touches upon the ongoing humanitarian crisis in Jamaica following Hurricane Melissa.
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Black River Residents Face Total Devastation
- Residents in Black River reported total devastation and no access to food, water or cash after Hurricane Melissa.
- Neda Torfik's reporting captured people walking miles and sheltering in makeshift camps while pleading for immediate aid.
Domestic Funds Won’t Cover Category 5 Losses
- The Jamaican government has contingency and disaster funds but warns they will be insufficient for Category 5 damage.
- Officials emphasise international partner support and insurance-like instruments are needed to fill the gap.
How Catastrophe Bonds Spread Risk
- Catastrophe bonds transfer reinsurance risk to capital markets to expand capacity for large events.
- Investors earn premiums if no catastrophe occurs but can lose capital when triggers like a Category 5 hurricane happen.