(Demerara Waves) The People’s Progressive Party (PPP) on Monday warned of increased tension and unrest by sugar workers if they are sacked due to the closure of more sugar estates, even as that party demanded that a socio-economic impact study be done before government decides on the Guyana Sugar Corporation’s (GuySuco) future.
“Unquestionably, this will cause a confrontation. If we use one current example- the parking meters- and we use a feature of this Granger government, no consultation, you see where it leads,” PPP Executive Committee member, Roger Luncheon told a news conference.
Since coming to power in May 2015, government has closed Wales Sugar Estate, and GuySuco has made arrangements to deploy some of the workers at Utitvulgt Estate, West Coast Demerara.
The Guyana government has said the national treasury could not afford to spend billions of dollars annually on a loss-making and highly indebted sugar industry whose annual production continues to plummet. However, sugar industry advocates have argued that GuySuco plays key roles in employment, drainage and irrigation, health care and earning much needed foreign exchange.
(Reuters) Verizon Communications Inc (VZ.N) said on Tuesday it would buy Yahoo Inc's (YHOO.O) core business for $4.48 billion, lowering its original offer by $350 million in the wake of two massive cyber attacks at the internet company.
The closing of the deal, which was first announced in July, had been delayed as the companies assessed the fallout from the data breaches that Yahoo disclosed last year.
The No. 1 U.S. wireless carrier had been trying to persuade Yahoo to amend the terms of the agreement following the attacks.
The deal will combine Yahoo's search, email and messenger assets as well as advertising technology tools with Verizon's AOL unit.
Verizon has been looking to mobile video and advertising for new sources of revenue outside the oversaturated wireless market.
The companies said on Tuesday they expect the deal to close in the second quarter.
(Barbados Today) The Caribbean Development Bank (CDB) has a chilling message for the Freundel Stuart administration: delay further action to breathe life into the ailing economy and face possible disaster.
With Government’s austerity programme yet to produce the desired results, CDB President Dr Warren Smith is warning there is “no painless way” to rein in the fiscal deficit and ballooning debt.
“There is no question that there are some very tough decisions that need to be made in this country. I think the situation has reached the point where it appears to me there is no painless way out of this problem and I think there is an important lesson to be learnt there,” Smith told journalists on the sidelines of the CDB’s annual news conference at its Wildey, St Michael headquarters this morning.
“In economic matters, delay is never a good strategy because the problems that we now find ourselves in, the challenge that we now are faced with, has been made more difficult as a consequence of the accumulation of the problem, so that is an important lesson to learn. But I think it is also important to appreciate that we need action now. The Government of Barbados knows what to do.”
BRUSSELS (AP) -- The eurozone's 19 finance ministers will try to defuse the risk of another Greek crisis when they meet later in Brussels.
Greece remains dependent on bailout loans from its partners in the eurozone to pay its debts. Without them, it faces bankruptcy and a potential exit from the euro.
But the release of those loans depends on Greece meeting the terms of its 2015 bailout agreement. There are disagreements on those terms, notably on how tough Greece's budget targets should be.
At Monday's meeting, Greek Finance Minister Euclid Tsakalotos will try to convince his peers that bailout inspectors should return to Athens to conclude the latest assessment, which would allow the release of bailout funds.
(Jamaica Observer) Energy Minister Dr Andrew Wheatley returned from Caracas early yesterday morning happy and relieved that Jamaica and Venezuela had finally arrived at an agreement on the long-awaited upgrade of the Petrojam refinery in Kingston.
Dr Wheatley and his Venezuelan counterpart, Nelson Martinez, signed the agreement late Wednesday night in the Venezuelan capital, bringing into force a condition of the deal reached in 2008 when State-owned Petroleos de Venezuela (PDVSA) spent US$63.5 million to acquire a 49 per cent stake in Petrojam. The remaining 51 per cent is held by the Jamaican Government.
“We finally signed the deal after 10 years,” an upbeat Dr Wheatley told the Jamaica Observer shortly after his arrival home.
He said the upgrade will meet Jamaica’s requirement of “55,000 barrels per day when the facility is up and running”.