LONDON (AP) -- Throughout the 20th century, Britain endured a series of currency crises that exposed its decline as a major global power.
The recent slide in the pound sterling has reawakened memories of those troubled times, including one in the mid-1970s when the country ended up needing an international bailout.
And it has raised questions of whether another so-called "sterling crisis" might push the government to soften its plans to break away from the European Union and its single market.
The pound has fallen by nearly a quarter against the dollar since the June 23 vote to leave the EU, from around $1.50 to a 31-year low below $1.20. That scale of fall is equivalent to some of the great depreciations over recent decades, from 1949 through to 1992, that have caused upheavals in government policy and shaken the economy.
(Demerara Waves) The bankrupt state-owned Guyana Sugar Corporation (GuySuco) says it has asked government for an GYD$18 billion subsidy for next year, and will be unable to finance a wage and salary hike for this year.
“The Union was also advised that in 2017, the Corporation would require a further subsidy of more than G$18 Billion against a backdrop of lower production, reduced market prices, resulting in lower revenue,” the corporation said in a statement.
Even with that expected GYD$18 billion dollar subsidy, GuySuco expects to register a loss of GYD$12 billion.
GuySuco, which employs thousands of persons, says it also has to ask government for an additional GYD$3.5 billion for this year on top of the GYD$9 billion already provided.
GuySuco said it told the Guyana Agricultural and General Workers Union on Wednesday, September 19, 2016 for the second time in exactly one month and told the union that it could not afford to pay increased wages, salaries and allowances.
(Antigua Observer) Prime Minister Gaston Browne has revealed that the Caribbean Union Bank (CUB) had lost around $10 million and had been unable to pay dividends before the government took it over for $30 million.
“CUB has made sustained losses over the last 10 years. In fact, they would have made an accumulated loss of about 10 million dollars, and as a result of that they would not have met the new capital requirement of 20 million dollars… they would have a shortfall of about 15 million,” Browne said.
The 2015 Banking Act moved the capital requirement for banks from $5 million to $20 million.
“CUB has had no retained earnings and no dividends have ever been declared or ever paid by the bank. It is important to note, however, that CUB has maintained a net positive equity position so that the value of its assets minus its liabilities has allowed it to meet the regulatory capital requirements of five million dollars,” Browne said.
(Jamaica Gleaner) Although growth in Jamaica's national output has been anaemic, and underperforms others in the region, the tourism-dependent economy is expected to do better than trading partner Trinidad & Tobago, an oil and gas producer.
In fact, Jamaica will grow at the fourth slowest rate next year in a faster-growing Caribbean, according to October revisions by the Economic Commission for Latin America and the Caribbean (ECLAC).
The regional United Nations body projects 1.2 per cent expansion of Jamaica's national output, or GDP, this year, to be followed by a marginal uptick of 1.3 per cent growth in 2017. The pace for 2017 is slower than most of the 15 Caribbean territories on ECLAC's monitoring list, but faster than Trinidad & Tobago, Bahamas and Dominica during 2017.
(Reuters) Netflix Inc's shares jumped as much as 20 percent on Tuesday, after the company added 50 percent more subscribers than expected in the third quarter.
At least 10 brokerages, including Goldman Sachs and RBC Capital Markets, raised their price targets on the stock, praising the company's focus on developing original content.
Netflix's shares were up 18.6 percent at $118.23 in early trading, adding about $8 billion to the company's market value.
The video streaming company also said it was getting ready to spend $6 billion on content next year, up $1 billion from 2016.
"The benefits of NFLX-produced original content including attractive economics and greater control are clear and we believe returns on original spend are high," J.P. Morgan Securities analyst Doug Anmuth said in a research note.