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Guyana signs off on trade accord |
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Sunday, 26 October 2008 |
GEORGETOWN, Guyana, CMC – Less than a week after 13 Caribbean partners
signed off on the Economic Partnership Agreement (EPA) with Europe,
Guyana on Monday followed suit, with the sealing of the accord in
Brussels by its Ambassador Dr. Patrick Gomes.
The European Commission, in a brief statement, said it was delighted by Guyana’s move.
“The Commission welcomes the decision by Guyana, which will now join
the EU and its Member States and the other 13 Caribbean countries that
signed the EPA in Barbados last week in implementing the agreement by
the end of the month,” the statement said.
The signing effectively ends months of controversy that has surrounded
the agreement which will govern future trade between Europe and the
regional grouping known as CARIFORUM that includes members of the
Caribbean Community (CARICOM) and the Dominican Republic.
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Jamaica keeps Standard & Poor’s ‘B’ rating |
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Sunday, 26 October 2008 |
Standard & Poor's on Tuesday confirmed Jamaica’s ‘B’ rating on its
credit standings, but moved the island’s economic outlook from a stable
to negative.
The rating agency in its assessment, said external pressures, arguably
the current economic climate in the United States and across the world,
are likely to affect Jamaica negatively. These pressures, the report
said might reduce growth and increase the nation’s already high loans –
factors which it said might further weaken the struggling Jamaican
dollar.
Olga Kalinina S&P analyst said in a release, "Our ratings on
Jamaica are supported by the government's high primary fiscal
surpluses; timely policy response to rising pressures in the foreign
exchange market; important local capital markets; and support from the
trade unions and the business sector.”
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Chief Minister faces challenge |
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Sunday, 26 October 2008 |
BRADES – Montserrat’s Chief Minister Dr Lowell Lewis faces the most
serious challenge to his leadership since taking over the island’s top
political post following general elections in June 2006.
Opposition Leader David Brandt has filed a motion of no confidence in
Dr Lewis’ administration, eight months after the Chief Minister fired
two ministers in his coalition government and made an accommodation
with the Movement for Change and Prosperity (MCAP) to stay in office.
In a statement on Monday, Brandt, who is a former Chief Minister of
this British Overseas Territory, confirmed that he had submitted the
motion to the Clerk of the Legislative Council last Friday.
He also called on Dr. Lewis to step down, saying that his government has been one of failure.
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IMF warns of global financial meltdown |
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Sunday, 19 October 2008 |
WASHINGTON DC – The International Monetary Fund (IMF) warned Saturday
that the global financial system was on the verge of “systemic
meltdown” and said it was ready to lend to countries in dire need of
capital due to the current economic crisis.
The pronouncement came a day after leaders of the world’s largest
economies unveiled a plan designed to bring stability to financial
markets, which have been in flux over the past couple of weeks.
"Intensifying solvency concerns about a number of the largest US-based
and European financial institutions have pushed the global financial
system to the brink of systemic meltdown," IMF chief Dominique
Strauss-Kahn said.
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Government calls on financial experts |
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Sunday, 19 October 2008 |
KINGSTON – The Jamaica government has assembled a high-powered team of
the country’s top financial experts to monitor the global economic
crisis and its impact on the local economy.
Prime Minister Bruce Golding, in making the announcement Thursday
evening, said the team would be charged with determining what actions
should be taken to deal with the fall out locally.
“A team drawn has been set up to monitor and analyze, on a day-to-day
basis, developments in the global financial market to determine the
likely impact on Jamaica and to allow for timely and pro-active policy
intervention,” he said.
Over the past few days, Golding and Finance Minister Audley Shaw have
been criticized by the opposition People's National Party for stating
that Jamaica would be able to withstand the financial shock that has
been reverberating across the globe.
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