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Equity Market News 06th February 2012

Equity Org Headlines:

Essar Energy adds 3 percent in mostly lower London energy sector

Antofagasta leads miners higher in London

Hunting plc leads energy sector lower

Sports Direct International leads London retailers higher

Pace plc drops 40 percent on profits warning

Royal Bank of Scotland leads London banks lower

Royal Bank of Scotland leads banks, FTSE 100 higher in London

Lloyds Banking Group drops 8 percent on first-quarter loss

Lloyds shares down on PPI claims

Aquarius Platinum adds 7 percent amid mostly lower mining sector

24/06/05

Permalink 06:48:26 pm, Categories: Americas, 214 words  

European Union cuts sugar subsidies

Proposed cuts in sugar subsidies paid by the European Union have Caribbean nations that have traditionally exported sugar to Europe wondering why they were not consulted about the new proposal in any meaningful way and why they are being given such a short time to adjust to the changes the cuts will bring.

The EU proposed this week to cut guaranteed sugar prices by 39 percent. The proposed plan gives the sugar producers only two years to make needed changes in their operations in order to compensate for lost revenues. Even though the prices the EU would pay under the plan are still over twice free market prices, the cuts will still be a burden on the nations affected.

In Guyana, which along with Jamaica will be most heavily hit by the cuts, 750,000 people make their living working in the sugar industry. The proposed EU cuts will cost the country $40 million (£22 million) in export revenues, over six times the $8 million in relief that the nation expects to receive from the recent G-8 debt relief program.

Jamaica has plans to develop alternate uses for sugar such as ethanol production and Gagasse-based generation of electricity, but officials say they will need more time than they would have under the EU proposal to put those plans into use.

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