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St. Vincent: Young Island Retains …….

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The economic climate has forced one this country's leading media entity to sever ties with some members of staff today Thursday December 30th 2010.

PORT OF SPAIN, Trinidad

Governor of the Central Bank of Trinidad and Tobago, Ewart Williams, has warned of a lack of confidence in the local economy.

Williams has also warned that the financial problems surrounding the troubled Colonial life Insurance Company (CLICO) would also affect the local economy and is urging the seven-month-old Kamla Persad Bissessar government to “come up with a plausible solution because we all stand to lose”.

Thousands of CLICO policyholders in the Bahamas whose policies went into limbo when the local arm of the insurance company folded up last year could expect some resolution in the matter before the end of the year.

Minister of State for Finance, Zhivargo Laing, says much work is still being done to assist policyholders.

Bermuda could be facing serious financial cuts due to poor Government revenue according to the Bermuda Democratic Alliance (BDA).

Premier and Finance Minister Paula Cox told the House of Assembly, Government received $446 million in revenue during the first half of the 2010/2011 fiscal year.

BDA Finance spokesman Michael Fahy said he believed this meant Government was 15.7 percent behind initial predictions and could be facing a $166 million shortfall if the trend continued.

But last night Ms. Cox said such a statement was “erroneous” and did not take into account that taxes are not paid evenly year round.

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