PharmaChem Technologies (PCT), the well-known Bahamian pharmaceutical company specializing in manufacturing components such as HIV antiretrovirals, announced the cessation of operations this week, after two decades of presence in the market. This unexpected closure will affect 140 workers, who will be unemployed.

The company, which had served both the local community and international markets, said in a statement that it faced unprecedented challenges, which severely impacted its ability to continue operating. “After twenty years of service, and despite our efforts, we have reached a point where it is not feasible to maintain our operations”, said PharmaChem.

The deadline for the cessation of operations is set before January 12, at which time the company will proceed to apply for a formal winding-up proceeding, in accordance with the laws of The Bahamas. PharmaChem expressed its gratitude to the employees for their commitment and dedication, promising adequate compensation.

In response to this situation, the Labour Department is committed to working closely with affected employees, offering them future employment opportunities as well as training and counselling. In addition, the Government has urged laid-off workers to consider seeking opportunities in innovative companies in the Grand Bahama region.

On the other hand, Kwasi Thompson, an opposition lawmaker, expressed his dismay and confusion at the abrupt closure of PharmaChem, criticizing the lack of prior communication to employees about the closure of the company. “We are stunned and confused by the sudden shutdown of PharmaChem, but what is most alarming is the lack of prior notice or notification to employees,” said Thompson.

This closure represents a severe blow to the local economy and to the employees who for years were a key part of PharmaChem Technologies.

K. Tovar

Source: Bancaynegocios

(Reference image source: Unsplash+)

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The Canadian government announced that Google will pay 100 million Canadian dollars (equivalent to 74 million US dollars) annually as part of an agreement to compensate media outlets for sharing news on their platforms.

Canadian Heritage Minister Pascale St-Onge reported that the figure will be adjusted annually for inflation, and the Canadian government reserves the right to review the terms if Google reaches more favorable agreements for media in other countries. .

This agreement arises as a result of the implementation of the Online News Act in Canada, which requires Google and Meta to compensate media for the dissemination of their content on digital platforms.

Despite having been approved in August, the law has not been implemented due to ongoing negotiations between the Canadian government and the technology giants. Both Google and Meta (the parent company of Facebook and Instagram) have expressed their opposition by blocking access to news in Canada.

Canadian Prime Minister Justin Trudeau highlighted that this agreement reflects Canada’s commitment to local journalism and to independent journalists who must be compensated for their work. Trudeau also criticized Meta for refusing to compensate the media, accusing the American company of completely abdicating its responsibility to democratic institutions.

Under the agreement, Google will be responsible for determining how it will negotiate with the media about the distribution of funds, in addition to committing to continue offering training programs and digital resources to Canadian information companies.

K. Tovar

Source: SFCronicle

(Referential image source: Roman Kraft, Unsplash)

Visit our news channel on Google News and follow us to get accurate, interesting information and stay up to date with everything. You can also see our daily content on Twitter and Instagram

La entrada Google will compensate Canadian media with $100 million apareció primero en Bitfinance.