Netflix plans to borrow another $2 billion to help pay for the exclusive series and movies that its management credits for helping its video streaming service reel in millions of new subscribers during the past five years.
The additional debt load announced Monday isn't a surprise. Netflix needs more cash because it has been spending more money than its business generates since its expansion into original programming with the 2013 release of "House of Cards."
Netflix expects to burn through $3 billion this year. The $2 billion that Netflix plans to raise in a bond offering will be lopped onto its existing debt of $11.8 billion. That includes another $1.9 billion debt offering that Netflix completed earlier this year.
The borrowing binge appears to be paying off. Netflix has gained nearly 100 million subscribers since September 2013, including 7 million in the past quarter. The company recently predicted it will add another 9.4 million subscribers by the end of this year.
Investors have been betting heavily on Netflix to win. The company's stock is worth seven times more than it was five years ago, to give Netflix a market value of about $146 billion.
Hurricane could sour Tupelo Honey supply
Hurricane Michael toppled beehives and stripped flowering plants across Florida's Panhandle, threatening tupelo honey production in a tiny community that is the primary source of the sweet delicacy.
Tanker trucks of corn syrup and tens of thousands of pounds of synthetic pollen are being rushed to beekeepers from the Gulf of Mexico to the Georgia state line to feed surviving bee colonies that also pollinate crops such as watermelons, cantaloupes and blueberries.
"Just feeding my bees is the biggest concern," said Gary Adkison, a Wewahitchka beekeeper. "There's no nectar."
Adkison, who named his Blue-Eyed Girl Honey for his granddaughter, lost about 50 of his 150 hives to the storm, each containing 30,000 to 40,000 bees. About 500 beekeepers are registered in Florida's Panhandle, with more than 1.2 billion bees in their colonies, according to the University of Florida's Institute of Food and Agricultural Sciences. They range from hobbyists to mom-and-pop businesses to large commercial operations.
Puerto Rico aid rises from Maria
The executive director of a federal control board that oversees Puerto Rico's finances said Monday that the island is likely to receive $20 billion more than initially estimated in federal relief as it rebuilds from Category 4 Hurricane Maria.
Overall, Puerto Rico is slated to receive $82 billion, said Natalie Jaresko, warning that the funds will help the struggling economy to rebound but that gains will be short-lived unless there are tax and labor reforms.
"It continues to be absolutely critical," she said of the reforms, which she did not specify. "We may have lost a window of opportunity."
Jaresko met with reporters to outline a new fiscal plan for the U.S. territory, which has been in a recession for 12 years and is trying to restructure part of its more than $70 billion in public debt.
The board is scheduled to approve the new plan on Tuesday, although it's unclear whether the island's government supports it. A spokesman for Christian Sobrino, the government's representative on the board, did not immediately respond to a request for comment. Government officials have previously rejected portions of the original plan.
The revised five-year fiscal plan, which serves as an economic blueprint for the island, anticipates a 6 percent increase in revenues and a 7 percent decrease in expenditures for this fiscal year.
Raw materials use on the rise
The Organization for Economic Cooperation and Development is warning that the world's consumption of raw materials will rise sharply, putting greater pressure on the environment.
The Paris-based think tank said Monday that with a growing global population and rising living standards, the amount of raw materials used each year will increase to 167 gigatons by 2060, from 90 gigatons today.
The OECD says increased extraction and processing of wood, oil, gas, metals and building materials "is likely to worsen pollution of air, water and soils, and contribute significantly to climate change."
In a report presented during a meeting in Yokohama, Japan, the OECD says carbon emissions from burning of fossil fuels and production of iron, cement and other materials could almost double to 50 gigatons of CO2 equivalent by 2060.