Daily Archives: 03/31/2012

President expresses optimism after visit to offshore oil rigs

President expresses optimism after visit to offshore oil rigs

   – REPSOL and CGX see positive signs

Georgetown GINA, March 30, 2012

Guyana’s domestic economy is poised for significant development over the coming years with the extractive industries playing a great part. Oil is one of the most looked forward to industry with Government having high expectations of a find.

On March 30, President Donald Ramotar had the opportunity to visit the two offshore oil rigs, REPSOL and CGX offshore Guyana during which he expressed optimism for an oil discovery.
Accompanied by First Lady Deolatchmee Ramotar, Minister of Natural Resources and the Environment Robert Persaud and other officials, President Ramotar was able to observe operations on board both rigs and view promising samples on the REPSOL rig.

An aerial view of the CGX’s rig working on the Eagle well Continue reading

Guyana: 2012 National Budget – Summary (GINA)

Guyana: 2012 National Budget – Summary (GINA)

Finance Minister presents whopping $ 192.8B national budget
-exemplifies a continuation of economic growth

Georgetown, GINA, March 30, 2012

Dr. Ashni Singh

History was again made today in the National Assembly as Minister of Finance, Dr. Ashni Singh presented Guyana’s largest national budget; the first in the life of the Tenth Parliament. Presented under the theme, “Remaining on course, united in purpose, prosperity for all”, budget 2012 worth $192.8B, is fully financed without the introduction of any new taxes.

Minister Singh in his succinct presentation said that with the new parliamentary dispensation, whereby the governing Party does not hold an absolute majority, beckons the country into a new political epoch and heralds an opportunity for the nurturing of a new political culture.
“Budget 2012 comes to this House when the Guyanese economy is at its strongest in recent memory. Our productive base is showing increasing signs of resilience and dynamism and is more diversified than ever before, with real growth in gross domestic product averaging 4.4 percent over the past five years,” he said…..

Read complete summary: Guyana 2012 National Budget – Summary (GINA)

— Post #1245

Cricket Updates: West Indies vs Australia

West Indies v Australia, 2nd Twenty20, Bridgetown

West Indies draw series with 14-run win

West Indies 160 (Smith 63, Lee 3-23) beat Australia 146 for 9 (Warner 58, Samuels 3-23, Edwards 3-23) by 14 runs
Scorecard and ball-by-ball details

Fidel Edwards and Marlon Samuels bowled West Indies to a 14-run victory to draw the Twenty20 series 1-1 in Barbados. Dwayne Smith and Johnson Charles started the day with a strong, aggressive opening partnership and despite Australia’s bowlers fighting back to dismiss West Indies for 160, it proved to be sufficient for the hosts as Australia’s batsmen stalled in the chase after David Warner’s quick opening.

Too much was left for the final few overs for Australia, who needed 50 from the last five overs and then 19 from the last six balls, bowled by Dwayne Bravo. David Hussey was the only specialist batsmen left at the crease but he couldn’t launch the boundaries required off Bravo, who picked up two wickets in that final over as Australia fell well short of their target.  [read more]

TOUR RESULTS TO DATE: (click game title for more info)         Continue reading

Budget 2012: Income tax threshold, old age pension increased; Opposition unimpressed

Budget 2012: Income tax threshold, old age pension increased; Opposition unimpressed

(Demerara Waves – March 30, 2012)

Dr. Ashni Singh

Increases in the income tax threshold, old age pension and public assistance were not enough to impress the opposition when finance minister resented the GUY$192.8B 2012 National Budget on Friday March 30, 2012.

The minister concluded his almost three-hour presentation to the National Assembly with the relief measures.

“Public assistance is currently paid at a monthly rate of $5,500 to approximately 9,000 beneficiaries, Budget 2012 provides for public assistance to be paid with effect from 1st May, 2012 at a rate of $5,900, a seven percent increase,” Dr. Singh announced to cries of “shame shame” from the opposition.

Turning to old age pension the minister revealed that the monthly amount would be increased from $7,500 per month to $8,100 per month and will also take effect from May 1. (Note: $G1M = app US$5,000)

Continue reading

Where are businesses in Caribbean business?

Where are businesses in Caribbean business?
By Sir Ronald Sanders
Published in Caribbean News Now     

The countries of the Caribbean Community and Common Market (CARICOM), with the exception of Guyana and Suriname, are each experiencing severe decline in their economies. The small Leeward and Windward Islands are worst affected, and so too is Barbados.

Sir Ronald Sanders is a 
business executive and 
former Caribbean diplomat
who publishes widely 
on small states in the global 
community. Reponses to: 

Governments are struggling to find ways in which to spur economic activity that could produce growth. Meanwhile, unemployment and poverty are growing. Unemployment is highest amongst the youth, making for an alarming situation.

Presenting a lecture to students of the University of the West Indies recently, I received the greatest applause and nods of approval, when I lamented the fact that there were now many graduates of the University who were unable to find jobs that correspond to their level of qualifications, if they could find any jobs at all.

In this regard, many Caribbean countries are like pressure cookers, waiting to explode. Only migration and remittances from family abroad are easing the pressure. But, even these valves are not sufficient to relieve discontent completely. Continue reading

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