Category Archives: finance and trade

TRAVEL – TOURISM: The coronavirus will hit the tourism and travel sector hard

Professor, Law and Economics of Tourism, University of Guelph

China’s tourism sector has been devastated by the latest coronavirus outbreak, but the impact is being felt around the world and in many industries

The spread of infectious diseases is invariably linked to travel. Today, tourism is a huge global business that accounts for 10.4 per cent of global Gross Domestic Product (GDP) and 10 per cent of global employment.

Nothing seems to slow its growth as year-over-year increases outpace the economy. The United Nations World Tourism Organization is predicting further growth of three per cent to four per cent in international tourist arrivals for 2020, with international departures worldwide particularly strong in the first quarter of this year.

But that was before a new coronavirus (formally known as 2019-nCoV) hit China and then very rapidly started spreading to the rest of the world with 20 countries and counting isolating cases.              Continue reading

US economy under Trump: Is it the greatest in history? – Reality Check – BBC News

Card with President Trump on the left and the quote "Our economy is the envy of the world. Perhaps the greatest economy in the history of our country."

Claim: President Trump often says the US economy is on an historic high, perhaps the greatest it’s ever been.

Speaking at his State of the Union address in February, he reinforced those claims by hailing his pro-growth policies which he says have helped Americans with jobs and wages.

Reality Check verdict: It’s true the economy has been doing well – but there have been periods when it was even stronger.

And the trade war with China, rising tensions in the Middle East and fears over the health of the global economy have unsettled markets at various points, and led the US central bank, the Federal Reserve, to lower interest rates.

Continue reading

GUYANA: CMEI to build two branded hotels at Ogle – one is a Hilton

Stabroek News February 15, 2020
Mike Elliott

Mike Elliott -CMEI

A group of businessmen in the Caribbean Marketing Enterprise Inc (CMEI) are building two branded hotels on 20 acres of land at Ogle and a sod-turning ceremony will be held on Wednesday February 19, 2020.

The announcement today by government holding company NICIL, comes on the heels of last week’s sod-turning for the AC Marriott at Ogle to be financed by Trinidadian businessman John Aboud.

It is expected that one of the two hotels to be built by CMEI will be a Hilton-branded one.      Continue reading

Guyana: Oil: PPP gov’t would renegotiate deals for Kaieteur; Canje and other blocks – Jagdeo

PPP ‘s Bharrat Jagdeo

CARICOM: Canadian Prime Minister To Meet With Caribbean Leaders

Canadian Prime Minister To Meet With Caribbean Leaders

Canadian Prime Minister, Justin Trudeau.

OTTAWA, Ontario, February 11, 2020 (CMC) – Prime Minister, Justin Trudeau, will meet with Caribbean Leaders during their 31st inter-sessional summit in Barbados, on Tuesday, next week, the Guyana-based Caribbean Community (CARICOM) Secretariat has confirmed.

The Secretariat said that Trudeau will meet with the leaders of the 15-member regional grouping on the first day of their two-day summit that will be held at the Lloyd Erskine Sandiford Centre, on the outskirts of the capital.

He is also scheduled to hold bi-lateral discussions with the CARICOM Chairman and the host, Prime Minister, Mia Mottley.    Continue reading

Business: Caribbean Startup Investment Summit: Guyana and Jamaica: NYC: April 17. 2020


Oslene Carrington.  Chief Executive Officer

The Guyana Economic Development Trust
200 West 39th Street, #120
New York, NY 10018.  USA
The Economic Development Fund, Inc.
Lot 2 Soesdyke
East Bank Demerara


BANKS DIH Ltd Shareholders Meetings – January 2020

– by Francis Quamina Farrier

Following the principal BANKS DIH Ltd. Annual Shareholders Meeting at Thirst Park in Georgetown on Saturday, January 25, Company Chairman Clifford Reis and Directors, travelled to Airy Hall on the Essequibo Coast last Sunday, for the first of four Annual Shareholders Branch Meetings. On Wednesday January 29, the Chairman and Directors then travelled to Bartica, some 55 miles further south, up the Essequibo river from Airy Hall, for the second annual BANKS DIH Shareholders Branch meeting of 2020.  Continue reading

RUSAL suspends operations; informs Labour Ministry 326 workers sent home

RUSAL, the Russian-owned bauxite company, announced that they have sacked more than 300 Guyanese, bringing the total to a whopping 614 workers left without a job. The company has also pulled its expatriate employees and suspended local operations in the Berbice River.

RUSAL representative Vladimir Permyakov (left), Social Protection Minister Amna Ally (Centre), Minister Keith Scott (second right) and Chief Labour Officer Charles Ogle (Right) at the meeting

The company in a statement issued yesterday, cited “industrial unrest, including arson and other destruction of corporate property, and blocking of the river” as the main factors for the suspension.      Continue reading

Guyana Bauxite Mining: Rusal tells GRA auditors: “leave or we leave”

GRA’s Godfrey Statia

The startling disclosure was made Friday by Commissioner-General Godfrey Statia during a press conference.

The Russian-controlled company is under fire, for the umpteenth time, for not only its labour practices but for taxes and other issues.

A few months ago, questions were raised over possible abuse of duty free concessions on fuel and dividends paid to the Government of Guyana.        Continue reading

Guyana: GTT pays money to Court Registry for shares sold to Chinese company

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