Category Archives: finance and trade

Venezuela: Russia and hemispheric geopolitics – Stabroek News Editorial

October 15, 2019 – 12:21 am

Stabroek News – October 13, 2019

A number of news organisations, including the BBC, have produced pieces on Russia’s growing global reach, and President Vladimir Putin’s apparent mission to re-establish his country’s influence in world affairs and engineer a return to spheres of influence. He has been aided by the carelessness, lack of judgement and sometimes arrogance of the West, which made it possible for him to make Moscow a player in the Middle East, take the Crimea and bring eastern Ukraine under its ambit.

But all of this, while of interest to Guyanese on account of the small world we live in, is not of immediate moment. In contrast, Russia’s actions across our border are. Once again, with Washington taking the lead, the West made a strategic miscalculation in de-recognising Nicolás Maduro as Head of State and Government in Venezuela, and according interim presidential status to Juan Guaidó.              Continue reading →

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No kickback, no contract… Accusation of: How GuyOil terminated contracts

October 14, 2019 – 12:16 am

Oct 13, 2019 Kaieteur News

A Trinidadian company is preparing to file legal actions to recoup losses after what it alleges is a clear attempt to force it to pay a bribe. The transactions involved the state-owned  Guyana Oil Company (GuyOil). 

Earlier this year, between May and July, the company, Commissiong and Company Limited of San Fernando, Trinidad, signed three contracts with GuyOil.
Signing on behalf of the Trinidad company was Managing Director, Nirmala Rambharat, while representing GuyOil was Stephen Nascimento, Facilities Manager.
The contract was for the construction and erection of two 10,000 barrel storage tanks at GuyOil’s Providence terminal.        Continue reading →

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The Business of Tourism – Reassessing the role of Cruise Tourism – By David Jessop

October 12, 2019 – 12:38 am

David Jessop

  By       

Cruise tourism has become a big business, with the Caribbean now accounting for more than 35 per cent of all such vacations globally. This year more ships will sail in or through Caribbean waters than in any other part of the world, with many of the one hundred plus new vessels under construction destined to do the same.

Despite this, no government or industry body has yet been able to focus with any success on how little the cruise lines contribute to Caribbean development, government revenues, or the local economy. Nor have they found ways that equitably relate cruise tourism to the now regional economic importance of the hotel sector, the ancillary onshore demand that long-stay visitors create, or the higher taxes they pay.              Continue reading →

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Infographic | Visualizing Global Attitudes Towards Retirement

October 10, 2019 – 12:17 am

Visualizing Global Attitudes Towards Retirement

Around the world, people have different attitudes towards what to expect in their retirement years.

Statistics show that not having enough money at retirement is a nearly universal issue, and 51% of employees with a workplace pension are worried that they won’t make enough to live their ideal retirement life.

Of course, there are always notable exceptions to every rule.

Does reality match expectation?
> Read more

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David Jessop | Relating To A Much-Changed Europe and the Caribbean

October 9, 2019 – 12:09 am

Published:Sunday | October 6, 2019 – Jamaica Gleaner

AP Photo — Ursula von der Leyen could become president of the European Commission.
The spectacle of Britain all but tearing itself apart over its future relationship with the European Union has been unedifying.

Now, however, after months of political, legal, constitutional, and parliamentary wrangling, the indications are that very soon, Britain, in one or another way, will leave.

As a fail-safe, the Caribbean has agreed the text of a Cariforum-United Kingdom Economic Partnership Agreement, or EPA, which can be rapidly approved in the event of a hard Brexit. This will, if required, provide Caribbean exporters of goods and services to the UK near identical market access terms to those it has under the EU-Cariforum EPA.              Continue reading →

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Guyana: There is a shortage of US dollars in the streets: Selling price to over $230.

October 6, 2019 – 2:40 pm

( Oct 06, 2019  Kaieteur News ) There is a shortage of US dollars in the streets and it has sent the selling price to over $230.

Bank of Guyana Building.

Yesterday, the different cambios were selling for as high as $233 for one US dollar.
It would be highest in years with knowledgeable persons predicting that the situation will only get worse.

At the banks, the exchange rate for wire transfers was $218. In fact, the commercial banks had significant funds to conduct and make payments for businesses.

It was on the road that the problems existed.              Continue reading →

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US Economy: US unemployment rate falls to 50-year low of 3.5% – The Economist

October 5, 2019 – 12:05 am
Ford workersThe US unemployment rate has fallen to a 50-year low, possibly easing recession worries after recent weak economic data.

The Labor Department figures showed that the rate fell to 3.5% in September from 3.7%, with the economy adding 136,000 jobs last month.

In addition, August data was revised up to 168,000 jobs created instead of the previously reported 130,000.  However, wage growth was unchanged and manufacturing jobs fell in September.

The report came on the heels of a string of weak economic reports, including a plunge in manufacturing activity to more than a 10-year low in September and a sharp slowdown in services industry growth to levels last seen in 2016.

READ MORE

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Georgetown. Guyana: The Popular Shanta’s Puri Shop on Camp Street for sale

October 4, 2019 – 9:48 am

Shanta’s Puri Shop on Camp Street

Shanta’s Puri Shop on Camp Street
By 

After a court battle over the ownership of the building housing the popular Shanta’s Puri Shop on Camp Street concluded last year, owner Deodat Persaud has decided to sell.

An advertisement in yesterday’s Sunday Stabroek announced the sale and Persaud, who said, “Shanta’s is a national institution and has good history in Guyana,” confirmed that he was selling.          Continue reading →

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UK says no decision taken on next phases of two major infrastructural projects

September 29, 2019 – 12:12 am

— more fallout from gov’t breaching of constitution

From left are Minister of Finance Winston Jordan, Minister of Public Infrastructure David Patterson, British High Commissioner to Guyana Greg Quinn and other officials in 2016 at the launching of the programme. (SN file photo)
From left are Minister of Finance Winston Jordan, Minister of Public Infrastructure David Patterson, British High Commissioner to Guyana Greg Quinn and other officials in 2016 at the launching of the programme. (SN file photo)
By 

In a clear sign of the jeopardy facing the Guyana Government for not holding general elections by September 18, the UK High Commission today said that no decisions have been taken on the next phases of two vital projects: the road between Linden and Mabura and the development of the Kingston-Ogle seawall.

The British High Commission here today issued the following statement:                Continue reading →

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Guyana: Trial of Former Permanent Secretary Omar Shariff and wife continues

September 29, 2019 – 12:12 am

 Sep 28, 2019 Kaieteur News – By Trishan Craig

“I did not breach the court order,” were the words of former Permanent Secretary (PS) of Ministry of the Presidency, Omar Shariff, during the

Omar Shariff and wife Savitri Hardeo

continuation of his trial before Senior Magistrate Fabayo Azore in the Georgetown Magistrates’ Courts.

Shariff has been under investigation where over $500M could not be accounted for in payment to the Public Service Ministry.  Investigators found several large sums passing through his bank accounts and launched a separate probe.

That investigation was probing how billions of dollars passed through Shariff’s bank accounts from as far back as 2010, following records showing that he and his wife purchased shares in companies which were placed in her name.

There were hundreds of transactions in several bank accounts which were held at different commercial banks.

Continue reading →

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