Category Archives: finance and trade

OIL: With two-year deadline… Guyana running out of time to audit Liza One and Two

– will be forced to accept US$10B costs – IMF

The International Monetary Fund (IMF) has warned Guyana since 2016, that one of the most critical challenges it faces is conducting effective cost audits, especially when it is taken into account that the Stabroek Block Production Sharing Agreement (PSA) with ExxonMobil only gives the nation a two-year window to contest unreasonable and/or inflated costs.

With such a timeline, it would mean that the country has to act swiftly or else, those costs as reported by the oil giant would have to be accepted, the IMF cautioned.  Continue reading

GUYANA: Gov’t and Exxon not seeing eye to eye on several issues in Payara permit

Vice President (VP), Dr. Bharrat Jagdeo, yesterday informed the press that several issues remain in the Field Development Plan (FDP) for ExxonMobil’s Payara project, on which the Government and the company do not see eye to eye, but that negotiations are ongoing and the administration’s fulfillment of its promises is a work in progress.

Dr. Bharrat Jagdeo  and Dr. Irfaan Ali

The President, Dr. Irfaan Ali said that he has asked the Vice President, as well as Minister of Natural Resources, Vickram Bharrat to examine the issues surrounding the Payara project on a daily basis, to advise and inform him.  Continue reading

OPINION: “How The 2021 Housing Crash Will Occur” – By Sven Carlin on YouTube

  • EDITORS’s NOTE – Guyanese Online
  • This video focuses on the USA, but Canada and UK real estate have similar problems.
  • At present, about 45% of our readers live in the USA; 22% live in Canada, and 7% live in the UK.

Let’s talk about the 2021 housing crash and what will be the causes of the potential collapse…

By Sven Carlin (Expert Investor) Portfolio & Free Investing Course: 

“I don’t know if you guys remember what happened around 2007, 2008 when it came to the housing market. Put simply, banks became loose with their lending policy, people borrowed a lot to buy a house, house prices shot up into a bubble and eventually that bubble popped. Now the interesting / slightly scary thing is, that something similar is happening today.          Continue reading

COVID-19: Push to get staff back to offices amid warning of UK’s ‘ghost towns’ – The Guardian UK

Labour criticises ‘unconscionable’ plans as ministers would warn employees vulnerable to being sacked

Financial districts like London’s Canary Wharf have become ‘ghost towns’ amid the pandemic. 

Press Association = Fri 28 Aug 2020  – THE GUARDIAN UK
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The television and newspaper messages will promote the government’s aim to reduce the number of employees working from home amid fears that town and city centres are becoming ghost areas as workers stay away.          Continue reading

GUYANA: Cocaine Smuggling: Serious deficiencies exposed in GRA’s system – CANU report

Nand Persaud, Berbice’s biggest rice miller

A major investigation involving the seizure of one and a half tonnes of cocaine by German authorities in a container of rice that came from Guyana, has raised troubling questions about the system at Customs.

It appeared that local investigators, including those from the Customs Anti Narcotic Unit (CANU), were stumped when it was discovered that the Guyana Revenue Authority (GRA) system, called Automated System for Customs Data (ASYCUDA), was reflecting something other than what left Guyana.      Continue reading

COVID-19: Worse Than 9/11 – The Decline of New York City – Opinion

Worse Than 9/11

New York City Boroughs Map – click to enlarge

NYC always bounces back… right? “No. Not this time,” says James Altucher, inveterate resident and lover of all things Big Apple

  • NYC comeback? “Not this time”
  • James Altucher watches the dominos fall
  • Gimme shelter: New York refugees
  • Real estate’s death spiral
  • New York (uncertain) state of mind

While optimists argue: “NYC is the center of the financial universe. Opportunities will flourish here again.”

Or this: “NYC has experienced worse.”

James counters: “Not this time”… and “no it hasn’t.”

Take Midtown Manhattan — the city’s business center — for example. Virtually empty these days…

Continue reading

US ECONOMY: Why cash has been piling up during the pandemic – The Economist

Consumers are hoarding banknotes. And perhaps crooks are struggling to launder their ill-gotten gains

Graphic detail  – Aug 13th 2020 – The Economist
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Trinidad Elections: Boycott over race rant by relative of Ramsaran Dairy Products

— ‘Racist’ rant online leads to firing, products removed from stores…

A rant on social media deemed to be racist and highly offensive has led to the firing of a close family member and employee of popular drinks manufacturer Ramsaran’s Dairy Products, as well as a mass boycott of the products.

The Supermarkets Association of Trinidad and Tobago has urged its 300-plus members to “immediately” boycott the brand.

Five supermarkets—Massy Stores, Xtra Foods, Persad’s D’ Food King, JTA and West Bees—confirmed yesterday they were pulling Ramsaran’s products from their shelves “with immediate effect”.   

Continue reading

TRAVEL: Investors showing interest in LIAT – says Antigua’s PM Browne

Caribbean Media Corporation (CMC) -Added 10 August 2020

St John’s Antigua – Prime Minister Gaston Browne says while the situation with the cash-strapped regional airline, LIAT, remains “tenuous” it could resume flights to some destinations even as the administrator continues his work as part of the reorganisation of the airline.
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Browne, who has been against any plans to liquidate LIAT (1974) Limited, said interest is being shown in the airline by investors, some as far away as Africa. 
“So there are some prospects that the administrator is pursuing and we believe that ultimately, on the basis that the administrator is successful in getting the cooperation of creditors, LIAT will be reorganised and be back in the air and take its pole position,” Browne said.            Continue reading

BUSINESS: GOLD: After Covid-19; just how high will prices go in the 2020 gold rush?

The precious metal has passed $2,000 an ounce and analysts believe it will rise a lot further

Rupert Neate Wealth correspondent –Thu 6 Aug 2020 15.27 BST – The Guardian

 In the five trading days to 3 August the total volume of gold traded was 251m ounces, worth £133bn. 

The price of gold soared to a record $2,047 (£1,538) on Wednesday as investors panicked by fears of a second wave of the coronavirus pandemic rushed to buy the yellow metal as a safer place to store their wealth.

The gold price has risen by 34% since the start of the year, and this week broke through the $2,000 an ounce barrier and kept rising, as investors worry about Covid-19, as well as rising geopolitical tensions and the weakening of the US dollar.      Continue reading