Category Archives: finance and trade

The view from Europe: Tariff wars and sanctions: the new normal? – By David Jessop

 By David Jessop

The moment is fast arriving when Caribbean Governments and business will have to consider the consequences of the tariff wars and sanctions that Washington is now pursuing.

Far from reducing its ‘America First’ rhetoric and seeking compromise, the Trump Administration has become committed to weaponising its trade policy to achieve its broader political objectives. If sustained this will reshape global markets, making an equitable rules-based global trading system no longer possible.

So serious has the matter become that the Chinese government recently issued a white paper on its trade dispute with the US. The document, which has much broader relevance, sets out clearly how since President Trump took office in 2017 the US administration has threatened its major trading partners with new tariffs and introduced measures provoking frequent economic and trade friction.      Continue reading

Robert Persaud fails to explain why industry unknowns were granted oil blocks

Robert Persaud

When it comes to the suspicious award of two key oil blocks offshore Guyana to three industry unknowns, transparency advocates have thrown the burden of blame onto the shoulders of former President Donald Ramotar.

But the former Head of State is now saying that he acted on the advice and appeals of former Natural Resources Minister, Robert Persaud. Ramotar says it is he who must answer all the burning questions on the issue.
Yesterday afternoon, Persaud took to his Facebook Page and provided a statement on the matter. But his explanation had no answer for one of the many crucial questions on the minds of local critics—why were Mid-Atlantic Oil and Gas Inc, Ratio Energy and Ratio Guyana, companies which never existed before March 2013, granted rights to explore two blocks, the Kaieteur and Canje , which are located in very deep waters?      Continue reading

Guyana likely forfeited US$100 million to a Billion in signing bonuses – Dr. Mangal

….  Signing bonuses for the Kaieteur, Canje blocks–Dr. Jan Mangal

Dr. Jan Mangal

A government can obtain revenue from its country’s oil sector using several elements. One of these is a signature bonus. As the name implies, operators provide the State with a one-time payment for the privilege of being granted a licence to explore its territory for oil.

Many countries across the world employ this mechanism. In Brazil, the government was able to get US$2.4B from companies that wanted to explore its waters for oil. The same goes for CARICOM member, Trinidad and Tobago, which was able to get a US$100M signing bonus from interested operators.

But when former President, Donald Ramotar, signed away Guyana’s Canje and Kaieteur Blocks to three inexperienced oil companies days before the 2015 General and Regional Elections, no signing bonus was secured.    Continue reading

Georgetown municipality undergoing facelift for Ghana Presidential visit

Kwame Nkrumah’s bust at the Non-Aligned Monument.

Sprucing up of Georgetown, including round-the-clock rehabilitation works at the Non-Aligned Monument, continued Thursday in preparation for next week’s State visit by Ghana’s President Nana Addo Dankwa Akufo-Addo.

The West African leader is scheduled to be in Guyana from June 11 to 12 for wide-ranging discussions on areas of possible mutual cooperation including the energy sector.

Housing Minister, Annette Ferguson and City Mayor, Pandit Ubraj Narine confirmed Thursday that President Akufo-Addo is due to lay a wreath at the Non-Aligned Monument, Company Path, Georgetown. “His Excellency, the President of Ghana will be paying a visit here and the city must be in order so we are busy cleaning up various locations in the City which I think is overdue,” he told Demerara Waves Online News.    Continue reading

BREXIT: Trump: Prepare for no deal and send in Farage – BBC News

Donald Trump and Nigel Farage

Donald Trump and Nigel Farage – Trump Rally in August 2016

[BBC News – 02 June 2019]  Nigel Farage should be involved in the government’s Brexit negotiations and the UK should be prepared to leave the EU with no deal, Donald Trump has said.

In a Sunday Times interview, the US president was critical of government’s Brexit negotiations, saying it left the EU “with all the cards.”

The interview comes before his state visit to the UK begins on Monday June 3, 2019            Continue reading

The Missing Ingredient in Today’s Debates? Generosity – Gary Younge | The Guardian UK

 By Gary Younge | The Guardian UK

In the early 1960s a white student who had seen Malcolm X speak at her college went to the Nation of Islam restaurant in New York to challenge him on his philosophy.

“Don’t you believe there are any good white people,” he recalled her asking, in his autobiography. “I didn’t want to hurt her feelings,” he wrote. “I told her, ‘People’s deeds I believe in, Miss – not their words.’”

“What can I do?” she exclaimed. “Nothing,” Malcolm X said, and “she burst out crying, and ran out and up Lenox Avenue and caught a taxi”. He would later say of that encounter: “I regret that I told her she could do ‘nothing’. I wish now that I knew her name, or where I could telephone her …”

Generosity is a rare commodity in politics. That is not so surprising on the right: A politics rooted in individualism, self-reliance and private profit does not lend itself to altruism. States of penury and acts of charity are understood to emerge from entirely separate worlds. That is how George Osborne as chancellor could pauperise people with austerity and then, as editor of the London Evening Standard, run a campaign to feed the hungry without any sense of hypocrisy.        Continue reading

Guyana’s Oil: Liza Phase Two to produce 6.6M barrels per month

– gets green light from local authorities for project development

According to EPA documents, oil production from the Liza Phase Two Development is expected to last at least 20 years. EEPGL will drill approximately 35-40 wells offshore to support extraction of the oil from below the sea floor.

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The 100 Tallest Buildings in New York City – Infographic

The 100 Tallest Buildings in New York City

This visualization plots out the tallest buildings in New York City.

Two of the biggest skyscrapers, the Chrysler Building and the Empire State Building, were erected during the Great Depression and still crack the top ten list today.

The Chrysler Building was actually the first skyscraper ever to be built at a height exceeding 1,000 feet. Meanwhile, the Empire State building, which was finished one year later, was the “world’s tallest building” for nearly 40 years.

However, as you can see, the rest of the buildings on the top ten list are more recent builds. It’s a testament to how fast the skyline of New York City has changed even in the last decade.

We also highlight a few in the pipeline that will change the Big Apple’s skyline forever.

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China intensifies posture on mutual opportunities in “US backyard”- commentary

China’s foreign ministry spokesperson Lu Kang

Caribbean News Now associate managing editor
melanius@caribbeannewsnow.com

WASHINGTON, USA – At a news conference, China’s foreign ministry representative Lu Kang explained mutual opportunities and cooperation between China and Latin America countries in the “US backyard”, citing the Belt and Road Initiative (BRI), to help improve the region’s economy and bring tangible benefits of peace and stability to Latin America and the Caribbean.

This includes Ecuador, the most recent to receive approval to start the internal procedures to become one of the countries from the Pacific Alliance that will facilitate joint initiatives, especially with China.      Continue reading

China in Latin America: The US Loses its “Backyard” – By Internationalist 360

 on 

China formally invited Latin America to participate in the Belt and Road Initiative in January 2018, during its meeting with the Community of Latin American and Caribbean States (CELAC) in Santiago, Chile, where the Chinese and Venezuelan chancellors shook hands. Since then, 16 countries in the region have expressed their intention to be part of this trade connection project and have signed agreements to do so.

In addition to Venezuela, which is Beijing’s strategic ally in the construction of the multipolar world, Panama, Brazil, Mexico, Bolivia, Antigua and Barbuda, Costa Rica, Chile and Guyana have also signed trade agreements.

The global scale plan that began in 2013 with President Xi Jinping’s public announcement, envisages the strengthening of infrastructure, trade and investment between the Asian giant and approximately 65 countries, comprising 62% of the world’s population and 75% of the world’s known energy reserves.

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