Business

Hefty salary increases and other benefits that have been recommended by a High-Level Task Force that examined demands by the Guyana Teachers Union (GTU) have triggered renewed warnings against unrealistic expectations from an oil economy, Finance Ministry sources said. The draft report, which has been already dispatched to President David Granger and is expected to be considered by the Cabinet, ...

The United States-headquartered environmental organisation, Conservation International (CI), on Friday assured that although it took a US$10 million grant from ExxonMobil Foundation for capacity building in oil-rich Guyana, its independence was still intact. “As a science-based organization in a unique position to help Guyana achieve its green development goals, Conservation International determined that this effort will achieve its goals while ...

Guyana’s parliamentary committee on natural resources committee on Friday heard accusations conflict of interest being levelled against Conservation International because it  has taken funds from ExxonMobil, a charge that was flatly rejected by the oil company. Committee Chairman, Odinga Lumumba said he was very disturbed that the United States (US)-based environmental watchdog was engaged in a conflict of interest deal ...

ExxonMobil is yet to decide on whether it would construct and manage a gas pipeline to bring natural gas ashore for Guyana Power and Light to generate electricity at a lower cost, even as the company reiterated that it is better to re-inject all of the gas to extract more oil. Country Manager for ExxonMobil, Rod Henson said there were ...

The Special Purpose Unit (SPU) of the National Industrial and Commercial Investments Limited (NICIL) on Thursday lashed out at Bharrat Jagdeo, saying that as a former President and former Finance Minister he should know that the GY$30 billion bond for the sugar industry at 4.75 percent interest rate was a good deal. The SPU further dismissed Jagdeo’s criticisms that the ...

Norway’s outstanding US$80 million payments to Guyana for the preservation of standing forests will be used to fund the purchase of solar farms to supply 100 megawatts to the national grid, State Minister Joseph Harmon said Thursday. He said the decision was reached in talks himself, Minister of Public Infrastructure David Patterson, Minister of  aural Resources Raphael Trotman and Laura ...

Rising flood waters in Lethem have forced the evacuation of 25 persons and the closure of several schools, a number of which were being used as shelters, authorities said Thursday. The flood is caused by heavy rainfall and overflowing Ireng and Takatu Rivers. Director-General of Guyana’s Civil Defence Commission, Col. Kester Craig told Demerara Waves Online News that the evacuees are in ...

Approval has been granted for the construction of a 0.95-megawatt dual hydro-system at Moco Moco and a 2.2 megawatt at Kumu in Region Nine (Upper Takutu/Upper Essequibo. That was announced by Regional Chairman, Brian Allicock, at the recently concluded Regional Toshaos’ Conference in Lethem, reported government’s Department of Public Information. The projects will be financed from funds received through the ...

Cambios and money transfer entities are to come under intensified scrutiny, against the background of an assessment showing that in Guyana money laundering is “high” and financing of terrorism is “medium”, officials said Wednesday. The announcement was made at Guyana’s Money Laundering and Terrorist Financing (ML/TF) National Risk Assessment (NRA) Seminar that was held to assess implementation efforts by the several government and ...

The Guyana Gold Board (GGB) has moved from Brickdam, Georgetown to Crown Street,  Queenstown, and already the semi-autonomous agency has had to quell concerns that the ‘gold burning’ facility there would sicken residents with mercury emissions. In a newspaper notice, the GGB told gold miners, licenced dealers and the general public that it has moved from the Guyana Geology and ...