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Finance

Scrap taxes instead of giving ‘oil money’ handouts – Investment Fund Manager

The idea of handing out ‘oil money’ to Guyanese continues to get low marks from experts such as Finance Minister Winston Jordan and Investment Fund Manager, David Pollard. Delivering a public interest lecture on the “Impact of Oil Revenues on Guyana” under the auspices of the Guyana Securities Council, Pollard made it clear that cash handouts would encourage laziness among ...

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President blocks imprisonment of Finance Minister; GRA claims GYD$527m in taxes from Dipcon

President David Granger on Monday blocked Finance Minister Winston Jordan from going to jail for 21 days for contempt of court for failing to pay Dipcon Engineering Services Limited US$2.2. million plus costs in keeping with a court order that dated back to 2009 under the previous administration. “Now, therefore, by virtue of the powers vested in me under Article ...

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Caribbean economist urges governments to reduce air fares

Director of Economics at the Caribbean Development Bank (CDB), Justin Ram has slammed regional governments for the high cost of air travel and he has called on them to slash the taxes and rake in more value-added and income taxes. “What I’m saying to governments—and I go all over the Caribbean—I say to governments: ‘stop being so myopic, reduce taxes ...

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Ghana to help Guyana’s energy sector

Ghana’s President, Nana Akufo-Addo has agreed that his country would help Guyana’s energy sector, Director-General of the Ministry of the Presidency, Joseph Harmon said. Briefing the media after Akufo Addo was conferred with Guyana’s national award, the Order of Excellence by President David Granger, Harmon said the technical assistance cooperation would be provided free of cost. “This is very important ...

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‘No oil blocks investigator contacted me’; probe will prove deals above board – Former Natural Resources Minister

Former Minister of Natural Resources, Robert Persaud on Sunday said no government investigator has questioned him concerning the issuance of oil concessions and he and members of the then People’s Progressive Party Civic (PPPC) administration were not worried about an independent probe. Officials of the State Assets Recovery Agency (SARA) less than one month ago caused quite a stir locally ...

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GuySuCo denies withholding information from NICIL on spending GYD$30 billion

The Guyana Sugar Corporation (GuySuCo) on Tuesday denied accusations that it has not been accounting for more than GYD$7 billion disbursed from a GYD$30 billion bond, and insisted that it does not have to report to government’s holding company for state assets. GuySuCo’s Chief Executive Officer, Dr. Harold Davis Jr., in an initial reaction pending a comprehensive response to claims ...

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GuySuCo not showing how GYD$30 billion bond being spent; bondholders “unhappy”- NCIL

The National Industrial and Commercial Investments Limited (NICIL) on Monday said holders of a GYD$30 billion bond to help revive the Guyana Sugar Corporation (GuySuCo) have begun asking questions about how the State-owned corporation has spent GYD$7.4 billion dollars disbursed so far. “The bondholders and the trustees are not happy with the information coming from NICIL,” Head of NICIL, Colvin ...

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Republic Bank confirms Visa Debit card fraud; security being tightened

Republic Bank on Wednesday has confirmed that some of its customers have been impacted by recent fraudulent activity on its Visa International Debit cards. Following is the remainder of the Republic Bank statement. Through its robust monitoring systems, the Bank was able to quickly identify cases where customers’ cards were compromised and was able to effectively minimise the risk to ...

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Remaining off the blacklist key to oil sector – former Caribbean anti-financial crimes boss

Former Executive Director of the Caribbean Financial Action Task Force (CFATF), Calvin Wilson on Saturday cautioned that if Guyana does not maintain a clean bill of financial health, oil companies and staff would encounter bottlenecks in sending their profits and earnings overseas. He told a media workshop organised by the Guyana Press Association (GPA) that if Guyana does not satisfy ...

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