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Manufacturers petition Govt. to remove VAT on forest products

The Guyana Manufacturers and Services Association (GMSA) has launched a petition against the implementation of the Value Added Tax (VAT) on Forest products—a move that has since increased the cost of production locally and causing local products to be unable to compete with imported products. The petition is currently affixed to saw-mills, lumberyards, community shops and GMSA Headquarters on Waterloo ...

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Trinidad’s Petrotrin ready to refine Guyana’s oil

Trinidad and Tobago will be able to refine Guyana’s oil although the quality is different, contrary to a former Energy Minister of that twin-island country, a senior official of that Caribbean nation’s oil company. Vice President (Refining and Marketing) at the Petroleum Company of Trinidad and Tobago (Petrotrin), Astor Harris told Demerara Waves Online News that Guyana’s oil can be ...

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Fuel boat explodes at Mourca

A small fuel boat  was destroyed by fire Saturday afternoon at Moruca, North West District, police said. No one was injured in the incident that occurred at about 4 PM at Green Island, Moruca. The captain of the vessel, Mr. Lindo told investigators that he was offloading fuel containers when he heard an explosion and then saw the vessel engulfed ...

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Guyana gov’t paying Republic Bank debt for owner of Marriott-branded hotel

The special purpose government-owned company, Atlantic Hotel Inc; which owns the Marriott-branded hotel cannot afford to pay its debt to Republic Bank, forcing government to pay more US$1 million every six months to prevent Guyana from losing the property, Finance Minister Winston Jordan said Friday. Jordan said the loan guarantor, National Industrial and Commercial Investments Limited (NICIL), also could not ...

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Bank of Guyana can close foreign exchange retention accounts to stem Guyana dollar decline

The Bank of Guyana (BoG) was Friday preparing to possibly more foreign exchange on the local market and Finance Minister, Winston Jordan did not rule out the closure of retention accounts of exporters to stem foreign exchange hoarding at a time when the local economy is suffering from a US$30 million decline in export earnings. After a meeting with top ...

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Looming ‘used-tyre’ ban will leave 5000 jobless ; no evidence used tyres cause accidents —GUTA

The Guyana Used Tyres Association (GUTA) is warning that should government continue with the planned importation of used-tyres into the country, as much as 5,000 persons stand to lose employment in the $100M revenue earning business—a situation that could in fact lead to a new smuggling industry. GUTA Executives made this pellucid today (March 24, 2017), when they met with ...

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Displaced Marudi miners likely to get new mining lands

Gold miners, who were displaced from the Marudi area in Rupununi, are likely to benefit from new mining lands but government first has to consider the implications for Amerindian lands and the environment. “This option is being weighed against potential implications for Amerindian titled lands and for biodiversity conservation in the region,” the Ministry of Natural Resources said in a ...

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Central Bank blames exporters’ “hoarding” of foreign currency for slide in Guyana dollar

The Bank of Guyana  (BOG) on Thursday accused exporters of causing a slide in the Guyana dollar by locking off foreign exchange in their accounts while  at the same time buying currencies on the open market. “The BOG noted that there has been hoarding of foreign currency by exporters, as evidenced by the large foreign currency balances that are being ...

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Air travel is getting more expensive…one travel agent using exchange rate of GYD$250

Less than 24 hours after a section of the business community expressed concern that Guyana’s exchange rate has plummeted to GYD$230 to US$1.00, the local company representing Dynamic Airways has informed airlines that ticket sales must be calculated at GYD$250. Checks with a number of travel agencies confirmed that Roraima Airways Thursday afternoon informed them in writing that Dynamic Airlines’ ...

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Standards Bureau gets $2 billion IDB loan to upgrade labs 

by Gary Eleazar The Guyana National Bureau of Standards (GNBS) has secured a US$9M (G$2B) loan from the Inter-American Development Bank (IDB)—monies the entity intends to put towards the improvement of its testing infrastructure and capacities, across its laboratories countrywide. The disclosure was made today (March 23, 2017)by GNBS Executive Director Candelle Walcott-Bostwick, who was at the time speaking with ...

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