Business

The US$18 million ExxonMobil signing bonus, which was  initially deposited in the Bank of Guyana, has been transferred overseas to an interest-bearing account, Finance Minister Winston Jordan said. “If it stays here, it will sit down doing nothing. It can’t earn interest if it stays here so it’s in matured US treasury bills, Canada bonds…,” he said. US$36,163 in interest ...

Guyana will be spending US$20 million on preparing the country get its rightful share of earnings that oil companies like ExxonMobil have agreed to pay government, Finance Minister Winston Jordan said Friday. “Unless we can get processes, legislation, bodies and monies all coming together, it will be a difficult proposition trying to match our wits with a giant like ExxonMobil,” ...

Opposition Leader Bharrat Jagdeo came out in swinging defence of former Finance Minster, Dr. Ashni Singh and former Head of the Privatisation Unit, Winston Brassington who have been charged with misconduct in public office. “In three years, that’s all you can charge for ? procedural errors and we don’t believe they are procedural errors,” Jagdeo told a news conference. He ...

Former Finance Minister, Dr. Ashni Singh and former Head of the National Industrial and Commercial Investments Limited (NICIL)/ Privatisation Unit, Winston Brassington were Thursday given until early next month to make an appearance in connection with the sale of three plots of land for a total of more than GY$900 million. Three charges of alleged misconduct in public office were ...

Former Finance Minister, Ashni Singh and former Head of the Privatisation Unit, Winston Brassington have been charged in connection with the sale of threw plots of land. Their lawyer, Anil Nandlall said they have been charged with three counts f misconduct in public office. Nandlall said it has to with the sale of the three plots of land on the ...

Six men have been arrested in connection with the alleged discovery of four handguns and numerous rounds of ammunition, after they failed to rob an East Bank Demerara poultry farmer, police said. The Guyana Police Force said two 9 MM Glock pistols, one of whose serial number was filed out, along with twenty two live rounds; one Beretta pistol with ...

President David Granger on Wednesday said government would be turning its attention to overseas hire experts to staff the Department of Energy in the Ministry of the Presidency. With a road-map already in place, the Guyanese leader said the search would extend for a building and “quality personnel” for the Department. Saying that already “there is progress”, Granger acknowledged that one ...

Minister of Foreign Affairs, Carl Greenidge said none of the US$18 million ExxonMobil signing bonus has been spent so far on legal fees for the Guyana-Venezuela border controversy case at the International Court of Justice (ICJ). He said US$15 million of the entire bonus have been set aside for legal fees, but government might need to find more money as ...

The Georgetown Chamber of Commerce and Industry (GCCI) and the Movement Against Parking Meters (MAPM) on Monday announced that they would be filing objections to the parking meter by-laws. Approved last week by 13 of the councillors who were present, the by-laws have been posted up at several locations across the City for 14 days to allow citizens to make ...

Reproduced from Bloomberg Exxon Mobil Corp. got such a “favorable” deal from Guyana, home to the biggest new deepwater oil play, that the tiny South American country should rewrite its tax laws, the International Monetary Fund said. While Guyana should honor the existing deal, future contracts should ensure the state gets a higher portion of crude proceeds, the fund said in a report ...