Business

Minister of Natural Resources, Raphael Trotman on Monday defended the 2016 agreement between United States (US) oil giant, ExxonMobil, and Guyana, saying that there were several risks including Venezuela’s unresolved border claim. “They were the only company willing to operate in certain areas and that is areas tending towards the north-west- the Venezuelan border-there were no other takers and so ...

Leader of the Alliance For Change (AFC), Raphael Trotman on Monday said government was aware that GY$500 million would be insufficient to pay severance to the 4,000 laid off sugar industry, but the reality is that it could only have budgeted in 2018 what it could afford due to, among other reasons, prisons security. “It was not that we (cabinet) ...

The Special Purpose Unit (SPU) of the National Industrial & Commercial Investments Limited (NICIL) on Monday announced that PricewaterhouseCoopers (PwC) commenced the process of the valuation of GuySuCo assets today. SPU-NICIL said PwC’s work on the GuySuCo project is expected to last eight months- that is around mid September. PwC was selected from a field of the top four international financial ...

Minister of State, Joseph Harmon on Friday slammed the opposition People’s Progressive Party Civic (PPPC) for failing to propose a rescue plan for the ailing Guyana Sugar Corporation (Guysuco), even as he said government was willing to accept a “workable” plan from other stakeholders at a time when there is exciting interest from prospective investors. “What is important to note ...

The Guyana Agricultural and General Workers Union (GAWU) is challenging the legality of government paying half of the severance pay to 4,000 former workers of the state-owned Guyana Sugar Corporation (Guysuco) by month-end. “It seems that while the grass is growing the horse is starving and it is apt to note that the workers’ redundancy payments are a legal requirement. ...

  The Ministry of Public Infrastructure (MOPI) on Thursday said it has begun efforts to access a US$200,000 bond to refund passengers who were left stranded by Dynamic International Airways, LLC. Government says the passengers will be pad back in collaboration with Dynamic’s local handling agent, Roraima Airways Inc. “The funds will be used to refund passengers in Guyana who purchased ...

Guyana’s President, David Granger on Wednesday announced that ministerial budgets would be slashed to ensure that thousands of sugar workers receive part of their severance pay this month-end and the remainder in mid-2018. “The Government is committed to the welfare of sugar workers and their families. It has…embarked on an extensive review of expenditure in every sector to the extent ...

Fly Jamaica Airways on Tuesday agreed to establish a 24-hour call centre in Guyana to respond to inquiries by hundreds of Guyanese who have been stranded in recent weeks, as the carrier takes steps to acquire aircraft to alleviate the situation. The decisions were taken at a meeting to which airline executives were summoned by the Guyana Civil Aviation Authority ...

United Kingdom (UK) High Commissioner to Guyana, Greg Quinn and advisor to the Special Organised Crime Unit (SOCU), Sam Sittlington on Tuesday brushed off concerns that the unit’s work might be seen as politically motivated. Asked what he thought could be done to avoid his work being discredited and politicised by the opposition, the former UK law enforcement agent said, “I ...

A British Financial Investigations Advisor to the Special Organised Crime Unit (SOCU) on Tuesday expressed grave concern that there has been little movement in investigations and cases of financial crimes totalling almost GY$300 billion. “Unfortunately for SOCU, they have been inundated with a number of forensic audits,” Sam Sittlington said, adding that of the 26 audits, persons have been charged ...