Business

Commercial banks are being urged to expand their financial investment vehicles into the rural and hinterland regions of Guyana in an effort to spur economic activity by widening access to capital for more businesses. This ties into the government’s push to to facilitate small and medium-size businesses as engines of growth and development. “Investment is the tool for economic expansion ...

The Guyana government on Wednesday officially stated for the first time since a feasibility study was conducted that it would not build a US$5 billion oil refinery, but said it would not oppose the private sector risking the investment. Addressing a panel discussion on energy at the Guyana Business Summit, Minister of Natural Resources, Raphael Trotman said government could not ...

The Guyana Power and Light Incorporated (GPL), in collaboration with Caribbean Electric Utility Service Corporation (CARILEC), has extended its assistance to the Caribbean territories affected by hurricane Irma. GPL’s Public Relations Officer, Shevion Sears said the power company has deployed a team of network technicians to Anguilla to assist with the rehabilitation of the electricity network that was destroyed by ...

President David Granger delivered the keynote address today at the opening of the two-day Guyana Business Summit, but not before the Private Service Commission (PSC) rolled out a laundry list of items which the business sector needed clarity on. PSC Chairman Eddie Boyer’s remarks, which were delivered by the PSC’s Deodat Indar, called on the president to clarify government’s approach ...

Guyana, as part of its strategy to transition towards a 100 percent renewable energy supply by 2025, has hired a company to design, supply and install a 400 kWp solar system for the community of Mabaruma in the North West District. The tender was awarded to meeco which will execute the project together with its local joint venture, oursun Guyana, As part ...

Workers in poor working conditions who are not paying income tax to the Guyana Revenue Authority (GRA) and contributions to the National Insurance Scheme (NIS), are the subject of a new plan being spearheaded by the Labour Department. There are no available numbers, but the International Labour Organisation (ILO) estimates that between 40 and 50 per cent of workers are ...

The two unions representing University of Guyana (UG) workers have refused to sign a deal to pave the way for a six to eight percent pay-hike after they said the administration’s draft document contained offensive references and failed to give required details. Workers Union (UGWU) President, Bruce Haynes and President of the Senior Staff Association (UGSSA), Jewel Thomas said they ...

The government, through the Guyana Revenue Authority (GRA), has collected GYD$900 million from withholding taxes in the oil and gas sector for the first half of 2017, but there is no rush to establish the promised Sovereign Wealth Fund (SWF) as oil is yet to start flowing. Minister of Finance, Winston Jordan said on Monday that the GYD$900 million represented ...

Dynamic Airlines, which pulled out of the Guyana-New York route last week, has pledged to refund passengers monies for tickets not used. “Those passengers who would have paid for tickets to travel after October 3 can be assured of refunds and Dynamic intends to honor its outstanding debt to the Airport and Civil Aviation authorities,” Chief Executive Officer Ray Lawlor ...

Consultations are still ongoing for the 2018 budget, but Minister of Finance, Winston Jordan has provided an early indication of no new taxes and a budget that seeks to generate economic activity for small business owners whereby making them their own bosses. Minister Jordan made the disclosure Mobday during a press conference and announced that Government continues to review the ...