Business

by Gary Eleazar Majority shareholder and principal owner of Colonial Life Insurance Company (CLICO), Lawrence Duprey has set his sights on billion dollar local housing market and has asked for evidence to back of the claims of debts owed in Guyana—a request that the Central Bank is currently responding to. Finance Minister Winston Jordan confirmed this today (April 7, 2017) ...

by Gary Eleazar Relocated from Kingston, to the former Customs House Building on Main Street—now rehabilitated at the tune of GYD$160M—the Bureau of Statistics has been called on to evolve from an institution that merely generates information but in fact provides that information in a more readily accessible manner to the citizenry, in addition to foreign investors and other interests. ...

Prime Minister Moses Nagamootoo indicated Friday afternoon that government was unlikely to roll back the 14 percent Value Added Tax (VAT) on private schools this year, but held out hope that action would be taken in 2018. “The 14 percent VAT will be reviewed. I say this- the 14 percent tax will be reviewed- as well as other taxes but whether ...

Minister of Public Security, Khemraj Ramjattan, Wednesday said that the 911 emergency telephone line is one step closer to being fixed. The Minister noted that clearance has been given to Digicel (Guyana) Limited to ship the equipment needed to have the 911 system back up and running. “Digicel won the contract for purposes for getting the equipment to be installed ...

In the wake of fraud charges against a licensed gold dealer, the Ministry of Natural Resources Tuesday night said the newly-appointed directors of the Guyana Gold Board (GGB) have been tasked with investigating whether anyone from that entity has been stained in the alleged dealings. “As a consequence of these reports, the Ministry will maintain its vigilance over the operations ...

by Gary Eleazar The Guyana Agricultural Workers Union (GAWU) has warned that the Guyana Sugar Corporation (GuySuCo) is  sending  early signals of the imminent closure of the East Demerara Estates, a move that is prompting workers to demand payment although they have been denied one month’s work. GAWU General Secretary Seepaul Narine, today (April 4, 2017) ,along with his deputy ...

The board of directors of state-owned Power Producers and Distributors Inc. (PPDI) was Tuesday installed with the promise of reducing overall operational costs and continuing to enhance  efficiency. Public Infrastructure Minister, David Patterson said the coming into being of the PPDI would see the retention of the Guyanese team and a reduction in the “exorbitant” maintenance agreement that was proposed ...

Green Heart Tree Energy (GHTE) entered the renewable energy market in Guyana earlier on March 3, 2017 when it commissioned a 10 kilowatt system to power the Paramakatoi Flavours Sun Dried Tomato Processing Plant, the company said in a statement. “The Paramakatoi project is the beginning of GHTE’s commitment to long term investment in the Guyana economy that will see ...

by Gary Eleazar Colonial Life Insurance Company (CLICO) must first pay off its debts to depositors in Guyana before being allowed to conduct business here again. This is the firm position of Former President, Bharrat Jagdeo, now opposition leader who today (April 3, 2017) weighed in on reports that CLICO was looking to re-open its doors in Guyana after being ...

(OFFSHORE/ www.offshore-mag.com ) EDINBURGH, UK – Wood Mackenzie has detailed its thoughts on Snoek, ExxonMobil’s third oil discovery on Guyana’s deepwater Stabroek block. The Snoek-1 well was drilled to a depth of 5,175 m (16,978 ft) in 1,563 m (5,128 ft) of water. It encountered 25 m (82 ft) of oil-bearing sandstones of Maastrichtian-Aptian age, similar to the Liza-1 discovery ...