Business

by Gary Eleazar Guyana’s oil money is not for vote buying come election time by any administration in office. As such, the coalition A Partnership for National Unity, Alliance for Change (APNU-AFC) government is uncompromising in “the avoidance of sleaze and malfeasance in public office,” as evidence by recent proposals to amend the country’s Integrity Commission laws. Prime Minister Moses ...

The United States (US) on Sunday said Guyana’s proposed Sovereign Wealth Fund (SWF) should be set up and governed in such a manner to ensure it is free from interference and cannot be violated- something government said it is well on its way to doing. Addressing the opening of the inaugural Guyana Oil and Gas Conference at the Marriott Hotel, ...

The Ministry of Public Telecommunications on Sunday said it has asked the Guyana Telephone and Telegraph Company (GTT) to prove that it can fully satisfy the country’s demands for data before Digicel’s data link between Guyana and Suriname is discontinued. “GT&T has been invited to submit relevant information and data to clearly demonstrate that they have the network capacity to ...

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 ...

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 ...

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 ...

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 ...

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 ...

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 ...

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 ...