Business

Just days after the Bank of Guyana began controlling foreign exchange rates at Cambios and commercial banks for the first time since 1989, concerns are being raised about the legality of that move even as forex traders on the streets are offering more than the officially prescribed rates. Cambios  on Thursday displayed that they were buying United States (US) dollars ...

The New Building Society (NBS) is challenging the legality of the parking meter bylaws that have been approved by Minister of Communities (Local Government), Ronald Bulkan. NBS’ Chief Executive Officer, Anil Kishun said in an affidavit in support of motion that the parking meters has badly affected his financial institution’s customers and employees. “It has caused us great loss and ...

Parking meter fees are to be reduced in the coming days, but authorities are not about to give into calls for the contract between Smart City Solutions (SCS) and the Mayor and City Council (M&CC) to be scrapped. Local Government Minister, Ronald Bulkan told Demerara Waves Online News that City Hall would be announcing the new rates in another three to ...

Legal action is being planned  against the parking meters by several persons and groups to scrap the deal between City Hall and Smart City Solutions (SCS), even if government intervenes and lowers the rate, according to representatives of the Movement Against Parking Meters (MAPM). Attorney-at-Law, Nadia Sagar, who is part of MAPM, said she was aware of legal moves to ...

The Guyana Revenue Authority (GRA) has cleared the way for a number of hinterland airstrips to be exempted from applying the 14 per cent Value Added Tax (VAT). Domestic carriers can now apply to the GRA to effect the exemption for persons living in the identified areas. Commissioner General of the GRA, Godfrey Statia, during an outreach with miners in ...

The Alliance For Change (AFC) on Monday called on the Mayor and City Council to suspend the parking meter project amid mounting concerns by sections of Georgetown’s citizenry about the deal which, among other things, provide for a takeover of lands for paid parking and a possible hike in fees in keeping with inflation. “The metered parking fee, the garaged ...

An Indian company with international experience in the sugar industry is interested in investing in the low-producing Skeldon Sugar Factory with the aim of making it profitable in less than two years , an investment broker said Sunday. “From our conversation, we believe that within 18 months or less that Skeldon could be profitable,” Managing Director of Sunrise Holdings, Guyana-born ...

The Guyana Telephone and Telegraph Company’s (GTT) Chief Executive Officer, Justin Nedd hopes that long requested landline rates will be increased ahead of liberalization of the telecommunications sector. “One of the things that is extremely important to us is being able to work with the Public Utilities Commission to ensure that we get landline rates before liberalization,” he told the ...

Hundreds of Guyanese Friday morning protested against metered parking in Guyana’s capital, Georgetown, even as a much smaller pro-government group struggled to show any signs of real resistance. “This is not about politics. Go and record that thrash over there; that nonsense over there. How can he get on a bullhorn and say that about these people. This is business ...

After months of deliberation among city officials, Council’s Finance Committee chair, Oscar Clarke, read out what was a deficit budget as the year’s $3.6Billion expenditure exceeds an expected revenue collection of $2.8Billion. This is not the first such deficit budget since sharp deficits were recorded for 2006, 2010, 2011, and 2015. This year’s budget will see a few measures implemented ...