Business

India’s Cabinet on Friday approved signing of a 5-year memorandum of understanding with Guyana for cooperation in the hydrocarbon sector including sourcing of crude oil, the Business Standard reported. “The proposed MoU covers the complete value chain of the hydrocarbon sector, including sourcing of crude oil from Guyana, participation of Indian companies in exploration and production (E&P) sector of Guyana, ...

Vice President Bharrat Jagdeo on Thursday announced that government would first be writing off some student loans as the first step towards the reintroduction of free university education for the first time in 30 years. He restated that government would phase in free university education for students who are currently paying tuition fees. While government has not decided whether overseas-based ...

The contractor that is rehabilitating Cemetery Road, Georgetown could be fired next month if he does not complete the more than one-year long works on that north-south thoroughfare, Public Works Minister Juan Edghill said Friday. “The contractor has received a revised deadline of January 2024 to complete this road and I could say here that if January end comes and ...

The Customs Anti-Narcotics Unit (CANU) and the Guyana Revenue Authority (GRA) on Friday intercepted 48.5 pounds (22 kilogrammes) of ‘creepy weed’ that most likely originated from Colombia from being further smuggled to neighbouring Suriname, the anti-drug agency said Friday. The bust, which included several cases of Corona and Heineken beer that were smuggled from Suriname, was made on December 29 ...

Antigua and Barbuda police are currently investigating two separate reports of fraudulent activity involving a travel agency supposedly operating on Old Parham Road after two persons bought non-existent  tickets to travel to Guyana, Antigua Observer reported Friday. According to the first report, the victim purchased three airline tickets, collectively valued at EC$5,000, in April for travel to Guyana on December ...

Vice President Bharrat Jagdeo on Thursday said the United States’ Export-Import Bank (EXIMBANK) would approve an application for US$660 million to finance the construction of the Gas-to-Shore natural gas-fired electricity and liquids plants at Wales, West Bank Demerara. He said he received “assurance” from the President and Vice President of the EXIMBANK, Department of Commerce and the US State Department ...

The Georgetown City Council on Wednesday unanimously decided to pay a GY$25,000 bonus to its 550 workers and a 6.5 percent wage and salary increase from January 2024, but they would have to wait until the council gets sufficient money during the first quarter of next year for their 2023 back pay. While the Finance Committee had recommended a 5 ...

President Irfaan Ali on Tuesday announced that Guyana has requested the United Kingdom (UK) government to consider mounting a joint lobby to Lloyd’s of London insurance company to reduce its risk assessment of this country’s maritime space due to the border controversy with Venezuela. “Together, we will have to speak to Lloyd’s so that they can understand the nuances, the ...

The state-owned Guyana Sugar Corporation (GuySuCo) has employed 543 new employees at Rose Hall Estate to implement a mechanisation programme as the sugar industry continues to grapple with a labour shortage, Minister of Agriculture Zulfikar Mustapha said Tuesday. He was responding to questions from opposition APNU+AFC parliamentarian, Vinceroy Jordan about why GY$643,690,000 was spent on wages and salaries. “We employed ...

(Bloomberg) — One of the world’s most-influential insurance markets added Guyana to its list of the riskiest shipping zones amid an escalating territorial dispute with neighboring Venezuela. The decision announced by Lloyd’s Market Association’s Joint War Committee on Monday applies only to vessels visiting offshore installations in the Guyanese Exclusive Economic Zone outside the nation’s “territorial waters.” The move may ...