Business

Ten months into the year, City Hall is this Thursday slated to present its GY$2.6 billion budget for 2023 budget with a deficit of GY$77.2 million, but there is no clear plan for how the Council would account for monies already spent for the year. The total bill for salaries, wages and allowances totals GY$1,340,648,272. According to figures seen by ...

A Partnership for National Unity+Alliance For Change (APNU) parliamentarian, Ganesh Mahipaul on Sunday demanded that the opposition have a say in the processing and award of multimillion dollar contracts by the National Procurement and Tender Administration Board (NPTAB). “We need to amend the Procurement Act of 2003 and revisit the composition of the evaluation committee and tender board. The body ...

The first of several books on navigating the rules of business in Guyana is now on the market and seeks to simplify how the local content process works for both suppliers and procurers, according to author and Attorney-at-Law Brenden Glasford. Titled “Guide to Guyana’s Local Act”, the book is part of the “Guide to Guyana” series and is published by ...

Vice President Bharat Jagdeo on Friday announced that large electricity consumers would be taxed to force them off the Guyana Power and Light’s (GPL) grid, even as the power company blamed the intensely hot weather in recent weeks for unprecedented increased electricity consumption in the Demerara-Berbice Interconnected System (DBIS). “We just agreed on a policy that we’d put for the ...

Guyana will by next year have its first specialty hospital whose focus will be on eye care with the aim of tapping into the medical tourism market, Chief Executive Officer and co-founder of Optique Vision Care, Dhani Narine said Friday. He made the announcement at a 10th anniversary observance, and later told Demerara Waves Online News that more than US$3 ...

The Israel-headquartered Ratio Energy is expected to take over the search and production of oil in the Kaieteur Block, now that ExxonMobil has walked away from that concession, the American supermajor announced on Thursday. “Ratio is anticipated to assume the role as operator,” ExxonMobil said in a statement. Cataleya Energy and Ratio have also been assigned participating interest. Vice President ...

The President of the Islamic Development Bank (IsDB), Dr. Muhammad Al Jasser, is set to embark on a historic visit to two Latin American nations: Guyana and Suriname, the bank announced. These missions are scheduled for September 24th to 26th, 2023, and September 27th to 29th, 2023, respectively. “The decision to visit Latin American countries follows the conclusion of the ...

The 15-nation Caribbean Community (CARICOM) on Friday said Venezuela’s recent pronouncement on Guyana’s bid round for offshore blocks amounted to a “threat” to use force. CARICOM backed Guyana fully in its quest to develop its natural resources. “The Caribbean Community reiterates its full and unequivocal support for the sovereignty and territorial integrity of the Cooperative Republic of Guyana, including its ...

Maintaining that the Guyana Revenue Authority (GRA) is the sole agency lawfully mandated to go after ExxonMobil’s audited US$214 million expenses, Vice President Bharrat Jagdeo on Thursday said an investigation would be launched to determine why the Ministry of Natural Resources (MNR) went ahead and negotiated a reduction to as low as US$3 million. “No money has been stolen somebody ...

President Irfaan Ali on Wednesday vowed to defend its territorial sovereignty in the face of  fresh threats by Venezuela after several companies bid to explore for oil in a number of offshore blocks. “Guyana will spared no effort in defending its sovereignty and territorial integrity,” he said in his address to the 78th session of the United Nations General Assembly ...