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Economy

OPINION Five years to real oil prosperity could be an eternity

by GHK Lall Five years to 2025, according to the Hon. Minister of Finance. That is how long before the oil money would start coming in, the real meaningful money. The money that, if honestly and wisely (prudent is the word) used, could make a world of difference for Guyanese. Every single citizen. I can only agree with anyone, who ...

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DDL powers up with natural gas; commissions Guyana’s first regasification terminal

Demerara Distillers Limited (DDL) says it is now using liquefied natural gas (LNG) to power its operations, having commissioned Guyana’s first LNG regasification terminal. The terminal is located at Plantation Diamond, East Bank Demerara. “We are very excited to be the first Guyanese company to use LNG for our power generation needs,” said DDL’s Chief Financial Officer, Vasudeo Singh. “As ...

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Coalition to promise tax breaks in 5-year manifesto

Finance Minister, Winston Jordan says the governing coalition’s general election campaign will not be pegged on the immediate benefits of oil money next year, but will list a number of tax concessions leading up to 2025 as more oil revenues pour in. He says lower individual, corporate, value-added and other taxes will find their way into the manifesto of the ...

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Finance Minister warns NIS against investing on foreign stock markets

Finance Minister, Winston Jordan has cautioned the National Insurance Scheme (NIS) against investing its funds on the international stock market. His comment came against the background of a suggestion by the Chairman of the NIS Board, John Seeram that the social security agency should invest on foreign stock markets. “We will need to consider purchasing more attractive bonds and shares ...

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GuySuCo reports 23% production shortfall but hopes to meet target

The Guyana Sugar Corporation (GuySuCo) says it registered a 23 percent shortfall in production up to the date that the crop should have closed, largely due to bad weather and malfunctioning equipment. At the same time, the state-owned corporation rejected claims by the Guyana Agricultural and General Workers’ Union and the National Association of Agricultural, Commercial and Industrial Employees that ...

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OPINION: Foreign exchange rate spike exposes so much that is wrong here

by GHK Lall The Demerara Waves Online News article dated October 9 titled, “Bank of Guyana probe uncovering reasons for US notes shortage at cambios” covered a lot of territory. In many respects, it has been fiercely contested territory. The focus and thrust of the Demerara Waves item were on the role of nonbank cambios in the ongoing foreign currency ...

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PODCAST: NIS grapples with declining contributions, low investment returns

The General Manager of Guyana’s National Insurance Scheme (NIS), Holly Greaves says Guyana’s state-owned social security entity continues to suffer from declining contributions and low returns on its investments. Addressing the NIS’ 50th anniversary observance, she said a Debt Management Department has been registering some successes in raking in much needed cash from errant employers and self-employed persons. She notes ...

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Bank of Guyana probe uncovering reasons for US notes shortage at cambios

A probe by the Bank of Guyana and other supervisory agencies into the shortage of United States (US) dollars at non-bank cambios has already raised some red flags, but Finance Minister Winston Jordan has declined to divulge details. Jordan said so far the investigations have shown that at least two non-bank cambios “have really caused this problem”. “Our investigation is ...

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NIS encouraged to invest on international stock market amid meagre returns, dwindled contributions

Despite raking in more than GYD$500 million from Guyana’s emerging oil and gas sector, the National Insurance Scheme (NIS) is being encouraged to invest some of its monies on the international stock market as it grapples with paying pensions amid declining contributions. Chairman of the NIS Board, John Seeram told a 50th anniversary observance at the Brickdam-based headquarters that the ...

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“APNU is not against cash grants” from oil revenues but more information needed -Granger; WPA ready to negotiate modified proposal

President David Granger on Wednesday sought to dispel concerns that he is opposed to direct cash transfer of some oil revenues to Guyanese, even as the Working People’s Alliance (WPA) signaled that it was ready to modify its proposal with other political parties in A Partnership for National Unity (APNU) whenever those talks begin. “There has been a lot of ...

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