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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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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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British oil company finds more oil offshore Guyana

The London-listed Irish explorer Tullow Oil said on Monday that it has made a second oil discovery off the coast of Guyana, after the Joe-1 exploration well successfully opened a new upper tertiary oil play in the Guyana basin. The move follows a “substantial and high value oil discovery” by Tullow Oil in its Jethro-1 exploration well, in the same area of ...

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Georgetown Chamber flays American Ambassador over local content remarks

A section of Guyana’s business community has reacted sharply to United States Ambassador, Sarah-Ann Lynch’s warning that recent chatter about local content may scare away foreign investors. Senior Vice President of the Georgetown Chamber, Timothy Tucker indicated that Ms. Lynch is an American public servant who was merely representing her country’s business interests. Mr. Tucker says nothing is wrong with ...

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US Ambassador cautions local content policy concerns may scare away investors

Co-Chairman of the American Chamber of Commerce- Guyana (AMCHAM-G), American Ambassador to Guyana Sarah-Ann Lynch on Saturday cautioned that recent concerns about local content could erode Guyana as an attractive investment destination. “For example, some recent suggestions about local content policy in Guyana may send a signal that some investors as well as the employment and know-how benefits they bring ...

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Political climate dampens investors buyout of GuySuCo estates -Finance Minister

Political uncertainty, including threats to review deals, has posed a setback in the sale of several Guyana Sugar Corporation (GuySuCo) estates, Finance Minister Winston Jordan said Wednesday. “The sale of the estates has been delayed partly due to the political side because nobody is expressing interest when the opposition (People’s Progressive Party) says ‘we are going to review sales and ...

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AG Williams, Nandlall, Ramkarran differ on economic impact of no-confidence motion

Attorney General, Basil Williams on Monday sought to downplay the fallout from the now eight-month old no-confidence motion on Guyana’s business climate, even as two prominent opposition-aligned lawyers forecast a rough period. Speaking during a panel discussion organised by the American Chamber of Commerce Guyana (AMCHAM-G) on the topic “The implication of the CCJ (Caribbean Court if Justice) Consequential Orders ...

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Fly Jamaica bought out

Republished from Jamaica Observer KINGSTON, Jamaica (CMC) — A team of investors including Jamaican aviation veteran Glenn Logan, led by Yann LeProvost of the French based company W&Y SAS, has taken over the operations of the problem-plagued Fly Jamaica Airways. The new owners, who took over the reigns on Friday from Guyanese operators Paul and Roxanne Reece, have promised to ...

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Guyana’s plans to raise oil royalties could ‘diminish attractiveness’

Reproduced from Energy Voice By Allister Thomas Guyana’s plans to raise oil and gas royalties may “diminish attractiveness” to future investors, according to new analysis. Earlier this month the South American nation announced its intention to raise the government’s take in future oil licences. Analyst firm GlobalData said the country could raise royalties from the current 2% to 5%, but ...

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Petty city crimes no big impact on tourism – GTA Director

Director of the Guyana Tourism Authority (GTA), Brian Mullis does not believe that crime is discouraging tourists from visiting this South American nation because visitor figures continue to grow. He says most of the crime seen is petty theft in the capital city, Georgetown, and must be placed in the proper context. “I think we also acknowledge that most of ...

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