Category Archives: Economics/Finance

Government has ruled out calling early national elections

Government has ruled out calling early national elections

Parliament

Guyana’s Parliament Building

Government has so far ruled out calling early national elections due to a more than GUY$37 billion reduction in the 2012 National Budget by the combined opposition.

“Elections are not at the top of the list where the solutions and the arrival of compromises and action to be taken to rectify this situation,” said Head of the Presidential Secretariat, Dr. Roger Luncheon. “I for one feel that this issue-the non approval of funding can indeed be addressed without resort to elections,” he added.

Some observers believe that the governing Peoples Progressive Party Civic (PPPC) is in no hurry for elections because it is not entirely certain that it would regain its parliamentary majority which it lost at the November 2011 elections.  Continue reading

MovieTowne – Streets of the World – in Trinidad – video

MovieTowne – Streets of the World – in Trinidad – video

Published on Mar 24, 2014 - Streets of the World – Uniting cultures from around the world to create the entertainment mecca of the Caribbean.  If this becomes a reality it will aid in the development of tourism and investment in Trinidad and Tobago with the potential of  making it the “Entertainment Capital of the Caribbean”.

View it and make your comments …

Bartica must become a town- APNU

Bartica must become a town- APNU

Monday, 31 March 2014 –  Demerara Waves

David Granger

APNU Chairman David Granger

The opposition A Partnership for National Unity (APNU) has promised to push for Bartica to be designated a town and for a number of ills like poor waste disposal to be addressed.

Already, the area is often described as a gold mining township where business has been booming largely due to a spike in the price for the precious yellow metal.

APNU Chairman, David Granger told residents of Bartica and several areas at a town hall meeting at the St. John’s Anglican School that his coalition would like to see that community become Guyana’s seventh town.
Authorities have also identified the need for Lethem near the Guyana-Brazil border to be designated a town. The other towns are Georgetown, Linden, New Amsterdam, Rose Hall, Corriverton and Anna Regina.  

Continue reading

Guyana gets G$220B – app US$1Billion Budget

Finance Minister Dr Ashni Singh today presented a G$220 billion budget which will see an attempt to spend down what ails Guyana’s sugar industry, with $6 billion earmarked for that subsector.  Last year’s budget was G$208.8B.

Meanwhile, G$500 million is to be set aside to boost the competitiveness of the rice industry. Among other measures announced in the budget which was read this afternoon, is a 5% increase in old age pension taking it to G$13,125 from its current G$12,500, from May 1. In addition, pensioners electricity assistance is set to increase from$20,000 – G$30,000 per annum.

While there are no new taxes, there is also no new tax relief. Despite numerous calls over the years for a reduction in the 16% value-added tax, this remains the same. Income tax stays at 30% and the tax threshold at G$50,000.

Singh also said Guyana’s economy is projected to grow by 5.6% this year. Singh also projected that the inflation rate this year will be 5% compared to 0.9% last year, the lowest rate in decades. Real Gross Domestic Product (GDP) grew by 5.2% last year while the non-sugar GDP rose by 6.3%.

Continue reading

Guyana: The business community and declining fortunes

GCCI

The business community and declining fortunes

MARCH 13, 2014 |  EDITORIAL

The Georgetown Chamber has completed yet another attitudinal survey and as has been the norm, its findings hold no surprises for those who have been following business trends over recent years. The overwhelming majority of those who responded to the survey say that they do not hold out much hope for a change in their fortunes this year.

This comment jars sharply against comments by the government that the economy is on the ‘improve’ and that businesses are expanding.  The government has over the years, been keen to inform the world that it was open to expediting the investment climate and that people were falling head over heels to come to invest in Guyana.

Such a report would have brought smiles to the members of the business community. For example, the hotels would have been reporting better occupancy, because the visiting investors would have had to stay somewhere.  Continue reading

The real meaning of the protests in Venezuela – Commentary

Commentary: The real meaning of the protests in Venezuela
Published on March 21, 2014 – Caribbean News Now
By Jose GomezIt is obvious to keen observers that a coup d’état is being attempted in Venezuela,The tactics are inspired by the “Gene Sharp” protocol. Sharp is a former US military officer, now professor of political science at the University of Massachusetts and author of an essay entitled ‘From Dictatorship to Democracy’. The essay provides a political framework as a method to undermine the stability of an established government that is regarded as ‘not friendly’ to the United States.

jose_gomez.jpg
Jose Gomez is Venezuela’s ambassador to Barbados

The book, translated into more than 30 languages, describes methods to overthrow governments, divided into three major phases: protest, non-cooperation and intervention. It is these methods that are being employed by the opposition in Venezuela following the outcome of the presidential election of April 14, 2013, in which they were defeated by Nicolas Maduro. The methods are:

Softening: the development of media priming and agenda setting in national and international public opinion focused on actual or potential deficits; thrust of conflict and promotion of discontent”. The media is overwhelmingly in the hands of the opposition.   Continue reading

Barbados opposition leader says more hardship ahead

Barbados opposition leader says more hardship ahead …as new taxes announced.

Opposition Leader Mia Mottley

Opposition Leader Mia Mottley

Opposition Leader Mia Mottley warned Barbadians they can expect more taxes to be imposed during the coming fiscal year as a result of the revenue-raising measures announced by the Finance Minister.

Editor’s Note: The Barbados dollar is FIXED at US$1 = BDS$2.. The eight Organization of Eastern Caribbean States (OECS)  states have a fixed rate US$1= $2.66 EC$.   Jamaica, Trinidad and Guyana have floating currencies.

BRIDGETOWN, Barbados, Tuesday March 18, 2014, CMC – The Barbados government says it intends to sell off some assets as it moves to reduce the fiscal deficit by March next year.

Finance Minister Chris Sinckler presenting the Appropriations Bill in the House of Assembly on Monday announced a raft of new tax measures, including an increase in gasoline prices and the sale of the Barbados National Terminal Limited to help ease the financial burden facing the Freundel Stuart government.

Continue reading

Hoarding, low sugar performance blamed for rising exchange rates

Hoarding, low sugar performance blamed for rising exchange rates

Money

Currency Exchange

March 18, 2014 | BY KNEWS |

Guyana’s rising exchange rates may be blamed on a number of prevailing factors, including reduced proceeds from sugar and a steep drop of gold prices on the world market.

Over the past months, the exchange rate of Guyana dollar to the US climbed from $200 to US$1 to just over $210, a worrying trend for businesses and the administration.  It is not likely to drift down in a hurry, analysts have said.

While banks were advertising trading on average between $204 and $209, businesses have been complaining of hardships in acquiring significant amounts.   Continue reading

Take a look inside the world’s largest mall – CNN

Take a look inside the world’s largest mall

March 6, 2014 – CNN Review ….  It’s a city within a city

(CNN) — It may seem stunning that one of the most visited tourist attractions on the planet is a mall. Attracting 75 million visitors a year, The Dubai Mall gets more foot traffic than the Eiffel Tower, Niagara Falls and Disney World combined.

Of course, The Dubai Mall is no ordinary shopping center. Billed as the world’s largest (in terms of total floor space) by the Guinness World Records when it first opened in 2008, the mall is larger than 50 football pitches.     Continue reading

Venezuelans Will Withstand Right-Wing Protests – commentary

Venezuela’s Deep Political Education Means Venezuelans Will Withstand Right-Wing Protests

Friday, 28 February 2014 -By Kevin Zeese and Margaret Flowers , Truthout | News Analysis

venezuela protests A group of mostly women march carrying roses and the Venezuelan flag, calling for peace and non-violence in San Cristobal, Venezuela, February 26, 2014. (Photo: Meridith Kohut / The New York Times)

Americans might be fooled by mass media misinformation, but Venezuelans know what is really happening in their country.

The misinformation in most of the media about the protests in Venezuela is astounding. Often the opposite of reality is repeated as if it were true. Americans who rely on the corporate mass media, politicians and corrupted nonprofits might fall for these tales, but Venezuelans know what is really happening.   Continue reading

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