Category Archives: finance and trade

Should it matter who pays for Caribbean development? – By David Jessop

Should it matter who pays for Caribbean development?

David Jessop

By David Jessop

Infrastructure requirements

By any measure, the Caribbean’s infrastructure requirements are substantial. If the region is to be able to increase its competitiveness and give citizens the quality of life they desire, its transformation has become a matter of urgency.

In 2014, Dr. Warren Smith, the then new president of the Caribbean Development Bank (CDB), indicated that to achieve this, the region would need US$30 billion in the coming decade. It would need this, he said, if it was to be able to modernise its power, transportation, telecommunications, water, and wastewater infrastructure. Since then, it has become apparent that if the region is also to become resilient to climate change, it will require even greater resources.      Continue reading

NYC: In Little Guyana, Proposed Cuts to Family Immigration Weigh Heavily

In Little Guyana, Proposed Cuts to Family Immigration Weigh Heavily

By VIVIAN WANGAUG. 11, 2017 – New York Times

Richard David’s face is plastered around the Richmond Hill neighborhood of Queens. Along Liberty Avenue, on posters in the windows of sari shops and roti restaurants, Mr. David advertises his campaign for City Council, which, if successful, would make him New York’s first city councilman of Guyanese descent.

One of Mr. David’s campaign promises: securing money for resources like immigration lawyers or language assistance for the diverse neighborhood that includes Little Guyana, a hub of the largest Guyanese community outside of the country itself.      Continue reading

Venezuela’s Perfect Storm for Oil May Be About to Break – By Liam Denning

Venezuela’s Perfect Storm for Oil May Be About to Break – By Liam Denning

“We may be about to see the first sovereign producer to unequivocally fail.”

Map of Venezuela

The oil producer in question is Venezuela, and that assessment comes courtesy of Helima Croft, who is global head of commodity strategy at RBC Capital Markets and formerly worked with both the Council on Foreign Relations and the CIA.

In a global oil market mired in excess inventory and low expectations, Venezuela is the most tangible of wildcards. Its tragic and volatile mix of a failing, oil-dependent economy, political gridlock and simmering unrest is well known at this point.

But things are building to a head, partly due to the relentless logic of the bond market and partly due to the more proprietary logic of U.S. foreign policy.

Read more: https://www.bloomberg.com/gadfly/articles/2017-07-21/venezuela-oil-storm-may-be-about-to-hit-the-market

Guyana ties the knot with ExxonMobil – By Rosaliene Bacchus

Three Worlds One Vision

ExxonMobil Country Manager receives Production License from Guyana Minister of Natural Resources - 15 June 2017

ExxonMobil Country Manager Rod Henson receives Production License
from Minister of Natural Resources Raphael Trotman
Georgetown – Guyana – June 15, 2017
Photo Credit: Guyana Ministry of Natural Resources

On June 15, 2017, Guyana tied the knot with ExxonMobil with the signing of a production license for the extraction of oil and natural gas, located offshore the Caribbean/South American nation with a population of 800,000 people. With this license, together with the Environmental Permit granted on June 1st, ExxonMobil will proceed with the Liza Phase 1 development. Located 120 miles offshore in an area known as the Stabroek Block, the Liza field development includes a subsea production system and a floating production, storage and offloading (FPSO) vessel designed to produce up to 120,000 barrels of oil per day. Exxon and its partners plan to begin production by 2020.

ExxonMobil’s press release on June 16th states: “Phase 1 is expected to…

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These Demographic Maps Are Guaranteed to Teach You About the USA

These Maps Are Guaranteed to Teach You About the USA

22 Fascinating Demographic Maps of the USA

The USA is without doubt a fascinating country. When the data is collected on it and its inhabitants each year, there’s a whole myriad of information to be learned. Take a look at the following 22 maps that show the US’ demographic makeup in detail – who knows? You might learn something entirely new:

Read more: 22 Fascinating Demographic Maps of the USA

The Battle for Britain – By Dr. Dhanpaul Narine

The Battle for Britain – By Dr. Dhanpaul Narine

PM Theresa May

Jeremy Corbyn

In November 1990 Margaret Thatcher resigned as Prime Minister of Great Britain. The knives were out for her months before as a result of three unpopular policies. The poll tax brought memories of a penal system of punishment and led to street riots.

The demonstrations at Trafalgar Square, and elsewhere, are still fresh in the memories of many. Secondly, Thatcher was accused of mishandling the economy; interest rates rose as well as inflation and wage increases were suppressed. In 1988, for instance, the nurses went on strike against her policies.

Read more:  The Battle for Britain -Dr. Dhanpaul Narine

Guyana: Failure to activate all IT modules aided rampant corruption, billion$ lost – GRA boss

For over ten years, officials within the Ministry of Finance had failed to implement crucial elements /modules of a computerized accounting system from Canada. This programme was intended to ensure accountability for how taxpayers’ money is budgeted and spent by the government.
It appears, however, that the Ministry of Finance was not the only agency that neglected its duty in this regard.

In fact, the Guyana Revenue Authority (GRA) failed to implement critical parts of an Information Technology (IT) system for almost a decade. The consequences of the entity’s actions in this regard only contributed to billions in revenue leakages and rampant corruption.  

New Controls Being Implemented.   Continue reading

Five Men Own Almost as Much Wealth as Half the World’s Population – commentary

It’s not a meritocracy. It’s an oligarchy. (Photo: Pixabay/CC0)

Last year it was 8 men, then down to 6, and now almost 5.

While Americans fixate on Trump, the super-rich are absconding with our wealth, and the plague of inequality continues to grow. An analysis of 2016 data found that the poorest five deciles of the world population own about $410 billion in total wealth. As of 06/08/17, the world’s richest five men owned over $400 billion in wealth. Thus, on average, each man owns nearly as much as 750 million people.   [Read more]

Corporations and Western Governments Continue to Profit From Looting of Africa

Monday, June 05, 2017 – By Benjamin Dangl, Toward Freedom | Report

Africa: political map – click to enlarge

 A recent report published by a coalition of African and British social justice organizations lays bare the truth that foreign corporations and wealthy governments continue to profit from the looting of the world’s most impoverished continent.

In 2015, the year the most recent data is available, African nations received $162 billion in aid, loans, and remittances. At the same time, $203 billion was taken from these nations through resource extraction, debt payments, and illegal logging and fishing.      Continue reading

Sanders: Corbyn Surge in UK Shows World Rising Up Against Austerity, Inequality

“People in the U.K., the U.S. and elsewhere want governments that represent all the people, not just the 1%,” Sanders said

Responding to the results of the U.K. election, which commentators have already deemed a “political upset” for the ages and a stunning backfire for Prime Minister Theresa May, Sen. Bernie Sanders (I-Vt.) on Thursday congratulated Labour leader Jeremy Corbyn and the British people for “rising up against austerity and massive levels of income and wealth inequality.”

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