Category Archives: finance and trade

Islamic Bank to make US$900 million available to support Guyana’s development

Photo: Jordan and Dr Shamir Ally, Guyana’s alternate governor to the IsDB at the Islamic Development Bank governors meeting in Tunis

By Ray Chickrie  – April 10, 2018 -Caribbean News Now contributor

GEORGETOWN, Guyana — Guyana’s finance minister, Winston Jordan, who attended the annual Islamic Development Bank (IsDB) governors meeting in Tunis last week, revealed that the bank has offered Guyana US$900 million to support socio-economic and infrastructure development in form of mostly loans and grants.    Continue reading

Looting Africa – Warlords, Smugglers and the Systematic Theft of Africa’s Wealth

The Most Revolutionary Act

The Looting Machine: Warlords, Smugglers and the Systematic Theft of Africa’s Wealth

Tom Burgis

Harper Collins (2017)

Book Review

This book centers around something global economists refer to as the “Dutch curse.” In 1959, the discovery of oil in the Netherlands led to massive unemployment outside the oil industry. A big increase in dollars generated by oil exports caused major inflation in the local currency. This made imports cheaper than locally produced goods, shutting down hundreds of Dutch businesses and putting thousands out of work.

It’s typical of mineral and oil/gas mining everywhere (including here in New Plymouth) that these industries require vast capital investment but employ only small numbers of workers. According to Burgis, it was the “Dutch curse” that resulted in Russian’s oil-fueled criminal oligarchy prior to the rise of Putin. As the continent richest in natural resources, Africa, which has been ruthlessly exploited by multinational corporations, has…

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‘Trade Wars are Good’? 3 past conflicts tell a very different story

‘Trade Wars are Good’? 3 past conflicts tell a very different story

Marc-William Palen | The Conversation UK

A bilateral trade war appears to be in full swing.

China and the U.S.A. are trading targeted tariffs on each others’ goods. Threats of retaliation by key U.S.A. allies like Canada and the Eu ropean Union prompted President Donald Trump to exempt a large group of countries from the steel and aluminum duties it announced last month, which means they will likely hit China hardest.      Continue reading

The Coming Collapse of the American Economic System – Economist Richard Wolff- video

The Coming Collapse of the American Economic System –  Richard Wolff – interviewed by Chris Hedges

Published on Apr 1, 2018

Guyana’s Sugar: A MISMANAGED GUYSUCO

Guyana’s Sugar: A MISMANAGED GUYSUCO

Mar 30, 2018  Editorial, Kaieteur News

For the last two decades, the sugar industry was kept alive with huge subsidies. Upon taking office in May 2015, the Granger administration realized that GuySuCo was ailing. A temporary solution was to follow in the footsteps of its predecessor and continue to subsidize it with billions of dollars. The reason was that there was no easy solution to salvage the bankrupt GuySuCo.

The Jagdeo administration decided to build the Skeldon sugar factory at a cost of more than US$200 million because as Jagdeo said, the factory would lower the cost of production and make Guyana’s sugar competitive on the world market.      Continue reading

Visualizing China’s Most Ambitious Megaproject – 65 Countries Affected

Visualizing China’s Most Ambitious Megaproject – 65 Countries Affected

Costing between $4-8 trillion and affecting 65 countries, China’s ambitious One Belt, One Road (OBOR) initiative is the granddaddy of all megaprojects.

By the time of it’s estimated completion in 2049, OBOR will stretch from the edge of East Asia all the way to East Africa and Central Europe, and it will impact a lengthy list of countries that account for 62% of the world’s population and 40% of its economic output.     Continue reading

Why should we care about the trade deficit? – By Rosaliene Bacchus

Three Worlds One Vision

Shoppers at Walmart Store - Christmas 2017

American Shoppers at Walmart Store – Christmas 2017
Photo Credit: Digg/Associated Press

America’s trade deficit has been making the news. Our president loves to quote the amount of $800 billion: the U.S. trade deficit for trade in goods only. Our trade in services count too. They earned a surplus of over $242 billion in 2017 (Census Bureau, Exhibit 1).

The total U.S. trade deficit of goods and services in 2017 was $568 billion. We imported $2.900 trillion in goods and services while we only exported $2.332 trillion.

An examination of imports and exports of goods by principal end-use category (Census Bureau, Exhibit 10) reveal that consumer goods together with automotive vehicles, parts and engines account for our mounting deficit. Let’s not forget that goods produced by American companies in a foreign country – like the coveted Apple Smartphone designed in California – becomes an imported product on arrival…

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US ban on Guyana’s Catfish, Cuirass, Gilbacker and Hassar is “protectionist”- govt official

US ban on Guyana’s catfish species is “protectionist”

The United States’ (US) ban on catfish species from Guyana is a “big blow” to the local fishing industry, and is being deemed a protectionist barrier to allow the American fishing industry to flourish, a senior government official said.

Veterinary Public Health Director, Dr Ozaye Dodson  was quoted as saying by government’s Department of Public Information that the move by the US Department of Agriculture (USDA) is a “protectionist measure” by that country’s public health system and the catfish farmers who have invested heavily to develop the industry.   Continue reading

Can You Name All Five Communist Countries in the World Today?

Can You Name All Five Communist Countries in the World Today?

Matt Rosenberg | ThoughtCo

During the reign of the Soviet Union, communist countries could be found in Eastern Europe, Asia, and Africa. Some of these nations, like the People’s Republic of China, were (and still are) global players in their own right. Other communist countries, such as East Germany, were essentially satellites of the U.S.S.R. that played a significant role during the Cold War but no longer exist.

Communism is both a political system and an economic one. Communist parties have absolute power over governance, and elections are single-party affairs. The party controls the economic system as well, and private ownership is illegal, although this facet of communist rule has changed in some countries like China.   Continue reading

Gamechanger: China’s New Silk Road – video

The Most Revolutionary Act

China’s New Silk Road

DW (2018)

Film Review

This is a German documentary (in English) about China’s Silk Road* projects, commenced in 2013 based on an agreement between Chinese president Xi Jinping and Kazakh president Nursultan Nazarbayev. The Silk Road will consist of a network of superhighways and high speed trains connecting China to western Europe via Kazakhstan and Russia.

In China, the Silk Road begins at Chongqing, a western city of 30 million dubbed the Chinese Silicon Valley for computer hardware. At present, Europe imports most of their computers from China. At present, it takes them four months to reach China by sea. With the completion of the overland Silk Road network, this time could be reduced to a month or less. Shipping goods overland also enables Chinese companies to avoid growing tensions with the US in the South China Sea.

The Kazakh leg of the Silk Road, which…

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