Guyana falling into trap of ‘Dutch disease’ – financial analyst

first_imgOil sector…slams Govt for failure to create new industries, maintain old onesBy Jarryl BryanGuyana’s economy is at a crossroads. After most of the productive sectors showed contraction, it faces the economic pitfalls of the ‘Dutch disease’ and according to one financial analyst, must figure out ways to create new industries while sustaining the old ones before it is too late.According to economic advisor to the parliamentary Opposition, Dr Peter Ramsaroop, Guyana may be getting billions of dollars in revenue in the coming years from the oil sector. However, he noted the importance of focusing on what is happening in the economy currently such as the closing down of sugar estates and retrenchment of thousands of sugar workers.“This government has put in zero transformation projects in the country that can beA map of the Stabroek oil blockready when you have more money to execute, such as the agriculture belt. We are shutting down sugar, but with no alternatives for socio-economic, for new industries to be created. In other parts of the world, for instance St Kitts – prior to shutting down sugar, St Kitts invested in a lot of technology. So as the sugar workers became retrenched, they were being trained in other, higher-paying industries. And they were able to (transfer) themselves to better paying jobs.”“The (government) said they’re going to train them in catering and sewing. But what is catering and sewing going to do for Guyana that will improve the lives ofThe Stena Carron drillshippeople? Without transformational projects, no matter how much money we get, we will not be able to improve our lives in the next five years. So every year we stagnate the economy, we are falling behind.”Dr Ramsaroop noted that if systems were not put in place, Guyana would not solve the economic, as well as energy issues it currently faced. He pointed to the Government’s track record of being unable to spend budgetary allocations in a given year and questioned how it would handle the oil revenues.“We can’t even spend 50 per cent of a billion dollars and implement new strategies, how do we expect to spend that (oil revenue) if we cannot even spend our current budget and put plans in place in order for people to benefit”LessonsAccording to Ramsaroop, Guyana is running the risk of falling prey to the ‘Dutch disease’ afflicting other oil-producing nations. The ‘Dutch disease’ can cause a reduction in the value of other exported commodities and is often blamed on the sudden development of one sector at the expense of others.Ramsaroop noted that the country has failed to learn from the example set by neighbouring Venezuela, once an economic powerhouse in the region. The Spanish-speaking country is now in dire economic straits.“There are so many models around the world. We have Nigeria, other models that show (the pitfalls). Look at Venezuela. Venezuela was one of the richest oil countries and look what is happening today in Venezuela. People don’t have food today. You would think that we, as a nation, would step back and say, we will get money, but we’re falling into the same trap as these other countries.”“The economic policy of Granger and his government is stagnating. And they have not implemented a single project over the last two and a half years that will change Guyana and bring new revenue to the people of Guyana. They’re betting on oil, so they’re going to (idle) for five years hoping that oil money comes in by 2020.”He noted that with thousands of people out of work, the ripple effects on the economy would be significant. Using examples, the financial analyst pointed out that the taxi drivers and the shopkeepers in Berbice would not be able to make the amount of money they formerly did owing to less spending.“And after 10 years of oil, oil may not be an important necessity in the world,” he added, a reference to the global push towards clean, renewable energy. The world is moving towards different kinds of energy. By 2030, they may not produce a single car using gasoline.”The Finance Ministry’s half year report for 2017 had showed contractions in certain sectors when compared to the corresponding period in 2016. The declining sectors had included sugar, livestock rearing, forestry, mining and quarrying, and even the bauxite industry.It showed that sugar production was recorded at 49,606 tonnes at the half year and when compared to 56,645 tonnes during the first half of 2016, represented a decline of 12.4 per cent. The livestock industry also contracted by 10.9 per cent in the first half of 2017, owing to heavy rainfall severely affecting production, especially in the second quarter.The forestry industry also showed an 18.2 per cent contraction in the first six months of 2017, compared to the same period in 2016. Declining production within the forestry industry was a result of structural changes in the industry.The mining and quarrying sector contracted by 4.0 per cent, during the first half of 2017. Gold production fell by 1.7 per cent to 317,096 ounces, in the first half of 2017, compared to the same period in 2016. Also, it showed the bauxite industry declined by 11.5 per cent, as a result of reduced production of higher valued grades.This was as a result of poor weather combined with mechanical issues at one of the mines. However, production of metal grade bauxite (MAZ) increased by 97,016 tonnes or 21.3 per cent, the report had stated.last_img read more

Alleged battery thieves granted bail

first_imgThree men were on Friday granted bail by Principle Magistrate Judy Latchman when they appeared at the Georgetown Magistrates’ Courts to answer to a joint charge of theft.Thirty-four-year-old Clayon Nedd, 24-year-old Henry Green and 44-year-old Collin Carr were all accused of stealing a quantity of used batteries from their employer between January and June of this year.The allegation against them stated that between January 1 and June 6, 2018, at Lot 39 Broad Street, Charlestown, Georgetown, they stole 12½ tons of used batteries which amounted to a total value of $1.9 million belonging to Emaly Nedd; proprietress of Den’s Trading.The trio denied the allegation after it was read to them.According to the prosecutor’s case, the men were employed at Den’s Trading, which is known for purchasing scrap metal and used batteries.The Virtual Complainant had purchased batteries to be exported to South Korea, but while loading the container with the said items on June 6, 2018, she noticed some batteries were missing.The matter was reported and an investigation was launched. The three accused were later arrested and charged.Police Prosecutor Deneiro Jones made no objections to bail and Magistrate Latchman, after summing up the matter, granted each of the defendants bail in the sum of $100,000 and adjourned the matter for November 2, 2018.last_img read more

Miner get bail on gun-related charges

first_imgFifty-year-old Raphael Edwards of Strong Hope Canal, Region Two (Pomeroon-Supernaam) was on Monday slapped with two gun-related charges when he appeared in the Georgetown Magistrates’ Courts.The gun and ammo that were found in the mining campEdwards denied the charges when they were read to him on Tuesday by Chief Magistrate Ann McLennan.It is alleged that the chef was found with an unlicensed shotgun and 29 matching rounds on March 22, 2019, at Kopang Backdam, Region Seven (Cuyuni-Mazaruni).According to facts presented in court on Tuesday last, police ranks were acting on information when they conducted a search at the mining camp in which he was working and found the gun and ammunition.In court on Tuesday, Edwards was released on $70,000 bail on each of the charges. The case will continue at the Bartica Magistrate’s Court on the April 17, 2019.last_img read more

Cech may look for Chelsea exit if Courtois becomes new No 1, claims former goalkeeper

first_imgPetr Cech could seek a move away from Chelsea in the January transfer window if he loses his starting XI spot to young goalkeeper Thibaut Courtois, former Premier League stopper Nigel Martyn has told talkSPORT.The 22-year-old was handed his league debut for the London club on Monday night in the Blues’ season opener against Burnley.He had little to do against the top flight newcomers, but did pull off one notable stretched save in a 3-1 victory for Jose Mourinho’s men.Much was made of the club’s selection headache ahead of the campaign, with manager Mourinho insisting he is ‘comfortable’ with the ‘great problem’ having welcomed Courtois back from three impressive loan spells with Atletico Madrid to compete with Cech for the number one shirt.Courtois’ inclusion against the Clarets could spell the end of his 32-year-old team-mate’s ten-year reign as Chelsea’s first choice stopper, and Martyn – who made over 600 appearances in the top flight – believes Cech may look elsewhere to find more regular game time if he continues to be overlooked.“It’s a difficult situation at Chelsea, keeping both goalkeepers happy will be very hard,” Martyn told Kick Off.“Once a manger makes that decision there is not a lot you can do.“Cech has been a great servant for Chelsea, he’s a Chelsea man so maybe he will be a little bit more patient because of the time he’s been there.“But I don’t see him sitting on the bench for more than a few months. I think by the time it gets close to the [January] transfer window he’ll already be thinking about whether he should be looking for a move away.“He’ll just want to be playing games. He’s 32, he could still play around eight seasons in Chelsea’s first team, so it’s not as though he’s coming to the end of his career.“He’s still got a long way to go and he’ll just want to play at the highest level he can.“But obviously Courtois is still only 22, he’s got an awfully long way to go in his own career and Chelsea are perhaps thinking he is the way to go moving forward.”last_img read more

Robbers in cops’ clothing get $43.5 million

first_img It is believed the thieves were in the depot for more than an hour before driving off with the cash, police said. About an hour later, the staff managed to escape and call police. “The staff were all very shook by what has happened,” said Detective Superintendent Paul Gladstone of the Kent police serious and organized crime unit, said. “This was a traumatic ordeal for the manager of the security depot, his family and all of the staff who worked there. They have all coped extremely well in the circumstances, when faced with threats and a gang of armed men.” In December 2004, a raid at the Northern Bank’s Belfast headquarters netted thieves the equivalent of $46.1 million – the biggest cash theft in British history. Three men have been charged in connection with that robbery. The governor of the Bank of England has asked for a review of the security arrangements for the storage of bank notes. The bank spokesman said Securitas had already reimbursed them, and there will be no cost to Britain’s taxpayers. The single-floored, squat brown building is windowless and just a 5-minutes walk from the center of Tonbridge, a small market town 30 miles southeast of London. The building, on a small industrial estate, is surrounded by 6-foot-high steel fencing, and security cameras cover every entrance. Steel traps are in place to prevent unwanted vehicles entering the compound, which acts as a car park for employees. There are no signs to indicate the building stores vast amounts of money. 160Want local news?Sign up for the Localist and stay informed Something went wrong. Please try again.subscribeCongratulations! You’re all set! AD Quality Auto 360p 720p 1080p Top articles1/5READ MORECasino Insider: Here’s a look at San Manuel’s new high limit rooms, Asian restaurant The heist at Securitas Cash Management Ltd. began when some of the thieves, dressed as police officers, stopped the firm’s manager as he drove home Tuesday. The manager got into their car, which he believed to be a police vehicle, and was handcuffed by the robbers, authorities said. At the same time, another team of thieves went to the manager’s house, saying he had been in an accident. The men convinced his wife and young son to leave the home and go with them. The first team, with the manager in the car, met up with a white van and another group of thieves. The manager was placed in the van, which then headed toward the Tonbridge depot, police said. The manager allegedly was told to cooperate or his family would be hurt. Early Wednesday morning, the thieves in the van headed to the Tonbridge depot to meet up with accomplices driving a large white truck. The thieves tied up 15 employees and started loading cash into the truck, police said. LONDON – A gang of armed robbers impersonating police officers tied up employees at a southern England security company and stole the equivalent of $43.5 million, the Bank of England said Wednesday in disclosing one of the largest bank heists in British history. The money, about 25 million pounds in bank notes, was stolen overnight from a cash center at Tonbridge in Kent county, a bank spokesman said on condition of anonymity, according to bank policy. No one was injured in the robbery. The bank spokesman also said it was possible that more than $43.5 million was stolen, but the final figure will not be known until the security company completes its accounting. last_img read more

Newcastle United owner Mike Ashley sells Rangers shares

first_img1 Mike Ashley has sold his shareholding in Rangers and the largest Light Blues supporter group has snapped up half of his Ibrox stake.The news comes just two days after Rangers chairman Dave King brokered a peace pact with the Sports Direct chief that provides the Ibrox club with a new £5million-a-year retail deal.Ashley’s firm MASH Holdings Limited bought an 8.9 per cent stake in Rangers International Football Club Ltd (RIFC) when the company was floated by former chief executive Charles Green in 2012.But he has now sold a 4.46 per cent tranche to fan group Club 1872, with the rest bought by Julian Wolhardt, chief operating officer of Hong Kong-based Dehong Capital Partners.Club 1872 – formed last year by a merger of supporter groups – becomes the club’s second biggest shareholder by taking its stake to 10.71 per cent.The news has been welcomed by fans, who feared the dispute fought out by King and billionaire Newcastle owner Ashley in the courtroom would hamper the club’s ability to take on Celtic for years to come.A spokesperson for Club 1872 said: “We are delighted that our members’ support for Club 1872 has brought us to a point where we can acquire those shares and complete the process of restoring control of RIFC to those who view the footballing success of Rangers FC as being just as important as RIFC’s careful stewardship financially.“Club 1872 allows Rangers supporters to help safeguard the future of our club. Taking our shareholding above 10 per cent puts us well on our way to that goal. Our next ambition is to reach out to those Rangers supporters who are not already members of Club 1872 and encourage them to join.“Together we can achieve great things for our club.”Wolhardt – who was married in Scotland and previously worked for Asian Investment firm KKR when it bought a large stake in German outfit Hertha Berlin – added: “I am delighted to become an RIFC shareholder. I have a long held love for Scotland and football and I am keen to see Rangers FC unlock its considerable commercial potential.“With the successful restructuring of the retail operations, RIFC is now on a firm financial footing and I look forward to being a part of its exciting future.” Mike Ashley has sold his Rangers shares last_img read more

Watch: Ed Woodward chases Jose Mourinho in press zone corridor

first_img 1 Ed Woodward was caught on camera bizarrely chasing after Jose Mourinho following Manchester United’s pre-season win over Real Madrid.The Red Devils’ executive vice-chairman sprinted to meet up with his manager in front of cameras in the press zone and seemingly took him by surprise. You can watch the full video of the incident below who plays? Mourinho, who has publicly voiced his frustrations at United’s lack of transfer activity this summer, shook hands with the man responsible and exchanged a few brief words with him.‘The Special One’ has said he wants to secure two more new players before the end of the window on August 9.Centre-back and right wing are understood to be the areas he is looking to address. How the Premier League table could change after the Boxing Day fixtures Where Ancelotti ranks with every Premier League boss for trophies won REVEALED Which teams do the best on Boxing Day in the Premier League era? England’s most successful clubs of the past decade, according to trophies won possible standings REVEALED Man United transfer news live: Haaland ‘wants a change’, two players off in January deals center_img RANKED Top nine Premier League free transfers of the decade silverware How Man United could line up for Newcastle clash – will Pogba start? smart causal Man United joined by three other clubs in race for Erling Haaland gameday cracker IN DEMAND Latest Manchester United News Ed Woodward ran after Jose Mourinho for an urgent chat in the mixed zone last night.What could they be talking about? 🤔 pic.twitter.com/RoHCmvKqSX— ESPN FC (@ESPNFC) August 1, 2018In the match, United ran out 2-1 winners thanks to goals from Alexis Sanchez and Ander Herrera.Karim Benzema scored Los Blancos’ consolation. Every current Premier League club’s best kit from the past decade Boxing Day fixtures: All nine Premier League games live on talkSPORT last_img read more

Real Madrid monitor superstar’s availability with new contract yet to be agreed

first_img Where Ancelotti ranks with every Premier League boss for trophies won REVEALED Man United transfer news live: Haaland ‘wants a change’, two players off in January Oxlade-Chamberlain suffers another setback as Klopp confirms serious injury Latest Premier League News Real Madrid are keeping tabs on Raheem Sterling contract situation with the player in the final two years of his current deal, according to ESPN.There have been talks between the player and his current club Manchester City but there appears to have been no breakthrough so far. Which teams do the best on Boxing Day in the Premier League era? Green reveals how he confronted Sarri after Chelsea’s 6-0 defeat at Man City Still only 23, the England international has always expressed a wish to player abroad and Los Blancos could capitalise on his contract situation to land him in a cut-price deal once he enters the final 18 months of his agreement.“I’m happy at Man City at the moment,” Sterling said in Decemeber 2017.“But nobody knows what the future brings so one day, definitely, it would be nice to play abroad. It would be a great experience.“Spain’s attractive. Anywhere the weather is nice really!“Can’t be in London. I can’t be near my friends. They got to stay down there.” REVEALED Real Madrid ‘offer’ Isco to Chelsea in bid to ‘make room’ for Tottenham star gameday cracker 1 no dice center_img Boxing Day fixtures: All nine Premier League games live on talkSPORT tense Son ban confirmed as Tottenham fail with appeal to overturn red card silverware England’s most successful clubs of the past decade, according to trophies won REAL DEAL shining deals Manchester City star Raheem Sterling in action. huge blow According to the report, Sterling does wish to remain at the Etihad Stadium and agree a new deal but it will not dissuade Real Madrid from monitoring his talks and preparing for a transfer should the opportunity arise. Premier League Team of the Season so far, including Liverpool and Leicester stars last_img read more

MAN LOSES LEGAL BID TO PREVENT TRIAL OVER LETTERKENNY HOSPITAL ROW CHARGES

first_imgA LETTERKENNY man will go on trial next year accused of using threatening behaviour towards a nurse at the Emergency Department of the town’s hospital.Lawyers for 38-year-old Oliver Quill made a legal application to have the charges thrown out at the District Court.Mr Quill,  from Lisnennan Court in Letterkenny, strenuously denies the single charge of using threatening and abusive behaviour at the A&E department of the hospital on September 2, 2012. Solicitor Kieran Dillon argued before Judge Paul Kelly that his client was denying the charges.However he had now learned that CCTV footage of what happened on the day of the alleged offence was not available.Mr Quill, he said, had been relying on that CCTV footage for his defence because he believed it would show that he was not guilty.“There will be a conflict of evidence between the alleged injured party Nurse Callaghan and Mr Quill,” said Mr Dillon.He said there was a dispute over what happened after Mr Quill was treated at the hospital, that his client was moving from one location to another when issues arose.The CCTV footage had been accidentally erased, said Mr Dillion and that had placed his client “at a major disadvantage.”The lawyer went on: “There is a real risk of an unfair trial; given the sensitives of the location, evidence is crucial..”He said it was still unclear “as to where this gremln occurred and the case should be stopped at this point.”Inspector Goretti Sheridan however objected to the application.She told Judge Kelly that Nurse Callaghan was in a position to give her own version of events to the court.She said the lack of CCTV shouldn’t be allowed to prevent witnesses giving evidence in the case.“As in many of these cases it stands or falls on the credibility of witnesses,” she said.Judge Paul Kelly said case law was “explicit” in such matters and that cases should only be stopped in “exceptional cases” and he didn’t believe this was an exceptional case.He set a trial date for May 19th next year.MAN LOSES LEGAL BID TO PREVENT TRIAL OVER LETTERKENNY HOSPITAL ROW CHARGES was last modified: November 23rd, 2013 by John2Share this:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Reddit (Opens in new window)Click to share on Pocket (Opens in new window)Click to share on Telegram (Opens in new window)Click to share on WhatsApp (Opens in new window)Click to share on Skype (Opens in new window)Click to print (Opens in new window) Tags:alleged abusive behaviourLetterkenny District Courtletterkenny hospitallast_img read more

Rowing Travels to Buffalo for Black Rock Cup

first_imgFollowing its trip to Buffalo, Drake will have a break before it travels back east to the 2018 MAAC Championship, May 13, in Cherry Hill, N.J. The winner of the MAAC Championship receives the conference’s automatic bid to the NCAA Championship.BLACK ROCK CUP SCHEDULE8 a.m. – V8 Eight8:20 a.m. – 2nd V8 Eight8:40 a.m. – V4 FourBreak for Boat dedication10:00 a.m. – V8 (Finals)10:20 a.m. – 2nd V8 (Finals)10:40 a.m. – V4 (Finals) “It’s always fun to race in new places on new bodies of water,” DiSilvestro said. “We need to take what we worked on this past week and build on the success from Illinois. It’s going to be much tougher competition but we’re excited for a good weekend of racing in a new place.” BUFFALO, N.Y. – The Drake University rowing team makes its first-ever trip to Buffalo, N.Y. for the Black Rock Cup Sunday hosted by Canisius College at the West Side Rowing Club. The Bulldogs will compete against fellow Metro Atlantic Athletic Conference members, the host Griffins and Robert Morris as well as Rochester Institute of Technology. “We’re very excited to see conference competition since we haven’t raced any conference teams since spring break training,” said head coach Charlie DiSilvestro. “It will be good to see how we stack up with two really good conference teams. With our poor water conditions, back home we haven’t been able to row our four lineup, so they need to get a feel of that boat. We will have two good practices to get some water time. The other two boats need to continue to feel good about coming together as a boat.”center_img Drake will look to build off its success from last weekend when it won four out of five races at the Illinois Collegiate Rowing Invitational in Farmer City, Ill. and claimed the women’s overall points title. Drake Tentative Lineups for Black Rock CupV8 – Rambhia (cox), Rebischke, Frantik, Gowans, Konopacki, Abrams, Thacker, Rundquist, Packer2V8 – Killian (cox), McNeely, Bascio, Shipley, Dahlstrom, Hunter, Peterson, Janes, SmithV4 – Prien (cox), Rimes, Peterson, Finnell, Masterson Print Friendly Versionlast_img read more