admin

.tdi_3.td-a-rec{text-align:center}.tdi_3.td-a-rec:not(.td-a-rec-no-translate){transform:translateZ(0)}.tdi_3 .td-element-style{z-index:-1}.tdi_3.td-a-rec-img{text-align:left}.tdi_3.td-a-rec-img img{margin:0 auto 0 0}@media (max-width:767px){.tdi_3.td-a-rec-img{text-align:center}} Three ABEMS Supervisors Selected for Advanced Training in the United States) The Ministry of Health, Wellness, Social Transformation, and...

Guyanese contemplating running from oil-rich country over high cost-of-living  – UK media reports   Aug 11, 2024 News Guyanese flock the country’s capital, Georgetown in hopes of purchasing cheap items to sustain their families Kaieteur News – The Guardian, a UK based media house recently reported that citizens of oil-rich Guyana are contemplating to leave the country as the cost of food soars, making it difficult to feed their families. In the article published last month, ‘Guyana banks on future as a ‘new Qatar’ in high-stakes gamble over oil production’- the global media group delved into the country’s prospects with its newfound oil wealth.The independent media organization interviewed a number of public officials in Guyana as well as members of civil society. Highlighting the plight of Guyanese was Mark Murray, a 38-year old construction worker. He told The Guardian that he was considering emigrating. “You can’t feed your family as you like. The average person cannot eat earning $20 a day in Guyana.” In a country where the cost of food has soared – a meal at a fast-food chain can cost £25 – many feel they are paying the environmental price of oil and gas exploration but not profiting from the economic boom, the British media house reported. Guyanese locally and abroad have been protesting for changes for the lopsided oil contract signed between the government of Guyana and ExxonMobil back in 2016. The deal allows Exxon and partners – Hess and CNOOC- to deduct 75% of earnings each month to recover their investments. The remaining 25% is then split evenly with Guyana as profits. The country also receives one of the lowest royalty rates in the industry – a meager two percent on its sweet, light crude. Although Guyanese continue to demand a renegotiation of the deal for better fiscal terms, both government and the political opposition are reluctant to engage the oil companies for a renegotiation of the contract. Guyanese public servants in particular have been fleeing the country for better working conditions and remuneration over the years but with the country’s discovery of oil resources, citizens were hopeful that their fortunes would change. This phenomenon however continues today as the country continues to lose its teachers, nurses, doctors and other skilled labour. Politicians have announced that Guyana will be importing the human resources it need from other countries to fill the gap. In its report, The Guardian said despite complaints, the pace of Guyana’s growth is noticeable out on its streets. The British media observed that although the country’s capital city Georgetown still faces serious infrastructure gaps, trucks carrying construction supplies and workers labouring on new highways, hotels, shopping malls and luxury homes in gated neighbourhoods are everywhere. New hospitals and schools are under development inside and outside the capital as part of the president’s public service promises. Notably, Mayor of Georgetown, Alfred Mentore underscored the importance of Guyanese being able to benefit from the country’s wealth. He told The Guardian, “We need to make sure that not only those causing this growth gain but also those at the bottom level also benefit.” He continued, “Our capital’s GDP per capita grew 63% in 2022 and about 40% in 2023. The capital works and infrastructure growth are at a rapid pace,” but this is not enough. Mentore urged, “We need to make sure that not only those causing this growth gain but also those at the bottom level also benefit from this kind of trickle-down effect.” Also sharing her views on the subject of Guyanese benefitting from their oil resources was teacher and General Secretary of the Guyana Teachers Union (GTU), Coretta McDonald. She told The Guardian, “I see a lot of optimism from government officials and scepticism from ordinary people…real people in the streets are not seeing, at least for now, the concrete benefits from the oil.” Related Similar Articles

Jagdeo changes tune on interest rates charged on ExxonMobil’s investments Aug 11, 2024 News Jagdeo before: “Regardless of whether you make the financing in the form of a loan or equity, you have to get a rate (of) return. There is a cost of capital and that is how it is.” Jagdeo now: “Last week, I explained again for the 100th time that there is no interest charged on the cost bank… right now, as of now, there is no interest, zero interest that is charged to the cost bank.” …previously said, “there is a cost of capital,” now claims no interest being charged Kaieteur News – The rate of return on ExxonMobil’s investments has been avidly pursued for years by stakeholders, as without a cap on this cost, oil companies can easily abuse the provision, walking out with millions and possibly billions of US-dollars annually. Vice President, Dr. Bharrat Jagdeo The lopsided Production Sharing Agreement (PSA) with Exxon and partners allows the recovery of uncapped interest on investments to meet expenses related to the Stabroek Block, without the prior approval of the Minister with responsibility for Petroleum. The PSA states in Annex ‘C’- at costs recoverable without the prior approval of the Minister- that “interest, expenses and related fees incurred on loans raised by the Parties comprising the Contractor for Petroleum Operations and other financing costs provided that such expenses, fees and costs are consistent with market rates.” This question has been frequently raised at Vice President, Bharrat Jagdeo’s press conferences with varying responses being provided over the years. ‘Raising capital is difficult’  The public would recall that the Chief Policymaker for the petroleum sector previously told reporters that the issue is complex and reflective of the cost of raising capital. He argued that raising capital for the oil and gas industry is a difficult task, as many banks worldwide are moving away from supporting projects linked to fossil fuels. Though Guyanese are concerned that the country could lose out on billions unreasonably through this provision, Jagdeo indicated that the government wants to maintain momentum in the oil sector and attract investment to the country. He said, “We don’t wanna kill the momentum. The moment you start a dispute to kill the momentum of the industry, everything dries up here for a while. And then you also can’t get the investment dollars that are so scarce now for this industry to flow, which is what we want to flow here so our local people can start doing better too.” ‘Ask Exxon’ When the matter was raised again at another press engagement hosted by the VP, he directed Kaieteur News to question ExxonMobil on the interest rates it is charging the country. In October 2023, President of ExxonMobil Guyana, Alistair Routledge during a press conference explained Guyana was not being charged an interest rate on its multibillion-dollar investments in the Stabroek Block. According to him, “ExxonMobil is not charging any interest on what we are recovering like for the Liza projects and the likes, we are not charging financing costs to Guyana so one of the things that’s been raised before is Guyana in debt to the Stabroek investors and it’s not true.” Jagdeo was later asked to confirm the statements by Routledge when he said, “If he says that and there is an interest rate and there is a charged interest rate in the cost bank then it wouldn’t be allowed. So it’s a straight forward matter for me as far as I’m concerned.” ‘There is a cost of business’  Meanwhile, at a press conference in June 2023, the VP said Guyana was paying a rate to Exxon as this is a standard practice for a return to be generated on a company’s equity. “Regardless of whether you make the financing in the form of a loan or equity you have to get a rate (of) return. There is a cost of capital and that is how it is,” Jagdeo asserted. Tune changes On Thursday, the Vice President revisited the subject, following statements by the People’s National Congress Reform (PNC/R) and the Alliance For Change (AFC) on the non-disclosure of the rate of return charged by the company. He said, “Last week I explained again for the 100th time that there is no interest charged on the cost bank… right now, as of now, there is no interest, zero interest that is charged to the cost bank.” Jagdeo said this was verified by the auditors reviewing the company expenses. The VP further explained that Exxon was not funding the Stabroek Block operations from loans, but from the company’s local earnings which are not sent to its parent company. It must however be noted that the PSA also allows for the operator to deduct interest on “other financing costs” which include the company’s equity contribution or investments from the company’s earnings. This means that interest payments are not limited to loans taken by Exxon to develop the Stabroek Block. “I pointed out that this was checked by the auditors…they are funding this from equity and money earned that they don’t repatriate to their parent company. I pointed out that they lease a lot of the FPSOs and so the people who are leasing the FPSOs may charge or borrow and therefore they have an interest cost but that is subsumed in the lease cost so Exxon would lease the vessel but the interest cost by the people who are leasing the vessels might be subsumed in the cost of the lease,” Jagdeo said. To this end, he made it clear, “Zero interest at this point in time (is) charged to the cost bank.” Related Similar Articles

Firearm, stolen items recovered after McDoom robbery Aug 11, 2024 News The firearm and stolen items found in the abandoned house Kaieteur News – Following an armed robbery at the ‘Thousand Dollar Store’ in McDoom, East Bank Demerara (EBD) on Friday, detectives have recovered a .32 pistol along with several passports, ID cards, and bank cards belonging to one of the victims. Acting on intelligence, a team of CID officers from the Ruimveldt Police Station, led by an Inspector, searched an abandoned two-story concrete building along Middle Road, La Penitence, Georgetown on Saturday. During the search, the police found a brown female Michael Kors handbag containing the .32 pistol suspected to be the firearm used in the robbery wrapped in a black plastic bag. They also recovered one Guyanese passport, one Trinidadian passport, a Republic Bank Visa card, and two identification cards, all belonging to one of the robbery victims. The recovered items were processed and taken to the East La Penitence Police Station for further investigation. While several people were questioned, no arrests have been made so far. The police are continuing their efforts to identify and apprehend the perpetrators of this armed robbery. Related Similar Articles

GTU leadership divided on Govt.’s proposed 10% pay hike for teachers in 2024 Aug 11, 2024 News GTU President, Dr. Mark Lyte Kaieteur News – The leadership of the Guyana Teachers’ Union (GTU) appears to be divided on its position on the Government of Guyana’s new proposal of 10% salary increase retroactively for 2024. The new proposal also entails 8% for 2025 and 9% 2026. On Friday, as news spread of the new proposal Kaieteur News contacted GTU’s president Dr. Mark Lyte who said, “I am not aware of any such report.” Calls to the General Secretary of the Union went unanswered and no response was provided to text messages sent. However, this publication understands that on Saturday, the GTU President circulated a statement to the general membership of the Union stating that the General Council met on Friday and accepted the Government’s revised proposal. The statement said, “Colleagues, good morning. General Council met yesterday and made a decision to accept MoE’s revised offer of 10, 8, 9 % for the three-year period with the caveat that should public servants get more than our offer, the difference will be given to teachers. These direct financial benefits will be added to other indirect financial ones outlined in the other areas of the agreement. The union wishes to have some of these benefits rolled out in the month of September.” Lyte told the membership that there he intends to sign the agreement on Monday. “Hence, an early date of signing would be beneficial to our members. Towards this end, GC was asked to engage our members by region, branch, small group, etc., so as to update members. These engagements are expected to unfold today and tomorrow so that on Monday, we can sign the agreement. Four officers (President, 1st and 2nd VP’s, and GS) will attend the signing session at 09:00hrs on Monday at MoE’s Boardroom. We are aware that what is agreed was not what was requested,” Dr. Lyte said in the statement. General Secretary of the GTU, Coretta Mc Donald Further, the GTU President said, “However, our teachers deserve to be compensated in every avenue possible during these difficult times. I have also pushed for dues to be remitted to GTU on or before September in keeping with court ruling. Please inform me where sessions with members are held today and tomorrow. Thank you.” However, a few hours after Lyte’s statement was issued, General Secretary of the Union, Coretta McDonald disseminated a statement of her own expressing disgust with the decision taken by Lyte to sign the agreement in haste. “Colleagues good afternoon. This issue is one of grave concern to our members who have entrusted CONFIDENCE in us, as such it is our responsibility to engage our members and not the GC Reps. I am unable to wrap my head around the reason we keep shying away from our members. When we wanted their votes, we went out there to meet them and at this time we should give them the respect. We have a Zoom platform that their dues pay for, let’s use it and lay on the table the issue that is before us,” she said. McDonald said, “As the elected General Secretary, I disagree with the position that is being adopted at this time for several reasons and let me remind it’s democratic right. Our members were consulted when we needed their support to withdraw their services, they came out in their numbers, many of them have been chastised but they stood their ground for 75 days. As a UNION that has been built on the backs of STRONG MEN and WOMEN, we who carry the torch must never go down looking toothless and powerless or as elected leaders with no vision.” McDonald who is a Member of Parliament (MP) noted that Parliament approved a Supplementary Budget of $40B, $9.5B of which has been allocated to the Guyana Sugar Corporation (GuySuCo) as well as $16B to the Guyana Power and Light Incorporated (GPL). “… and we who have been producing (check out CSEC and Grade 6 exam results) are prepared to accept 10, 8, and 9%. This is unacceptable and more the rush to sign off on this, leaves much to be desired. Have we checked to see what the inflation rate is?  Why are we accepting decreased increases? Are we so tired that we’re not prepared to go a little longer?  What has happened to the prayers we were offering?  Where is our faith? I’m sure a little longer will give us something better,” Mc Donald said. The GTU official proposed that the Union writes to President Irfaan Ali about the proposed salary increases, “…we have been talking in good faith and that good faith should have seen the MOE seeking to have the appeal withdrawn. Good faith can’t be one-sided and that we should demand since we let go of our 2019-2023 Proposal. I propose that we write HE, President Ali and share our concerns on this now 10% offer and finally push off on the signing until after we would have met with our members.” The Guyana Teachers’ Union (GTU) had recently rejected the ministry’s 9% increase for 2024 and 8% respectively for 2025 and 2026. Related Similar Articles

Norton gets policy ideas from ‘Bam Bam Alley’ and Plaisance Line-Top Aug 11, 2024 News Opposition Leader, Aubrey Norton Kaieteur News – Leader of the Opposition, Aubrey Norton during a recent interview with Globe Span said that he meets people and gets information by hanging out at ‘Bam Bam Alley’ (a hang out spot located on Orange Walk, Georgetown) and the Plaisance Line-Top, East Coast Demerara (ECD). “There are some around who always believe that I shouldn’t be on Orange walk, Bam Bam Alley liming, that I shouldn’t be on Plaisance Line-Top and they call out all the places that I shouldn’t be because of their perception of the place, of course I have a different view,” Norton told Globe Span as he explained that one of his weaknesses as Opposition Leader is ignoring people’s perception. “I believe that is where I meet the people, that is where I get information, there is where I link with the people,” Norton said while adding, “And so to me, though there are elements in society who use that as a downside, I believe it has a positive element.” The Opposition Leader further explained, “When I go into a village and I sit down with people, villagers and we gaff, we take a drink I learn from them”. The Opposition Leader recalled that not too long ago, he was at Orange Walk purchasing some fish and chips “or something else” and someone said to him that he should not be there but he did not agree with their point-of-view. “A (I) mean I am of the view that I need to be on the ground with people, I worked under Forbes Burnham and I see him transform from statesman to an ordinary person and I believe that is what is needed,” Norton said on the Globe Span programme. “We need to know when to be a statesman like person and you need to know when to be ordinary and accessible and be able to relate to the average man,” Norton added while noting that many of his party’s supporters do not want handouts of “40 or 50 million dollars”. “They just want you to show that you care for them and that the things you will do will bring benefit,” he noted. Despite criticisms about his approach to politics, Norton maintains that he should ground with the people. “I am one who believe that in every positive, there is a negative and vice versa so I have the tendency to look at the negative and derive the positive from it and when I am looking at the positives, I also look at what negatives will come from it so I can attenuate the negative impact,” Norton said. Related Similar Articles

Govt. yet to recoup over $1B for damages caused by vessel that crashed into Harbour Bridge Aug 11, 2024 News The damages the bridge sustained. Kaieteur News – The Government of Guyana is yet to recoup in excess of $1B from a Panamanian company whose vessel, MV Tradewind Passion crashed into the Demerara Harbour Bridge on October 8, 2020, Public Works Minister Juan Edghill told the National Assembly on Friday. Edghill was at the time responding to a question posed by former Minister of Public Infrastructure, David Patterson. On the 85th Order Paper, the question submitted by Patterson reads, “On October 8, 2022, MV Tradewind Passion collided with Demerara Harbour Bridge, causing extensive damage in excess of G$1B. (1) Can the Honourable Minister provide this National Assembly with the sums recouped by the Demerara Harbour Bridge or the Ministry for damages caused by this collision?” Patterson also questioned whether the vessel still operates in Guyana. In his written response Edghill said, “No funds have been recouped either by the Demerara Harbour Bridge Corporation or the Ministry of Public Works. A claim has been filed by the Demerara Harbour Bridge Corporation to recover damages in excess of $1B.” The minister said that, “The ship owners made an application under Section 402 (i) (a) of the Guyana Shipping Act Chapter 49:01 to limit their liability. Despite strenuous objections by the Counsel of the Demerara Harbour Bridge Corporation, the application was granted.” Furthermore, “Consequently, the Tradewind Passion obtained a court order to limit its liability to the sum of G$ 246M. The proceedings are currently pending awaiting trial.” The minister also confirmed that since the vessel departed Guyana’s waters, it has not been operating in the country. In 2022, the collision made headlines across the country when the vessel crashed into the bridge causing an employee of the Bridge to be hospitalized after suffering a fractured leg. Other staffers narrowly escaped unhurt and the damage to the bridge was described as the worst engineers have ever seen, leaving it inoperable for over 48hrs. This publication reported that the Panamanian flagged vessel crashed into the bridge close to 02:00hrs on October 8, 2022, during a retraction for the passage of five vessels. It was reportedly filled with fuel for the Guyana Oil Company Limited (GUYOIL) and was the last vessel to pass through from north to south when the collision occurred. In November of the same year, this publication also reported that three workers of the Demerara Harbour Bridge (DHB) have been sent on leave pending an investigation into how the Panamanian oil tanker that crashed into the Bridge on October 8, 2022 causing $1B in damages, left Guyana without paying up. According to a release from the ministry, the vessel was detained to facilitate an investigation and subsequently released as a result of a court order. However, Justice Fidela Corbin-Lincoln had ordered that the vessel be released after the owners agreed to lodge some $247.4M at the court. On November 11, 2022, the High Court ruled that the Canama Trading S De RL Company is entitled to constitute a limitation fund under Section 414 (1) of the Shipping Act by paying or lodging with the Court, as security, $245,567,288.01 in keeping with an agreement it has with the DHBC. According to the Statement of Claim (SoC) filed at the High Court, the DHBC said that the collision caused $1B and counting in damages and that there has been no compensation despite several oral requests demanding payment of the sum. As such, the Corporation claimed $1B for special damages and $50M in damages for negligence since the master of the vessel owned by the Panamanian company was negligent and failed to exercise the relevant international safety conventions for safety at sea. Minister Edghill said, “It must be noted that there was no actual payment of monies into the Court” noting that the Vessel sailed out of Guyana’s waters without notifying the General Manager of the DHB. However, contrary to Minister Edghill’s statements, the operators’ lawyers attached to the Cameron and Shepherd Law Firm said there was no requirement for a deposit. The Law Firm said that an application was made to the Court for the vessel’s release on the security of a Letter of Undertaking (LOU) by the insurers for approximately $250M. “The LOU is an internationally recognized guarantee that is accepted for the release of ships under arrest or by agreement of the parties when an accident occurs. The sum of two hundred and fifty million guaranteed is arrived at on the basis of a formula set out in the Shipping Act which is itself based on an international convention subscribed to by the Government of Guyana,” the attorneys explained in a letter to the editor. The attorneys said that in ordering the release of the ship, the Court accepted the deposit of the LOU with the Registrar. “No order was made for a deposit of cash. If such an order was sought by the Demerara Harbour Bridge, we are confident that the court would have rejected it. Therefore, the statement of the Hon. Minister bemoaning the release of the ship without the deposit of cash had to have been made without legal advice,” they said. Related Similar Articles