(Demerara Waves) Britain says while Guyana appears to be progressing towards commercial oil production, there appears to be no clear indication on how the South American nation will spend some of the revenues.
High Commissioner to Guyana, Greg Quinn said Guyanese stakeholders need to discuss how the money should be spent on the social sectors and infrastructure while putting some of the earnings in a Sovereign Wealth Fund.
“The sort of conversation, which I know is happening, is already happening around those two areas, but what I would like to see a bit more detail about is exactly what the strategy is for spending the money,” he told a news briefing at his Bel Air Gardens residence.
He said the United Kingdom would be willing to assist Guyana in developing a strategy to spend the oil revenues, but he suggested that the international community needed to ensure there was no unnecessary replication of efforts.
Quinn cited the need for a “continuing discussion” among civil society, the population, politicians and civil servants “about which areas need the money that will come out of oil and how you prioritise those areas.”
(Barbados Today) As regional airline LIAT prepares to embark on its latest cost cutting exercise in another week, Minister of Tourism Richard Sealy has suggested that there can be no running away from the planned financial restructuring.
In fact, while comparing the operations of the Antigua-based regional carrier to those of the state-run Transport Board, Sealy told industry officials and members of the media here on Monday that the promised cuts were inevitable.
At the same, he suggested that it was going to be hard for LIAT to ever turn a profit, given its social responsibility to provide air transportation to the region.
“They are asked to service a lot of routes that are just not profitable. It is really the aviation version of the Transport Board in many respects and it is not an easy challenge when, as can happen, one of your aircraft is down for routine maintenance or some unanticipated reason,” he said, while highlighting problems with the airline’s fleet.
The minister of tourism also said he had “a lot of sympathy” for LIAT’s staff and management, but he emphasized that cutting, though difficult, was necessary for the carrier, in which Barbados is the major shareholder, to move forward.
(Reuters) Verizon Communications Inc (VZ.N) said on Tuesday it would buy Yahoo Inc's (YHOO.O) core business for $4.48 billion, lowering its original offer by $350 million in the wake of two massive cyber attacks at the internet company.
The closing of the deal, which was first announced in July, had been delayed as the companies assessed the fallout from the data breaches that Yahoo disclosed last year.
The No. 1 U.S. wireless carrier had been trying to persuade Yahoo to amend the terms of the agreement following the attacks.
The deal will combine Yahoo's search, email and messenger assets as well as advertising technology tools with Verizon's AOL unit.
Verizon has been looking to mobile video and advertising for new sources of revenue outside the oversaturated wireless market.
The companies said on Tuesday they expect the deal to close in the second quarter.
(Demerara Waves) The People’s Progressive Party (PPP) on Monday warned of increased tension and unrest by sugar workers if they are sacked due to the closure of more sugar estates, even as that party demanded that a socio-economic impact study be done before government decides on the Guyana Sugar Corporation’s (GuySuco) future.
“Unquestionably, this will cause a confrontation. If we use one current example- the parking meters- and we use a feature of this Granger government, no consultation, you see where it leads,” PPP Executive Committee member, Roger Luncheon told a news conference.
Since coming to power in May 2015, government has closed Wales Sugar Estate, and GuySuco has made arrangements to deploy some of the workers at Utitvulgt Estate, West Coast Demerara.
The Guyana government has said the national treasury could not afford to spend billions of dollars annually on a loss-making and highly indebted sugar industry whose annual production continues to plummet. However, sugar industry advocates have argued that GuySuco plays key roles in employment, drainage and irrigation, health care and earning much needed foreign exchange.
BRUSSELS (AP) -- The eurozone's 19 finance ministers will try to defuse the risk of another Greek crisis when they meet later in Brussels.
Greece remains dependent on bailout loans from its partners in the eurozone to pay its debts. Without them, it faces bankruptcy and a potential exit from the euro.
But the release of those loans depends on Greece meeting the terms of its 2015 bailout agreement. There are disagreements on those terms, notably on how tough Greece's budget targets should be.
At Monday's meeting, Greek Finance Minister Euclid Tsakalotos will try to convince his peers that bailout inspectors should return to Athens to conclude the latest assessment, which would allow the release of bailout funds.