Balance of Payments shows steep hike

first_img…as Mid-Year Report warns of economic consequences for GuyanaThe first half of 2018 has seen Guyana’s Balance of Payment deficit take a sharp leap forward, when compared to the same period for 2017 and even the Finance Ministry’s Mid-Year Report is warning of the consequences.The value of Guyana’s imports are on the riseThe report, which was laid in the National Assembly only days ago, details that Guyana for the first half of the year recorded a deficit of US$139.8 million. This is in contrast to the corresponding period for last year, when the deficit was just US$46 million.“Guyana’s Balance of Payments deficit increased further as a result of a significantly higher deficit on the current account, which more than offset a surplus on the capital account.The weakening of the current account, from a deficit of US$79.2 million to a deficit of US$194.1 million, was due to higher deficits on the merchandise trade and services accounts, notwithstanding increased net unrequited transfers,” the report states.“The negative balance on the merchandise trade account widened to US$218.0 million during the first half of 2018, from US$112.2 million, in the first half of 2017, attributed to stronger growth in total import payments, which rose by US$137.8 million over the review period.Growth in imports was driven by an overall expansion in all major categories, intermediate goods by US$92.6 million, capital goods by US$41.1million and consumption goods by US$3.6 million.”According to the report, the total value of imported capital goods was driven by increases in all sub categories except agricultural machinery. IN fact, the report notes that this decreased by US$5.6 million.“Within the overall category, substantial growth was recorded for mining machinery, “other capital goods” and industrial machinery, which expanded by US$13.9 million, US$10.6 million and US$9.7 million, respectively.”“The expansion of imports of consumption goods was mainly due to significant growth in food for final consumption and other durables, which increased by US$9.2 million and US$8.2 million, respectively over the reporting period. Further growth in this category was limited by a reduction of US$22.8 million in the value of ‘other non-durable’ goods imported.”The report warns that global risks, such as rising commodity prices, climate change and turbulent international trade relationships, do pose a threat to the stability and progress of Guyana’s economy. And it warned that increased importation will put a strain on the country’s foreign reserves.“Specifically, the issue of climate change, which brings with it unpredictable weather patterns, has the ability to adversely affect the agriculture and mining and quarrying sectors, and, consequently, restrict production.On the other hand, while commodity prices are expected to strengthen, in 2018, this will have mixed effects.”“On the positive side, rising prices offer favourable prospects for the exporting Sectors – gold, rice, timber and aluminium. However, the increased importation of Intermediate goods, especially fuel and lubricants, and consumption goods, could likely offset the gains from export earnings. This could put a strain on Guyana’s international reserves, reinforcing the urgency with which economic diversification and resilience – Strengthening must take place,” the report states.Balance of Payments is statistical data on a country’s fiscal transactions, including imports and exports. To therefore record a deficit, Guyana would have had to spend more on imports, among other things, that it derived from exports.According to the 2017 Macro-economic Report, Guyana’s overall Balance of Payments in the last fiscal year showed a deficit of US$69.5 million.This is a hike when compared to US$53.3 million the previous year.last_img read more

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“Don’t place all attention on oil” – British High Commissioner warns

first_imgAs Guyana continues to count the days until oil production, slated for 2020, British High Commissioner Gregory Quinn has issued a warning that the country should not direct all its attention solely towards the petroleum industry.Invited to speak at a private sector event on Friday last, the foreign official addressed a number of key concerns relative to the nation’s future and the development of the relationship shared between Guyana and the UK.British High Commissioner Gregory QuinnIn his presentation, Quinn alluded to the country’s anticipation of the endless possibilities which are expected to materialize once the oil and gas operations are up and running. In so doing, he emphasised, “It is important that all of Guyana’s attention is not placed on oil and gas alone. There is much else to be done to assist Guyanese businesses and the Guyanese economy.”The diplomat called for attention to be placed on the existing sectors, particularly agriculture and manufacturing, so as to maintain diversity and ensure a thriving economy. However, even as he cautioned against placing all of the nation’s resources into one proverbial basket, the British official is calling for the necessary preparations to be put in place, ahead of 2020.“It’s good to see that there are moves afoot to put in place appropriate legislation, be that on the creation of a Petroleum Commission or on the Sovereign Wealth Fund. But time is short, so it is important that such legislation is put in place as soon as possible,” he noted.He then underscored the importance of appropriate consultation with all interested parties throughout this process, be it the private sector, civil society, or members of the public.“The UK Government has been working with appropriate agencies in the country here to help provide the information needed for Guyana to be able to apply for Marine Stewardship Council Certification (MSCC). That certification would allow Guyanese fishermen and seafood processing companies easier access to global markets,” Quinn relayed.The British High Commissioner went on to say that alongside such certification is the need to ensure proper food safety legislation is in place. This, he said, provides the necessary assurance that food will be produced, stored, processed and so on in a way which protects the health of consumers.He referred to the Food Safety Bill which is currently in the making, saying that this legislation would be of great benefit to the country.Quinn believes this will place Guyana on the international playing field, competing alongside well-established nations in marketing its local produce.“All of this work is designed to protect all of Guyana’s resources, to ensure that Government funds are spent for the benefit of all, and to ensure property regulatory oversight,” he outlined.That way, the British diplomat highlighted, the oil industry would supplement the already existing sectors, which would inherently result in sustainable growth across the country.last_img read more

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RCMP look for stolen mini-bike

first_imgThe Fort St. John RCMP are looking for a green camouflage motorized mini-bike that was stolen from the back of a silver Chevy pickup truck parked along 86th St. near the 89th Ave. Intersection. The bike was stolen December 11th between the hours of 4-6 PM. If you have information about this crime, call Crime-stoppers – 1-800-222-TIPS or check out their website, here.- Advertisement –last_img

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Europeans offer deal for Wolfowitz departure

first_imgWASHINGTON – Leading governments of Europe, mounting a new campaign to push Paul D. Wolfowitz from his job as World Bank president, signaled on Monday that they were willing to let the United States choose the bank’s next chief, but only if Wolfowitz stepped down soon, European officials said. European officials had previously indicated that they wanted to end the tradition of the United States picking the World Bank leader. But now the officials are hoping to enlist American help in persuading Wolfowitz to resign voluntarily, rather than be rebuked or ousted. The goal, they said, is to avert a public rupture of the bank board over a vote, possibly later this week, to sanction Wolfowitz. Even if the vote is a reprimand, they said, it could effectively make it impossible for him to stay on. The Europeans worked to arrange a quick exit for Wolfowitz as a special bank committee concluded that he was guilty of breaking rules barring conflicts of interest in arranging for a pay raise and promotion for Shaha Ali Riza, his companion and a bank employee, in 2005. 160Want local news?Sign up for the Localist and stay informed Something went wrong. Please try again.subscribeCongratulations! You’re all set! The decision was sent to Wolfowitz on Sunday night after a month of turmoil over the situation. The panel’s findings were not made public, but people familiar with the report said that it reviewed documents and testimony before concluding that Wolfowitz had breached his obligations in arranging for Riza’s reassignment from the bank to the State Department. “What I’m hearing from colleagues is, `Let’s not push the Americans too hard,”‘ said a senior European official involved in policy on the bank. “We want to avoid a split between the United States and its European allies.” In another sign of Wolfowitz’s difficulties, his top communications aide, Kevin Kellems, resigned on Monday, saying that “the current environment surrounding the leadership” at the bank made it “very difficult to be effective.”last_img
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FSJ renews B.C. Transit contract for additional year

first_imgThis is also an agreement with the operator Diversified Transportation and includes HandyDart services.The renewed contract is applicable until March 31, 2016.The funds required have been included in City Council’s operating budget; however the payment schedule is not being immediately released to the public.- Advertisement -This is said to be in accordance with the Freedom of Information and Protection of Privacy Act.last_img

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Exclusive – Welbeck needs to improve his finishing, claims Arsenal legend

first_imgFormer Arsenal manager George Graham believes Danny Welbeck needs to improve his finishing.The striker opened his Gunners account during the 3-0 victory at Aston Villa on Saturday, following his £16million move from Manchester United in the summer.Doubts remain though about the 23-year-old’s ability to score enough goals as a main striker, with former boss Louis van Gaal claiming the forward wasn’t up to the Red Devils’ standard.And Graham, who led the north London club to two First Division titles, claims the 23-year-old is still a work in progress.“Welbeck is a very willing boy,” he told the Alan Brazil Sports Breakfast show. “He works his socks off for the team and has got a good attitude.“He’s got to improve his finishing a lot though. At Arsenal he will get chances, so we’ll see how good a finisher he is.”last_img read more

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UPDATED: DAD, 64, DIES IN QUAD BIKE ACCIDENT ON DONEGAL FARM

first_imgA 64-YEAR-OLD man has died in a quad bike accident on a farm near Carndonagh.Hugh ‘Heela’ Doherty was pronounced dead at Altnagelvin Hospital in Derry yesterday afternoon.A son who was injured in the incident around 2.30pm on Friday afternoon was later released from hospital. The accident happened on farm land off the main Carndonagh to Glentogher Road.Gardai and ambulance crews rushed to the scene and took Mr Doherty and his son to hospital.Mr Doherty was well-known in the area and today neighbours were coming to terms with his death.One local man who knew the farmer well told donegaldaily: “Hugh was a great man and a great neighbour. “The whole community is in deep shock this weekend.“Everyone is coming together to support the Doherty family at this very difficult time.”Mr Doherty had been unwell in recent times and had been awaiting a liver transplant.Details of his funeral arrangements have not been released.* First published 3.07pm UPDATED: DAD, 64, DIES IN QUAD BIKE ACCIDENT ON DONEGAL FARM was last modified: April 30th, 2011 by gregShare 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:CarndonaghCo Donegalfarm accidentGlentogherlast_img read more

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Boots ban sale of energy drinks to children

first_imgBoots stores in Ireland have announced they will no longer sell energy drinks to children under 16. The pharmacy chain is one of the first non-food retailers in Ireland to join the initiative, with plans to restrict the sale of energy drinks containing more than 150mg of caffeine per litre to children.Currently, all high-caffeine energy drinks carry labelling stating they are not suitable for children, in line with industry guidelines. Now, young shoppers in local stores where drinks are sold will be denied the sale from March 5th 2018.  A till bar system will be in place where anyone thought to be under the age of 16 will be asked to prove their age.A Boots spokesperson said the move is part of a core purpose to help their customers to live healthier lives.The spokesperson added: “We have listened to the growing public concern about young people consuming these high sugar, highly-caffeinated drinks. We are doing the right thing in our stores in Ireland to help further restrict their access.”Boots ban sale of energy drinks to children was last modified: March 6th, 2018 by Rachel McLaughlinShare 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:bootsdrinkshealthlast_img read more

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Insurance crisis escalates as main leisure insurer pulls out

first_imgThe insurance crisis has escalated after one of the last firms covering the leisure sector pulled out of the market.According to the Irish Independent, the move puts thousands of jobs at risk.UK operator LeisureInsure said it will not quote for new business from this week, and from the end of the month will cease all renewals. It was one of the last few insurers covering event companies, bouncy castle operators, leisure centres, yoga classes, soccer teachers, drama classes, some play centres and a large number of leisure companies.Operators in the leisure sector largely rely on British insurers as Irish-based insurers are reluctant to provide cover in this area, citing large losses on what is called liability insurance.Some estimates put the number of jobs at risk as high as 4,500, although some cover is being provided to the sector by brokers with access to a specialist division of Allianz.Head of the Irish Inflatable Hirers’ Federation Gerry Frawley revealed the 220 members of the organisation were insured through LeisureInsure and now cannot get cover. Keith Gill, of leading insurance broker First Ireland, said the withdrawal of LeisureInsure has left a major gap in the market.He said: “The amount, frequency, severity and uncertainty around compensation is the issue.“There is no insurer in Ireland writing business for leisure centres or play centres or for the likes of paintballing,” Mr Gill added. Insurance crisis escalates as main leisure insurer pulls out was last modified: July 20th, 2019 by Staff WriterShare 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)last_img read more

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How Did You Win or Lose This Deal?

first_img Essential Reading! Get my 3rd book: Eat Their Lunch “The first ever playbook for B2B salespeople on how to win clients and customers who are already being serviced by your competition.” Buy Now When you enter a win or a loss into your CRM, you are often asked to type a note of explanation of the outcome you chose. There is rarely enough room for any significant account, but it would be rare for that answer to be accurate, regardless of your note.You Don’t How You WonWe believe we know why we won, even though there are too many factors at play, many of which may be beyond our identify or understand.How much of your win was the result of your timing, showing up at the right moment, a moment in which your dream client was susceptible to you and your ideas? At another time, your prospect may have been far more resistant to you and your ideas.As much as it pains me to write this, mostly because I never want you to rely on your client’s long, storied history and solutions to win a deal (that being the opposite of Level 4 Value, as I have described in Eat Their Lunch: Winning Customers Away from Your Competition), but you may not ever know exactly how much of the decision to buy from you was the client’s belief your company was strong—even if you were not.Win customers away from your competition. Check out Eat Their LunchThe contacts at your client may have found you the most likable person they met with, deciding that you would be someone who would be easy to work with and someone they would like to have on their team. They may also have found you to be the smartest person and the one who helped them best understand how to think about the decision they needed to make, as well as how to execute once they decided.Your Client Doesn’t Really Know Why You WonYour client will tell you that you won because you had the best solution and they believed you were the right person with the right team and the right company. They might even point to some of the differentiators that they thought would make the difference for them—even though they would have no real way to know whether you would execute until after they started working with you.They would not, however, be aware of the subconscious reasons they awarded you their business, their subconscious being outside of their awareness, just like yours and mine. They wouldn’t know why they felt so comfortable with you, why they found you credible, or why they preferred to work with you instead of your competitor. They wouldn’t recognize that your confidence made you more credible than someone else, a someone else they felt was somehow a little bit off, even if they couldn’t explain why.In a study of rats, female rats can smell a male rat with a genetic mutation in its RNA, an indication of genetic predisposition to cancer. The female rats will not mate with those male rats, even though the rat is incapable of consciously knowing why it shuns the male rat. As complex as a rat is, we humans are in many ways more complex, part of that complexity being the fact we are conscious that we are possessed with—and by—a subconscious.When filling in the reason you won or a lost a deal, ask your client, and take your best guess at why you won, writing something you hope to be useful in relating your success. But also recognize that you are writing down only part of an answer that is undoubtedly more complicated than what you type.last_img read more

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