Putting the encomiums into some perspective – 2011 Budget
Before going into a couple of matters arising out of the 2011 Budget let us clear up a few points. In prefatory remarks during his budget speech, the Minister of Finance said “today, the Guyanese economy is larger than ever before with gross domestic product (GDP)
The private sector and development objective
2010 has turned out as a bumper year for some of Guyana’s leading businesses. With several public companies having a September 30 year end, the results are welcome for the shareholders of Banks DIH Limited and its banking subsidiary Citizens Bank Guyana Limited, the DDL associated banking business Demerara Bank Limited and Republic Bank Guyana [...]
Jagdeo’s mis- conceptions of the details of Guyana-Norway MOU source of international embarrassment
The road from Oslo, Norway to Cancun, Mexico has been proving to be a rather rocky one for Guyana’s President Jagdeo.
Giving generously but carefully
Introduction It is the time of the year when requests for donations to business houses – including from my own experience, professional firms – increase from a trickle to a deluge. There is something about Christmas that makes most of us guilty if we turn down a request for a donation, not only from the [...]
Confusion at the Deeds Registry
Introduction During the past week Mr Leon Rockliffe, attorney-at-law, has written two letters on developments affecting the Deeds Registry, arguably the most important depository of business information in Guyana, the regulator for businesses and companies, and the authority for a number of critical functions regarding real property. In that sense its vital importance to property [...]
Principles of business made clear for students
Mark Wilson with Patrice Bowen, Anthony Rogers Caribbean Business for CSEC Principles of Business (Oxford: Oxford University Press, 2010. – ISBN-13: 9780198328209) Caribbean Business for CSEC Principles of Business is a book intended with one principal target – the student from across the Caribbean preparing for the Caribbean Examination Council’s Caribbean Secondary Education Certificate (CSEC) [...]
A tribute to Winston Murray
Introduction Business Page joins in paying tribute to Winston Murray, economist, attorney-at-law and politician who offered this country a unique blend of experience, expertise, capacity for research, hard work and patience, all reinforced by unusual humility, integrity and respect for others. He was proud of his roots in the Essequibo island of Leguan, the place [...]
VAT no burden: A different perspective
Introduction Business Page of October 31 had referred to statements both by President Jagdeo and Finance Minister Dr Ashni Singh that the Value-Added Tax and the Excise Tax introduced in 2007 would have been revenue neutral. In 2007 alone, the excess of over the prior year – the basis for revenue-neutrality – was $12.6 billion, [...]
The annual ritual of the Auditor General report
Introduction Sometimes around now, sometimes later, the press and the public are excited when the report of the Audit Office on the accounts of the ministries, departments and regions is tabled in the National Assembly. They feed on reports of Contingencies Fund abuse, unreconciled bank accounts; single sourcing of drugs from the New Guyana Pharmaceutical [...]
VAT no burden: A different perspective
Introduction Last week’s column addressed President Jagdeo’s astonishing, unfounded and uninformed statement that VAT was no burden and therefore in no need of revision. For a newspaper column, it provided an exhaustive and hopefully convincing case of President Jagdeo and Dr Ashni Singh’s broken promise to make VAT revenue-neutral. And so I did not think [...]
Mid-year report and the Debt party (no pun intended)
Introduction Almost invariably in discussing recent mid-year reports which the Minister is required to present to the National Assembly under Section 67(1) of the Fiscal Management and Accountability (FM&A) Act 2003, I have made two broad prefatory comments. The first is that it is always misdated. The act requires that the report be presented “within [...]
GT&T share sale line runs cold
Introduction The deadline for submission of tenders for the purchase of the government’s 20 per cent stake in the Guyana Telephone and Telegraph (GT&T) company is fast approaching. Indications are that with the exception of workers’ groups, there is remarkably little interest in an investment that has produced for the government huge returns in dividends, [...]
Predictions of sugar’s demise premature and exaggerated
Introduction President Jagdeo can be extremely unpredictable if not irrational at times. He must be a speechwriter’s worst nightmare and make his PR people nervous, although he is a gift to newscasters and reporters. He does not like delivering set statements, and even when one has been prepared for him, his extemporaneous and ad lib [...]
Liquidating Clico: Avoiding the pitfalls
Conclusion Introduction When I started this series on the failed insurance company I chose the title because of a sincere belief that those who were entrusted with powers and duties for the liquidation of Clico would act responsibly and professionally, and would ensure, at a minimum, full compliance with statutory requirements and ethical standards. Part [...]
Liquidating CLICO:Avoiding the pitfalls
Part 2 Introduction As I write this column from Trinidad, I notice that the news in the print media and the discussion and talk shows are about the financial implications to the country arising from the collapse of Clico. The TT$12 billion owed to some quarter million Clico Trinidad depositors represents about a quarter of [...]