Business

This year’s edition of Global Development Finance, the report by the World Bank on the state of the international economy focuses in its entirity on the global finanxcial and economic crisis, its current and projected impact on both developed and developing countries and the prognosis for recovery.

-visiting businessman A visiting South African businessman has told Stabroek Business that the economic success which South Africa continues to enjoy is attributable in large measure to the fact that the country has been able to deal successfully with its divisions, “including its political and cultural  differences”, in a mature way.

Local manufacturing executive, Mr Carol Evelyn, has been elected President of the Carib-bean Association of Industry and Commerce Inc (CAIC).

External financing climate dismal The World Bank’s recent gloomy review of the current global financial and economic crisis has pinpointed Latin America and the Caribbean as being among regions that will face “a dismal external financial climate” in 2009 resulting in negative growth this year.

-8% down from 2007, turnover up 16% J.P. Santos and Company Ltd.

Finding a niche in a harsh economic climate A young University of Guyana graduate  is confronting the tough times facing his depressed community by exploiting an unlikely service niche in his local market.

GASCI (www.gasci.com/telephone Nº 223-6175/6) reports that session 309’s trading results showed consideration of $16,690,500 from 385,000 shares traded in 3 transactions as compared to session 308 which showed consideration of $938,141 from 71,840 shares traded in 10 transactions. 

(Prepared by the Guyana Marketing Corporation and published by Stabroek News Business as a public service.)

The 2008 Annual Report of Demerara Tobacco has trumpeted another year of “solid performance” during which it recorded after tax profits of $928.3m.

Labour Minister Manzoor Nadir has told Stabroek Business that his Ministry is preparing to take legal action against Prime Security, the former employer of a number of security guards who were sent home in the wake of the spectacular collapse of Clico (Guyana) earlier this year.

Last week’s terse assessment of the state of the global economy and the prognosis for recovery from the current crisis by World Bank President Robert Zoellick would not have been encouraging for poor countries.

Unpleasant Truth In the global scheme of things, Guyana is not the first choice of most as a place of relaxation or pleasure, even though some aspects of social life, including the pockets of ebullient night life, would make some Guyanese argue differently. 

-Chamber President More private sector jobs are likely to be lost in the period ahead as the business community continues to make adjustments to their operations in an effort to stave off the worst effects of the ongoing global economic crisis.

A report received by the Stabroek Business from, the Georgetown Chamber of Commerce and Industry (GCCI) on the outcomes of two recently concluded marketing  seminars conducted in Linden and Georgetown by Pace University Marketing Professor Harvey Markovitz has pointed to the timiliness of the intervention given the challenge of shrinking international markets being faced by Guyana’s  business community.

Georgetown Chamber of Commerce and Industry (GCCI) President Chandradat Chintamani has issued a call to members of the business community who have been seriously delinquent in remitting employee contributions to the National Insurance Scheme (NIS) to discharge their obligation to the NIS and to contributors, many of whom may have no other source from which to finance the costs of their medical needs.

Grants, interest-free loan requests reach record US$13 billion In the face of a lack of adequate public sector financing to respond to the  current global economic crisis the World Bank has identified encouraging private sector business activity as  critical to  the global recovery effort.

Michelle Campbell and the business of Beauty Care Michelle’s Fantasy Hair Care is one of the more recent additions to a growing local beauty care industry that continues to open up opportunities for skilled and enterprising Guyanese seeking to make their way in the world of business.

GASCI (www.gasci.com/telephone Nº 223-6175/6) reports that session 308’s trading results showed consideration of $938,141 from 71,840 shares traded in 10 transactions as compared to session 307 which showed consideration of $323,641 from 30,180 shares traded in 8  transactions. 

Last Friday our cameraman caught this coconut vendor who plied his trade in public road, La Penitence preparing for the trading day.