Business Review

I apologise for the non-appearance of the column last week owing to travel commitments    Introduction It is now more than three weeks since what was intended as a five-day protest against the electricity hikes in the region took a dramatic turn for the worse on the very first day with the deaths of three protesters.

Introduction In the 2012 Budget Speech, Dr Ashni Singh, Minister of Finance said: “Currently, in Linden, electricity costs between $5 and $15 per kWh, while on the GPL [Guyana Power and Light] grid customers pay an average of $64 perkWh.

(Conclusion) Introduction Today’s column concludes my review of the strengthening of economic relations between Guyana and China.

Introduction No free chow mein. That was my first thought as I tried to interpret the words of Minister of Public Works and Communications Robeson Benn in relation to the airport expansion project that “we [meaning the government] had to enter into an agreement because we had a very narrow window in September where a Chinese Vice Premier came to the Caribbean with several billion dollars to fund projects and it was the only opportunity we had then to fund this undertaking.”

Introduction At that age where reminiscing is one of life’s remaining pleasures it is with fondness that early memories of the accounting profession come to mind.

Part 2 Introduction The events of the past week have been significant and distracting.

Introduction I will start with a simple but stark statistic. My list shows that nought-point-nought one per cent (0.01%) of the Guyana population owns between 70 and 80 per cent of the private wealth of the country.

Conclusion Introduction Today’s column completes a three-part article looking into the operations of this non-bank, deposit-taking financial institution as well as its murky relationship with the brother of a related party.

Introduction Notwithstanding the caption of this article, the first part in last week’s Business Page dealt not with the Hand-in-Hand Trust Corporation Inc (HIHT/the company) but with Winston Brassington and his brother who Winston boasted had saved HIHT from the fate of Clico.

Introduction I intended to start today a two-part column on the recent disclosures on Hand-in-Hand Trust Corporation Inc.

 Introduction Amidst the din and controversy of ‘to cut or not to cut’, Guyana Power and Light Inc, the country’s number one, state-owned electricity supplier was voted the sum of five billion dollars in the 2012 Budget.

Continued from last week Introduction Last week we sought to conclude our review of the financial statements of NCN for the three years from 2004 to 2006.

Statutory framework Business Page was able to access the annual reports of the National Communications Network Inc (NCN) for the three years from 2004 to 2006 and for Guyana National Newspapers Limited (GNNL) for 2006.

Business Page today continues its review of the annual reports of companies for the year 2011 by covering two of the public companies in the Beharry Group – the Guyana Bank for Trade and Industry

Today we continue our review of the annual reports of two more of the country’s public companies – Caribbean Container Incorporated (CCI) which held its annual general meeting last Friday and the Guyana Stockfeeds Incorporated (Stockfeeds) whose annual general meeting is scheduled for tomorrow.

Demerara Distillers Limited, a conglomerate group comprising several local and overseas companies with manufacturing, trading, banking and trust relationships in Guyana, the region, North America and Europe as well as a joint venture in India and associated companies in Guyana and Jamaica, will be holding its annual general meeting this coming Friday, April 27.

 Introduction In today’s Business Page I conclude the discussion started last week on the announcement by Dr Roger Luncheon that the government has sold the country’s 20% shareholding in the telecommunication company Guyana Telephone and Telegraph Company Limited (GT&T) to an unknown Chinese entity.

Introduction Even before the debate on the 2012 Budget begins, it is overtaken by an event not outside the control of the government, but well within it, an event that has been in the pipeline for years.

Introduction The brouhaha over Financial Papers 7 and 8 in the National Assembly has served to expose the state of the public financial management in Guyana.

Introduction Today’s column concludes the review of the Auditor General Report on the audits of the ministries, departments and regions for the year 2010.