$30B GuySuCo bond will put pressure on foreign reserves – Jagdeo

first_img…as “unbelievable” reduction in foreign currency continuesAs Guyana’s foreign currency reserves continue to deplete daily, there are no signs of this changing anytime soon, especially with the $30 billion syndicated bond that was recently secured by the Special Purpose Unit (SPU) of the National Industrial and Commercial Investments Limited (NICIL) to assist with revitalisation of the cash-strapped Guyana Sugar Corporation (GuySuCo).This is according to Opposition Leader and General Secretary of the People’s Progressive Party (PPP), Bharrat Jagdeo, who told a news conference on Wednesday that when the spending of the $30 billion bond begins, it will substantially increase the demand for foreign currency and put pressure on the reserves.“What will happen is: it will put enormous…even more pressure on the foreign currency holdings, because you have more Guyana dollars being spent chasing the same supply of currency… In fact, not the same amount, because it is falling; it is declining because sugar earns less foreign currency…because of the drop-in production and exports, and other sectors have not been doing that well, like forestry,” he stated.Jagdeo said that, from all indications, there has been an unbelievable shortage of currency at the Central Bank. The reserves, according to him, have been declining, and there is no have foreign currency to meet their obligations.“So we are going to have some major problems in the near future. And so we areOpposition Leader Bharrat Jagdeogoing to see this evolve a bit more, because you can’t hide it for long. This is not the end of the problem,” he added.He referred to his last budget debate presentation, when he spoke about how much of the National Budget (the economy) is funded from domestic saving rather than foreign inflows.“It’s above 90 per cent. It used to be, in our era, about 50 percent each of national domestic expenditure funded from foreign sources, and 50 percent from domestic savings, and now it’s gone up,” he pointed out.CrackdownGovernment recently announced plans to implement a crackdown after it was found that local businesses were not abiding by Bank of Guyana (BoG) Act 1998 by trading US dollars where businesses are accepting foreign currency for the purpose of settling payments for transactions, instead of Guyana dollars.A statement from the Bank of Guyana (BoG) stated that pursuant to section (20) of the Act, all monetary obligations or transactions in Guyana shall be settled in Guyana dollars. It reminded also that only banks and licensed cambios were authorised to conduct buying and selling of foreign currencies, while noting that penalties were attached for violations, which include fines and imprisonment.But Jagdeo said that despite plans for a crackdown, based on his party’s intelligence, there have been reports about alleged meetings with Natural Resources Minister Raphael Trotman and calls from the Central Bank to persons demanding that they have to sell part of their money to the bank or to the Gold Board.With the recent influx of foreign shoppers into Guyana, Chinese businesses have been receiving enormous sales, and have been engaged in trading US dollars. This is something the BoG said it is aware of because it has received complaints in this regard. The BoG has also said this is lending to the issue of foreign currency shortage, and has cautioned these businesses must desist from this practice, as it plans to investigate thoroughly.But former Presidential Advisor and Economist Ramon Gaskin has since advised that the BoG and Government look at persecuting those found culpable instead of issuing basic reminders. He feels that unless businesses and persons are made an example, people would not take the warnings seriously.In March 2018, the Statistical Abstract published by the Bank of Guyana reported that the net international foreign currency reserves at the Central Bank were US$498.5 million, a 16 per cent decrease from 12 months prior, which economists and financial analysts had said it is worrying.They have argued that Guyana’s export sectors are under a clear and present danger as the Finance Ministry continues to under serve them, which has also led to a decline in the international reserves. These international reserves are composed of cash and other assets denominated in mainly US dollars.The foreign currency inflows also from the Guyana Sugar Corporation (GuySuCo) are set to decrease by a further US$10 million over 2018 as a result of the closure of three more estates. (Samuel Sukhnandan)last_img read more


first_imgTV crews and British newspaper journalists have been ordered to leave Mountcharles.It follows the death of a local man earlier this week which the HSE linked in a Press Statement to a possible Ebola outbreak.Members of the family had to call Gardaí about the large number of journalists in the village asking for interviews. This was despite statements from TD Thomas Pringle and a local curate making it clear the family did not wish to speak.They have been asked to be left alone to grieve in private. TV CREWS ORDERED TO LEAVE VILLAGE was last modified: August 22nd, 2014 by John2Share 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

SA Rugby names contracted Springboks

first_imgThe most experienced of the players signed is Bok captain Jean de Villiers, a veteran of 80 tests. Frans Steyn, Pierre Spies, Beast Mtawarira, and Bismarck and Jannie du Plessis all have in excess of 40 caps. Castle Lager Incoming Tour “We’ve kept as many of our top players in South Africa as we could by awarding them national contracts, despite the powerful lure of the pound, euro and yen,” Roux said. The South African Rugby Union (Saru) released a list of 15 players it has signed to Springbok contracts on Wednesday, including rising stars Eben Etzebeth, Marcell Coetzee, Juan de Jongh and Pat Lambie. SatisfiedBok coach Heyneke Meyer declared himself satisfied with the players given national contracts. “I’m very excited about the contract group,” he said. “Most of these players showed last year they have what it takes to play for the Springboks and they can only get more experienced and improve further. Nonetheless, the group of players signed by Saru – whose average age is just over 26 years of age – includes the core of the Springboks’ test players from 2012. Castle Lager Outgoing Tour Willem Alberts (The Sharks), Marcell Coetzee (The Sharks), Juan de Jongh (DHL Western Province), Jean de Villiers (DHL Western Province), Bismarck du Plessis (The Sharks), Jannie du Plessis (The Sharks), Eben Etzebeth (DHL Western Province), Francois Hougaard (Vodacom Blue Bulls), Pat Lambie (The Sharks), Tendai Mtawarira (The Sharks), Pierre Spies (Bodacom Blue Bulls), Frans Steyn (The Sharks), Adriaan Strauss (Toyota Free State Cheetahs), Flip van der Merwe (Vodacom Blue Bulls), Duan Vermeulen (DHL Western Province) ‘Best possible deal’“We worked hard with the Springbok management and Sarpa (the South African Rugby Players’ Association) to ensure the best possible deal is placed on the table for the players. A further five contracts are still available and will be finalised in due course. ‘Out of the reckoning’“All six of these players were going to receive contracts, but the fact that they have indicated that they have signed with overseas clubs or are planning to do so, has ruled them out of the reckoning,” Saru CEO Jurie Roux said in a statement. 8 June, Durban: SA vs Italy15 June, Nelspruit: SA vs Scotland22 June, Pretoria: TBA – SA vs Italy/Scotland/Samoa SPRINGBOK FIXTURES He added: “Last year provided [Springbok coach] Heyneke Meyer with an ideal opportunity to see what is needed in the test arena, and by contracting this group of players, we have secured a core group for 2013. center_img SPRINGBOK CONTRACTED PLAYERS Compared to last year, though, the experience among the contracted players is certainly down as Andries Bekker, Juandre Kruger, Morne Steyn, Bryan Habana, JP Pietersen and Zane Kirchner, all of whom will be leaving the country to play abroad in the next few months, were excluded from national contracts. 17 August, Bloemfontein: SA vs Argentina24 August, Mendoza: SA vs Argentina7 September, Brisbane: SA vs Australia14 September, Auckland: SA vs New Zealand28 September, Cape Town: SA vs Australia5 October, Johannesburg: SA vs New Zealand The Castle Lager Rugby Championship Both Bekker and Pietersen are headed for Japan where interest in rugby has been fuelled by the country’s selection to host the IRB Rugby World Cup in 2015. “The average age of the contracted group is not very high for test rugby, which bodes well for the future.” 25 April 2013 9 November, Cardiff: SA vs Wales16 November, Edinburgh: SA vs Scotland23 November, TBA: SA vs France “Losing experienced players to overseas teams is not ideal, but it’s their right to further their careers abroad.” SAinfo reporter Would you like to use this article in your publication or on your website? See: Using SAinfo materiallast_img read more

Battle of the Smiths

first_imgShare Facebook Twitter Google + LinkedIn Pinterest It was a battle of the Smiths for the highest Ohio yield in the National Corn Growers Association 2015 Corn Yield Contest.Fresh off his trip to Commodity Classic where he was recognized for his corn yield success, Adam Smith had several tales of what turned out to be a pretty great 2015 for him and his family.It was late 2015 and Adam just found out that he had the highest yielding Ohio entry of any category in the National Corn Growers Association 2015 National Corn Yield Contest. The final contest results had been released the December day he was driving south from his Huron County farm to pick up parts for his fertilizer spreader.As he drove, Adam passed a farm in Marion County with a tower drier exactly like the one he’d just ordered. Though he’d never been to the farm before, and didn’t even know who lived there, he thought he would stop in to see if anyone was in the shop to ask about the tower drier.“I knocked on the door of the shop because I saw them in there. They were looking at my license plate and asking what county I was from. I said, ‘Oh, I am from Huron County,’” Adam said.The young farmer then approached Adam and the following exchange took place between Adam and the farmer he was visiting.“You don’t happen to know an Adam Smith from Huron County do you?”“I said, ‘Yeah I know him, why?’”“I just found out he beat me in the yield contest. I got second by a half bushel.”“Oh yeah, that is me.”As it turns out, Adam Smith’s top Ohio yield was 289.5824 bushels with DEKALB DKC64-89RIB in the Non-Irrigated Category. Ohio’s second highest yield in the national contest was from Nathan Smith from Marion with 289.1934 bushels with Channel 213-59STXRIB. The two young Smith farmers met for the first time on the day the contest results were announced when one stopped to ask the other about a drier.“We looked at the drier and talked about the corn yield contest,” Adam said.last_img read more

FFA photo highlights

first_imgShare Facebook Twitter Google + LinkedIn Pinterest Bailey Eberhart National officer Layni LeBlanc talked during the Fourth Session. Sara Sharp recited the FFA Creed at the 2019 State Convention. Houston-UVCC was the top Growing Leaders Chapter Gretchen Lee Felicity-Franklin was the Top Building Communities Chapter Covington-UVCC was the top Strengthening Agriculture Chapter Holly McClay Kalyn Strahley Houston UVCC: Growing Leaders Top Chaper Josh Duncan of the Tri County North Chapter did a welding simulation. Charlie Bauer of the Global Impact Chapter played an intense game of Jenga. Isaiah Stickley of the Global Impact Chapter and Gannon Arnett of the A.B. Graham Chapter played a competitive game of corn hole. Abby Webster of the Global Impact FFA Chapter tested her strength at the Army booth. The 2018-2019 Ohio FFA officers kicked off Session 1. Joel talks with some of the 2019 student reporters. There was a wild lead in to Session 1. Tyler Zimpfer, State Vice President at Large, hypes up members before Session One. Holly McClay is serving as FFA Vice President. Grace Lach helps introduce Session 1. Mallary Caudill, State Sentinel, helps introduce Session 1. Tyler Zimpfer, VP at large New chapters were announced in Session 1. Kolesen McCoy, State President, kicks off Session 1 at the 2019 Ohio FFA Convention. Keynote Speaker, Chris Koch, inspiring thousands of FFA members with his story. Katelyn Hanes of Tri-Village MVCTC sang for her FFA talent. Daniel Lake shops FFA merchandise. Sami Russell and Hannah Brewer got som shopping in. Sydney Meyer from Botkins entertained the crowd with her performance. Hunter Tilton of Clearfork FFA. Chris Koch was born with no arms or legs. He now farms and is a professional speaker. he was the key note speaker for Session 1. Jacob Wuebker, Versailles, Star in Agricultural Placement; Madison Whitt, Ridgewood, Star in Agribusiness; Cody Clark, Zane Trace, Star in Agriscience; and Montgomery Boes, Upper Sandusky, Star Farmer Ohio native Mandy Harvey lost her hearing 10 years ago but dazzled the crowd at Session 2 with her amazing singing. FFA Choir FFA band Sunrise Cooperative is providing a truck for Holly McClay, the new FFA president. After her year as president, the truck will go to a newly hired FFA member at Sunrise. Sunrise Cooperative is providing a truck for Holly McClay, the new FFA president. After her year as president, the truck will go to a newly hired FFA member at Sunrise. President Kolesen McCoy had an important message in his retiring address.last_img read more

4 days agoNewcastle fullback Jetro Willems: We ran Chelsea close

first_imgAbout the authorPaul VegasShare the loveHave your say Newcastle fullback Jetro Willems: We ran Chelsea closeby Paul Vegas4 days agoSend to a friendShare the loveNewcastle United fullback Jetro Willems has urged teammates to stay calm after their 1-0 loss at Chelsea.The narrow defeat plunged the Magpies back into the relegation zone and piled the pressure back on the team ahead of next weekend’s tough encounter with Wolverhampton Wanderers at St James’ Park.Willems said: “It was close. I think we had the game under control and we were a little bit unlucky.”If it wasn’t for the goal I think we did good defensively – they have a good team and they are difficult players to play against.”Attacking, we could do more.”In the first half, we could have been more dangerous on the counter attack.”We had some chances – sometimes we were unlucky, but sometimes I think we need to just shoot when we are in front of goal.” last_img read more

Track and Field Ohio States Zack Bazile leaps farthest long jump in

Junior Nick Gray will run the men’s 60-meter-dash, 200-meter-dash and 4×400-meter-relay this weekend at the Music City Challenge in Nashville, Tennessee. Credit: Courtesy of Ohio State AthleticsMultiple members of the Ohio State track and field team set season highs and team highs at one of the most-competitive meets of the season, the Music City Challenge in Nashville, Tennessee. One Buckeye, senior Zack Bazile, even set this season’s NCAA record.The Music City Challenge is comprised of 31 teams and some professional athletes. Along with the added competition of professionals, there were 12 different events with at least one athlete qualified for events at the NCAA national championship.Men’s recapIn the long jump, Bazile launched himself into first place with a jump of 8.13 meters. It set the record for the longest jump in the NCAA this season and was the third-farthest jump in the world this year. The jump also broke the Vanderbilt facility record and is second-farthest jump in Ohio State history.In his first 200-meter dash of the season junior Nick Gray took first with a time of 20.92. His mark is fast enough to qualify him for the NCAA national championship. Freshman Eric Harrison finished right behind Gray, taking second place at 21.24.Senior Nick Demaline finished first in men’s shot put with a throw of 19.74 meters. It was Demaline’s season high and was the fifth-best throw in the NCAA this year.In the 4×400-meter relay, Ohio State finished first and had its fifth-fastest time in program history and the best time this season.Junior Luke Landis ran a personal best in the one-mile run, finishing second with a time of 4:06.In his Ohio State track debut, redshirt sophomore Kendall Sheffield finished second in the 60-meter dash with a time of 6.71. Sheffield beat Avery Hubbard, a professional sprinter, by .001 seconds. Sheffield also plays cornerback for the Ohio State football team.For the second week in a row, senior Cole Gorski set a school record in pole vault, this time clearing 5.47 meters. Gorski finished in third place.In the triple jump, junior DaJuan Seward set a personal best with a second place finish at 15.76 meters. Bazile finished fourth with 15.19 meters.Senior Aaron Zedella came in third place in weight throw with a heave of 21.39 meters.Women’s recapJunior Karrington Winters earned a personal record in the 400-meter dash with a time of 53.21, which currently qualifies her for the NCAA national championship. For the second meet in a row, the Buckeyes controlled the 200-meter dash. Freshman Anavia Battle set the team’s season high with a first-place finish at 23.62. Sophomore Halimah Barlow finished second (23.66) and freshman Syaira Richardson finished fifth (24.29).Ohio State’s 4×400-meter relay team set a season best with a first-place finish at 3:36. The Buckeyes took the top spot by just .03 seconds.Senior Chantel Ray earned a first-place finish in the 60-meter hurdles with a time of 8.25. The run tied her personal best.Sophomore Taylor DeLoach continues to be a strong point for the Buckeyes. She took first place in the long jump with a leap of six meters.In the 800-meter run, freshman Aziza Ayoub finished third with a personal-best time of 2:08.Junior Mikaela Seibert finished third in the triple jump with jumps combined for 12.7 meters. This was the season high for Seibert.Junior Sade Olatoye finished fifth in the weight throw with a heave of 22.16. The fifth-place finish comes behind two of the top weight throwers in the country and two professional weight throwers. Ohio State will host the Buckeye tune-up next weekend at the French Field House. read more