Foreign reserves in trouble

first_imgDear Editor,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. So let us examine these numbers.The general understandingSince 2016, the current account situation has started to deteriorate drastically. Why is this occurring, and what effects might it have on the future economy?A current account deficit implies that, in a given year, the expenditures made by consumers, investors and the Government in Guyana exceed the value of goods and services produced in the country. Of importance, the Government expenditures have skyrocketed since 2016, with the biggest Budget ever declared for 2018 with no certainty on how this will be funded.The figure below shows Guyana’s current account balance from 2014 to the projections in 2018, which was sourced from the National Budgets and the Bank of Guyana Annual Reports and shows a massive deterioration in this situation.Indeed, Guyana’s increasing current account deficit has been mainly driven by a flatlining of exports and a creeping increase in oil prices since June 2017. But in a case of increasing oil prices, how is it being funded? Our export sectors are under a clear and present danger as the Finance Ministry continues to under serve them. The outcome – rapid decline in the international reserves. These international reserves are composed of cash and other assets denominated in mainly US dollars. According to the Bank of Guyana Statistical Abstract from March 2018, these international reserves at the Central Bank have declined by US$110 million since the arrival of the Granger Government, as seen in the figure below in blue. The red line is a reflection of the situation when the stocks of foreign currencies at the private banks are included, but the trend is the same – a decline.In an economy like Guyana that is constructed around the six productive sisters (gold, rice, sugar, bauxite, timber, and seafood), any government must place their focus there, not on pageantry projects like the D’Urban Park Parade Ground and idle arches. As an example, the actions taken by the Granger Government in the sugar belt have caused the US dollar cash inflow from that one sector alone to drop by US$40 million since their assumption of power in May 2015 to the end of December 2017. The decline in foreign currency inflows from the Guyana Sugar Corporation (GuySuCo) is set to decrease by a further US$10 million over 2018 as a result of the closure of three more estates. The fact remains, closure of these estates can be an option if you have a replacement foreign currency earner to take its place. Unfortunately, the Granger Government had no replacement for the reduced foreign currency inflows from GuySuCo but continues to sell the incomplete analysis that some GY$9 billion was being used to subsidise the industry annually. But when the disaggregation is done, some GY$3 billion of new funds had to be pumped into the Central Government Drainage and Irrigation efforts because GuySuCo is not footing that bill any more. This is set to increase as GuySuCo reshapes its interventions in the drainage and irrigation efforts in Berbice and Demerara.The empirical data on the developments in the Guyanese economy remains quite worrying. Anyone who is committed to progressing the welfare of the poor and the working class has to recognise that our economy needs immediate surgery (financial policy interventions). Guyana’s greatest national threat today in 2018 remains the economy; not Venezuela. The main agenda should be to attract new foreign direct investments but this is a tough road to travel when the majority of the local population has now lost confidence in the economy and in how it is being managed by President David Granger and his team. An even bigger agenda is the enhancement of our people’s productivity, who are still underpaid and even more demotivated today.There is no time to waste on sloganeering like the “good life for all”, just get on with the job at hand or get out!Sincerely,Sasenarine Singhlast_img read more

Wheat named BC SPCA ‘volunteer of the year’

first_imgBy Energeticcity.ca staff A Fort St. John woman has been named the BC SPCA’s Volunteer of the Year.Wendy Wheat has been volunteering for the SPCA for five years, spending roughly eight hours a week working with dogs that are waiting for adoption.- Advertisement -Her other work has included painting a mural on the walls of the cat shelter, and creating posters for the local SPCA’s fundraising activities. She also works as an emcee at association’s ‘Paws for a Cause’ event, and visits local schools to talk about animal safety, as well as hosting guided tours of the shelter.The mother of three received her award at a ceremony in Vancouver on Friday, and was quoted as saying “There has to be someone who deserves this more than I do.” Wheat made mention of Wendy Powers, Judy Hillman, and the other staff and volunteers at the North Peace Shelter, saying the award belongs to all of them.In April, Wheat contributed to another important cause, helping to coordinate a garage sale and other events to aid those displaced by a Fort St. John apartment fire.Advertisement Wendy Wheat receives her ‘Volunteer of the Year’ award from past president Marguerite Vogel.  Submitted photo.last_img read more

West Ham charged over anti-doping breach

first_imgThe Premier League club have until 27 February to respond to the charge.A West Ham spokesman said: “We would like to make it clear that the breach is a club administrative matter and does not concern any of our players.”“The breach relates to administrative oversights on the FA’s whereabouts system, for example a player’s address had been registered and the house number digits transposed, and the club will be responding to the FA in due course.”West Ham have been charged in relation to regulation 14 (d) of the FA’s anti-doping rules, which state that for it to be a breach, “information contained in such reports is either initially inaccurate or has not been updated by the club”.The exact details of the misconduct have not yet been made clear.-By BBC Sport-0Shares0000(Visited 1 times, 1 visits today) 0Shares0000West Ham have been charged by the FA for misconduct in relation to anti-doping regulations. Photo/COURTESYLONDON, United Kingdom, Feb 20 – West Ham have been charged by the Football Association in relation to anti-doping regulations.“It is alleged the club failed to ensure ‘club whereabouts’ information was accurate on three occasions within 12 months,” the FA said.last_img read more

Schweinsteiger to stick with Fire through 2019

first_img“Let’s raise a trophy,” Schweinsteiger said in a statement issued by the club. “I believe in this club and I believe that we can be champions.“This American journey has been very special for me and my family,” added Schweinsteiger, who is married to former WTA tennis player Ana Ivanovic. “I love being a part of the Chicago Fire and we appreciate how the city has embraced us with open arms.”Schweinsteiger, who won a World Cup with Germany and a Champions League crown with Bayern Munich, joined Chicago in March of 2017 from Manchester United.Schweinsteiger made an immediate impact, helping Chicago to the league’s third-highest regular season points total and earning a berth in the MLS Cup Playoffs in his debut campaign.But the Fire, who were MLS Cup champions in 1998, failed to qualify for the playoffs this season, finishing second from bottom in the Eastern Conference with just eight wins in 34 matches.0Shares0000(Visited 1 times, 1 visits today) 0Shares0000Bastian Schweinsteiger (pictured August 2018), who will be playing his third MLS season, earned $6.1 million in total compensation in 2018 © AFP/File / Christof STACHECHicagp, United States, Nov 29 – Former Germany star Bastian Schweinsteiger has inked a one-year extension that will keep him with the Chicago Fire through 2019, the Major League Soccer team said Wednesday.Terms of the deal were not announced but Schweinsteiger, who will be playing his third MLS season, earned $6.1 million in total compensation in 2018, according to figures from the MLS Players Association.last_img read more

Barca legend to reverse retirement decision to play for Man City sister club?

first_img Carles Puyol Ex-Barcelona captain Carles Puyol could be set to join Chelsea legend Frank Lampard at Major League Soccer side New York City.The 36-year-old retired from football at the end of last season after 15 years in the Barcelona first-team.The Spaniard was then appointed as an assistant to director of football Andoni Zubizarreta, but in January 2015 he resigned from the post after Zubizarreta was sacked.However now, according to Mundo Deportivo, Puyol could be about to make a shock return to football, with New York City ready to offer him a contract.The MLS side, who are owned by Manchester City owner Sheikh Mansour, are currently making their debut season and sit fifth in the Eastern Conference.The club have already signed Puyol’s former Barcelona team-mate David Villa, while ex-England international Lampard is due to join up with the squad in July when his loan with Manchester City ends. 1last_img read more

Strikers for Spurs and Arsenal? 7 great finishers available in January transfer window

first_imgNo amount of pretty passing, silky skills, fancy footwork, possession and high pressing can win you a game if you don’t get the ball over the line.With that in mind, it’s key for teams to have plenty of quality in their forward line, with most opting to have at least three senior strikers on their books.But with some players misfiring this season and others unable to force their way into their respective teams, it’s likely there will be some movement before the January transfer window ends.So which strikers are available and ready to boost your team’s chances of glory? talkSPORT takes a look.Click the right arrow above to find out the top ten forwards available in January… 2. Nolito (Celta Vigo) – Arsenal are this man’s suitors in the Premier League, while Barcelona appear very keen on re-signing the player who was once a forward for their B team. The 29-year-old has been superb in Galicia but would cost around €18m, even though they’ve just snapped up French striker Claudio Beauvue. 7 7 5. Moussa Dembele (Fulham) – No, not that one, although Tottenham are interested in this young Frenchman, which could make things really complicated and make Stan Collymore’s head explode during commentary. The 19-year-old has impressed with the Cottagers this season but he can leave on a free at the end of the campaign, which could persuade them to sell up for under £5m. 7 7. Jackson Martinez (Atletico Madrid) – Click the right arrow above to find out what other top strikers are available this January… – Without a Liga goal since October, the Colombian has struggled to replicate the sensational goal-getting he was renowned for at Porto. In total the 29-year-old has hit two strikes in 14 appearances and his employers could attempt to cut their losses and sell the player on in the January transfer window. Tottenham reportedly bid £23m for the player who cost £26.8m in the summer. 7 3. Sebastien Haller (Utrecht) – We know it’s best to be wary about signing strikers from the Eredivisie, but France Under-21 international Haller doesn’t appear to be a flash in the pan. A regular at all youth levels for his nation, the player is in his second campaign with Utrecht and had already been amongst the goals for Auxerre. He won’t cost too much and will have sell on value too if he does flop. 1. Ezequiel Lavezzi (Paris Saint-Germain) – With his contract ending at the end of the current campaign, the Argentine has several options but PSG could decide to cash in this month with the forward barely making an impact this term. Chelsea and Manchester United are amongst the teams interested in signing him and his experience will make him a wanted man. 7 7 7 4. Saido Berahino (West Brom) – It’s all gone a bit wrong for the striker since a move to Tottenham failed to materialise in the summer and is now a substitute more often than he a starter in Tony Pulis’ team. If he wanted to switch clubs before, he must certainly want to now and is likely to welcome any interest, even from a struggling Premier League outfit. 6. Patrick Bamford (Chelsea) – The youngster’s first foray in the Premier League ended early with the player returning from a loan spell at Crystal Palace having made just two starts, both in the League Cup, and seven substitute appearances. His prolific form on loan at Middlesbrough and Derby in recent years still makes the 22-year-old a wanted man and he could be an able back up for a team in the lurch. last_img read more

DONEGAL STUDENT’S BUSINESS IDEA IN ANOTHER FINAL!

first_imgDonegal’s hand-picked student entrepreneur, Aidan Robb has just been announced as a finalist in “The Think Outside the Box Awards” which are sponsored by Enterprise Ireland, Invest Northern Ireland, Mammoth Brand Consultancy and Cruickshank Intellectual Property Attorneys.Aidan’s innovative award winning invention “Cargo Defenders” has gained him this amazing opportunity and he will be joined by fellow LYIT student Emelyn Toland in Dublin next week at the finals.The awards are designed for third level students who have a fresh idea for a new business that has bona fide industry potential. There is an incredible first place cash prize of €10,000 to be won plus the opportunity to gain €12,500 worth of specialist advice and assistance to potentially help turn your enterprise idea into a business reality.At just 25-years old LYIT student, Aidan Robb from Kildrum, Carrigans has accomplished a plethora of business achievements.The 2nd year Business Studies student at Letterkenny Institute of Technology has always been business savvy and this is not his first competition to be successful in.  Aidan was also this years’ winner of the inaugural “Dragon Factor” competition spear-headed by Craoibhin Community and Enterprise Group in Termon.“I’m absolutely delighted about being a finalist in the TOTB awards. I think the invaluable experience that I gained at An Craoibhin’s Dragon Factor has helped me reach this point of the competition, hopefully I will be successful in the final,” said Carrigans man Aidan.In February this year, the Dragons were impressed with Aidan’s business acumen, fresh perspective and overall his ground-breaking design which aims to reduce crime theft in the haulage industry. “Cargo Defenders” is a security system aimed at reducing the incidents of theft of cargo transported by side-loaded truck trailers. Aidan says “that cargo theft is a major problem in the EU.According to an EU parliament report in 2007 estimated losses of 8.2 billion euro occurred across the European continent.”An LYIT spokesman said: “The Think Outside the Box Awards offers third level students from all academic disciplines and courses of study the chance to showcase their entrepreneurial ambitions. Aidan is a pleasure to teach as he is so engrossed in the industry. We wish Aidan and his team-mate Emlyn Toland the best of luck in the awards.”for more click: http://www.thinkoutsidetheboxawards.comDONEGAL STUDENT’S BUSINESS IDEA IN ANOTHER FINAL! was last modified: June 9th, 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:CarrigansdonegalLYITlast_img read more

RIVER MEDIA NEWSPAPERS: ‘WE’RE RELIEVED,’ SAY STAFF

first_imgMORE THAN 80 staff at River Media Newspapers – most of them in Co Donegal – are said to be ‘relieved’ after surviving a closure scare.The company which owned the Letterkenny Post, Donegal Post, Inish Times and three other titles, was wound up last Friday.But a new company run by the same team has been set up to take the papers forward, having off-loaded massive debts, some of it to the taxpayer-owned AIB bank. “We are just relieved at this stage,” one member of staff told donegaldaily.com.“This is good news for us; we are relieved and delighted all at the same time. It means the papers can move forward without the historical debt which had been dragging us down.“It is also great news for Letterkenny because most of us are based here. It gives the papers and all of us who work for them a fresh start.”Another member of staff said tonight: “This lifts a cloud off us all. It’s good news at last.” The news comes ahead of circulation figures for all Donegal newspapers which are expected to be released early next week.It’s thought most newspapers will show significant declines in sales.Ironically the River Media Newspapers-owned Derry News was one of the few papers in the North to show an increase in sales in the past six months.RIVER MEDIA NEWSPAPERS: ‘WE’RE RELIEVED,’ SAY STAFF was last modified: September 6th, 2011 by BrendaShare 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

SPECIAL LAUNCH OF EVENT GUIDE FOR DONEGAL HERITAGE WEEK

first_imgThe County Donegal Heritage Office will be launching the County Donegal ‘Heritage Week’ Event Guide in the County Museum, High Road, Letterkenny on Thursday, August 8 at 12 noon.The event guide will be launched by Dinny McGinley, Minister of State, Department of Arts, Heritage & the Gaeltacht in the presence of Cllr. Ian McGarvey, Mayor of County Donegal.The free, pocket-size, event guide is compiled by the County Donegal Heritage Office and outlines over 90 ‘Heritage Week’ events taking place in County Donegal for National Heritage Week from Saturday, August 17 to Sunday, August 25, 2013. ‘Heritage Week’ event organisers can collect their copies of the event guide at the launch.“Heritage Week is a great opportunity to raise awareness of, and engender pride in, the heritage of County Donegal,” said Joseph Gallagher, County Donegal Heritage Officer.“There will be over 90 ‘Heritage Week’ events taking place in County Donegal including family open days, guided walks, built heritage open houses, heritage site visits, fieldtrips, exhibitions, illustrated presentations, photographic competitions, children’s activities, genealogical research, storytelling sessions, traditional music, craft fairs and traditional skills demonstrations.“Credit must go to the many people, heritage groups, museums, heritage centres and community organisations that have organised events this year to focus attention on the local heritage that helps to define County Donegal’s sense of place. The tremendous efforts of these enthusiastic and committed people (often on a voluntary basis) reinforce the reputation of ‘Heritage Week’ as a truly countywide and national event in the annual calendar.” Michael Starrett, CEO of The Heritage Council highlighted the contribution that heritage makes at the national level.“In recent years, we have seen a significant increase in the understanding and awareness among the general public of the importance and impact heritage can have, both economically and socially,” he said.“Heritage is not about nostalgia, or some misplaced aim to live in the past, but an opportunity to engage with our own story and in particular the natural and cultural heritage of where we live. The theme of Heritage Week 2013, ‘Discover the Past. Build the Future’ reflects this thinking. With limited support, communities and organisations across Ireland have come together to animate the heritage resources on our doorsteps, often unnoticed and underappreciated.The value of the week is the sheer number of stakeholders from state agencies, local authorities, community groups and volunteers, that come together to host a public education programme that is open and accessible to all ages.”Copies of the County Donegal ‘Heritage Week’ Event Guide will be available free-of-charge from libraries, public service centres, museums, heritage centres and tourist offices and on-line at the County Donegal Heritage Office website at: www.donegalcoco.ie/heritage. Updates are available on the National Heritage Week website at: www.heritageweek.ie SPECIAL LAUNCH OF EVENT GUIDE FOR DONEGAL HERITAGE WEEK was last modified: August 2nd, 2013 by StephenShare 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:Donegal Heritage Weekevent guidelast_img read more

GAA NEWS: ST EUNAN’S MINORS EARN SUPERB ULSTER CHAMPIONSHIP WIN OVER SLAUGHTNEIL

first_imgSt Eunan’s GAA News:Well done to our Minor Boys football team who produced a brilliant display to defeat Slaughtneil in the St. Paul’s Ulster Minor Football tournament on Sunday.The boys won 0-16 to 2-07 to qualify for the Ulster semi-final, due to be played over the Christmas period. Many congratulations to club player and referee James Connors on winning the Referee of the Year award at the Donegal GAA Awards Night.Well done also to Paddy Flood, Tom Hennessy and our Donegal U-21 All Ireland (C) winning players who were also honoured on the evening. Well done to Conor O’Donnell on winning the 2nd Year Player of the year and to Eoin O’Boyle who won both the 3rd Year Player and Overall Junior Player of the Year at the St. Eunan’s College GAA Awards recently.Anyone interested in taking part in Scór Sinsir is asked to contact Oifigeach Chultúrtha agus Teanga, Fergus McGee on 086 854 4445 before the 20th December as this is the cut off point for receipt of applications for the 2016 competition.The Minor Board A.G.M. will take place on Thursday, December 17th at 7pm in the Clubhouse.The Senior Board A.G.M. is on Tuesday, December 29th at 6.30pm, also in the Clubhouse.Tickets are now available for the New Year’s Eve function in the Clubhouse.  Priced at only €10 which includes a drinks reception, finger food and a great night’s entertainment.  Contact Ollie Harvey 087 6643694, Aidan McGlynn 087 9208969,  Peter Curran 086 3852973 or Gareth McGlynn 087 7552975 to order your ticket now.Tickets are now available from committee members for the National G.A.A. draw.  All monies raised from sales are retained by the club.The club will be adding more teams in Camogie for next year.  Any coaches or parents wishing to come on board please contact Joe Kealy on 087 2446070 or Paddy Flood on 086 1082288. The Hurling/Camogie Academy continues on Fridays from 6.30pm to 7.30pm in the Aura Leisure Centre.  Cost is €3 per session with reductions for families.  Coaching is for Boys and Girls aged U-6 to U-14.  All children are welcome, particularly new players, from all parts of Letterkenny.The Century Cinemas Football Academy is currently on a break and will return shortly, full details to follow.  New members are always welcome to both academies.  For more information, please contact Ciaran Maguire, 087 4133372, Eugene Duffy, 086 8430240 or Eunan O’Donnell, 087 6775637.The Clubhouse at O’Donnell Park is now available to book for parties, functions, etc.  Contact Niall on 086-3062893 for further information/bookings.Sincere sympathy is extended to the Cribbin family on the recent passing of St. Eunan’s life member Austin Cribbin, High Road, Letterkenny.This week’s lotto numbers will be issued by email as soon as available. GAA NEWS: ST EUNAN’S MINORS EARN SUPERB ULSTER CHAMPIONSHIP WIN OVER SLAUGHTNEIL was last modified: December 8th, 2015 by Mark ForkerShare 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:GAAMinorsSportSt EunansUlster MFClast_img read more