Author: TIMES INT'L

PARAMARIBO, Suriname – The Caribbean Community (CARICOM) Competition Commission says it’s closely monitoring the proposed controversial sale of Sociabank’s banking assets in nine Caribbean countries, as well as the financial institution’s plan to sell out its life insurance business in two other regional countries. In a statement yesterday, the Suriname-based Commission, which was established to promote and protect competition within CARICOM, said it had noted the concerns of bank customers and governments across the region regarding the proposed acquisition of Scotiabank by Trinidadian banking conglomerate Republic Financial Holdings Ltd. (RFHL).…

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Esmond Slowe was on Tuesday afternoon found guilty 11-1 by a jury of sexual activity with a female relative who was 14 at the time. He pleaded not guilty to the unlawful acts which occurred on December 16, 2016 in an area in Georgetown. His trial commenced after he entered a not-guilty plea. Slowe was represented by Attorney Maxwell McKay. Justice Jo Ann Barlow, who presided over the matter, summed up the trial evidence before the jury was allowed to deliberate. After two hours of consideration in the deliberation room,…

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By Shemuel Fanfair A determination in the matter involving the retrenched Wales, West Bank Demerara sugar workers was made at the High Court on Wednesday, with a ruling urging Government to pay dismissed employees their severance benefits with interest. This decision comes some two years after many of the workers refused to take up work at the Uitvlugt, West Coast Demerara Estate. The workers were contending all along that under the Termination of Employment and Severance Pay Act (TESPA); they could not be compelled to travel 22 miles from their…

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Budget 2019 debates kicked off on Tuesday with Opposition Member of Parliament (MP), Dr Frank Anthony taking the Government to task for breaches to the procurement laws, the shady deals it has been entering and wastage of taxpayers’ dollars. In his presentation, Dr Anthony noted that Guyana has not been getting value for money. He pointed to the Auditor General’s 2017 report, which found 13 contracts totalling G$91.4 million were awarded by the National Procurement and Tender Administration Board (NPTAB) to Caribbean Medical Supplies. These contracts did not go through…

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The future of an oil industry in Guyana seems even more promising with another oil discovery offshore Guyana announced by US oil giant ExxonMobil. The company’s 10th discovery was announced Monday by Director for the Department of Energy, Dr Mark Bynoe, who expressed satisfaction with the way things were going. He revealed that the discovery was made at the Pluma-1 well. It has increased the estimated recoverable resource in the Stabroek Block to more than five billion oil-equivalent barrels. The Pluma-1 well is located some 27 kilometres (17 miles) south…

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Government has announced allocations totalling G$52.2 billion for the education sector in its 2019 Budget, including a G$3.1 billion subvention to the University of Guyana that will go towards upgrades. According to Finance Minister Winston Jordan, G$508 million out of the money will go towards upgrading facilities at both the Turkeyen and Tain campuses. In addition, the Minister explained that G$2.6 billion will be used to cover operational expenditure. Jordan also revealed to the National Assembly that the University will be formulating a strategic plan that includes plans for new…

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