Category: News

Housing mortgage lender, New Building Society (NBS) has recorded Gy$ 772 million in profits for last year, an increase of 34 per cent over the previous year, the bank’s chairman, Dr Nanda Kishore Gopaul said. Dr Gopaul will read his report at the institution’s annual general meeting slated for later this month. He said this performance was achieved despite the bank reduced its mortgage rates for lower, middle and higher income mortgagors at the beginning of the year from 4.75 per cent, 6.95 per cent and 7.95 per cent to…

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Building on the already successful housing and construction boom, the 2012 National Budget has allocated Gy$ 3.6 billion to further increase access to affordable housing, improve the quality of infrastructure of housing schemes and regularise squatter settlements. Finance Minister Dr Ashni Singh, in presenting the Gy$192.8 billion estimates, stated that this move by government is to ensure that Guyanese have access to adequate and affordable housing within suitable and economically viable communities. To ensure that this vision is achieved, the administration is working to have a further 30,000 new house…

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Guyana intends to continue strong advocacy and negotiation for early disbursement of funds for Reducing Emission from Deforestation and Forest Degradation (REDD+) actions. Efforts will also be made in concurrence with the role of carbon markets in generating REDD+ financing; more ambitious emission reduction targets by industrialised countries and the full operationalisation of the Green Climate Fund. This was affirmed by Finance Minister Dr Ashni Singh during his 2012 National Budget presentation on March 30 in the National Assembly. Minister Singh highlighted Guyana’s leading role in achieving a REDD decision…

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In the aftermath of the devastating fire that ripped through a building housing several businesses on Regent Street on Sunday, April 1, storeowners are contemplating their next move, even as the Mayor and City Council has begun clearing the debris from the burnt out site. In an invited comment on Tuesday, Prakash (only name given), one of the storeowners told Guyana Times International that since the calamity, he has distanced himself from viewing the remains of what he referred to as his “daily bread”. “Since the fire, I just can’t…

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This year’s national budget is not complete without the necessary investments being made towards improving the wellbeing of the entire population. Prior to last Friday’s reading of the budget in the National Assembly, it was being described as one that meets the needs of the Guyanese people while creating an environment where the aspirations of all are realised. In this regard, the Gy$26.6 billion allocated to the education sector is both timely and unprecedented. The Gy$192.8 billion budget was presented by Finance Minister Dr Ashni Singh under the theme “Remaining…

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Former President Bharrat Jagdeo has become a patron of the World Sustainable Development Forum. He joins former United Nations Secretary General Kofi Anan and 12 other world leaders to support the New Delhi-based institution’s work to influence global progress towards achieving the Millennium Development Goals and advancing sustainable development. The World Sustainable Development Forum draws on the advice of “distinguished patrons from government, industry and academia”. The patrons include Finland President Tarja Halonen; Norway Prime Minister Jens Stoltenberg; Soros Fund Management Chairman George Soros; General Electric Company Chief Executive Officer…

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Acting Tourism Minister Irfaan Ali said stronger focus will be placed on the development of small and medium size businesses as he launched GuyExpo 2012 on March 30, at the International Convention Centre, Lilendaal, Greater Georgetown. “GuyExpo 2012 is looking to have a forum, one that would focus on small businesses, medium size businesses, and we are hoping to have the forum in a way we can have linkages not only locally, but with regional and extra regional markets,” the minister said. Ali disclosed that he is looking to provide…

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Guyana’s domestic economy is poised for significant development over the coming years with the extractive industries playing a great part. Oil is one of the most looked forward to industry with government having high expectations of a find. On Friday, President Donald Ramotar had the opportunity to visit the two offshore oil rigs, REPSOL and CGX during which he expressed optimism for an oil discovery. Accompanied by First Lady Deolatchmee Ramotar, Natural Resources and Environment Minister Robert Persaud and other officials, President Ramotar was able to observe operations on board…

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