The PNC has looted the nation’s net foreign assets again?

first_imgBy: SASE Singh; M.Sc. – Finance, ACCA.Given the structural character of the economy (a small and open one), it is expected that the nation should have had a growing base of Net Foreign Assets to meet its needs. This Granger regime, keeps telling the nation that there is economic growth but yet when one looks at the Net Foreign Assets in the financial system, one wonders, how are they paying for these imports as the economy supposedly grows?For open economies like Guyana, there must be a high reliance on imports for consumption and capital development. These imports are financed by the Net Foreign Assets controlled by the State. In such a situation, the proper administration of the stock of Net Foreign Assets is of paramount importance in order to enable the economy to be able to meet the demands of the business community in order to conduct their trade. Therefore, there has to be a high level of discipline in how the Net Foreign Assets are managed.The Bank of Guyana has just released its April 2019 Statistical Bulletin and its May 2019 Balance Sheet and what I found from those documents did not provide any good news on the state of our Net Foreign Assets. For the readers, the Bank of Guyana and the private Commercial Banks are expected to keep a stock of Net Foreign Assets to settle all foreign payments. But from the graph below, that was constructed from evidence from these Bank of Guyana documents, it tells a story that is not what the Granger regime is telling us. Some people are strangers to the truth.Between 2012 and 2018, the Total Net Foreign Assets of Guyana declined by 22% and this was driven by a decline in the Net Foreign Assets at the Central Bank by some 32% over that same time period. If it was not for their plundering of the foreign currency in the private commercial banks which cause the Central Bank to buy some US$179 million from the private banking system in 2018, the Central Bank would have seen its Net Foreign Assets depleted by over 50% over the during the period 2012 to 2018.But the mere act of using Guyana dollars to buy foreign currency from the commercial banks is inflationary and if it was not for the Treasury Bills operations by the Central Bank to mop up these same Guyana dollars at a cost to the Treasury, we would have been experiencing hyperinflation in Guyana by now. But these Treasury Bills operations come at a cost – new debt that is a strategy to kick the problem “down the road into the future” for the next generation to clean up. Such a policy action I find wholly irresponsible and reckless on the part of Mr. David Granger and his team. As the saying goes, the buck stops at Mr. Granger’s desk.Even with the oil inflows, this is sort of massive borrowing is unsustainable and bad news for any future government. Even the best experts arrive in Guyana after the next elections, what Mr. Granger and his team has done to this economy in the last four (4) years will create long term damage to the economy.I am therefore encouraging the authorities to cease and desist from this reckless economic and political strategy and think country first rather than cabal. It is time to evaluate the income generative projects and industries and stop selling the people this snake oil that the oil revenues will solve all. The financial models reveals that it will not. The first stop for the oil revenue is to pay off the G$55 billion that the Central Government has borrowed from the Bank of Guyana. Then there is a G$30 billion debt borrowed on behalf of Guysuco by Team Granger.The foremost consequence from continuing along this path of not creating more export oriented business is the re-awakening of a parallel foreign exchange market, which will lead to a situation of the State losing control of the foreign currency flows. It is in this light that this column stands with all right-thinking Guyana in exposing, opposing and rejecting these thoughtless economic plans of Team Granger. All will suffer if it is allowed to continue.Guyana can do better than this!last_img read more

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CARICOM to push for improved intra-regional travel

first_imgDuring a curtain-raiser press conference held in Grenada ahead of the Tuesday opening of the 38th Regular Meeting of the Conference of Heads of Government of the Caribbean Community (Caricom), Caricom Secretary-General, Ambassador Irwin LaRocque, expressed hope that regional leaders would sign off on an age-old Multilateral Air Services Agreement that seeks to pave the way for easier inter-regional travel.“We are hoping that the Multilateral Air Services Agreement will get policy sign-off from the Heads of Government. It will allow greater ease of travelling within the region in terms of Caricom-owned airlines,” Ambassador LaRocque told journalists gathered in Grenada for the HoG meeting.The aim of the Multilateral Agreement Concerning the Operation of Air Services within The Caribbean Community, commonly called Multilateral Air Services Agreement, is to improve the level, quality and efficiency of air services within and beyond the Caribbean Community. It dates back to 1996.During the Conference of the Heads of Government, the Caricom Secretariat would seek approval for all aspects of the agreement from the Regional Leaders.According to Ambassador LaRocque, the policy will allow for more opportunities for inter-regional travel.“The agreement concerns operations of Caricom air carriers…It provides for fair and equal opportunities for all Caricom air carriers to compete in air transportation covered by the agreement,” he posited, while adding that in addition to the large carriers, there are a large number of small carriers within the region.Caricom nationals have long complained about the high airfares attached to inter-regional travel, and according to Ambassador LaRocque, the Secretariat is aware of the issue.CARICOM Secretary-General, Ambassador Irwin LaRocque“The issue of cost of air transportation is one that continues to concern us; it will come up again,” he emphasised.Through the Regional Transportation Commission, Caricom airlines “are now talking to each other,” Ambassador LaRocque said. “The airlines are looking to see how they could cooperate and collaborate better,” he added.The Regional Transportation Commission (RTRC) has been meeting to advance its work towards the provision of adequate, efficient and safe transportation services at affordable cost to the people of the Community.In July 2013, conscious that transportation services delivered in Caricom had to address the needs of the travelling public and intra-regional trade, Caricom Heads of Government agreed to the urgent establishment of a Transportation Commission to address air and maritime transportation matters.Antigua, Barbados, Belize, Dominica, Grenada, Guyana, St. Kitts and Nevis, St. Lucia, St. Vincent and the Grenadines and Trinidad and Tobago have all ratified the Multilateral Air Services Agreement, which came into force in 1998.The Conference of Caricom Heads of Government was held in the Grenadian capital of St George’s from July 4 –6 under the chairmanship of Grenada’s Prime Minister, Dr. Keith Mitchell.last_img read more

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OFF! Celtic’s Premiership clash with Hamilton postponed

first_imgCeltic’s game against Hamilton has been called off following a pitch inspection.Torrential rain and gale force winds across Scotland had put the Premiership match in doubt.And referee Craig Thomson decided the pitch was not in a playable condition after making a visit to Celtic Park early on Saturday morning.“Following a pitch inspection at Celtic Park this morning…Celtic’s game against Hamilton Accies is OFF,” said the club in a tweet.The adverse weather in Scotland has also seen off Hearts v Inverness CT and Partick Thistle v Motherwell in the Premiership. 1 Celtic Park last_img

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On fourth day, inmate brawls extend to third jail

first_img On Tuesday, officials said they were hoping to re-integrate the jails today, a decision that was pending. “We’re trying to avoid segregating the inmates by race,” Pena said. “It depends on the intelligence we gather from the inmates. Whether (segregation) happens or not is a decision way above my pay scale.” Pena said that it was a distinct possibility that communication from outside gangs might have provoked the racial conflicts. Detectives from the sheriff’s Safe Jails and Safe Streets programs, specially trained in gang intervention and mediation techniques, were interviewing some of the inmates involved late Wednesday afternoon. The incident was the fourth in a series of disturbances at the center. On Saturday, fighting among more than 2,000 black and Latino inmates broke out in the North County Correctional Facility, resulting in the death of one inmate and injuries to 46 inmates. Sunday night, 180 inmates in another NCCF dorm fought, leaving eight injured. Monday night, seven inmates in the North Facility were injured when fighting broke out in two dormitories. Carol Rock, (661) 257-5252 carol.rock@dailynews.com 160Want local news?Sign up for the Localist and stay informed Something went wrong. Please try again.subscribeCongratulations! You’re all set! AD Quality Auto 360p 720p 1080p Top articles1/5READ MORESanta Anita opens winter meet Saturday with loaded card In what appeared to be a domino effect, the first confrontation occurred at 12:15 p.m., involving 123 inmates in one dormitory. An emergency response team from the Sheriff’s Department responded, using tear gas and sting-ball ammunition to break up the fighting. A second fight, involving 109 inmates in another dormitory, broke out at 12:55 p.m., followed by a third involving 112 inmates in another dormitory at 1:08 p.m. and a fourth at 1:20 p.m., involving 108 inmates. Pena credited the close proximity of the response team for the short duration of the four incidents. “When you’re in jail, and some of these guys have been in and out of jail a lot, you know when something is going on,” he said. “We don’t know if it was planned this way to spread our resources thin.” The North Facility and the North County Correctional Facility, also on the grounds of Pitchess, had been in lockdown Wednesday because of earlier violence. Lockdown means inmates’ movements and privileges such as phone calls are restricted. CASTAIC – A third Castaic jail erupted in violence Wednesday as more than 450 inmates split along racial lines and battled, leaving 19 men injured, Sheriff’s Department officials said. One inmate suffered a serious head injury and was taken by ambulance to Henry Mayo Newhall Memorial Hospital, three others were hospitalized with less serious injuries and 15 were treated at the Pitchess Detention Center jail complex by county paramedics. No personnel were hurt. The rioting marked the fourth day of black-versus-Latino brawling at Pitchess, which left one inmate dead and resulted in the segregation of inmates at several county jails. Wednesday’s fighting was in the East Facility, the county’s oldest operating lockup and one of the few jails in the county system where inmates had not been segregated. Of those injured Wednesday, 13 were black and six were Latino. The East Facility, which has a capacity for 1,900, was housing 1,405 inmates, said sheriff’s Deputy Richard Pena, a Sheriff’s Department spokesman. last_img read more

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Transfer report: Atletico only want to sell Southampton loan target Vietto

first_img1 Atletico Madrid want Southampton target Luciano Vietto to leave permanently this summer – and not on loan.The striker has fallen out of favour at the Spanish club and he is looking to secure a move in the coming weeks.Southampton have explored the possibility of signing the 23-year-old on loan, as have French club Marseille and Italian side Sampdoria.But Atletico, according to AS, have their heart set on Vietto leaving for good this summer as they want to bank the cash from his sale.Originally the Spanish club had considered allowing the Argentine to leave on loan, but they have now decided they want the money from his sale to reinvest in new players.Atletico are expected to go on a major recruitment drive in January, when their FIFA transfer ban ends, and they want the funds from Vietto’s departure to help bankroll their spending spree. Luciano Vietto last_img read more

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Swansea chiefs ‘not happy with the performances’, admits under-pressure Clement

first_img1 Under-pressure Swansea boss Paul Clement says he does not feel he is one game from the sack.Clement’s position has come under fierce scrutiny after four successive defeats left Swansea one place and three points off the bottom of the Premier League table.Swansea are the only team in the bottom five not to have parted company with their manager this season following Tony Pulis’ departure from West Brom on Monday.But Clement insists he has the backing of the club’s American owners Steve Kaplan and Jason Levien and chairman Huw Jenkins.“The owners are very supportive of my position here,” Clement said at his press conference before Saturday’s home game against Bournemouth.“They are not happy with the performances, the chairman is not happy with the performances, neither am I, and neither are the players.“That is what we have to focus on, getting a better performance.“We don’t know if we will get the win on Saturday because there is a lot of randomness in football.“But what we have to do is improve our levels which have not been good enough over the last couple of weeks.”Clement achieved hero status last season after being appointed in at the start of January with the club in a seemingly hopeless relegation battle.Swansea survived as Clement took 29 points from 19 games, but their predicament this season is summed up by the fact they have scored only seven times in 12 matches.Asked if he felt that defeat would mark the end of his 10-month reign, Clement replied: “No, I don’t get that impression at all.“I see and meet the chairman every day, he is present at the training ground.“We discuss all different matters on a daily basis and I have regular conversations with our majority owners Steve and Jason. The communication remains open and positive.“I know I need to improve the performance of the team. That needs to be the starting point to get them playing better.“We’re sad we’re not performing as well as we can and with our position in the league, but we’ve still got belief that we can turn it around.”Kaplan attended last week’s timid 2-0 defeat at Burnley, which was their seventh defeat in eight games in all competitions.“I did not speak to him in detail after the game,” Clement said.“He came in before the game to wish us the best and I had a text off him later as he headed to London.“Of course, the media put me in the spotlight, but it does not change the way I prepare or what my goal is.“I focus on my job and the things I can affect, which are the players, training, selection, tactics and the meetings.“There are certain things I am not in control of, and I choose not to pay too much attention to those.” Under-pressure Swansea boss Paul Clement last_img read more

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Borussia Dortmund want Chelsea striker to replace Pierre-Emerick Aubameyang

first_img1 Chelsea star Michy Batshuayi celebrates scoring against Newcastle Borussia Dortmund want Chelsea striker Michy Batshuayi to replace Arsenal target Pierre-Emerick Aubameyang.Aubameyang is closing in on a move to the Gunners and some reports have claimed a fee of around £55m has even been agreed.Dortmund are ready to let the Gabon international go after he fell out with members of the club’s hierarchy, but they want a replacement.Arsenal’s Olivier Giroud has been touted as a target, as has Tianjin Quanjian striker Anthony Modeste.But, according to Bild, Batshuayi is the man Dortmund have set their sights on bringing in.The German club are looking to land the Belgian on loan and are ready to kick off talks with Chelsea immediately.last_img

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The Deceptive Complexity of Criminal Background Checks

first_imgThis blog is not legal adviceFollow me on Twitter at:  @Jonathan__HR__Law In order to conduct a compliant criminal background check, employers ordinarily must comply not only with the federal Fair Credit Reporting (FCRA) Act, but also state and local laws.  This includes not only ban the box laws, but also laws that impose additional restrictions and requirements beyond when a criminal background check can occur.Not to be forgotten is EEOC Guidance on criminal background checks. Do not dismiss it as mere guidance. Much of it incorporates what the courts already have said.Here are some issues employers must consider. I have used the FCRA as a framework for the discussion.One:  the first step under the FCRA is an authorization.  Among other things:A.  This must be a separate document and cannot be part of the application for employment.B.  It cannot include a waiver of claims. C.  In California, there is a different authorization under state law. Two:  the second step under the FCRA is the pre-adverse action notice.  Among other things:A.  Per se rules that result in preliminary disqualification are per se dangerous.  In addition to the EEOC, many states and local jurisdictions require that certain factors go into the analysis.  Such states include New York and Pennsylvania and New York City and Philadelphia go even further than their respective state laws. B.  Certain factors cannot be considered in deciding whether a conviction is disqualifying.  New rules have gone into effect in 2018 in, among other locations, California and Massachusetts. C.  The FCRA Notice of Consumer Rights that must accompany the pre-adverse action notice recently has been changed to address freezing credit.  And, some states, such as New Jersey, have their own notice which must be given, too.Three:  under the FCRA, the final step is the adverse action notice.  In some jurisdictions, the adverse action notice must do more than inform the individual of the final decision, for example:A.  In California, for example, individuals must be told they have the opportunity to appeal to the California Department of Employment and Fair Housing.B.  In Philadelphia, there is effectively a repeat of the pre-adverse action step—individuals must be given the opportunity to challenge with the employer (not an appeal to City) the employer’s disqualification finding.This short summary includes only but a few of the minefields in criminal background checks.  Employers must consider a patchwork of federal, state and local laws that is deceptively complex, a particular challenge for multi-state employers. Don’t go it alone.last_img read more

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Consumers Ready for End of Pre-Roll Ads

first_imgRelated Posts Why Tech Companies Need Simpler Terms of Servic… Top Reasons to Go With Managed WordPress Hosting josh catone 1 A Web Developer’s New Best Friend is the AI Wai…center_img “Pre-roll ads are going the way of popups and other intrusive ads,” predicted Fred Wilson a little over a month ago. “They won’t be around in a couple years. And the online video services that use them to monetize their audience won’t be around either.” It seems that consumers agree. Silicon Alley Insider points to a new survey that says that half of Internet users bail at the sight of a pre-roll video ad.So what type of ads should video sites try if consumers are going to flee at the sight of pre-roll ads? Advertisers worry that post-roll ads won’t be watched (who sticks around to watch an ad after a video has finished playing)? Mid-roll ads might work, but while they’re tolerable when watching a full-length television show or movie (i.e., on Hulu), they become infeasible for shorter clips, and are problematic for user generated content that doesn’t have built-in pause points for advertising.Last fall YouTube began experimenting with overlay ads, but Jeremy Allaire, CEO of rival Brightcove said that advertisers did not respond well to overlay ads. Then again, he also said users didn’t respond negatively to pre-roll ads.The one bright spot for video advertisers in the Burst Media survey cited by Alley Insider is that younger viewers are surprisingly most amenable to online pre-roll video ads. 35% of of users in the 18-24 age group stop watching videos if they have pre-roll ads. That number increased to 49.6% of 25 to 34-year-olds and to a whopping 60% of users over 55.Perhaps that indicates that the future generation of web users will be more receptive to traditional video ad formats. Regardless, don’t expect to see pre-roll ads disappear any time soon — advertisers are still hooked on them. Tags:#advertising#web 8 Best WordPress Hosting Solutions on the Marketlast_img read more

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Improve Your Company’s Media Outreach with MediaSync

first_imgWhy Tech Companies Need Simpler Terms of Servic… 8 Best WordPress Hosting Solutions on the Market Related Posts Top Reasons to Go With Managed WordPress Hosting A Web Developer’s New Best Friend is the AI Wai…center_img john paul titlow Here at ReadWriteWeb, like other major blogs, we get a ton of email tips everyday from entrepreneurs, PR companies and the general public suggesting story ideas and requesting product reviews.Surprisingly, considering the size of our site and the pervasiveness of spam in general, most of these emails are quite interesting and useful. Some of them, however, appear to be blasted out to a list of seemingly random blogs with little forethought, or worse, a political screed written in all caps.For small businesses and startups especially, getting the word out to relevant media outlets, while important, can be a time-consuming task that competes with each day’s list of to-do’s. So how can businesses streamline their media outreach? One answer is MediaSync, a service from Web marketing firm mBlast. MediaSync is a free database of media contacts that enables you to find individual journalists and bloggers based on the topics they tend to cover and the outlets they write for. For example, a search for “social media” will return a list of bloggers for Mashable, ReadWriteWeb, GigaOm, CNET and others. Each writer has a profile containing basic contact info, a brief biography, links to their social networking profiles, as well as data about the topics and beats they cover. MediaSync currently boasts 521,899 media contacts in its database, and that number is sure to be growing on a regular basis. The database is evidently a work in progress, as not all media contact profiles are populated, including those of a few high-profile bloggers and journalists. Nonetheless, MediaSync remains a good way to do some initial research into which media professionals might be most receptive to a given request for coverage. Most tech and business bloggers see a ton of emails fly across their desktop and mobile phones each day, so targeting the right ones might improve your message’s chances of getting read and, if you’re truly onto something, acted upon. Tags:#biz#How To#tips last_img read more

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