Whither the economy under President Granger?

first_imgForeign trade has become more important to our economy in recent years. Exports have remained flat, and imports of goods and services have grown rapidly, resulting in the growth of the merchandise deficit. Such a consistent adverse trade gap has contributed to stagnation in the people’s standard of living in several ways, but my focus here will be limited to the impact of the trade balance on Guyana’s international reserves, its gross domestic product, and by implication its job market.As we all are aware, G.D.P and employment generally move in the same direction, so what I am saying about the impact on G.D.P generally applies to employment as well.G.D.P. is the way economists calculate how much an economy is producing in total goods and services. Higher exports and lower imports add to G.D.P., while declining exports and higher imports contract G.D.P. In Guyana, we have a case where our agricultural exports are in serious trouble.The Minister of Finance, in his prematurely presented FY 2018 National Budget in November 2017, declared that national exports in 2017 increased by US$1.5 million. However, the 2017 year-end export figures provided by the Minister were nothing else than BOGUS. The actual 2017 exports reflect a position that shows a decline of approximately US$15 million.On the other hand, imports expanded by US$138.5 million over 2017. This drove the overall deficit in the balance of payments for the nation to negative US$64 million. This serves as a contractionary force on the growth of the economy. How was this gap funded in 2017?The graph above clearly illustrates that the international reserves within the Bank of Guyana (in blue) as well as in the Banking System (in red) are being plundered to feed this rapacious appetite for imports, which is not backed by adequate productive exports.Let me be clear: this decline started since the Ramotar days, but what is gravely disappointing is that Mr. Granger promised change and a better life. Mr. Granger promised to cut corruption and fix the six sisters (rice, sugar, bauxite, gold, seafoods, forestry). The reality is that he has done no such thing, and all his words on the 2015 campaign are proving to be extremely economical with the truth.Actually, under the short Granger tenure, corruption has gotten worse, and the six sisters are now on their knees.Since Mr. Granger became President, the gap between imports and exports has become even more unstable, with an average deficit of about US$53 million. This does have a grave negative impact on the economy. Even the remittance inflows from the Diaspora cannot stem this financial outflow from the economy. So Mr. Jordan has to revert to budgetary gimmicks, such as an early budget with guess-figures as a tool to fool the people.A careful study of Mr. Jordan’s menu of public policies will illustrate that he has taken very little, if any, progressive action on the productive economy (housing, agriculture, manufacturing, mining). Most of these sectors are underperforming, and he seems not to care; so this economic deterioration will not change in 2018.So where is this growth really coming from? The services sector, which in Guyana’s case is nothing but a statistical illusion that moves the same money from one pot to the next, similar to musical chairs.So the Granger regime has reverted to selling the people the snake oil illusion that the production of oil will solve everything. But anyone who properly applies their mind to the issue will know that this is furthest from the truth.First off, because of that intellectually bankrupt oil contract in the Stabroek Block, the people will see very little of that oil wealth in their pockets.Secondly, stable oil productions are at least 4 years away. So, over the next 4 years, those living in Guyana must settle themselves for some hard years.The only solution between today and 2021 is to focus on the productive sectors. As an example, it is time for some innovative ideas, like a homegrown clay brick factory to support the housing sector. But do not count on GOINVEST to help, because they are out to sea on the whole question of incentivizing investments and closing the deals.So, in the final analysis, the G.D.P. will continue to flatten (if this trend continues, in 2018 it is expected to come in at 1.9%) and that will have a terrible effect on the job creation front. And the story continues! Wither the economy under President Granger?last_img read more

Chung to the Rescue

first_imgNFA assures ample rice supply in ashfall, eruption-affected areas ‘People evacuated on their own’ Lava gushes out of Taal Volcano as villagers flee Dennis Chung (center, shirtless) of the Philippines is mobbed by teammates after scoring against Cambodia during their first round Group A football match at the 2019 SEA Games (Southeast Asian Games) in Manila on November 25, 2019. (Photo by Ted ALJIBE / AFP)Teenager Dennis Chung struck a late equalizer as the Philippines salvaged a 1-1 draw with Cambodia on Monday night in the 2019 Southeast Asian Games.The 18-year-old Chung, who plays for Zehlendorf, came off the bench to fire home the goal that lifted the spirits of the Filipino crowd at Rizal Memorial Stadium and saved the Young Azkals’ blushes.ADVERTISEMENT Schrock played a quick combination with Yrick Gallantes, who teed up Chung to fire past Keo Soksela. The crowd of almost 3,000 exploded in delight as the Young Azkals finally got on the board after a nervy start.The Filipinos, however, have their work cut out for them as they look for their first win on Wednesday this time against Myanmar, which took the lead against Malaysia only to fade late in the match.Meanwhile, as if facing tough opposition is not enough, the Philippine women’s football team has to deal with the lack of food just a day before its campaign starts at Biñan Football Stadium.The Malditas, looking to give the country its first medal in the event since 1985, open their bid against powerhouse Myanmar on Tuesday night with the winner clinching a semifinal berth.The buildup to the match, however, has been far from ideal for coach Let Dimzon’s team which was taken by surprise by the quality and quantity of the food served at its official hotel.ADVERTISEMENT Don’t miss out on the latest news and information. No need to wear face masks in Metro Manila, says scientist Stunning victory View comments Microsoft ends free Windows 7 security updates on Tuesdaycenter_img Leonardo DiCaprio, Taika Waititi, other stars react to Oscar nominations MOST READ The result paved the way for a four-team tie in Group A with Malaysia and Myanmar also battling to a 1-1 stalemate early Monday.Keo Sokhpeng opened the scoring for the Cambodians with a 41st minute strike as the Filipinos got off to an uninspired start.FEATURED STORIESSPORTSAndray Blatche has high praise for teammate Kai Sotto SPORTSBig differenceSPORTSAlmazan status stays uncertain ahead of Game 4But coach Goran Milojevic’s side returned to the pitch with renewed confidence after the restart, slowly but surely imposing their will on the Cambodians.Skipper Stephan Schrock, sub Christian Rontini and Dylan De Bruycker all came close to leveling the score, but it wasn’t until the third minute of stoppage time when Chung rose to the occasion. “I’m not sure what are the arrangements with the Phisgoc, but the quality and quantity of food is not enough,” Dimzon said at the pretournament press conference. “This morning, there was not enough rice and kikiam and egg. There are no nutrients. This is an international competition, it should be international course. Maybe Phisgoc didn’t have enough budget.”The food problem was just the latest challenge the women’s national football team faced. On Monday, the team lamented that it also met difficulties with accommodations.In other men’s competition, Vietnam cruised to an emphatic 6-0 victory over Brunei.Striker Ha Duc Chinh fired four goals as the Vietnamese rolled to maximum points at the start of Group B play at Biñan Football Stadium in Laguna.Trieu Viet Hung and Nguen Trong Hung were also on the scoresheet as Vietnam imposed its class on a Brunei side that trailed just 0-2 at halftime.Sports Related Videospowered by AdSparcRead Next Thailand reports case of coronavirus from China Taal Volcano’s lava fountain weakens, but Phivolcs says it’s not sign of slowing down LATEST STORIES Trending Articles PLAY LIST 00:50Trending Articles02:11SEA GAMES 2019: PH’s Nesthy Petecio boxing featherweight final (HIGHLIGHTS)08:07Athletes treated to a spectacle as SEA Games 2019 officially ends06:27SEA Games 2019: No surprises as Gilas Pilipinas cruises to basketball gold05:02SEA Games 2019: Philippines clinches historic gold in women’s basketball05:21Drama in karate: Tsukii ‘very sad’ over coach’s bullying, cold shoulder03:24PH’s James Palicte boxing light welterweight final (HIGHLIGHTS)last_img read more

Porous AC Milan host Juve in top clash

first_imgAn opening day win over Lazio (3-1) was followed by a 5-4 win at Parma last weekend.Although the latter victory put Milan’s attacking talents on display, it also exposed their frailties at the back.Juventus, unbeaten at home all of last season on their way to a third consecutive title, have yet to concede a goal in their two wins over Chievo and Udinese and have scored three times. Milan midfielder Jeremy Menez, however, said he expects plenty of fireworks at the San Siro on Saturday.“It will be a big show. Plenty of goals and emotion, almost like it was at Parma,” the Frenchman told Gazzetta dello Sport.“Juve may still be ahead of us, but on Saturday we’ll be playing on level terms and we could achieve something special.“There’s a lot riding on this game… we just have to concentrate on ourselves and stick to our gameplan.”Milan host Juve only four days after the Bianconeri’s dominant 2-0 win over Malmo in their opening Champions League Group A match.But a visit to what should be a packed-out San Siro will be a different prospect, especially as the home support could offer a hostile reception to former coach Allegri.Despite failing to repeat his exploit of leading Milan to the 2011 league title in his three subsequent seasons with the club, Allegri was appointed to succeed Antonio Conte when the former Juve handler quit to become Italy coach.Allegri will still be without midfielder Andrea Pirlo and defender Andrea Barzagli, both of whom are recovering from injury, but could welcome Chilean midfielder Arturo Vidal back to the squad as he continues to battle a persistent knee problem.Former Manchester United defender Patrice Evra admitted Milan may have home advantage but said he, for one, will not shy away from the challenge.“It’s a difficult game, but I can’t wait to play,” Evra told www.juventus.com.“This was exactly the type of match I wanted to be involved in when I signed for Juventus. They have home advantage but it’s down to us to show that we’re the champions and want to win.”A draw would help propel free-scoring Roma, who sit third but are also on six points after two games, to the top of the table if Rudi Garcia’s men account for Cagliari at the Olympic Stadium on Sunday. Roma, last season’s runners-up, were in fine form on their way to a 5-1 rout of CSKA Moscow on Wednesday that left them top of Champions League Group E.However their win came at a price. Defender Davide Astori could be sidelined for several weeks after being diagnosed with knee ligament damage while Argentinian striker Juan Iturbe remains doubtful with a muscle injury.Promoted Palermo, meanwhile, will be hoping home advantage comes to the fore on Sunday when Inter visit Sicily.Argentinian Mauro Icardi scored a hat-trick as Inter put seven unanswered goals past Sassuolo for the second consecutive season last week to claim their first win of the season.Fiorentina, meanwhile, are set to welcome German striker Mario Gomez back as they head to high-flying Atalanta looking for their first win.Napoli, stunned 1-0 by Chievo last week, face a tough trip to Udinese.FixturesSaturdayCesena v Empoli (1600 GMT), Milan v Juventus (1845)SundayChievo v Parma (1030), Genoa v Lazio, Roma v Cagliari, Sassuolo v Sampdoria (1300), Atalanta v Fiorentina, Udinese v Napoli (1600), Palermo v Inter, Torino v Verona (1845)0Shares0000(Visited 1 times, 1 visits today) 0Shares0000ROME, September 19- AC Milan host Juventus in a top-of-the-table clash Saturday that could add impetus to their bid to erase two nightmare seasons — if the Rossoneri can plug the holes at the back. Under new coach Filippo Inzaghi, Milan have enjoyed a flying start to the season following two horrendous campaigns under Massimiliano Allegri and, latterly, Clarence Seedorf.last_img read more

Mixed signals in the house

first_imgThe Commerce Department reported Thursday that sales of new single-family homes around the nation jumped by 16.2percent in April to a seasonally adjusted annual rate of 981,000 units. Biggest one-month gain That was the biggest one-month sales gain since a 16.4percent surge in April 1993. Even with the increase, however, sales are 10.6percent below the level of a year ago. The median price of a new home – the midway point between the costliest and cheapest – fell to $229,100, a record 11.1percent below the March level. The price was 10.9percent below the level of a year ago, the biggest year-over-year price decline since 1970. On Wall Street, the stock market retreated as hopes faded that the Federal Reserve will have to resort to an interest rate cut to stimulate the economy. The Dow Jones industrial average fell 84.52 points to close at 13,441.13. WASHINGTON – The beleaguered housing industry is sending mixed signals, with sales of new homes surging in April by the biggest amount in 14 years while prices endured a record plunge. Analysts said the price drop could provide evidence of builders’ desperation. They are looking to reduce a glut of unsold homes in the face of the worst slump in sales in more than a decade. In Los Angeles, the new-home market continued to buck the trend, buoyed by a strong local economy and a smaller percentage of new homes available. Locally, new-home sales in April climbed 13.7percent compared with last year, while the median new-home price rose 6.1percent to $494,750 from last year, according to DataQuick Information Systems in La Jolla. “L.A. County overall has held up pretty well,” analyst Andrew LePage said. Analysts said the drop in home prices probably reflected efforts by builders to cut prices more aggressively to sell homes. They cautioned against reading too much into the 16.2percent jump in sales, the first increase after three consecutive months of sales declines. Analysts noted that this series is subject to wide revisions and that much of the strength came from a big increase in the South, which they said could be partially weather-related. David Seiders, chief economist for the National Association of Home Builders, said he was looking for sales of new homes to fall by 18percent for the whole year, matching last year’s decline. Sales of both new and existing homes set records for five consecutive years until 2006, when real estate suffered what many believe was a bursting of a speculative bubble. The association’s confidence survey for home builders returned in May to the low point for this downturn, set in September. Builders have grown more worried that tightened lending standards in the wake of rising defaults, especially for subprime mortgages, will further weaken demand in coming months. Builders slashing prices Seiders said half of all builders report they are cutting prices; this comes on top of aggressive use of incentives such as free decks and kitchen upgrades in an effort to move homes. The inventory of unsold new homes fell slightly to 532,000 in April. It still would take six months to deplete this inventory at the April sales rate. Seiders said the big drop in the median home price in April reflected not only significant price reductions on the part of builders but also a shift by buyers to homes at the lower-end of the price scale. The slump in housing is the worst since the 1990-91 recession. Analysts said it probably would continue for several more months and that any rebound would be subdued, in part because mortgage rates have started to rise. The mortgage company Freddie Mac reported Thursday its weekly survey found that the nationwide average for 30-year mortgages jumped to 6.37percent this week, the highest level in seven months. The jump came as financial markets grew less optimistic about the possibility of rate cuts by the Federal Reserve. The housing weakness has weighed on the entire economy, helping to slow overall growth to an anemic 1.3percent annual rate in the first three months of this year, the weakest pace in four years. The strength in home sales last month was led by a 27.8percent surge in the South followed by gains of 8.5percent in the West and 3.8percent in the Northeast. Sales fell 4percent in the Midwest. Factories on a rebound? In other economic news, the Commerce Department said orders to U.S. factories for big-ticket manufactured goods posted a moderate 0.6percent increase in April. A continued rebound in business investment offset weakness in orders for commercial airplanes and autos. Analysts believe U.S. factories, buffeted by the weakness in housing and slumping demand for autos, are starting to stage a moderate rebound. Capital goods spending excluding aircraft, considered a good proxy for business investment, rose by 1.2percent last month, the second solid monthly gain. Meanwhile, the Labor Department said that the number of newly laid-off workers filing applications for unemployment benefits rose to 311,000 last week, an increase of 15,000 after five consecutive weekly declines.160Want local news?Sign up for the Localist and stay informed Something went wrong. Please try again.subscribeCongratulations! You’re all set!last_img read more

LaLiga club submit formal bid for Arsenal attacker – reports

first_img1 Lucas Perez is wanted by his former club Deportivo La Coruna Deportivo La Coruna have made a £9m bid for Arsenal flop Lucas Perez.The 28-year-old only joined the Gunners last year from Deportivo for £17.1m, but he has endured a torrid time in London.The striker has recently been stripped of the No.9 shirt at Arsenal and he has been deemed surplus to requirements by the club.Deportivo are ready to give Perez a route of out his Emirates nightmare and, according to La Voz De Galicia, they have made a £9m offer.The Spanish club are hoping that could be enough to get a deal done for the Spaniard, who is keen to return to La Liga this summer.Turkish side Fenerbahce are also said to have made an enquiry, but Perez’s preference is thought to be a move to Spain.last_img

Rangers’ big names learn experience is no match for youthful verve

first_imgDerby days in Glasgow are always divisive and often decisive in making or breaking reputations as well as laying down markers for each team’s season.This clash was no different albeit perhaps not in the way many had anticipated.Much of the pre-match hype surrounded the midfield battle between Scott Brown and Joey Barton, which in truth turned out to be a non-event as the hosts dominated the middle of the park with ease.The build up to this game started almost as soon as April’s meeting in the Scottish Cup ended and what unfolded on the field was a symbol of the two clubs’ transfer strategies since that day at Hampden. Mark Warburton opted for experience both in the close season and at Celtic Park but his gamble backfired spectacularly as his team were simply outclassed by a Celtic side full of verve and youthful exuberance. Rangers’ Joey Barton cuts a dejected figure after his side concede a fifth goal. SNS Clever but simple movement allowed Dembele to evade Rangers’ centre backs to powerfully head home the opening goal, which kick started the contest. His composure and technique were in evidence as he left Phillippe Senderos on his backside for his second; the finish with the outside of his foot will be replayed in derby goal montages for years to come.Dembele showed his vision with a pin-point pass to allow Scott Sinclair to continue his outstanding start to his Celtic career before he delivered his own crowning moment. With Joey Barton forced to fill in at centre back, Dembele plucked Lustig’s cross out of the air before placing a left-footed finish past the helpless Wes Foderingham.Senderos, brought in for his experience, capped his disastrous debut with a needless handball to earn his marching orders while even derby veteran David Weir let his emotions get the better of him as he was sent to the stand by Willie Collum.Philippe Senderos is sent off by Willie Collum. SNSFor Mark Warburton the post-mortem from this derby demolition will be long and torturous. On the evidence of this game as well as other early season matches, the defensive frailties which have been evident for over a year are no closer to being solved with Rob Kiernan also enduring a nightmare at the heart of Rangers’ backline. The Englishman’s decision to field such an attacking starting line up didn’t pay off as they search for a fluid and alternative plan going forward when Martyn Waghorn isn’t in the side. Joe Garner was selected to provide a physical presence and while he may have netted his first Rangers goal, he was left isolated for much of the match.A beaming Dembele said he will remember this day for the rest of his life. You suspect those on the other side of Glasgow’s great divide will want to forget this one quickly, if they are allowed. “An energy gap” is how Scotland manager Gordon Strachan described the difference between the two rivals.Joey Barton and particularly Niko Kranjcar completely failed to get to grips with the speed of the game and spent the afternoon unable to stop the home side’s attacking quartet pouring forward at will. When the interval came the Rangers boss spared the Croatian midfielder any further misery with the 32-year-old flirting dangerously close to a red card as he became increasingly frustrated at his inability to stop Tom Rogic. The Australian international was the star man during his 52 minutes on the field, producing a wonderful Zidane-esque pirouette and constantly finding space between the lines of Rangers’ midfield trio.It was a similar story across the pitch. Kieran Tierney’s rampaging runs down the left forced Kenny Miller to operate as an auxiliary right back to cover for James Tavernier. However the result forced the visitors to focus their attacks solely down Mikael Lustig’s side, a ploy which soon became predictable.Celtic’s Moussa Dembele celebrates his third of the match. SNSThen there was hat-trick hero Moussa Dembele. Handed a starting spot due to Leigh Griffiths’ hamstring injury, the 20-year-old produced a performance which belied his years and demonstrated why his arrival in Glasgow was hailed as such a coup. Having enjoyed a solid if unspectacular start to his Celtic career so far, the Frenchman picked the perfect stage to make his mark with a textbook centre forward display.last_img read more

Interstate #65 Closed at 17 Mile Marker South

first_imgInterstate #65 South at the 17 Mile Marker is closed due to a semi-tractor and trailer fire. This morning at approximately 6:40 am, The Indiana State Police Post at Sellersburg received a 911 call that a semi-tractor and trailer was parked on the emergency strip at the pre-mentioned location with a trailer tire that was on fire. When troopers arrived the semi-trailer was completely engulfed in flames and a grass fire had started near the interstate.Monroe Township and Sellersburg Fire were called to the scene to extinguish the flames. At this time Interstate #65 is closed south bound at Exit #16. All traffic is being re-routed to U.S. #31. The interstate will be closed for several hours for removal and clean up of the fire.The semi-tractor and trailer was hauling scrap metals and no one was injured.last_img read more

The night rugby star Shane Williams found out exactly how cool Donegal is!

first_imgRugby star Shane Williams had been asking all week why Donegal had been named the coolest place on the planet to visit in 2017.Last night as sleet lashed his face and temperatures touched what felt like -10 degrees in Convoy, he found his answer.The Welsh rugby wizard was the star attraction as county champions Glenswilly faced St Mary’s of Convoy in a challenge game as part of upcoming The Toughest Trade television show produced by AIB. Williams has spent a week in the Glen honing his GAA skills after spending the first few days tuning his ear to the local accent.In a few short weeks, Glenswilly’s most famous export, Michael Murphy, will fly to France to train with Clermont Auvergne.Williams is his country’s all-time leading try-scorer and a quick reference of his name on You Tube shows any number of amazing scores against any number of international teams.So the appearance of such a huge name from the dressing rooms in Convoy last night drew a strange reaction from many who braved the freezing temperatures last night. “Jesus, he’s a lot smaller than I thought he would be,” said one.“I’m sure he’s glad he’s on the same side as Ciaran Bonner,” chuckled another.It may have been billed a friendly game and although it was never cynical, Glenswilly and Convoy gave no quarter as they put on a competitive display for those who gathered.Hot soup and tea and coffee provided by hosts Convoy temporarily kept the January chills at bay.But for anyone who thought Shane Williams was here just to wave at the TV cameras and sign autographs, they left Convoy recognising a sportsman who could probably turn his hand to most sports. Although he may have been given a concession to allow a pick-up from the ground, the Welsh wizard constantly found space aided by a fine burst of speed.Wearing the number 14 shirt normally reserved for the Manchild, he pointed with ease from a 25 yard free before adding another few scores with his cultured left foot.Not long after, Williams showed he is still very much a novice with a wild swipe in front of the posts which almost ended up in Manny’s Bar in Convoy village.The result was irrelevant although the county champions did come out on top thanks in part to the boot of Shane Williams. The fruits of his week-long visit to Donegal can be seen in the final cut of The Toughest Trade when they are broadcast in March.Who’d have thought Glenswilly could be so cool – with or without the snow?The night rugby star Shane Williams found out exactly how cool Donegal is! was last modified: January 13th, 2017 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)last_img read more

Arkansas ~ Corporate Income Tax: Apportionment Using Market-Based Sourcing Sustained

first_imgA denial of a corporate income taxpayer’s refund claims was upheld because the taxpayer failed to show by a preponderance of the evidence that the Arkansas Department of Finance and Administration abused its discretion when it required the use of the market-based apportionment method in lieu of the applicable statutory apportionment method provided. In the originally filed tax returns for the years at issue, the taxpayer inadvertently used market-based sourcing to calculate the sales factor apportionment percentage for the sales of services. Later on, the taxpayer filed amended returns using the statutory cost-of-performance sourcing method to figure the sales factor. The amended returns, requesting refunds, were denied because Arkansas determined that the cost-of-performance method did not accurately reflect the taxpayer’s business activity in the state.Administrative Decision Nos. 16-202, 16-213, Arkansas Department of Finance and Administration, Office of Hearings & Appeals, May 27, 2016, ¶400-689last_img read more

Indian companies buy all SLPL teams

first_imgIndian business enterprises showed keen interest in the inaugural edition of the Sri Lanka Premier League and bought all the seven contesting franchises on offer, even as the BCCI decided not to allow its players to participate in the Twenty20 league.The Indian Cricket Board (BCCI) had even last year prohibited its players from participating in the league, which forced the Sri Lanka Cricket (SLC) to abort the opening season of the SLPL.While Wadhawan Holdings shelled out the highest bid — USD 5.02 million — for Wayamba, Number One Sports Consulting offered a bid of USD 4.98 million for Kandurata.The Uva and Ruhuna went to Success Sports and Pearl Overseas respectively for an amount of USD 4.6 million.Basnahira was bought by Indian Cricket Dundee at USD 4.33 million, while Uthura at USD 3.4 million went to Rudra Sports.Varun Beverages, meanwhile, spent USD 3.22 million for Nagenahira.The debut edition of the SLPL is scheduled to commence from August 10, with the final to be held on August 31.The matches will be played at capital city Colombo and the central province’s Pallekele.The franchises will be allowed a maximum of 18 players, including six foreign cricketers, for registration. However, a team can play only two foreigners in the playing eleven.The value of each player will be decided by SLC in the player draft to be held on July 5 and 6.last_img read more