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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Rugged terrain slows firefighters in Los Padres

first_imgLOS OLIVOS, Calif. (AP) — California firefighters struggled to surround a 16,600-acre wildfire in Los Padres National Forest on Saturday, while a week-old 35,000-acre blaze in the Eastern Sierra was fully contained. The fire in the Los Padres burned eastward through the San Rafael Wilderness in the interior of Santa Barbara County. The 597-square-mile wilderness and surrounding areas of the forest were closed to visitors. Crews were trying to prevent flames from jumping a river and possibly threatening the towns of Tepusquet and Figueroa Mountain. As a precaution, secondary containment lines had been erected. The fire was 37 percent contained — a figure that had not changed for days. Steep, broken terrain made it hard to fight the flames, fire spokesman Tony Guzman said. High humidity and calm winds had slowed the blaze in recent days, but firefighters expect it to pick up as temperatures rise this weekend, he said. Brush and oak stands in the area haven’t burned in 40 years. On the fire’s eastern edge, terrain was too rugged for bulldozers and fire engines. Strike teams were dropped in by helicopter. Twenty aircraft and more than 2,000 firefighters were working the blaze, which began July 4 from sparks from grinding equipment used to repair a water pipe. Fourteen firefighter injuries have been reported. Santa Barbara County health officials issued an advisory because of smoke. Nearby residents were urged to limit outdoors activities and said people with asthma and other respiratory diseases should be cautious. In the Eastern Sierra, the 35,000-acre fire in the Inyo National Forest was contained Friday at a cost of $3.2 million and with the help of the mountain range’s rocky escarpment. “The fire’s burned up to pretty solid rock, which is providing a great barrier to any expansion,” said Nancy Upham, a spokeswoman with the U.S. Forest Service. In the Plumas National Forest about 125 miles northeast of Sacramento, crews started pulling dirt and vegetation back over bulldozer lines that were cut to fight a 23,000-acre blaze that was contained Friday evening. Farther north in Shasta County, fire officials said they had nearly contained a 750-acre, lightning-sparked blaze that prompted brief evacuations in the town of Fall River Mills. About 300 firefighters continued to battle a complex of seven fires that have scorched 190 acres in the Six Rivers National Forest near the Oregon border, said Brian Morris, a spokesman for the U.S. Forest Service. The lightning-caused fires, which began July 11, were 30 percent contained Saturday, with full containment expected by July 20, Morris said. The fire had initially threatened a dozen homes in the village of Gasquet, but they are no longer at risk. “We’ve been making excellent progress the last two days,” Morris said. “We don’t expect any problems, but we never know what Mother Nature is going to throw at us.” A series of small fires sparked by lightning in the Klamath National Forest had spread Saturday to cover about 400 acres, but a section of the blaze that had threatened about 100 homes in the town of Hamburg had been brought under control, said Valery Lambeth, a U.S. Forest Service fire coordinator. 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

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Now Hillary is the insider? Huh?

first_imgThus we now enter the season when the journalistic pack, including those who rail against pack journalism, howls in anxiety at the prospect of a front-runner loping to the finish line. The colors are changing and the headlines are, too. They now read: “Can Clinton Be Stopped?” “Can Clinton’s `Inevitability’ Be Erased?” “How to Stop Hillary.” And “Clinton Leads Now, But Race Isn’t Over.” Well, right, the race isn’t over. The voting hasn’t even begun. But maybe we can stop reading the maple leaves for a moment and take in a larger view of the landscape. We are heirs and heiresses to a century of speculation on whether Americans would ever vote for a woman. I have a Wonder Woman poster from 1943 imagining the first woman president ? 1,000 years in the future. When Hillary Clinton first entered the race, the story line had a pink border. Those same headlines asked and asked and asked: “Is the Country Ready for a Woman President?” The buzz about the former first lady was about being the first woman. It’s pretty stunning that in less than a year, the question has morphed from whether a woman is “electable” to whether she’s “stoppable.” It’s even more remarkable that Hillary is now seen less as the woman candidate than the establishment candidate. Here in New England, we have an unofficial fifth season. It’s known as Foliage Season, the color-coded time of year when those not otherwise preoccupied with the Red Sox indulge in the benign spectator sport of leaf-peeping. I am not surprised that presidential politics also has its unofficial season. This is the High Risk Season, a danger zone for front-runners when the media attention is not on the inevitability of falling leaves but the possibility of falling stars. All summer the story line was Hillary Clinton’s steady-as-you-go campaign. After one debate or another, she was described as “commanding,” “knowledgeable,” “experienced.” Now even Rudy Giuliani and Fred Thompson are pleading their case for the Republican nomination on the claim that they alone can beat Hillary. This image of a candidate who’s passed the presidential readiness test wooed more voters to her side. She’s now leading the Democratic field by 33 points. But this hasn’t endeared her to political reporters. The one reliable media bias, we know, is not pro-liberal or pro-conservative, pro-Democrat or pro-Republican. It is pro-knockdown-drag-out campaign. Lights, camera, action, please. Sweetheart, get me a rewrite, or at least something to write about. I began noticing the de-gendering – forgive the word – of Hillary Clinton last March. About then, the right wing’s favorite “radical feminist socialist” was becoming the left wing’s “politics as usual.” Now, as the High Risk season opens, she’s framed less for making history than for perpetuating a dynasty. After a millennium as political outsiders, how is it possible that the serious female contender is cast – and even castigated – as the insider? As Hillary would say, “Hello?” Remember that Clinton has not escaped the pink microscope. Who can forget the V-neck that launched a thousand treatises on the meaning of cleavage? Now cleavage coverage has been followed by cackle coverage, those endless deconstructions of her laugh. The stakes and styles are still different for women. The late Elizabeth Janeway once predicted that the first woman president would be a Republican. She’d defuse her sex by conservatism. Hillary is no Republican, nor is she Margaret Thatcher. But women walk a fine line to erase a gender line. So this is where Clinton is – walking that line. While Obama gets praise for making history, she gets points for experience. When Edwards outflanks her on the left, this “polarizing figure” settles deeper into the comforting center. It’s the best place for a woman in the general election. So there’s some danger in typecasting the first woman as the old guard. This is an emblem of our era. We’ve gone straight from pre-feminism to post-feminism without stopping along the way to experience the real thing. A woman in politics was once automatically seen as a change agent but too much of an outsider to entrust with the Oval Office. We’ve still never had a woman president. But now, the case against Hillary is that she’s too much of an insider? Hillary Clinton: politics as usual. Or maybe life as usual. First you struggle to get into the establishment, and then you get dismissed as too establishment. There’s got to be a touch of irony in this seasonal affective disorder. If, that is, any woman still dares to cackle. Ellen Goodman’s e-mail address is ellengoodman@globe.com.160Want local news?Sign up for the Localist and stay informed Something went wrong. Please try again.subscribeCongratulations! You’re all set!last_img
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Man United target has doubts over future, claims teammate

first_imgManchester United target Pedro has ‘doubts’ about his future at Barcelona, according to his team-mate Sergio Busquets.The Spaniard has been linked with a move to United, who are light on forwards following the departures of Robin van Persie and Radamel Falcao.Pedro is regarded as one of Spain’s best attacking forwards, but he faces the unenviable task of having to dislodge either Lionel Messi, Neymar or Luis Suarez to get into the Barcelona first-team.Busquets wants Pedro to stay at the Nou Camp, but understands why the 27-year-old is considering his options.“I have spoken with Pedro,” the midfielder told a press conference in San Francisco ahead of Barca’s friendly against United.“I think that as a team-mate and friend, I would like him to stay for a long time, but I understand that he has doubts.“He wants to play but there is a lot of competition. In our team we have the best players and it’s very difficult (to get into the team).“I hope he stays but the decision is his.” Sergio Busquets and Pedro 1last_img read more

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Leicester chairman claims Jamie Vardy’s red card appeal rejection is ‘unfair’

first_img1 Jamie Vardy was dismissed at Stoke for a two-footed challenge on Mame Biram Diouf Leicester chairman Vichai Srivaddhanaprabha has described the decision to reject Jamie Vardy’s appeal against his red card as “unfair”.Vardy was sent off at Stoke on Saturday for a two-footed challenge on Mame Biram Diouf, with referee Craig Pawson deeming the foul reckless enough to warrant a straight red.The champions contested the call, but a Football Association disciplinary panel upheld the decision and Vardy will now serve a three-match suspension.Srivaddhanaprabha said via his Instagram account: “I am so sorry for the unfair judgement of referee to Vardy and more sorry that our appeal was rejected. This kind of judgement distort the charming of English Premier.“I spend a lot of time and effort to make my beloved LCFC a success, but this incident made me feel dispirit from football.“Anyway, we move on now and it’s time that we need to be unity together and cheer up (louder than before) to our team no matter what happen, we are fearless and never quit!”The FA’s verdict will come as a blow to Leicester boss Claudio Ranieri and his side as they struggle to live up to the expectations as defending Premier League champions.The Foxes have won only four of their opening 17 league games of the campaign and are just three points above the relegation zone. Now they face the prospect of entering their festive fixtures without Vardy, whose own form has reflected Leicester’s change in fortune.The former non-league striker broke the Premier League record by scoring in 11 consecutive matches last term, but went 16 games without a goal before ending his barren run with a hat-trick in the recent victory over Manchester City.However, he will miss the Boxing Day clash against Everton, the New Year’s Eve meeting with West Ham and the trip to Middlesbrough on January 2.Vardy will be available again for the FA Cup third-round tie against the Toffees at Goodison Park on January 7.last_img read more

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Julian Draxler ends Arsenal speculation with £35million switch to PSG

first_img Julian Draxler in action for Wolfsburg 1 Paris Saint-Germain have signed Wolfsburg midfielder Julian Draxler on a four-and-a-half year deal.The fee for the 23-year-old has not been disclosed but it is reported to be in the region of 42million euros (£35.58million).Juventus and Arsenal were both linked with Draxler in the summer, with the Bianconeri having been close to signing him when he joined Wolfsburg from Schalke in a club-record deal in 2015.But Draxler, who had a release clause in his long-term Wolfsburg contract, has instead accepted a deal to join reigning Ligue 1 champions PSG.Draxler told the club’s official website: “It is with great joy and anticipation that I join Paris St Germain.“For the first time in my career, I’m going to discover a new country, a new league, and I’m very proud to take this new step at a club which has become a benchmark in Europe and has signed a lot of great players in recent years.“I will do everything to help PSG win new trophies and continue to grow internationally.”Draxler, who was part of the Germany squad which won the World Cup in 2014, made 34 Bundesliga appearances for Wolfsburg, scoring five goals.“I am delighted to welcome Julian Draxler to the Paris St Germain family,” said PSG chairman Nasser Al-Khelaifi.“The transfer of this highly sought-after Germany international reconfirms just how attractive our club is to the world’s most talented players.“He has all the qualities to play a major role in the club’s project and become a fan favourite.“With the signature of Julian Draxler, we are maintaining PSG’s extremely high ambitions, where all our supporters want us to see their club succeed.”last_img read more

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MCBREARTY STANDS OVER BOOZING CLAIMS BUT SAYS THAT WAS NOT THE ISSUE

first_imgOUTSPOKEN councillor Frank McBrearty has stood over his claims that fellow councillors were boozing during the day long meeting of Donegal County Council.The Raphoe politician caused uproar when he suggested that some councillors needed to be breathalysed after they returned from their lunch.But last night Cllr McBrearty told donegaldaily.com that while he thought the issue was a sideshow to the real council issues, he nonetheless stood over the allegations. “I have been in the pub trade for 30 years and I know when someone has taken a drink. I have no problem standing over that claim.“I know for a fact that five councillors were drinking at lunchtime but I didn’t intend to make a big deal out of that. I just said it as a throwaway remark.“That was not the real issue but it seemed to be the only issue that got attention with the media,” he said.The Labour Party councillor said the real issue he wanted to raise was about the lack of money and attention being given to the roads in the Finn Valley. He said that was the real issue on all doorsteps during the recent general election.However in a debate on the issue at Monday’s meeting of the council Cllr McBrearty suggested that not enough was being done by the county manager Seamus Neely and his team to address the problem.Manager Neely replied that his staff were working around the clock to address all problems within Donegal to the best of their ability.Cllr McBrearty said he did not have an issue with the council staff on the ground but his issue was with Mr.Neely.“I have never had a problem with staff on the ground and they know that and will tell you that. My problem is with management and how they continue to fudge the issue of roads in the Finn Valley. “The roads are a complete disgrace and nobody wants to seem to take responsibility for them,” he said.The Raphoe councillor said he will continue to stand his ground for the people of Finn Valley and doesn’t care how he is perceived.“I know my rights and what I am entitled to say with council chambers. And I will continue to stand up for the people of the Finn Valley.“The only people I owe anything to are the people who elected me and I will continue to do that as long as I am in the council,” he said. EndsMCBREARTY STANDS OVER BOOZING CLAIMS BUT SAYS THAT WAS NOT THE ISSUE was last modified: March 1st, 2011 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

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Ozturk leaves Hearts to join Turkish second division side

first_imgFormer Hearts captain Alim Ozturk has left the Tynecastle club to join Turkish second division side Boluspor.The centre-back had fallen out of favour at Hearts this season, making only six appearances in all competitions and losing the skipper’s armband to Perry Kitchen in September.In search of first team football Ozturk has now made the move to Boluspor, signing an 18-month contract with the TFF First League side.Ozturk was appointed captain of Hearts following Danny Wilson’s exit at the end of the 2014/15 season, leading the Edinburgh club to a third-place finish in last season’s Scottish Premiership. He will also be remembered for scoring a famous long-range goal against Hibernian in a derby match in October 2014. Talks between Ozturk and the Tynecastle club over a new contract took place earlier in the season, with then manager Robbie Neilson urging the defender to show why he deserved a new deal.“If he gets himself back in the team then we’ll continue negotiations, we’ll keep talking,” he said.Ozturk failed to break his way back into the first team fold, though and has now decided to move on.last_img read more

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Celtic fans given seating section for Linfield game

first_img“In this event, they should only proceed to the stadium via the Boucher Road and then, under the instructions of stewards and the PSNI, to the Kop Stand. These supporters should arrive at the stadium after 3.30 pm to ensure access to the game. “Celtic fans will not be admitted to any other part of the ground and Linfield fans should not enter the stadium from the Boucher Road. No further tickets for tonight’s game are available and we would urge all spectators to behave in a respectful and sporting manner.” Celtic fans have been given a seating section for their game against Linfield in Belfast despite security concerns.The Parkhead side are taking on the Belfast outfit in the first leg of their Champions League qualifier on Friday evening.Ahead of the game, Celtic and the Police Service of Northern Ireland (PSNI) had confirmed the away side would not be taking up their allocation of tickets for the match.The game had already been moved from Wednesday to Friday as it coincided with the Orange Order marches in Belfast. A large number of Celtic fans had made the trip across to Northern Ireland, regardless of the lack of away tickets, which prompted the change in stance.With less five hours to go before the 5pm kick-off, Linfield confirmed Celtic supporters who had purchased home tickets would be allowed into the ground for the match.The Belfast club said: “Linfield Football Club has worked closely with all relevant authorities to ensure that tonight’s Champions League qualifier against Celtic is played in a safe and welcoming environment. “Both clubs have made public requests that Celtic fans do not purchase tickets for the game. Despite this, some fans may have purchased tickets for the match with the intention of supporting Celtic. last_img read more

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