Tax avoidance laws on the cards, Petroleum Act for review

first_imgOil and gas sector As multinational oil companies gear up to capitalise on some of the largest oil finds ever, the Government is looking to have a strong legislative framework to guide the sector, which follows the billions of barrels expected to be pumped out by US oil giant ExxonMobil and Canada-based company, Eco Atlantic. This was posited by Head of the Ministry of the Presidency’s Energy Department, Dr Mark Bynoe at a press conference late last week.“The Department is reviewing the current legal and regulatory framework for the petroleum sector inclusive of the 1986 Petroleum Act to shape proposal for revision and possible replacement of some existing legislation,” he noted.The Petroleum Act, among its many stipulations, speaks to licensing, cancellation of blocks and to the conditions subject to which the licence is granted. Although the Government is looking to negotiate with new oil and gas investors from the latter part of next year, questions are, however, surfacing over Guyana’s lack of sound tax avoidance legislation. As such, Energy Department Oil & Gas Advisor Matthew Wilks gave all assurances that the matter would be looked into with the aim of reviewing legislation. At the same time, members of the media were told the Department wanted more support for its collaborative work with sister agencies, including the Guyana Revenue Authority (GRA).“Yes, because if you’re looking to increase and protect State revenues going forward in new licences; you have to look at surrounding legislation and that includes fiscal legislation and tax schemes, so that will be an area of focus,” the Government Advisor outlined.Apart from tax avoidance schemes, the Department indicated that it would have to consider a depletion policy to guide how the country deals with the reduction of oil over time. It has been recommended that a depletion policy be implemented after the commencement of oil production.A depletion policy is found in many oil-exporting countries, since reserves in oil wells and oil fields reduce over time as in the case of regional neighbour Trinidad and Tobago’s current situation.Dr Bynoe has already disclosed that a white paper on a Local Content Policy would be presented to the National Assembly for debate, saying that the final policy would be ready by 2020. Business Minister Dominic Gaskin has said a “too strongly national” local content policy could jeopardise the efficiency or the viability of the company being relied on to extract the resource.The draft Local Content Framework document outlines the opportunities that may arise and the approaches to be taken in selecting and developing opportunities related to enhancing the capabilities of Guyanese nationals and businesses through training and well-tailored social contributions for greater impact and benefits among others.The draft Local Content Policy has, however, been criticised for lacking provisions, which would safeguard against exploitation by companies.It had been reported that the document does not cater for issues such as how to avoid procurement fraud, conflict of interest and favouritism, among others.last_img read more

NA Hospital CEO remains on job

first_img…Minister Cummings intervenesChief Executive Officer (CEO) of the New Amsterdam Hospital Dr Samantha Kennedy remains on the job after junior Health Minister Karen Cummings reportedly intervened in the matter.New Amsterdam Hospital CEODr Samantha KennedyThe intervention came one day after the Regional Democratic Council (RDC) was advised that Dr Kennedy was removed from the post.The issues at the New Amsterdam Hospital were highlighted in several media reports, with residents in Berbice demanding better service from the medical institution.Director of Regional Health Services, Jevaughn Stephen told the media that Dr Kennedy still remains as the CEO of the New Amsterdam Hospital.Guyana Times understands that following the embarrassing reports in the media and the RDC announcement that Dr Kennedy was fired, the junior Health Minister, who is Dr Kennedy’s godmother, reportedly sought a less harsh decision.Efforts by this newspaper to contact Cummings proved futile.Chairman of the Regional Health Committee Zamal HussainDr Kennedy went to the hospital on November 5 last year and has been the centre of much controversy as several allegations were levelled against her. The first being that she took six weeks’ leave two days after taking up the appointment.Several regional officials had also reported that it was difficult to meet with the CEO, who also refused to carry out an instruction from the RDC only last week.The CEO also stopped doctors from being on call according to a report coming out of the Region Six RDC on Thursday, which had weakened the Hospital’s capacity to deliver health care.Dr Karen CummingsWhen Regional Health Committee Chairman Zamal Hussain addressed the RDC on Thursday, the Health Services Director was at the RDC meeting.During his press conference on Friday, Stephen was reminded that he was present when Hussain reported that the Hospital will have to get a new CEO.“At the RDC, programme managers are there, but they only respond when the Chairman ask us to respond. I only responded when I was asked to respond, and I only responded to what I was asked to respond to. After the RDC, some members of the media came outside and they asked me and I responded to them about the CEO,” Stephen said at his press conference.However, comments which Stephen gave to the media on Thursday are contrary to his press statement on Friday when he told reporters that the CEO was temporarily appointed until they appoint another one.According to Hussain, they were told that the decision to replace Dr Kennedy was taken because of her negligence.Hussain is of the belief that the public attention that the decision received exposed the incompetence of the Government. This, he said, they are now trying to cover up.last_img read more

Reports – West Ham and West Brom to bid for Watford defender?

first_img Gabriele Angella in action for Watford West Ham and West Brom could make a move to sign Watford defender Gabriele Angella, according to reports in Italy.With Winston Reid set to leave West Ham at the end of the season, Sam Allardyce is looking at options to replace him and has also been linked with a move for Marseille defender Nicolas N’Koulou.Italian website Tuttomercato is claiming that both Allardyce and new West Brom manager Tony Pulis are leading the chase to sign the Italian central defender.Pulis is keen to make an immediate impact at the Hawthorns and will be hoping to bring in his own players in the January window.Angella has been one of the star performers for the Championship club following his move from Udinese back in 2013 and would relish the chance to play at the highest level. 1last_img read more


first_imgMargo – The Girl from Donegal, returns to Ostan Loch Altan, Gortahork this Saturday night the 16th of February for her Annual Concert.Margo, who doesn’t tour as extensively as she used to, returns to do her annual concert in aid of The Mullaghduff Band, this Saturday in Gortahork.Fresh from receiving her Lifetime Achievement award & The Larry Cunningham Memorial Award at the Sunday World awards several weeks ago, Margo is looking forward to returning to Ostan Loch Altan and Donegal where every year she plays to a capacity crowd and entertains the audience in her professional and top class style that has earned her the title of Irelands Queen of Country Music. Joining Margo on the night are local artisits Paula Gillespie (Diver), Jacqui Sharkey and Gavin Boyle.Doors open at 7pm and show starts at 8pm sharp. Tickets are available from Books & Charts Dungloe, Ostan Loch Altan Reception and Roartys Filling Station Dunlewey.A night not to be missed and an ideal Valentines present for you country music fans.  MARGO RETURNS TO DONEGAL FOR HER ANNUAL CONCERT was last modified: February 12th, 2013 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) Tags:MARGOlast_img read more

Brother and sister-in-law hoping to complete marathon – without falling out!

first_imgA brother and sister-in-law have proven that blood isn’t always thicker than water after agreeing to undertake this weekend’s Dublin City marathon together.Stephen McElhinney and Rachel Enfield have been a familiar sight around the country roads of Glenswilly and Lettetrkenny in recent months.The neighbours from Tullygay decided to put on their jogging shoes and tackle the 26.2 mile course which takes place n the capital this Sunday. Neither had ever ran before they decided to take up the challenge and to raise some much-needed funds for the Donegal Hospice.Stephen says they have hopefully put in enough miles to get across the line without too much pain come Sunday afternoon.“People ahem been so good and everyone who has ever done a marathon has offered us some bits of advice. Even those who have never done one have offered us plenty of advice,” laughed well-known bread-delivery man Stephen.Stephen, who rises for work each morning at 4am, has been trying to juggle his raining runs with Rachel who has to juggle her everyday life as a mum. Her cause has not been helped by the fact that husband Paddy flew to Lebanon six months ago on peace-keepong missions with the Irish Army.Big-hearted Paddy has made the ultimate sacrifice and has flown back to Ireland for a few days to support Rachel and Stephen before flying back to the Lebanon in a few days to complete his year long tour of duty.Rachel and Stephen have booked a hotel close to the starting line of the race so they won’t have to wake to early on the morning of the race.“I’m not sure if we’ve done the right thing there. We’re hearing now that Harcourt Street is full of hen and stag parties and they might keep us awake.“Don’t get us wrong, we might join them after the race but before the race I’m hoping we can get as much sleep as possible,” laughed Stephen. If you would like to donate to Stephen and Rachel’s idonate page, please log onto give this very worthwhile fundraising effort as little or as much as you can spare.Brother and sister-in-law hoping to complete marathon – without falling out! was last modified: October 26th, 2016 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

HIV vaccine hope for Africans

first_imgThe discovery of immune system proteinsthat can protect against different HIV/Aidsstrains may lead to the design of a muchneeded vaccine (Image: MEDIA CONTACTS • Dr Gary Nabel +1 301 402 1663 RELATED ARTICLES • New research key to HIV treatment • SA, US join to fight tuberculosis • SA scientist leads cancer fight • Garden of Hope for HIV/AidsNosimilo Ramela HIV/Aids organisations in Africa are hopeful that the latest discovery of a protein that can protect against all HIV strains will lead to a vaccine against the epidemic plaguing the continent.Researchers have discovered certain antibodies that are highly effective against the HIV-1 strain of the disease.“I am more optimistic about an Aids vaccine at this point than I have been probably in the last 10 years,” said Dr Gary Nabel of the US National Institute of Allergy and Infectious Diseases (NIAID), who led the study.In September 2009, researchers reported their biggest success yet, with a vaccine that appeared to slow down the rate of infection by 30%. This vaccine was tested over a six-year period among Thai volunteers, but although the trial, sponsored by the US Army and Thai health ministry, made it to Phase III it did not continue to completion and left many questions unanswered.“There are two main types of the virus: HIV-1 and HIV-2, with the former being the most prevalent in Africa. HIV-1 is classified into four groups which further fall into several sub-types. These different strains make it difficult to produce a vaccine that could protect an individual from the virus, mainly because of what is called super-infection or co-infection,” said Nabel.This means that a person with one strain of the virus can be infected with a different strain. Therefore, a person vaccinated against one strain is not necessarily protected against other strains.Researchers currently spend precious time and resources testing vaccines against the diverse strains in trials in many different regions. To date it has been almost impossible to make a vaccine that will have a significant effect on the virus, because it attacks immune system cells and constantly mutates, making it difficult to produce medication that can keep up with it.Researchers have been looking for those parts of the virus that do not change, so they can design a vaccine that will protect against the mutated versions.Targeting many strainsThe VRC01 antibody, one of the new finds, can attach to and neutralise 90% of the different strains of HIV-1, Nabel said. The antibody was documented in the prestigious journal Science in July 2010.Nabel said they hope the new discovery will lead to protection against all strains – theoretically “hitting many birds with one stone.”He and his team found two of the new antibodies in the blood of an HIV-positive patient who had not become ill despite the infection. These people are referred to as non-progressors and are the subjects of much study to establish why their bodies control the virus better than most patients. Using a new molecular device that they invented, the team then tracked down the B-cells, part of the immune system, which made these particular antibodies.With another experimental technique, they managed to freeze one of the antibodies as it attached to and was about to neutralise the virus. Through an imaging process called x-ray crystallography, they were able to get an atomic-level image of the antibody.“Being able to see what the structure looks like could enable researchers to design a vaccine using a process called rational vaccine design, akin to an established technique for making drugs called rational drug design,” said Nabel.NIAID director Anthony Fauci said, “The discovery of these exceptionally broadly neutralising antibodies to HIV and the structural analysis that explains how they work are exciting advances that will accelerate our efforts to find a preventive HIV vaccine for global use.”Hope for AfricaHIV/Aids is the leading cause of death in Africa. The virus has caused enormous anguish to the people of the continent, and orphans children on a daily basis, leaving them vulnerable and in many cases, infected.Dr Ayaaz Moosa from Mpilwende HIV/Aids Organisation in Esikhawini, KwaZulu-Natal province, said the discovery gave them hope. KwaZulu-Natal has the highest HIV/Aids prevalence rate in South Africa.  “I live and work in a community that has been hit hard by the HIV pandemic, but a discovery like this could really be the kind of breakthrough that could benefit the people of this community, and Africa as a whole.”Olga Gathuya works for a women’s HIV/Aids organisation in Nairobi, Kenya. She said that while they are encouraged by the findings,they are also sceptical. “We often hear about new findings but they often don’t amount to much in the end. This discovery sounds well researched and quite possible; I hope it leads to a real step forward. Africa has suffered greatly from this disease and we are looking every day for a scientific breakthrough.”Dr Gregory Olawale from Nigeria is optimistic about the creation of a vaccine. “Once they find a vaccine that can protect against HIV-1, which is most prevalent, I believe that would be a huge leap for research. The discovery of this protein sounds pretty close to that and I am hopeful that a vaccine can be designed and tested soon.”last_img read more

Major Chinese bank opens SA office

first_img“Being an important gateway of Africa to the world and a member of the BRICS (Brazil, Russia, India, China and South Africa), the Republic of South Africa is recognised as a model of the fast-growing economies in Africa,” he said. The total amount of financing agreements signed by ICBC was over US$7-billion, making ICBC one of the most influential Chinese financial institutions in Africa. The office will also focus on strengthening strategic cooperation between ICBC and Standard Bank, in which the Chinese bank acquired a 20% stake in 2008 for R36.7-billion. “Across the African continent, from the construction of the largest coal-fuelled power station in Botswana, to the syndicated loan to Ghana Cocoa Board; from the Angola Social Housing Constructions Site to the Nigeria expressway, staff of the two banks are working together on the frontlines,” said Jiang. “ICBC’s purchase of a 20% stake in Standard Bank was the largest Chinese investment in Africa and signalled ICBC’s clear commitment to Africa,” said Standard Bank Group CEO Jacko Maree. “ICBC’s decision to open a representative office in South Africa reflects the strong belief we have in Africa, as well as the importance of the China-Africa strategic partnership.” By the end of September 2011, the two banks had been involved in over 110 cooperative projects, covering multiple areas such as corporate business, settlement and cash management, IT, money market and risk management. Maree said that Standard Bank was working closely with ICBC to identify new business opportunities across the continent The Industrial and Commercial Bank of China officially opened its first African representative office in Cape Town last week, seeking to increase its understanding of African markets and facilitate increased trade and investment between China and the continent. Speaking at the inauguration of the office, ICBC chairman Jiang Jianqing said the strategic positioning and growth potential of Africa in the long run had always been a focus of the bank. Identifying new business opportunities 29 November 2011 SAinfo reporterWould you like to use this article in your publication or on your website? See: Using SAinfo materiallast_img read more

Solar Thermal Is Really, Really Dead

first_img Sign up for a free trial and get instant access to this article as well as GBA’s complete library of premium articles and construction details. Start Free Trial Already a member? Log in Back in early 2012, in an article called “Solar Thermal Is Dead,” I announced that “it’s now cheaper to heat water with a photovoltaic array than solar thermal collectors.”Now that almost three years have passed, it’s worth revisiting the topic. In the years since that article was written, the cost to install a photovoltaic (PV) system has dropped significantly. Moreover, I’ve come across monitoring data that allow for a more accurate estimate of the amount of electricity needed to heat water with electric resistance elements or a heat pump.First, I’ll present my assumptions.In my earlier article, I estimated that a residential solar thermal system with two 4′ by 8′ collectors and a solar storage tank with a capacity in the range of 80 to 120 gallons costs between $8,000 to $10,000 to install. I stand by that estimate.Of course, some contractors can beat this price, while others will charge significantly more. (In a recent comment posted on GBA, an Ohio-based solar contractor named Daniel Young estimated that the solar thermal system I describe would cost $16,250.) For the purposes of the comparisons made in this article, I’ll assume that the installed cost of a residential solar thermal system is $9,000.My calculations are based on a PV system cost of $3.74/watt. The figure comes from a the “Solar Market Insight Report 2014 Q2” published by the Solar Energy Industries Association.Some GBA readers have received quotes of $3.50/watt for a PV system, while others are still paying $4.00/watt or more. One thing’s for sure: prices for PV are still dropping.The price comparisons made in this article do not include any incentives, rebates, or tax credits.The easiest way to figure out how many kWh will be produced each year by a PV system is to use a free online… center_img This article is only available to GBA Prime Memberslast_img read more


first_imgWith its energy-efficient design and rofessionally-managedWith its energy-efficient design and rofessionally-managed services, Logix City Center is all set to create new benchmarks in shopping and entertainment experiences and become the most popular neighborhood destination in Delhi NCR. At the launch, Mr. Shakti Nath, Chairman and Managing Director, Logix Group, said, “Logix Group is proud to announce the launch of Logix City Center along with the unveiling of PVR Superplex. Spread over 6 acres, City Center has been designed to become Indias premier shopping and entertainment hub and a destination in itself, housing the best of national and international retail brands, F&B outlets and movie experience, making Noida the newest entertainment capital of the country.”About Logix GroupLogix Group founded in Noida, India in 1997 has been the pioneer in setting up IT parks and IT SEZs for IT/ITES industry in NCR and has established more than 25 such facilities. Logix Group has a long list of satisfied national and international clients. The Group has delivered more than 4 million sq. ft. of IT facilities by providing premium office facilities for software development centers, back offices, operations and call centers. Logix is dedicated to providing a complete infrastructure solution by fulfilling its commitment towards the environment by creating green buildings for its clients, helping them operate at their optimum efficiency by focusing on their core competence.The Group has diversified into the residential sector with the following projects Blossom County, Blossom Greens and Blossom Zest, a world-class Sports City in sector 150 and an integrated township in Yamuna Expressway. Meticulously designed, these projects will house about 15,000 units offering a wide range of living avenues to the home buyers from studio to 2,3,4 BHK apartments, penthouses and plotted developments.advertisementLogix has some of the best FDI investors namely APOLLO, TAIB and ICICI Prudential. The group has a JV with ITC for a luxury hotel in Noida. Logix has set a new benchmark in commercial projects with one of the largest integrated destinations for retail cum entertainment, hospitality and corporate offices Logix City Center at Sector 32 Noida. Logix is committed to maintain and expand its tradition of excellence through quality, through its indomitable will and resolve to invent and create new avenues for those who believe in changing challenges into opportunity.For more information, visit: Images links of the opening ceremony via facebook: Media Contact: Anindita Deka +91-9643875994 Sr. Account Manager, Goodword Media ServicesSource: Logix Group BMRlast_img read more


first_imgTwo cyclists meanwhile came to the attention of drug Two cyclists meanwhile came to the attention of drug testers after it was discovered they had not been seen at their stated “whereabouts location” for more than a year. When they were cited for missed tests, they both retired. In another incident, the entire Russian under-18 team at the Ice Hockey World Championships were withdrawn en bloc and replaced by the under-17 team, reportedly due to use of the banned drug meldonium. Meldonium, the drug which led to the recent tennis ban for Russian star Maria Sharapova, was involved in 49 of 52 doping cases logged between February 15 and May 29. Meanwhile at a Russian national wrestling championship, there had been reports of a “laboratory” equipped with its own “centrifuge and other analytical equipment”, WADA said. The WADA report, which was compiled with the help of UK Anti-Doping, whose testers went into Russia, provides further ammunition for critics who have called for the IAAF to issue an Olympic ban when it meets this week. The IAAF suspended Russia from competition in November after an earlier WADA report which detailed a systematic doping program and corruption by sports officials. IAAF President Sebastian Coe has said the ban will only be lifted if there is clear evidence of a “verifiable change both in anti-doping practice and culture.” In its bid to overturn the ban, Russia has announced a raft of reforms including the introduction of compulsory anti-doping classes in schools to reform attitudes toward the use of performance-enhancing drugs. Russias anti-doping agency RUSADA will develop a special curriculum, based on WADA guidelines, for the 3,000 sports schools where the countrys elite athletes train. AFP KHS KHSadvertisementlast_img read more