Guyana inc issue #20

YOUR FREE COPY TO KEEP! - ISSUE 20

Guyana’s Public Debt Position Remains Sustainable

300+ Businesses Gear Up For Guyana’s First Business Exposition

Guyana’s Stock Exchange Market: Worthwhile Option For Saving And Multiplying Profit

What Will Hire Purchase Cost You This Season?

The Robert Badal Story From the sugar cane fields to the helm of Guyana’s leading hotel…

TABLE OF CONTENTS Founder and Publisher Teshawna Lall, BA, MBA Managing Director Frank Sanichara

16

300+ Business for Guyana’s First Business Expo

Marketing Innovative Marketing & Publishing Inc.

Robert 08 The Badal Story

Development to A Whole New Level.......22

42

Guyana Breaks Into Formula 4 Market

Guyana moves ahead with dialogue on Working People............................................24

A Case For The Development of The What Will Hire Purchase Cost You This Guyanese Food Industry.................................14 Season?..........................................................30 300+ Businesses Gear Up For Guyana’s First Guyanese Journalists Cop UN Awards For Business Exposition.........................................16 Sterling Contributions …as UN Celebrates Guyana’s Stock Exchange Market: Worthwhile 70 years..........................................................32

Import/Export Overview: Guyana’s External Rejection: The Perception of Failure That Sector Continues On The Path Of Significant Can Lead to Suicide.....................................38 Growth For 2015..............................................20 International Day for The Elimination of The Coffee Bean Café and Eatery is Violence Agaisnt Women 2015..................40 Unequivocally “Breakfast Heaven” on Earth ... ............................................................................21 The Exotic But Eerie Dyeing Dart Frog....41

Guyana Inc. - Issue 20 | Page 4

24 Saffon Street, Charlestown, Georgetown, Guyana, South America.

Tel: 592-665-2206 or 592-223-2169 For Subscription in Guyana and the Caribbean Contact: 592-223-2169 North America: 347-599-6426 Email: guyanainc@gmail.com Website: www.guyanainc.biz

Castellani House: A Sanctuary For Guyanese Art...............................................34

Import/Export Overview: Guyana’s External Prematurity: Risk Factors and Sector Continues On The Path Of Significant Complications Associated With Growth For 2015..............................................20 Preemies.......................................................36

Ministry of Communities: Taking

Editorial Contributions Teni Housty, LLB, LLM., MBA Dr. Sara Singh Leonard Gildarie Franklin Wilson Kiana Wilburg Erica Singh Saarah Gajraj Tammy Quail Keith Bernard Sunita Samaroo

The reasonable Guyanese neighbour?.......25

What makes your company/products The Risks And Rewards Of Becoming A better?...........................................................26 Shareholder.......................................................06 Debt Management: Guyana’s Public Debt The Robert Badal Story....................................08 Position Remains Sustainable....................28

Option for Saving and Multiplying Profits................................................................18

Graphic Design and Layout Innovative Marketing & Publishing Inc. Tanika Jones

Guyana Breaks Into Formula 4 Market....42

While every effort has been made to ensure that information is correct at the time of going to print, Innovative Marketing & Publishing Inc. DBA Guyana Inc. cannot be held responsible for the outcome of any action or decision based on the information contained in this publication.

The publishers or authors do not give any warranty for the content, explanation or opinion. It is advisable that prospective investors consult their attorney/s and/ or financial investor/s prior to following/ pursing any business opportunity or entering into any investments.

No part of this publication may be reproduced, stored in a retrieval system or transmitted in any form without prior written permission of the Publisher.

It is also important to determine how much of the company’s stock you can afford to purchase

The Risks And Rewards Of Becoming A Shareholder

W

hen a company wishes to gain investment capital, it offers shares of the corporation to the public through a stock offering.

Although various classes of stocks can be offered by a publicly held corporation, anyone who purchases stock becomes a shareholder in the company. As a shareholder of a company you will receive dividends each year from the stock and will generally have a right to vote for the board of directors.

When trying to become a shareholder for a company in Guyana, there are various steps which should be followed. It is advised that research be done on the local company in which you want to become a shareholder. There are many ways to research the company’s financial stability and security: you can request information directly from the company, research the company online or use a local brokerage company to provide you with the background information you need.

You should also obtain current pricing for shares of the company’s stock. This may be accomplished by looking up the current price on the company’s website or relying on a local brokerage firm to provide the information.

It is also important to determine how much of the company’s stock you can afford to purchase. Buying only one share of stock makes you a shareholder in the company. Nonetheless, most people invest in a company by purchasing more than one share.

Experienced Guyanese shareholders advise that potential stock owners choose how they wish to purchase the shares, or stock, in the company. You may choose to use a traditional brokerage firm, a discount firm or an online broker. A discount firm in Guyana may have information available, but you will need to do research on your own. However, the price will be less than a full-service firm. Normally, an online broker provides little information, but will also charge little to complete the purchase.

Once you have finalized the purchase of stock in the local company, you are officially a shareholder.

If a company is successful in growing its earnings and profit over the years, its share price is likely to rise thereby enabling you to record a capital gain if you decide to sell your shares. You also have the right to receive dividends, which are portions of a company’s profit that it decides to pay out to shareholders.

It is important to note that dividends are not guaranteed,

regardless of whether or not the company makes a profit. It is up to a company’s board of directors to decide on how big a dividend to pay, if at all.

Every company in Guyana has a hierarchical structure of rights that accompany the three main classes of securities that companies issue: bonds, preferred stock and common stock or ordinary shares.

The most commonly type of shares issued are ordinary shares.

Every publicly listed company in Guyana will have ordinary shares within its capital structure. Ordinary shares, also known as common shares, have a lower priority for company assets and only receive dividends at the discretion of the corporation’s management.

When a Guyanese company first lists on a stock exchange and conducts an initial public offering (IPO), it will decide how many shares to sell based on how much the owners want to raise, how much control they’re willing to relinquish and the price investors are willing to pay.

As an ordinary shareholder in a Guyanese company you are entitled to participate in annual general meetings and vote on: mergers, acquisitions or asset disposals, capital increases, the election of the board of directors as well as their remuneration.

Ordinary shareholders may also be entitled to participate in a range of corporate actions, including share buy-backs (when companies buy shares back from investors) as well as the issue of new shares.

In reality, as a common shareholder you are at the very bottom of the corporate food chain when a company liquidates; essentially you are the corporate equivalent of a hyena that eats only after the lions have had their share. During insolvency proceedings, it is the creditors who first get dibs on the company’s assets to settle their outstanding debts, then the bondholders get first crack at those leftovers, followed by preferred shareholders and finally the common shareholders.

This hierarchy forms according to the principle of absolute priority.

Some of the companies which engage in the selling of shares in Guyana include: Banks DIH Limited, J.P. Santos and Company Limited, Caribbean Container Inc., Demerara Tobacco Company Limited, Sterling Products Limited, Demerara Distillers Limited, and Property Holdings Incorporated.

Risks and Rewards Don’t be fooled, however, common shareholders in Guyanese companies are still the part owners of the business and if the business is able to turn a profit, then common shareholders gain.

The liquidation preference we described makes logical sense: shareholders take on a greater risk (they receive next to nothing if the firm goes bankrupt) but they also have a greater reward potential through exposure to share price appreciation when the company succeeds, whereas there are usually fewer preferred stocks held by a select few. As such, preferred stocks generally experience less price fluctuation.

Guyana Inc. - Issue 20 | Page 6

Mr. Badal seated in his office at the Pegasus Hotel

The

Robert Badal Story

FROM THE SUGAR CANE FIELDS TO THE HELM OF GUYANA’S LEADING HOTEL…

“For every young aspiring entrepreneur I would ask that you never underestimate your talent or capability. Believe that anything is possible, set realistic goals and work hard towards their achievement. It is rare that success would come right away, therefore be persistent and patient. At times, you may not have all the answers to immediate problems, seek advice and reach out to a mentor. Remember that success breeds success, but such would be short lived if you spend your gains unwisely.”

Guyana Inc. - Issue 20 | Page 8

The achievements of Robert Badal, in 20 years of prudent business activities, have placed him among the leading entrepreneurs in Guyana. In a country known for its rich agriculture lands and mineral wealth, he has built a business empire comprising of agroprocessing and Guyana’s leading International Hotel.

Robert Badal’s story is one of true entrepreneurship, described best by the words perseverance, determination and commitment.

From spending his early years as a water boy in the sugar cane fields, to now being a successful business tycoon, Badal has used the last two decades to develop a portfolio of profitable businesses by his very grit and willingness to explore new territories.

The business mogul has always been focused, disciplined and motivated, even as a little lad, so it is no surprise that Badal now stands at the helm of two of the most lucrative businesses in Guyana.

He has defied the odds and today, his flagship company, Guyana Stockfeeds Inc., is the leading producer of animal feeds with 70% of the local market. Its high quality, high-value parboiled rice, marketed under the “Angel” Brand, dominates supermarkets in Trinidad, Barbados and Jamaica.

In 2009, Badal acquired the prestigious Pegasus Hotel, located on the tip of Georgetown’s Atlantic Coast, and made his mark on the local hospitality landscape.

Formative Years

Badal spent his early childhood in a tiny village on the East Bank of Berbice. The eldest of three children, he lived with his father Robert Badal Sr., a farmer, while his brother and sister lived with his aunt nearby.

The business mogul’s mother died before he started pre-school, and being the eldest, he had the responsibility of helping his dad on the farm on weekends and holidays.

“I really did not have much

playtime. During the week I attended school, and weekends I assisted on the farm. At first, I thought it was unfair because my cousins had the entire weekend for themselves while I had to be on a farm but I quickly got into it. Initially I believed that it was the company my dad needed, but as I grew older I started to help paddle our boat on the five mile trip to our farm and then assisted with the weeding, cutting bushes, and harvesting plantains, pumpkins, cucumbers, and papayas, and so. It was hard work to leave early in the morning and returning after dark,” Badal related.

Continuing, he told Guyana Inc. “What I particularly liked was

opportunities for Badal but finding a job to assist his aunt to support her five children and sister became his immediate priority. Though he had an offer to teach at a nearby primary school, Badal chose to work in the sugar cane fields as a water boy. He had already considered that he could earn a higher pay when overtime was taken into account.

“I was only 17 years old but I would be on GuySuCo’s truck at 5AM each day with the cane cutters. I would not return until around 7PM: my skin and clothing all blackened from the burnt sugar cane dust. I would be the first to arrive at the worksite and the last to leave the cane fields, Sunday to Sunday. Even though I wanted to further my studies at the University level, I needed the money,” Badal confided.

“It was unusual at the time to find anyone with EVERYONE seven subjects GCE O’ ASPIRED TO HAVE A WELLLevels in the cane fields.

DRESSED FANCY JOB IN AN Everyone aspired to have a OFFICE OR TO BE A TEACHER well-dressed, fancy job in BUT MY RESPONSIBILITY an office or to be a teacher WAS MY DRIVE AND but my responsibility was MOTIVATION.” my drive and motivation,” the businessman added.

Fortune favoured Badal.

After a few years in the sugar cane fields, someone “spotted him” and offered traveling with my dad to New him a GuySuCo (Guyana Sugar Amsterdam, the nearest town 25 Corporation) cadetship to study miles away, to sell our produce. for a Diploma in Agriculture at the After a few trips, I was convinced Guyana School of Agriculture (GSA). that I was a better salesman than Two years later, he graduated with my dad.” distinction.

After graduating from primary Badal continued in GuySuCo as a school, Badal got a break away field supervisor. In fact, he was the from the farm to attend secondary youngest at the time. Badal quickly school in New Amsterdam. He realized, however, that he needed boarded with an aunt and rode five a career much more exciting and miles every morning on weekdays he started preliminary accounting to attend the Berbice High School. studies in the evenings after work. It “My bicycle was my tool of trade as was two years after Badal registered I couldn’t afford the fare by bus or with the Association of Chartered car,” Badal shared.

Certified Accountants (ACCA), Badal enjoyed his high school the prestigious London based days, but tragedy soon struck; professional accounting body, that halfway through high school, his dad he completed the entire program, a passed on. Despite the setback, he record even up to today. managed to complete high school, “The rest was history. There was graduating top of his class. some degree of restlessness in me This opened doors to many throughout my working career. I

“

Guyana Inc. - Issue 20 | Page 9

was quick to get settled in a new semi-milled cargo rice. But, this when, at times, supply from Guyana job because I am a quick learner, route was then coming to an end was low, he would co-share a vessel highly motivated and with a grain company and disciplined. I would work ship his supply from the on multiple assignments USA. at the same time and His business model get a lot done in a given was a resounding success day. I was never the one but was it sustainable? to walk around, chatting Even at the height of or being distracted in strong market position, anyway and there was no Badal was aware that the social media at the time. almost perfect market All social activities were conditions he created and after work,” the hotelier enjoyed would attract reflected. other players, even some It was no surprise that of his own suppliers. The having the qualifications OCT route to Europe of a certified accountant ended and it was only a provided many matter of time that the From top to bottom: Mr. Badal graduates with his MBA opportunities. After a few floodgates of suppliers from the University of The West Indies in 1996; Past senior executive posts, and supply would open, President of Rotary Demerara Mr. Ossie James presents locally and overseas, the depressing both prices Mr. Badal with a Paul Harris Fellow Award restlessness returned. and margins.

Badal needed a greater challenge. “This time I Strategic was ready and eager to be Diversification my own boss. The active and Expansion field of entrepreneurship provided the answer to my lingering restlessness,” the businessman said.

Rice Trading

It was 1994 that he found his first business calling. At the time, Badal had started studies for a Master of Business Administration (MBA) at the University of the West Indies, Mona Campus in Jamaica. It was there that the idea of trading rice between Guyana, an efficient producer, and Jamaica, a large consumer of white rice, emerged.

A number of conditions in both markets facilitated his easy entry. Guyanese rice millers had a poor reputation in the Jamaican market, in terms of quality and reliability. Even though Guyana was a CARICOM member state with tariff protection of 25%, most of the rice entering Jamaica annually came from American producers.

Additionally, the large Guyanese producers preferred the lucrative European markets that sported duty-free access via the OCT (Other Countries and Territories) route for Guyana Inc. - Issue 20 | Page 10

with the global review of preferential access.

“My strategy was to take the firstmover advantage in developing a brand of rice in advance and marketing this to distributors in containerized shipments instead of shiploads. I identified a number of rice millers willing to work with me, negotiated forward contracts in return for providing financing.

Consistent quality was demanded,” the businessman shared.

He said progress was slow at first but word of great quality, lower prices and reliability of smaller shipments soon spread and his market share gradually accelerated.

Within four years, Badal’s “SUPA” brand had wedged its way to securing 30% of the Jamaican market.

During the out-of-crop season

The Guyanese Government, under its privatization agreement with the International Monetary Fund (IMF), had placed a number of state entities up for sale. These included the country’s leading livestock feed manufacturer, Guyana Stockfeeds Inc., and the adjacent edible oil producer, National Edible Oil Company.

“My thinking was that these two companies provided an attractive vehicle in building an integrated industrial complex whereby my rice business would provide needed cash flows and raw materials for livestock feed production. The by-product of the edible oils operations would also provide essential raw materials, further expanding total synergies,” the renowned entrepreneur shared.

It was not long after that Badal emerged the successful bidder for both companies, having offered the highest prices and the best business plans. And so, the curtains were drawn for large industrial expansion in the livestock feed business.

Building Core Competence

Stockfeeds Inc., a strategic decision was taken to introduce a higher value, higher priced rice with higher margins; one that is least affected by market conditions.

Unlike white rice, parboiled rice is pre-cooked to retain its B vitamins.

It attracts higher prices but require large investments in specialized parboiling technologies.

In 2007, the company opened its state-of-the-art, computer controlled parboiled rice mill. Its “Uncle Bens” quality marketed under its brand “Angel” distinguished it from other brands produced locally.

Within a short time, Angel Parboiled Rice made itself a favorite in supermarkets in Trinidad, Barbados, Grenada and Jamaica. Today, this brand is marketed in retail sizes and holds a dominant share in those markets.

- Acquisition of Pegasus Hotel

Most companies under government control are weak.

The opening of the parboiled rice Guyana Stockfeeds, on acquisition, plant immediately preceded the was weak strategically with a low global financial turmoil of 2008. production capacity, poor product Although it had no impact on its quality and high unit cost. Faced exports and even helped its entry with the scenario of increasing into overseas markets (because of imports with the opening of the its strategic advantages in relation economy, the company needed to to suppliers from US), Badal strengthen its core competence, recognized the need for further capacity, reliability, competitive diversification of his group’s overall price, integration with sources of business risk. Soon, he was on the raw materials, and strong brand lookout for attractive opportunities. support among customers, inter He didn’t have to look too far. alia.

Conveniently, that opportunity Financing was obtained locally presented itself in Guyana’s most as well as from the USA Exim prestigious hotel, the then Le Bank insured facilities. Storage Meridian Pegasus, which sits on the capacity for corn, rice byproducts, tip of Georgetown’s Atlantic Coast. and soya meal were doubled. The A part of the then Le Meridian feed production processes were Group, the hotel was internationally automated; pelleting technologies renowned and it boasted of high were installed to enhanced quality Business Diversification repeat customers, among them and give farmers better feed diplomats, heads of state, business conversion into meats; executives and the staffers were trained in English Royalty. the new technologies; “It never crossed my energy management mind that one day I would and production were be having an interest in enhanced; and strong this prestigious national linkages were forged treasure. Then, one with farmers around the evening while have country with an attractive a drink at its famous incentive scheme. A Poolside Bar, an executive hatchery – the missing link from Pegasus’s London to supply day old chicks Office approached and was built. All profits were said that the hotel is reinvested and dividends on the market,” the minimized during this businessman recalled. period of expansion.

“I took a few extra As a result, feed drinks at the idea of this From top to bottom: Mr. Badal and his wife Priya after production went from receiving the President Award at the GMSA Award prospect, but by morning Ceremony; At the opening of Aura Bar and Lounge with 15,000mt in 1998 to my regained soberness his wife 55,000mt where it had me asking ‘Why? Can presently stands, as I afford it? Where would local poultry production the money come from?’” expanded.

Within a month of reviewing the financials Transition to and other information he received, Badal made an Parboiled Rice offer. “I questioned my Production offer because I thought it was on the low side As predicted, the but it was configured on margins on trading the basis of the amount white rice were gradually of financing I believed declining.

With the I could raise on an acquisition of Guyana optimistic basis.” Much Guyana Inc. - Issue 20 | Page 11

to his surprise, the seller’s agent’s - Merrill Lynch, the reputable wall street firm - response was that his proposal was among their two most favored proposals and that the final decision would be based on each bidder‘s ability to immediately pay the deposit and raise the financing subject to contract.

Badal wasted no time in requesting the draft contract and quickly reviewed it with legal advice.

He requested a number of changes and within a month signed a legally binding agreement to buy the hotel. The deposit was paid the same day. “I could not believe it, even shortly after I signed,” the hotelier admitted.

“Confident of my credit worthiness and my previous successes in business deals, little did I anticipate the problems in concluding financial closure and the political obstacles and abuse of power I was about to confront,” Badal shared.

He related that it took him eight months to conclude this deal. During this time, Badal faced interferences from political quarters which he believed were intended to frustrate his legally binding contract.

This is what he said: “It was almost a drama that would make a bestselling movie, but on April 9, 2009, I walked into the lobby of Pegasus Hotel with my attorney, took the seal of the company, the minute book, the share certificate and share register from its General Manager. I was now the first local owner of the Pegasus Hotel. I had defeated the odds,” Badal recalled.

The next day, the local media went wild with the news.

Refurbishment Works

The hotel was built in 1969 and it was always profitable but little was spent on refurbishment over the years. With no experience in hotel management or interior designs, Badal’s priority was to upgrade Guyana Inc. - Issue 20 | Page 12

Hard work, careful and strategic planning, innovation and creativity, empowerment of staff are all hallmarks of a strong, stable and competitive business,” the tycoon divulged.

He added “Personally, I have competent leadership in all my businesses. My job is to steer the ship, motivate the crew and allow them to do their job and express their own creativity and innovation needed to deliver consistently good results. This is what I refer to as management by exception. I receive onepage reports every morning from each business via email. This guides any intervention I may decide to make.”

This leading entrepreneur is of the view that success in business comes not by Enjoying one of his favourite looking at the bottom pastimes - boating line, as important as this is, but by focusing on and expanding the top line. “There could be no and Atlantic Ocean that caters to healthy bottom line if the top line is the entertainment needs of local unhealthy or unstable,” Badal told and overseas customers.

Guyana Inc. “Looking back at where I started Secrets to His Success and where I am today, there was never any doubt in my mind that I In every industry, there are some would get somewhere significant factors that are fundamental to the but I believe that, to some extent, I success of any business within it. It have surprised myself,” he said. is important to identify these from After spending more than 20 the onset for initial and continued years building his empire, Badal growth, Badal said, as he added that shares “For every young aspiring every industry changes over time entrepreneur I would ask that you as it matures and the competition never underestimate your talent increases. or capability, believe that anything He told Guyana Inc. that more is possible, and set realistic goals qualitative factors define continued success since one’s competitive and work hard towards their advantages are eroded by other achievement. It is rare that success would come right away, therefore players.

“Successful businessmen identify be persistent and patient. At times, these factors driving changes within you may not have all the answers an industry and ensure that their to immediate problems, seek human resources and company advice and reach out to a mentor. as a whole are equipped to take Remember that success breeds advantage of the opportunities success but such would be short lived emerging from these changes. if you spend your gains unwisely.” its facilities and enhance guest experience.

“I learned quickly with a few consultants but added my own touch to what is today a great hotel to stay at with continued repeat customers,” Badal said.

All of its 130 rooms are now completely redone with a clean cut contemporary decor, a sprawling, defined Pool Bar and Grill, a lobby wine bar, two restaurants and an executive Bar and Lounge on the roof with stunning views of the city

A CASE FOR THE DEVELOPMENT OF THE GUYANESE FOOD INDUSTRY

A

fter reviewing the 2015 Mid-Year Report, most of the causes and effects regarding the country’s growth rate (which was lower than projected) seemed acceptable.

Notwithstanding this, I would mitigate some contraction with the economic activities from the grey economy so as to add at least 20% more to the official Gross Domestic Product (GDP).

My main concern is the Consumer Price Index (CPI) data provided in the report. I was flummoxed as to the reason the CPI for food was 126, or 26% higher than the base, this year.

Was this referring to Popeyes and Chinese food? Guyana is the land where raw foods are available in abundance and for this reason, I am advocating for Guyanese to eat local again. Further, I am advocating for a rejuvenation in the food industry by way of introducing advance food processing. This would encompass bulk production of plantain and banana chips, and even frozen fish dinners.

Consider this: why do the plates of chowmein served in Guyana not include dried boras, eschallots and the like? To produce these would be the low-hanging fruit as we would not be reinventing the wheel. Most of the know-how could be had from the Philippines, Vietnam, India, China, Japan, Indonesia and even Mexico. I have had mango chips from the Philippines: it was delicious. I have also consumed packaged curried channa and eggplant from an Indian company. Those merely took me heating them in the microwave for 90 seconds before consumption. For the healthier crowd, there are the likes of rice cakes on the market; these are even being made by Quaker Oats. To say the quality of processed foods has significantly improved over the last several decades would be a terrible understatement. Processors are not only using quality ingredients, but the taste and packaging of food they produce have become superior. Sorry Aunty Betty, but the phoulorie mix and roasted boulanger in the tin taste just as good as yours.

It will take huge amounts of investing dollars to setup the type of large scale, high-tech production and manufacturing lines. This is nothing new to Banks DIH, Demerara Distillers Limited (DDL), Sterling, inter alia. Besides, there are hundreds of local businesses that are already engaged in small to medium scale production of processed food.

There is a way that small manufactures could benefit from an efficient production process - they could lease time from the owner, similar to rice milling. Large investors, or a collection of many small investors, should be able to borrow from the capital market with a government guarantee or be given a 10-year tax free credit for investing with an additional 10 years (post-construction or upon completion and initial operation) for creating jobs for the youth. I would also suggest tax exemptions on interest expenses. Similarly, there could be a public/ private partnership whereby the government construct the building and install the utilities (finance with tax exempt bonds) and then lease it for 99 years to companies. Another way is to buy the equipment from factories located in the United States of America or Canada that were closed for different reason: costs cutting or consolidation/merger/acquisition being among the possibilities. The plant (equipment and systems) could then be relocated and reassembled in Guyana, for instance, like it

Guyana Inc. - Issue 20 | Page 14

Keith Bernard

is done in Mexico and Vietnam. Factories close every day in the United States as well as in Brazil.

Brazil food company, BRF SA (one of Brazil’s largest processors) is having a down year which is also due to it being a dominant commodity exporter. For this reason, it is an excellent opportunity to purchase, at substantial discounts, the machinery needed for the aforementioned opportunities.

These investments should go hand-in-hand with the government’s plan to materially increase energy generation.

It is believed by many in the finance industry that the price of oil will remain low for some time; my hope would be until Guyana/Exxon Mobil starts to pump the initial 85,000 barrels per day. Moreover, the report cited the relatively stable exchange rate of the dollar to the US dollar which currently stands around GUY$200 per US$1.

Another alternative is to have a bilateral agreement similar to the Petro Caribe deal Guyana benefitted from with Venezuela, where the latter exchanged its oil for the former’s rice. To this end, I am suggesting Guyana ships raw materials (agricultural) to a company such as BRF SA and have them use its economies of scale to manufacture, at marginal costs, the finished goods which is then re-imported, tax-free of course, and further exempted from sales taxes if sold to school children and senior citizens. It is noted that the minimum wage per day in Guyana is less than US$2 for most of the hardworking folks.

Another positive effect from processed foods is the release of labour tied up in daily food preparation. I envision mostly women would want those microwaves to work harder.

Nonetheless, refrigerators and freezers have to be plugged into uninterrupted electricity supply. The issue of interrupted electricity supply should be solved with the discovery and near term production of oil. In addition, the production of oil also brings access to cheap fertilizer. It should be noted too that one of the many petroleum byproducts is tar for roads.

So it is asinine for the food CPI to be 126 in Guyana. It would perhaps be understable for this to be so in Venezuela (whose inflation stands at 68% and its economy expects to contract by 10% this year according to International Monetary Fund) given their mentality of living off a single commodity and Marxism. Moreover, the Venezuelan government is having difficulties paying for medicine and food.

Separately, food and water security is the issue or challenge for the immediate future for the world’s 8 billion plus inhabitants. Poverty is overwhelmingly linked to the price of food and the reality is the world’s poor spend over 50% of their disposable income on food. As such, a rising food CPI is the precursor to the increase in the percentage of your citizens living in poverty. One of the reasons food is inexpensive in America is because of hedging (commodities futures exchange) not for speculative reasons but for price stability. Farmers are less anxious knowing they will sell their crops at a set price when they harvest. In the case of Guyana, a futures exchange could be setup whereby farmers enter into a future delivery contract with food processors. Having the ability to reduce price volatility via futures contract is essential for budgeting.

In the Full Year 2015 Report, let’s see the food CPI below 90 or at least 93, similar to that of furniture.

300+ Businesses Gear Up For Guyana’s First Business Exposition

Clockwise: Unveiling of the Business Exposition Banner and Logo by The Honourable Minister of Business Dominic Gaskin; Press and Other Persons at the Unveiling Ceremony; Members of The Business Expo Committee

Guyana Inc. - Issue 20 | Page 16

W

hile many business connections can be how people interact, nothing beats the opportunity to formed using mediums available on the market your business on a face-to-face basis. worldwide web, nothing compares to the It was also emphasized that exhibitions can also opportunity of meeting with and showcasing one’s provide the opportunity to meet new faces and open services to prospective clients. businesses to new markets. The Business Minister The face-to-face interaction is simply a distinct also noted that by exhibiting at a business expo, marketing advantage. With this premise in mind, entrepreneurs also have the opportunity to meet a Guyana’s Ministry of Business is gearing to host the large audience. country’s first small business exposition.

The Minister belaboured that the number of persons The Business Expo, as it is being called, is scheduled to that the small businesses would contact in one day at be held at the Sophia Exhibition Centre from November the Business Exposition would otherwise take them 27 to 29 under the theme: “Guyanese Products and months to come into contact with. This saves time and Services – Our Gateway Forward”. The activity will see reduces the period required to close a sales lead, Gaskin the participation of more than 300 said. local companies. Officials have He elaborated that there are confirmed that the Business Expo many reasons to attend the 2015 will be replacing the Guyana Trade Business Expo.

Fair and Exposition (GuyExpo) this Networking is one of the most year. valuable tools available to any The Business Expo is designed business, and the 2015 Business to be somewhat dissimilar from Expo, he said, will provide a the conventional trade fair since perfect opportunity for this. With its primary focus would be on the some 400 stands expected to be small business sector. Emphasising set up and thousands of visitors that the objective of the projected, Gaskin said that there exposition is to create awareness will be many opportunities for of and open new markets for local business professionals to meet products, Minister of Business and develop their contact base.

Dominic Gaskin underscored Gaskin added that networking the importance of this event in in this way can help businesses in developing small and mediumfinding new clients or to secure size local businesses. high-quality products and services The Business Minister said that that will help their entity to grow helping small businesses to grow, Minister of Business Dominic Gaskin at competitive rates. develop and move forward is the main objective of the planned Alternatively, he said that it can activity. By bringing small businesses from across the simply be an opportunity to expand their knowledge country together in one place and providing them with and skill-set by talking to other professionals with a a wealth of resources, the Ministry aims to propel them wide range of strengths and specialisms. to take their operations to the next stage.

For Gaskin, activities like networking are all designed Gaskin said that the Government would like to be to support one goal: business growth. By attending sure that if it choses to carry on this event, that the the event, businesses and attendants will have the model and format used were aligned with its vision. The opportunity to take full advantage of the tools and Minister said GuyExpo was designed to be a trade fair opportunities it offers. to promote Guyanese businesses and the Government Some participating businesses in the first-ever of Guyana would like to ensure that the priorities of the grand event were in keeping with this vision. Gaskin Business Expo include members of the Guyana noted that many businesses, both large and small, rely Agro-Processors Association, Guyana Aquaculture Association, Guyana Arts and Craft Producers on GuyExpo as a money-making venture.

He said that exhibitions provide a great platform to Association, Guyana Beekeepers Association, Fashion meet and build relationships with key people in various Designers as well as Children Funland owners, industries, and although social media has revolutionized cooperatives, and tourism operatives.

Guyana Inc. - Issue 20 | Page 17

GUYANA’S STOCK EXCHANGE MARKET:

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A WORTHWHILE OPTION FOR SAVING AND MULTIPLYING PROFITS

he stock exchange is an indispensable facet of business world-wide. It is where Government securities, shares, bonds and debentures of the trading units are regularly transacted.

The stock exchange is also a good index by which the health of the economy can be graded. For example: if the share prices for companies are increasing, it means the country is on the path of growth and success.

Essentially, the stock exchange market is a place for the buyers and sellers of the shares and securities. Though relatively young, the Guyana Stock Exchange Market provides some essential opportunities for saving and multiplying one’s assets. It is the newest exchange in the Caribbean Community (CARICOM) bloc of countries.

To truly understand how this system works and the benefits that can be obtained, one must first understand certain basic terminologies, in particular what the stock market is and its true purpose.

The capital of a company is divided into shares. Each share forms a unit of ownership and is offered for sale so as to raise capital for the company. When you own more than one share in a company or several companies, these are called stocks, because stock generally refers to a portfolio of shares.

A stock market allows owners of stocks and shares to dispose of them at a fair price; it allows new investors to buy them at a competitive rate and it allows companies to sell new shares to finance their businesses’ growth.

People buy stocks and shares with t h e

Guyana Inc. - Issue 20 | Page 18

expectation that they will be able to sell them again; unlike companies who generally issue stocks with no expectation of having to buy them back.

In the context of Guyana, the total volume of savings is quite high, but it is held mainly in cash or short-term bonds.

A bond is a debt investment in which an investor loans money to an entity (typically corporate or governmental) for a defined period of time at a variable or fixed interest rate.

The Guyana Stock Exchange Market opened for business in July 2003. The establishment of the stock market directly realizes an objective of the Guyana Poverty Reduction Strategy Paper, namely to “encourage and/or support the private sector to raise local financing for investment.”

The entity responsible for organizing and supervising the Guyanese stock market is the Guyana Association of Securities Companies and Intermediaries Inc. (GASCI).

The entity is of the opinion that the total volume of savings in Guyana can be mobilized via the stock market.

This can finance the growth of the economy through the purchase of new shares issued by companies, thereby leading to investors on the market getting a better return on their savings as well as the growth of the economy. It said that this will

facilitate investment since the effect of raising capital on the exchange reduces the cost of borrowing.

GASCI consists of four member firms which trade (i.e. provide broker services for customers who wish to buy and sell shares) on the stock market and these are Trust Company (Guyana) Ltd, Guyana Americas Merchant Bank Inc, Beharry Stockbrokers Ltd and Hand-in-Hand Trust Corporation Inc (formerly GNCB Trust Corporation Inc). The latter three are also represented on the GASCI’s Board of Directors.

Giving some insight on how the Guyana stock market works, the GASCI said that investors give orders to buy or sell to brokers a part of GASCI. The brokers execute the orders by matching them against outstanding orders on the electronic order book, or, if there is no matching order, they leave their new order exposed on the book to await a matching incoming order as and when it arrives.

Although the basic functions of the market are extremely simple, they rely on an infrastructure of procedures, rules, personal skills and regulation which are more complicated.

The market is, therefore, of wider significance than a mere trading facility; it bears witness to the capacity and functionality of the financial and regulatory system as a whole and as such contributes to the wider Poverty Reduction Strategy Paper (PRSP) policy area to “enhance the macroeconomic framework”.

According to published articles of GASCI, there are clear advantages to being a part of the local stock market. The advantages are more obvious to businesses than they are

to individuals who might be looking for better returns for their money. The biggest draw for Guyanese businesses is the extent to which participation in the stock market lowers the cost of borrowing money and removes the obligation of having to make obligatory periodic payments to a creditor.

By allowing others to own its shares, a company gets access to money and only makes payments in the form of dividends if it makes a profit and decides to distribute some or all of it. Decisions on dividend distribution are left to the discretion of company directors which puts the company in the driver’s seat. In contrast, if a company borrowed money from a bank, it would have to make periodic payments at specific times placing greater restrictions on how it uses its money and the amount available for use.

For individual Guyanese, the stock exchange represents an alternative way of saving money. Instead of depending exclusively on bank deposits, Guyanese could hold some of their money in the form of stocks. Many do so since payment of dividends and the appreciation of the stock price are often greater than the interest earned on bank deposits.

Stock ownership comes with the added benefit of dividend distributions to resident Guyanese not being subject to withholding taxes. Even though stock ownership comes with a greater risk of losing money, it is an option that is worth pursuing in light of the tax benefits that accrue.

Guyana Inc. - Issue 20 | Page 19

Import/ Export Overview

Guyana’s External Sector Continues On The Path Of Significant Growth For 2015

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ven in the face of global economic constraints, Guyana’s external sector has yet again demonstrated overall growth and resilience.

In fact, the country’s Minister of Finance, the Honourable Winston Jordan, has disclosed that Guyana’s exports for the first half of 2015 totalled US$536.1 million.

For him, this represents significant growth, year after year.

In providing a breakdown for the various revenue earners, Jordan said that rice exports increased to US$125.7 million, a growth of 31.4 percent, over the same period in 2014. This largely reflected rice shipment to the Venezuelan market. Jordan said that this significant increase in export earnings of that commodity (rice) was mainly the result of a 48.9 percent increase in the quantity exported. He asserted that the rice industry continued to record exceptional growth.

It was also noted by his Ministry that rice production in the first half of 2015 was 359,960 tonnes, 15.3 percent increase from last year’s first-half production of 312,283 tonnes. In light of that performance, the end of year output and growth projections have been revised upwards to 703,462 tonnes. This is equivalent to 10.7 percent more than the 2014 record production level.

The Finance Minister said too that the phenomenal growth in the production of rice is unmatched by the growth in the diversification of the export market as well as the absence of value-added products.

He added that the Government has provided generous support to the rice industry, with $9 billion being transferred to the Guyana Rice Development Board (GRDB) by June 2015. Jordan noted that the loss of the Venezuelan market, which was obtained under the PetroCaribe Rice Trade Agreement, has heightened uncertainty within the industry and pressure has been mounting to find new markets.

The Finance Minister noted, however, that the Government is committed to assisting the farmers to find alternative markets and will support private

Guyana Inc. - Issue 20 | Page 20

sector initiatives to secure the future of the industry.

Meanwhile, production of the other crops subsector rose by five percent over the half year output for 2014. This was as a result of the ongoing support given to the subsector. It is projected to grow by two percent by the end of 2015.

As for the forestry sector, statistics show that timber exports expanded by 10.4 percent reaching US$23.5 million. This was due to an increase in the export of processed timber from jungle stock.

Other exports, including reexports, earned US$115 million - an increase of 28.2 percent. This was as a result of increased export values for fish and shrimp, wood products, re-exports, diamonds, pharmaceuticals, molasses, inter alia.

On the other hand, sugar exports totalled US$30.4 million in the first half of 2015. This represented a reduction of 11.8 percent compared to the same period in 2014 and was the result of a fall in sugar prices which more than offset the increase of 10.5 percent in the quantity exported.

Export earnings from bauxite totaled US$53.3 million in the first half of 2015, a decline of 20.4 percent, compared to the same period in 2014. This reflected an 18.9 percent decline in export volume as well as lower export prices.

Similarly, in gold export earnings, which totaled US$188.3 million in the first half of 2015, there was a 16.9 percent contraction year-on-year. The average price received by gold miners fell from US$1,243 per ounce in 2014 to US$1,164 per ounce in 2015. These prices were generally lower than the world market prices.

Merchandise imports fell by 8.8 percent to US$772.8 million in the first half of 2015 year-on-year, principally reflecting a contraction in imports of intermediate goods by 18.7 percent to US$393.7 million.

On the other hand, imports of capital goods increased by 8.6 percent to US$186.7 million while imports of consumer goods increased by less than one percent to US$188.4 million.

ADVERTORIAL

The Coffee Bean Café and Eatery is Unequivocally

“Breakfast Heaven” on Earth

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ocated just a corner away from one of Guyana’s historical and infrastructural treasures, the St. George’s Cathedral, is a quiet little café called The Coffee Bean. This cafe provides an overwhelmingly satisfying all-day breakfast service, daily lunches, sweet and savory snacks, healthy salads, wraps as well as the most delightful cup of coffee you’ll ever have.

Breakfast has always been considered the most important meal of the day. It kick-starts our metabolisms, satisfies our morning hunger pangs, and helps us take on the day. The Coffee Bean provides breakfast anytime of the day. The menu is very extensive and you can customize your breakfast in many ways. You can choose from scrambled eggs, sunny side up eggs or if you’re watching your diet, just egg whites.

As for sides, you can have sausage, bacon or potatoes. The specialty omelets, however, are certainly your best bet to keep you full and

energized. You can have chicken, turkey ham, bacon, vegetable or a meatzaa. Or just put it in a wrap and go!

In addition to the breakfast menu, the café also provides affordable daily lunch specials, a wide variety of salads, sandwiches, wraps and pastries. The menu is vast and gives the customer so many options, that every dining experience is memorable and fulfilling. The New York sirloin steak, grilled pork chops, grilled trout and salmon are also very popular among the lunch crowd.

The flavor of the month is salted caramel so head on down to the Coffee Bean and try a piping hot cappuccino with a serving of the fluffiest pancakes and bacon or devour a brownie from chocolate heaven.

For the Christmas season, the Coffee Bean’s signature pepperpot will surely put you into the season.

After being in business for 5 years, The Coffee Bean has brought a unique taste to the market. A

tranquil ambiance coupled with the hospitable staff, it turns out to be a perfectly blended recipe to give customers the satisfying experience that they deserve.

The café, which is managed by Narvini Dewnath and her mom Seeta Dewnath who is an experienced culinary visionary, offers a menu that packages some of the tastiest local and international breakfast delicacies.

At the café, breakfast get-togethers are perfect for building relationships especially over a fresh brew of coffee from the finest coffee beans from around the world. The setting gives a calming feeling given its warm colours, mysterious paintings and well-polished wooden furniture. It is also conducive for the lovers of alone time, as it provides the daily newspapers for reading and other books and even free Wi-Fi. Start your day the right way at The Coffee Bean. It’s your home away from home.

Guyana Inc. - Issue 20 | Page 21

Ministry of Communities:

Taking Development to a Whole New Level

In May, Guyanese were introduced to a brand new Ministry.

After emerging victors in the General and Regional Elections, the relatively new coalition, as part of its new-look Government, unveiled the Ministry of Communities, merging what was formerly known as the Ministry of Local Government and Regional Development with the Ministry of Housing.

The idea, explains Ronald Bulkan, the Ministry’s first leader, was to bring the country’s development in line with reality on the ground. Bulkan has been handed the task to make it all happen.

The creation of a Ministry of Communities (MoC) is long overdue, Bulkan explained to Guyana Inc.. “It is only logical and sensible to have a single Ministry that will be responsible for delivering all of the services which pertain to creating decent and dignified living conditions,” the Minister added.

Continuing, he explained “It is a Ministry that has, at its heart, human needs and the interest of citizens. Simply put, a single Ministry, under one administrative structure, would be better able to coordinate activities in a holistic and comprehensive manner rather than multiple separate agencies. It is for efficiency and rational delivery.”

It was the same explanation that the Minister made on August 20, 2015 during his national budget presentation to the National Assembly. The focus of the new ministry is to create communities, he belaboured. “We want to develop communities which include proper infrastructure, good water supply, roads, recreational facilities, health centres and schools, among others. In this way, citizens can enjoy decent standards of living.”

Indeed, development in the past has been hampered by the fact that coordination was needed on many initiatives The Honorable Minister Ronald Bulkan and projects, often leading to delays.

“The decision to create the MoC,” Bulkan explained, “is in line with campaign-promises regarding housing, made during the 2015 campaign, as articulated in the Manifesto which is now government policy. It is part of the broader, comprehensive, holistic strategic vision of the administration to create a better life for all Guyanese,” the Minister said.

The new ministry is ambitious in its promises as they have stated their intention to initiate a campaign called ‘Renewing the Dream’ which will expand and upgrade housing development away from the seaside and facilitate home ownership, not only house lot distribution.

Minister Bulkan noted that in the past, it was the practice to issue house lots and not look at the wider development aspect that will ensure citizens are living in schemes that offer more than a place to live.

“The MoC was created also to merge community development with regional development. The administration is of the firm view that there is a cause-andeffect relationship between development and empowerment; there can be no regional development in the absence of regional empowerment.”

The administration intends to give effect to Article 74 of the Constitution, Guyana Inc. - Issue 20 | Page 22

which states: “It shall be the primary duty of local human assets to benefit residents of each region.”

As a matter of fact, RDCs will now be empowered and democratic organs to ensure in accordance with Law the efficient management and development of their areas expected to raise their own revenues, work directly to attract business investors and thereby, create jobs and and provide leadership by example.”

With this in mind, the administration expects that opportunities for their respective residents.

“Regions will not only be administrative subdivisions of Regional Democratic Councils (RDCs) to leverage their particular natural and human resources to the country, but they will be productive and self-sufficient. attract investments, create jobs and thereby, promote Citizens can therefore have more opportunities and wider development, instead of simply waiting for subventions prospects to build better lives regardless of where they live.” from central government.

Deregulation includes “Regions are expected to Regions will not only be administrative the divestment of statebe productive regions, not controlled assets to just administrative regions. subdivisions of the country, but they the private sector, as This view was articulated by will be productive and self-sufficient. well as delegation of His Excellency (President David Granger) on July responsibilities to non10, 2015 when the new centrally controlled Regional Chairpersons (RCs) were sworn in at the Ministry statutory bodies. of the Presidency. On that occasion, the President said, “Decentralisation, therefore, will result in central ‘Every single region can be rich, no region is desert, no government working hand-in-hand with local democratic region is swamp land, and every region has resources, organs, nongovernmental organisations, and the private human resources, material and natural resources, and sector, to raise the standard of living of all Guyanese, we must decide how instead of dictating to those resources must citizens from offices in be exploited in order to Georgetown,” Bulkan benefit our people.’” intimated.

On that occasion, the According to the Minister, President also called on many initiatives will be RCs to craft developmental undertaken to facilitate plans for their regionsand augment the process he charged each RDC to of regional empowerment, craft a Plan of Action for which will lead to Regional Development development. One such (PARD). He said that initiative was the unveiling in crafting such a plan, of Regional Flags and “serious consideration Emblems at the Regional must be given to clearly Democratic Councillors defined economic goals.”

Leadership Forum at Arthur RDCs will now have the ability to make a meaningful Chung International Convention Centre on July 31. contribution to their own development. “Regional “The flags embody the spirit and economic backbones empowerment involves transferring decision-making of each region, and capture their unique resources and power from central government, into the hands of the sources of pride. The administration believes that there people. Decentralisation of power involves devolution, deconcentration and deregulation,” the minister stressed. is strength in diversity and honour in acknowledging In other words, the ministry, and by extension the new our proud traditions in our varied and diverse land,” the Government, is seeking to place more power in the hands Minister stated.

He is insistent that the new ministry was created to of the people.

“Devolution and deconcentration is the transfer of comprehensively improve the standards of living of all administrative and decision-making processes to sub- Guyanese by facilitating coordination among the various national levels of government, such as our local democratic departments which make this possible – department of organs (LDOs). This transfer of roles, responsibilities and housing, department of water, department of regional functions will be accompanied by the requisite authority development and department of local government – and autonomy, to empower LDOs such as Regional which are the four departments within the MoC. Democratic Councils to leverage their diverse natural and

“

Guyana Inc. - Issue 20 | Page 23

Working People.

Guyana moves ahead with dialogue on

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eaders and representatives of the Guyanese working people have embarked on a renewed journey to ensure that workers are given their due.

Over the years, the government of Guyana has taken a number of measures to demonstrate its commitment to improving the lives of its people whether they are employed in the public or private sector. It has been partnering with the International Labour Organisation (ILO) to ensure that worker’s rights are not being trampled on.

To further its commitment, government has moved to establish a National Tripartite Committee where it will partner with the Trade Union bodies and other workers’ representative organisations to attain its goals for the country’s workforce.

The establishment of the National Tripartite Committee will encourage social dialogue among employers, trade unions, workers and civil society in a bid to improve the lives and working conditions of employees.

The committee was set up to ensure that workers’ rights are upheld, they are remunerated fairly and that they will be operating in conducive environments.

Priorities of the committee include the crafting of a National Labour Policy, establishment of an Industrial Tribunal, enhancement of decent work, promotion of ‘green jobs’, transparency as well as accountability.

Tripartite Labour Advisory Bodies are common features of the system of industrial relations in the Caribbean both through legislation and practice since colonial times.

They were established to deal largely with national labour policy including the regulation of wages, labour legislation and dispute resolution.

Social dialogue on economic and social matters involving the governments, the representatives of trade unions and of employers’

Guyana Inc. - Issue 20 | Page 24

organizations, and civil society has been emerging as a matter of priority.

In fact, in the past, several attempts were made in Guyana to push for social dialogue so as to forge national, sectoral and enterprise agreements beyond the confines of collective bargaining.

According to the Social Protection Ministry, tripartite consultation is integral for an effective system of Labour Administration and social policy as required by the ILO Convention. This Convention provides for an effective system of Labour Administration whose functions and responsibilities are properly coordinated with the participation of workers and employers and their organizations.

The functions and responsibilities of the body include national Labour Policy and Labour Standards, Labour and Occupational Safety and Health inspections, employment, manpower planning and employment services and Labour statistics.

The principles of tripartism and social dialogue have been enshrined in the principal instruments of CARICOM as policy commitments to be adhered to by member states.

Moving in this direction, Guyana’s government has approved the appointment of the Board of Directors for the National Tripartite Committee. It will be chaired by Minister within the Ministry of Social Protection, the Honourable Simona Broomes.

Its members include Minister of Social Protection Volda Lawrence, representatives of the Consultative Association of Guyanese Industries (CAGI) as well as the umbrella trade union bodies: the Guyana Trades Union Congress (GTUC) and the Federation of Independent Trade Unions of Guyana (FITUG).

This committee, it is expected, will deal with matters relating to industrial relations, human

resource management and labour policies. The Tripartite Committee was inherited by the current administration which came to office four months ago. The chairmanship of the committee would be rotated among government, employers and the labour representatives. This is expected to give a balanced view of all concerned.

Government has assured that its policies would be hinged on social dialogue in decision-making, partly with the aim of ensuring there is no industrial unrest. The leaders have made clear that Guyana cannot afford to have a work-environment beset by conflicts and confrontations. For this reason, heavy emphasis has been placed on inclusion, consultative participation and transparency.

The success of this initiative is dependent on the elimination of political partisan culture and replacement with consensus and cooperation, the government has said.

It is hoped that social dialogue would be built on trust and cooperation rather than politicization.

The committee is expected to meet once monthly to discuss the country’s political, social and economic situation. Those issues would include globalization, the Caribbean Community’s Single Market and Economy (CSME), production, the role of the public and private sectors against the background of government’s involvement, employment policies, HIV and AIDS, child labour, human resource development, labour migration and trafficking in persons.

Even now, the Consultative Association of Guyanese Industry (CAGI) said Social Partnership would be successful only if there is political will as has been the case in Ireland and Barbados where there have been minimal industrial and political unrest

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The reasonable Guyanese neighbour?

Prepared by Teni Housty Attorney-at-Law, LL.M.; MBA

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very year, in October and November, the numbers of the members of the legal profession increase. For the new members of the bar, admission is a time to communicate and state aspirations and intentions for a distinguished career in the law. For presenters of petitions, it is a time to provide guidance and advice on elements of the practice of law. For the admitting Judge, there is advice on the standards expected of a new practitioner and lamentation on the decline of elements of the profession.

However, in most situations, there is silence on the reference to the basics of law taught in the first years of university studies. This contribution provides a reflection on two of the first principles in law which appears to be absent in Guyanese society today: The Neighbour and The Reasonable Man.

The Neighbour The first principle is based on the extension of the second of the Greatest Commandments found in Mark 12:31 of the New Testament of the Holy Bible that: ”And the second, like it, is this: ‘you shall love your neighbor as yourself’.

There is no other commandment greater than these.” (Emphasis added).

In Guyana today, it is humbly suggested that that love has been lost.

When placed in the context of the law we reflect on the case of Donoghue v Stevenson [1932] AC 562 (First Year Law of Tort – The Snail and the Ginger Beer case) and the immortal words of Lord Atkin at page 580: “The rule that you are to love your

neighbour becomes in law, you must not injure your neighbour.... Who then, in law, is my neighbour? The answer seems to be persons who are so closely and directly affected by my act that I ought reasonably to have them in contemplation as being so affected when I am directing my mind to the acts or omissions which are called in question.”

Who then, in Guyana, is my neighbour? As the response is considered, it must be observed that in Guyana we like to “Guyanese” certain concepts.

The reasonable man This leads to the other foremost principle we learn in Law: that of the reasonable man. As English Law is the basis which forms part of the foundation of Guyana’s legal system, we are taught that the reasonable man is “the man on the Clapham Omnibus.”

It has been observed that in the Gray’s Law Dictionary: “The Man on the Clapham Omnibus, to a lawyer, is synonymous with the pinnacle of reason in humanity: an ordinary London transit rider as representative of all rational thought and action”.

To make this text applicable to your society you must add some context to it. So how do we, as Guyanese, embrace the traditional notion of the neighbour? The issue begs more complex and combined questions: who then is a reasonable Guyanese neighbour; and what are the rational thoughts and actions of the Guyanese East Coast minibus passenger?

The reasonable Guyanese neighbour When the response is framed in the mind of any member of the Guyanese society, the answer will vary. It is not for the author to suggest the response; there are, however, certain glaring instances in which we are not the best neighbours, and rational thoughts as well as actions escape understanding.

These might be a few: • road accidents of all kinds; • littering; • excessive noise, • passing a fallen person in a street and failing to render assistance; • the lack of timely responses from emergency services; • peeping and filming instead of helping (as some smartphone users do); • misapplication of principles of allocation of public and private finance; and • for the self-contorting, forgetting where you have come from and the duties owed to society as a whole.

Conclusion There is a Crop Over song which was sung by Lil Rick in 2012 which says that “I like muhself real bad.” In Guyana, while we like ourselves, we should not forget that our neighbour is our friend, and let us have a fair concept of the Guyanese neighbour in our society.

Share and spread the love.

Guyana Inc. - Issue 20 | Page 25

»What makes your company/products better?« Here’s a Basic Guide to Grabbing Your Customers’ Attention passersby may not work in other localities and for other types of businesses, what was key here, was that those establishments that seemed to be getting the most business had made themselves stand out in some way from all the other establishments on the pier. And that - finding a way to stand out from competitors - is something every business needs to do whether they are a business that depends on foot traffic, they sell on the Internet, or they are a service provider.”

What makes a business stand out?

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hy should customers notice your business? What makes you different from your competitors? Are you finding marketing a little challenging?

Sometimes the best marketing solutions are right under your nose.

You just have to open your eyes to see them and adapt them to your situation.

Jane Attard, the author of The Home Office and Small Business Answer Book and of Business Know-How: An Operational Guide for Home-Based and Micro-Sized Businesses with Limited Budgets, had this to share: “Marketing was the last thing I wanted to think about when I was on vacation in California. But when my husband and I visited Old Fisherman’s Wharf in Monterey, I couldn’t help being reminded of one marketing challenge that every business faces: the need to stand out from competitors and grab customers’ attention.

A tourist attraction, the Wharf is lined with restaurants, novelty shops, jewelry and candy shops, all vying for the visitors’ attention and dollars.

There are also places along the wharf where you can reserve whale watching and fishing trips.

Although the pedestrian walkway was filled with people on the two nights we went there for dinner, it was clear that crowds strolling along the street (or watching the harbor seals at

Guyana Inc. - Issue 20 | Page 26

the end of the wharf) don’t necessarily equate to dollars in the cash register.

To woo those passersby to part with their cash, many establishments had taken steps to get attention and stand out from their competitors.

Some of the buildings, for instance, were painted bright colors, and sported colorful awnings. Many had sidewalk signs strategically placed a few feet into the walkway outside their front doors. A candy store had a machine operating in their window that continually stretched and twisted a huge wad of taffy to demonstrate how salt water taffy is made.

Then there were the restaurants.

There were about a dozen restaurants on the wharf, all vying to attract the hungry and thirsty into their establishments. In an attempt to stand out from their competitors, many of the restaurants had greeters standing outside their entrances offering passersby samples of food to taste. One (a restaurant we chose to eat at one evening) had a big picture window in front that let tourists see clear through to big back windows and a great sunset view of the harbor and anchored sailboats. Another, at the end of the pier, had big signs promoting its rooftop viewing area where visitors could watch the harbor seals.

While the tactics the restaurants and shops along the wharf use to get attention and business from

We all know that great products and customer service make businesses stand out. But that, for the most part, is only evident after a customer has made a purchase. The challenge, no matter what kind of business you run, is to find ways to stand out and attract those new customers to begin with.

For retailers trying to draw foot and auto traffic, visuals such as signs on your building, sidewalk signs, flags, balloons, unusual window displays, and brightly painted buildings can help - if local regulations permit. Signage on local delivery and service vehicles, sponsorship of children’s sports teams, and participation in the local chamber of commerce are other ways to make your business visible to potential customers. For products: packaging shape, color, and placement on aisles all are important.

But being a standout goes beyond the kind of physical cues retailers and local service providers have at their disposal. Being a standout for most businesses means connecting your brand in some way to a real or perceived benefit that your customers want. In other words, having an emotional peg that will appeal to your customers.

What will make your business stand out?

To help you find ways to distinguish what you sell from your competitors, a list has been put together of product and service features that could help distinguish you from your competitors.

Keep in mind that features, by themselves, are usually not benefits,

and are not the kind of emotional pegs that nail sales. To turn a feature into a benefit, you need to express it in a way that matters to the customer.

For example, a company may offer consumers a variety of products for mopping and dusting. But they aren’t “selling” people on the idea of buying a mop or a duster. They’re selling the concept of making cleaning easier and having a dust-free home.

The list of features below isn’t complete - no such list could ever be complete - but its purpose is to help you start thinking about what you sell in more creative ways. In reading through the list, remember that the factors you play up don’t necessarily have to be unique to you. They just need to be things that are important to your customers, and they need to be expressed in a way that shows how the feature solves a problem or fills a need. » Location

• Conveniently located in • Just minutes from • Easy access from • In the heart of town (for a small town) • Shop-from-home convenience • Cloud-based service works anywhere you are • 24-hour-a-day Internet access

» Performance

• Faster • Precise • On time • Accurate • Flawless • Most reliable • Exceeds expectations • Top-rated • Outperforms • Best in class • Carefully tested

» Physical Product Size

• Biggest • Smallest • Fits conveniently in • Small enough to • Large enough to

• Big enough to • The perfect size for • Fits all standard sizes • One size fits all • Size to fit any budget • Fits all standard size • Light weight for easy portability » Color

• Brightly colored • Soft tones to fit in with • Sleek silver finish

» Durability • Sturdy • Survives a drop from ___ feet • Stands up to • Strong • Long-lasting • Stands up to repeated use » Versatility

• Fits any size • Multiple uses • Works in any temperature • Adored by young and old

» Speed

• Gets the job done in minutes • Dries faster • On demand access • Guaranteed delivery within a day • No wait service

» Accuracy

• Accurate to within • Meets your specifications • Error-free

» Ease of Use

• Easy to use • No instructions needed • Step-by-step instructions included • Self-explanatory • Takes the effort out of ______ • Effortless installation • Done for you

» Customer Service

• 24-hour helpline • Professional support • Award-winning service • On-time arrival#

» Personalization

• Personalized attention • Personal advice • Custom-created for you • Customized to your specifications • Designed just for you

» Specialization

• Specially designed for • Perfect for • Created with the ___ industry in mind • For seafood lovers

» Special Features

• Chemical-free • Odor-free • Wholesome ingredients • Organic • Fully assembled • Wrinkle free • Adjustable height

» Expertise

• Masters at • Internationally recognized • Talented team • Pioneers in • Seasoned professionals

» Trustworthiness

• Guaranteed • All work guaranteed • Backed by • Accredited by • Certified by

If you don’t see features in the list above that can help you distinguish your products or services from your competitors, what should you do?

Create your own list. Make a list of all the features of your products or services and their benefits. Think about the ingredients as well as the finished product or service. Now put yourself in your customers’ shoes, and look at the list. Which things are important? What do you do, or what about your product could be perceived as being different and desirable?

Those are the things to promote that grabs customers’ attention.

Guyana Inc. - Issue 20 | Page 27

debt management: Guyana’s public debt position remains sustainable

O

ver the years, Guyana’s public debt position has remained at a sustainable level, owing to the prudent and effective debt management strategies implemented by its administration.

Debt management refers to strategies state and local governments use to manage their accumulated debt. It is a grueling and demanding task that almost every nation faces.

Over time, the government of Guyana has displayed a commendable aptitude for managing state debt effectively to the point where it has not allowed it to affect inflation, which has remained low, and the continued increase in the Gross Domestic Product (GDP).

According to the Bank of Guyana (BOG), the country has perhaps been one of the few in the Caribbean that has been doing an exceptional job in that regard. Like the Ministry of Finance, the BOG also has a role to play in managing the way the state handles its international loans and debts.

With the use of annual statistics, the BOG (whose role is to act as Guyana’s Central Bank) has been keeping a track record of how the debt of the state is managed with an aim to providing some fiscal measures for improvement where necessary.

For example: the bank has noted in its reports that the overall balance of payments deficit narrowed marginally to US$116.4 million from US$119.5 million in 2013. This development is explained by a decrease in the deficit on the current account as well as a contraction in the capital account surplus. The lower current account deficit was largely due to lower net payments for services and higher unrequited transfers.

Also revealed is the fact that the merchandise trade deficit expanded from a decline in export earnings. The capital account surplus contracted on account of a decline in disbursements to the non-financial public sector while the overall deficit was financed from the gross foreign reserves of the BOG and debt forgiveness.

At the end of 2014, Guyana’s total external debt stock stood at US$1.2 billion. However, Guyana was able to secure debt relief from the Caricom Multilateral Clearing Facility in the sum

Guyana Inc. - Issue 20 | Page 28

of US$35.9 million, under the enhanced Harmonised Index of Consumer Prices (HICP) initiative.

Two debt compensation agreements were concluded with Venezuela (Guyana’s continental neighbour) for a total value of US$124.5 million. Total external debt service amounted to US$50.9 million, 10.9 percent higher than in 2013, owing to increased principal and interest payments to multilateral creditors, especially. The domestic debt stock stood at $78.4 billion at the end of 2014.

The management of the state’s debt in the years 2013 and 2014 was done under the People’s Progressive Party/ Civic-led administration. With a new government taking over, that being the A Partnership for National Unity and Alliance For Change (APNU+AFC), some areas for macroeconomic stability were identified. In his budget speech, Guyana’s Finance Minister, the Honourable Winston Jordan, stated that macroeconomic stability is the cornerstone for the achievement and sustainability of a “good life” for all.

He said that his Government will implement macroeconomic policies that promote both external and internal balance, which will also encompass the improvement of the way debt management is handled by the state.

In so doing, Jordan revealed that over the next five years, the coalition administration will commit to the maintenance of macroeconomic stability by creating conditions to foster a positive growth trajectory while improving expenditure management and revenue administration, low inflation, stable exchange rate and sustainable debt.

He said that this will involve the undertaking of prudent and targeted fiscal policy, in order to reduce the deficit in both central government and public enterprises. He noted that high deficits can lead to a build-up of the public debt; the repayment of which takes away from spending in critical areas, such as education and health, as well as on key social safety net programmes for the poor. As such, the Government intends to reform the tax system so

as to make it more robust, allowing for the reaping of efficiency gains from greater compliance and an expanded tax base. The process has already started.

The Finance Minister asserted, however, that in the interim, Guyana’s debt remained sustainable, for during the first half of 2015 the country’s total public debt amounted to US$1.6 billion of which external debt amounted to US$1.2 billion, and domestic debt US$0.4 billion.

External debt decreased marginally by 0.5 percent, compared with the same period in 2014. This reduction in the external debt stock arose from the signing of the fifth Debt Compensation Agreement with Venezuela in September 2014. This saw US$69 million of the oil debt effectively compensated, equivalent to the value of rice and paddy shipped by Guyana to Venezuela under the PetroCaribe Rice Trade Agreement.

The Finance Minister asserted that sustainable debt is defined as the ability to repay the debt without changing the fiscal policy. He noted that the mid-year external debt stock increased between 2010 and 2012 primarily as a result of increased borrowing from Venezuela under PetroCaribe. Thereafter, the mid-year external debt stock gradually declined due to the reduction of the debt to Venezuela since the value of rice and paddy exported to that country is offset against the debt.

It was explained that the general decline in the domestic debt stock over the 5-year period was mainly due to the redemption of Government of Guyana debentures held

by Republic Bank over the period 2010 to 2013 and the redemption of treasury bills by the Bank of Guyana.

Also of note is that in the first half of 2015, principal and interest payments amounted to US$50.96 million, of which Central Government payments totaled US$45.8 million.

Compared with the previous year, these amounts were lower by 36 percent and 38 percent respectively. Central Government debt service includes payments made to Venezuela in the form of rice and paddy that was shipped to that country under the PetroCaribe arrangement.

The significant decline in these payments in the first half of this year was due to level of rice and paddy exported to Venezuela compared with the first half of 2014. Over the period July 1, 2014 to June 30, 2015, the actual external disbursements totaled US$137.5 million with Venezuela (Petróleos de Venezuela, S.A. –PDVSA) accounting for 54 percent and the Inter-American Development Bank (IDB) accounting for 22 percent of this total.

Guyana’s domestic debt stock reduced by 13.1 percent, reaching $75.8 billion at the end of June 2015 compared to $87.3 billion at the end of June 2014. This decline was primarily due to the redemption of the Treasury Bills by the Bank of Guyana

Guyana Inc. - Issue 20 | Page 29

What Will Hire Purchase Co$t You T his

W

ith Christmas bells already ringing, families are buzzing with ideas on just what they want this season.

It is no secret that this is the time of the year when people toss their old furniture out and replace them; the time mom gets that new piece of equipment her kitchen could not go another year without, and dad, well he gets what mom wants.

The reality is that funds are often too tight for many people as they are stretched to partake in the festivities and purchase gifts for their loved ones. The wants abound, however, and it is quite customary for consumers to look to find ways to “afford Christmas.”

At the same time, countless items come with tags like “nothing down”, “interest free payment” and “the best plan for you!” The temptation to take these “unbeatable deals” cannot be underestimated.

Why does everything suddenly seem more attainable?

Businesses have already prepared for an increase in the volume of sales at this time and, consequently are intensifying their advertising efforts.

Consumers everywhere will be encouraged to immerse into several credit arrangements. From businesses’ lists of ways to “help you,” you may find yourself considering a hire purchase arrangement that may turn out to be more a burden than an easy-pay plan.

Hire purchase is probably the most common way of paying for high ticket items like cars, furniture, household equipment and computers. Like any credit deal, it can have its pitfalls and you need to think carefully before committing.

With hire purchase you can take home and use a product while you pay it off over time and that often is the catch for consumers. It can seem like an easy way to pay when you haven’t got the money upfront - especially if it’s interest-free for a while.

What may surprise you is how much it costs to do so. You may find that the total you are paying is way more than if you paid in cash, took a loan or saved up. The question which needs to be asked when you buy on credit is, do you really understand what the rate of interest is that you are paying?

Managing Hire Purchase Hire purchase can be a good option if you treat it with care.

Always ask the retailer to tell you all the fees and charges over the full repayment period. They should give you a single, total dollar amount of what it will cost you.

If the deal offers zero percent interest, ask what the interest rate will be on any amount still owing at the end of the interestfree period. Do compare the charges and fees with the price of what you are buying as they can amount to more than the interest you would pay on a different sort of loan or your credit card.

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Season?

It is wise to only take up a zero percent interest hire purchase agreement if you’re sure you can repay most, if not all, of the debt in the interest-free period. If you can’t pay off the total quickly, these deals can turn out to be very expensive.

Avoid taking on several hire purchase deals at once. It can be hard to service several debts at the same time and the risk of not paying the full amount within the interest-free period increases.

Take your time to decide. As long as you take the product, you will still have to find a way to pay for the purchases you made.

Know Your Options Generally, the things people buy on hire purchase, like appliances for example, are said to be ‘value losers’ because once bought, their value goes down. You need to ask yourself: could you delay your purchase, put money aside each month and avoid going into debt?

If you are sure you want to buy an item on credit you have several options and sometimes hire purchase isn’t the best one.

Banks, credit unions, building societies and finance companies all offer personal loans.

Find The Best Interest Rate Interest rates vary greatly. Personal loans and credit cards charge around 12-20% interest. Store cards from national chain stores charge interest as high as 36% a year. With that sort of extra cost, it pays to look around for the best deal.

The temptation is always to pay it off over a longer term but this adds more to the overall cost. Put simply, a $200,000 purchase over three years could cost you around $416,000.

Check the fees and charges Most hire purchase agreements have a range of charges and

fees. They might be bundled into the debt you have with the retailer so you may not notice them. You could be paying establishment and account fees, even on an interest-free deal.

The retailer may insist you commit to a repayment insurance premium which generally means that if you die the lender will be paid the full amount you owe by the insurer. And if you lose your income through no fault of your own (e.g. accident, illness, redundancy) your repayments will be covered for a period of time specified in the agreement. Paying the premium will add even more to the amount you owe and it may be an unnecessary cost.

It is very important to remember that it is hire, not purchase. The good is legally yours only when the last dollar owed is paid. In effect, you actually pay to hire the goods, until the bill is cleared. Cash is a hard earned; you work too hard to be tied down in debt from purchases you need not have. Be careful this season: don’t let hire purchase this

season cost you next year’s Christmas.

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B.M.SOAT AUTO SALES

Guyanese Journalists Cop UN Awards For Sterling Contributions …as UN Celebrates 70 years

T

he perseverance, hard work and sterling contributions of several Guyanese journalists were highlighted recently when the local United Nations (UN) office held its inaugural media awards.

UN Guyana joined its counterparts in celebrating 70 years on Saturday October 24 2015. It was then that the media was honoured for the critical role it played

in keeping developmental issues on top of the agenda. The body awarded local journalists, who despite facing many challenges, braved the odds and brought voice to the local people and light to issues plaguing the country.

During the black-tie event, which was held at the Georgetown Club, the work of the UN, its agencies, funds, and programmes, both in Guyana and nearly 200 countries abroad, came in for high praises.

In attendance was President David Granger and his wife, Sandra Granger, UN Resident Coordinator Khadija Musa, members of the diplomatic corps, members of parliament (MPs), the local media corps and private sector representatives, among other dignitaries.

During the evening of wine and fine dining, it was emphasized that time and time again the UN, like journalists, has been the source of high praise and bitter criticisms.

UN at 70 It was Musa who remarked that seven decades after its founding, the UN today remains the only platform in the Guyana Inc. - Issue 20 | Page 32

world that brings together friends and foes on the world stage. The UN, she said, was created to save succeeding generations from war, to protect human rights, establish conditions of justice and to promote social progress and better standards of living.

“In 70 years, the United Nations has been the subject of much debate, praise and equal share of criticisms. As Dag Hammarskjöld, the great second Secretary-General, once said ‘The United Nations wasn’t created to take humanity to heaven but to save them from hell,’” Musa said.

The UN Guyana leader shared the view that global problems cannot be conquered by one nation but must rather be solved as a united unit since the collective approach presents the best forum to meet challenges.

The developmental objectives, she intimated, remains critical on the UN’s agenda. Specifically in Guyana, she said UN works towards a number of objectives, including nutrition security, protecting the rights of children, promoting dialogue, improving governance, education planning, promoting sexual and reproductive health, supporting essential health services, providing policy guidance and strategic support for the extractive industries.

The UN Resident Coordinator told those who gathered that ending poverty, fighting inequality and injustice in addition to fixing climate change were top priority areas for the body.

“The UN never fails…the UN will always be there and the UN thanks its member states for the support it has received to date for 70 years,” Musa remarked. She reflected that the UN started with 50 countries and today it has almost quadrupled, having 193 countries in its charter.

Leaving a Mark Similarly, President of the Guyana Press Association (GPA), Neil Marks in his remarks said that the press body was also celebrating 70 years. He said, like the UN,

the local media fraternity has borne the brunt of stinging criticisms just as praise is also heaped upon them.

Marks added that the media, like the UN, has sought to keep the peace, though perhaps with less success and favour as the international body. The GPA President told the gathering the media has been subject to much hardships.

The challenges, he said, have been many in both the pre- and postindependence era. “Some of us have worked very hard over the years, putting our lives at risk in order to do the job that we do, while others have tried to strangle us,” he remarked.

Marks highlighted that the media has fought back in face of injustice and attempts to infringe on freedom of speech.

“There have been efforts to threaten us, to censor us but we have prevailed and we are still here today. It is little wonder that we continue to advocate that the press be kept separate from all forces,” belaboured the GPA President.

He said regardless of the way the media is perceived, it has played a vital role in keeping society together. “As journalists we do not work to get awards but when we do, it feels really good,” ended Marks.

His remarks were followed by Chief Judge, Dr. Paloma Mohamed. I n the prelude to unveiling the awards, she said they were premised that the promotion of the development works of UN through the media is necessary in raising the public profile of the organisation. “As primary functionaries of information gathering, framing and dissemination, all media workers and journalists have a huge responsibility to analyse situations and to keep developmental concerns on the national agenda,” she stated.

The Chief Judge commented that the stories submitted were generally poignant and strong. Quoting the works of her fellow judge (Volderine Hackett), she said the pieces called attention to some social ills in far-flung places such as in ‘Welcome to Angoy’s Avenue’ or to

pressing problems such as teenage pregnancy or the slow development of Lethem or the extent of palm mite problems in Guyana.

Terrence Esseboom.

Media workers were recognized for their coverage on several social issues/areas.

These were HIV and AIDS, Human Rights, Food and Nutrition Security, Involvement of Youth and Women in Agriculture, Health, Child Protection, Youth and Adolescent President David Granger, UN Resident Coordinator Development Khadija Musa and UN Awardees (Photo Courtesy and Participation, of Neketa Forde - Youth Media Guyana) Sexual and Reproductive Adolescents and Youth “Many stories were good, interesting, Health, poignant and sensitively written. The Development and Participation; the ones that went off the beaten track Environment as well as Poverty and and brought to the fore something Governance. different and somewhere forgotten seemed to carry significant potency,” Dr. Media operatives were awarded as such: Mohammed said. * Stabroek News Senior Reporter, “These stories were rather in-depth, Gaulbert Sutherland (Human Rights they went beyond officialdom and had a – Print) variety of use. Yes, the voices of ordinary * Stabroek News Reporter, Roger people matter and we heard them Wong (Food and Nutrition Security through these pieces,” she said, beaming.

– Print) Besides Dr. Mohamed, the judges * Guyana Chronicle Editor, Tajeram were veteran journalist and founder Mohabir (Involvement of Youth and of first online news agency Denis Women in Agriculture - Print) Chabrol, Deputy Programme Director of * Guyana Chronicle Editor, Tajeram Communications at CARICOM Volderine Mohabir (Health – Print) Hackett along with University of Guyana * Stabroek News Reporter, Sharda Communications Studies Lecturer

Bacchus (Child Protection – Print) * Kaieteur News Reporter, Desilon Daniels (Poverty and Governance – Print) * Stabroek News Reporter, Thandeka Percival (Food and Nutrition Security – Online) Honorable Mentions: 1. Kaieteur News Reporter, Desilon Daniels (Sexual and Reproductive Health – Print) 2. Kaieteur News Reporter, Sharmain Grainger (HIV and AIDS – Print) 3. Kaieteur News Reporter, Nicholas Peters (Youth and Adolescent Development and Participation – Print) 4. Demerara Waves Reporter, Tamara Rodney (Health – Online) 5. Guyana Chronicle Reporter, Ravin Singh (The Environment) 6. Stabroek News Reporter, Zoisa Fraser (Poverty and Governance Print) 7. Government Information Agency (GINA) Communications Director, Shivanie Rampersaud (Health – Online) Sutherland was named United Nations Champion Journalist after judges found that he had made the most submissions of a consistently high quality. His newspaper also copped the award for being the media house with the most print entries while GINA was awarded for having done the same, albeit online.

Guyana Inc. - Issue 20 | Page 33

Castellani House:

T

A Sanctuary For Guyanese Art

he Castellani House has stood the test of time and, today, it stands as a safe haven for some of Guyana’s most thought-provoking pieces of art and craft.

With many of its 19th century features still in place, this landmark still exhibits much architectural appeal and continues to serve as a platform for the growth of imaginative and artistic ingenuity in Guyana.

The Castellani House, which can be found on the corner of Vlissengen Road and Homestretch Avenue in Georgetown, once served as the official residence of government officials, pre- and postindependence.

The edifice was actually designed and constructed between 1879 and 1882 by the Maltese architect, Cesar Castellani, after whom it is named. Cesar Castellani was considered one of the most prominent and prolific architects of the colonial era in British Guiana.

The Castellani House was originally designed as a residence for the government botanist, George Samuel Jenman, who occupied it in 1882. He was transferred from Jamaica to British Guiana to supervise the conversion of the area into a botanical garden and to beautify Georgetown via landscaping.

After he died, Castellani House was used as the official residence for Directors of Agriculture. In 1942, the house was extended with the addition of a third storey to the original two.

In 1965, further changes were made to the structure of the house by the Guyanese architect, Hugh McGregor Reid.

From then to 1985, Castellani House was

Guyana Inc. - Issue 20 | Page 34

the official residence for Guyana’s first Executive President Linden Forbes Sampson Burnham and First Lady, Viola Burnham. During this time it was known simply as “The Residence”.

For Burnham, it was the perfect, huge wooden house, bordered by the country’s National Zoo. Years on, after a major refurbishment, Castellani House was re-opened as the home of the National Art Gallery in 1993. The Gallery’s first curator was Everley Austin, whose tenure ended in 1996. She was followed by Elfrieda Bissember. Ohene Koama is currently acting in the capacity of curator.

Since 1993, the National Art Gallery has seen been the home of priceless Guyanese art and it stands ready to serve as a platform for new comers in the industry and even old friends.

After ten years, the Art Gallery saw for example, the return of selected works by one of its dear friends, Bernadette Indra Persaud, under the theme ‘As New and As Old’ which happened to be one of the poems written by renowned Guyanese poet Martin Carter.

Her paintings are bursting with life, filled with vibrant colours and exhibit allusions to her East India heritage. The Guyana Women Artists’ Association’s (GWAA) have also had its members’ work on display at the location.

Over the years, the former Ministry of Culture, Youth and Sport, which has responsibility for the Castellani House, hosted exhibitions there too.

In fact, the former Ministry last year opened in grand style its “Spirit of Revolution” expose. It was said to be in keeping with the intellectual aspect of the Mashramani celebrations. Each year, the exhibition focuses on a different aspect of Guyana’s Republic status, and for 2014, attention was on the resistance and revolts by slaves.

Based on the numerous art exhibitions it has hosted, the then Culture Ministry had observed that “Resistance” in Guyanese art has been quite evident and is seen in a number of ways. It noted however that the depiction of physical conflict is not a popular motif.

The Castellani House has seen from the former Ministry’s exhibition, paintings and sculptures by notable artists such as E.R. Burrows, Stephanie Correia, Stanley Greaves, Phillip Moore, and Winslow Craig.

The art gallery has also played home to contemporary displays from emerging artistic groups such as Bravo Arts.

Their displays included eye-catching body art models.

There are still many more who continue to benefit from the use of the art gallery whether it is to showcase their work or to observe the astounding beauty of Guyanese art. Either way, the Castellani House, remains a cherished landmark as it continues to capture hearts through the exhibition of untamed art.

PREMATURITY: RISK FACTORS AND COMPLICATIONS

ASSOCIATED WITH PREEMIES World Prematurity Day Observed on the 17th November each year to raise awareness of preterm birth and the concerns of the preterm babies and their families worldwide.

By Dr. Sara Singh Paediatrician Georgetown Public Hospital Corporation

B

abies are one of life’s greatest joys. For many, the anticipation, hope and excitement are great, but for some, the reality is nothing short of heartbreaking.

Prematurity is the number one cause of death in newborns worldwide. Fifteen million babies are born prematurely and more than one million die as a result of it. Babies that survive often have lifelong problems such as cerebral palsy, vision loss, hearing loss, breathing problems and intellectual disabilities.

World Prematurity Day is observed on November 17 each year to raise awareness of preterm birth and the concerns of the preterm babies and their families worldwide.

What is a premature baby?

This is the term given when a baby is born at least three weeks before its due date, or at less than thirty seven weeks’ gestation. The earlier a baby is born, the more severe his or her health complications are likely to be. Some of these babies may spend days or even months in a Neonatal Intensive Care Unit (NICU) where they receive specialized care until they are strong enough to go home.

What causes premature birth?

An expectant mom can do everything in her power to have a healthy full-term baby, but sometimes something goes wrong and she goes into preterm labour.

The best thing to do is be prepared.

Guyana Inc. - Issue 20 | Page 36

Some of the more common causes of preterm delivery are: • A previous preterm birth • Chorioamnionitis - This is a condition in which bacteria infects the membranes and amniotic fluid that surround the fetus.

• Low socioeconomic status • Health problems in the expectant mother Pregnancies complicated by diabetes or hypertension are associated with a higher incidence of prematurity.

• Multiple gestation pregnancies - Preterm birth rates for twins have increased with advances in assisted reproductive technology and infertility treatment.

• Maternal age - Preterm birth rates increase in women older than forty years old.

• Ethnicity - Although most black women give birth at full-term, on average, black women are about 60 percent more likely to have a premature baby compared to white women.

• Tobacco, alcohol and illicit drug use - About 15 to 20 percent of pregnant women smoke cigarettes. This is a risk factor for placenta abruption (separation of the placenta from the wall of the womb during pregnancy, especially when it occurs prematurely) and accounts as a factor for

15 percent of preterm births and 20 to 30 percent of babies born with extremely low birth weights (<1000g).

• Problems with the uterus or cervix - Cervical incompetence is a medical condition in which a pregnant woman’s cervix begins to dilate and efface before her pregnancy has reached full-term.

Reducing the risk of prematurity Most preterm babies arrive early without warning. However, some pregnancies are known to be at-risk of ending in preterm birth due to maternal or fetal complications. If such is the case, the team in charge of this delivery will prepare by offering advice and medications that help to improve the outcome for the preterm baby.

In some cases, obstetricians may suggest treatment that may delay birth to give the fetus more time to develop. In other instances, it is safest to deliver the baby preterm. One such example would be if the expectant mother has an infection or problems with blood pressure control. If this is the case, the mother can be given medication to help the baby’s lungs to mature before delivery, if there is sufficient time before delivery.

There are steps that women can take to help minimize the risk factors and complications associated with preterm labour and birth. It is very important to receive all the neonatal

friend or seeking advice from a doctor can provide the support needed to overcome the stresses that accompanies having a baby.

care offered. This is the only way a woman’s risk can be assessed beforehand.

A woman can reduce some of the lifestyle factors that are linked to prematurity if they: • Stop smoking or using any illicit drugs.

• Refrain from using alcohol during pregnancy.

• Use prenatal vitamins.

Good nutrition is very important.

Women are at a higher risk of having a baby early if they are undernourished or underweight, particularly if their

Body Mass Index (BMI) is less than 19.8 before pregnancy. Obese women (with a BMI more than 30) are at an increased risk for medical intervention that may lead to premature birth. It is unwise to diet during pregnancy but lifestyles can be improved. Being physically active throughout pregnancy will boost a woman’s overall wellbeing and reduce the risk of conditions such as diabetes and hypertension, which can lead to a premature delivery.

Physical abuse or stress from a serious life event can also cause premature delivery. It is important to get help. Confiding in a partner,

Look out for the

Taking home a premature baby Paediatricians would not allow a premature baby to leave the hospital unless they feel that the baby is well enough to stay healthy at home and they are confident that the mother is capable of giving him/her the necessary care.

When a mother is finally told it is time to take her baby home, there is usually a flood of mixed emotion.

On one hand, there may be sheer happiness at the prospect that her baby will finally go home with her. On the other, the prospect of taking home and caring for this tiny human can be daunting. The good news is that going home will be highly beneficial for mom and baby. By going home, there is a reduced risk of infection, there is better establishment of a feeding regimen and there is bonding between mother and child.

NEW LOOK!

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REJECTION:

The Perception of Failure That Can Lead to Suicide

â&#x20AC;&#x153;Never confuse a single defeat with a final defeat.â&#x20AC;? ~ F. Scott Fitzgerald

R

ejection, and the fear of being rejected, ranks among the most potent and distressing of the everyday events that people experience; it can even lead to suicide.

Emotional rejection is the feeling a person experiences when disappointed about not achieving something desired. It is commonly experienced in a quest of emotional relations, such as among romantic couples, in social and group settings, or in the professional world in relation to advancement.

Rejection by a loved one, a romantic relationship, ostracism, stigmatization, job termination, and other kinds of rejections have the power to compromise the quality of a personâ&#x20AC;&#x2122;s life. As a result, people are highly motivated to avoid social rejection, and, indeed, much of human behavior appears to be designed to avoid such experiences. The act of rejection can make the person experiencing it undergo a sudden drop in positive emotion. This is displayed as something ranging from a vague disappointment, sadness, and depression, to anxiety, phobic behavior, or even stalking or forcibly abducting the rejecting person.

Rejection is both a cause and consequence of depression. Peer and family rejection in childhood and marital discord in adulthood are all associated with increased risk of developing a depressive disorder.

Interpersonal processes involved in depression, such as self-verification striving, excessive reassurance-

Guyana Inc. - Issue 20 | Page 38

seeking, blame maintenance, and stress generation cause rejection and are key factors in the maintenance and recurrence of depressive symptoms.

Rejection and Suicide Rejection is heavily associated with increased risk of suicide. In particular, social isolation and family discord are associated with elevated risk of suicide. Many evidence-based psychotherapies for depression and suicidal behaviors target interpersonal functioning.

These therapies help clients change their interactions with others to prevent rejection and skillfully manage emotional pain that results when rejection occurs. Thus, although rejection is associated with both depression and suicide, psychotherapy can halt the downward cycle.

The detection and treatment of mental disorder is oftentimes the main focus of suicide prevention strategies. However, additional suicide prevention strategies may be necessary to help individuals who may take their own life despite no signs of a serious mental disorder.

There have been cases of persons, who in spite of accomplishments and successes, had taken their own lives in young adulthood leaving loved ones at a loss to understand what really happened.

These persons appeared to have compensated for their lack of self-worth by exaggerating the importance of success, thus developing a fragile, achievement-

based self-esteem in adulthood which left them vulnerable in the face of rejection and the perception of failure.

A study done by researcher Mette Lyberg Rasmussen of the Norwegian Institute of Public Health, uncovered a particular vulnerability in persons to feeling rejected and to not having succeeded in achieving their goals.

This is in stark contrast to previous research, which largely seeks to establish that mental illness, and in particular depression, in the period prior to death is an important risk factor for suicide.

Rasmussen stated that “In these situations there is a strong sense of shame and of being trapped in anger. This develops into unbearable thoughts that the vulnerable person cannot regulate or manage, and leads to a feeling of a life not worth living. The former strategy, which involved compensation with continual increased efforts, does not work anymore, and suicide becomes a way out of a situation of unbearable psychological pain.”

Desire for Acceptance The desire for acceptance, the opposite of rejection, is a driving force that keeps many people from being authentic. They are so driven by the need for acceptance by others that they lose their own identity in the process. They mimic the ways in which others act, dress, talk and function. Acceptance is the underlying process in the power of peer pressure and is what causes young people, and older people alike, to fixate on the culture of the day. They crave recognition and acceptance from the reference group with whom they want to be identified.

People who operate out of a fear of rejection often display little or no assertiveness; they do not speak up and let others know how they feel about something, especially if their opinions differ. They lack the courage to function differently from others, even when they don’t enjoy the behavior in which they are involved.

They will often keep their personal feelings hidden from others and too often from themselves.

For too many people, the fear of rejection and the desire for acceptance are the main motivating forces for all actions in their lives. It plays a part in their choices concerning their education, career direction, work behavior, achievement level, interpersonal and marital relationships, family and community life, and the ways in which they spend leisure time. The person who operates out of a fear of rejection all too often ends up pushing away the very friends, family, and helpers who care the most. The pulling away of these caring ones appears to be rejection, and the vicious cycle goes on with negative results.

The causes of fear of rejection can range from such things as having a physical condition that the person believes makes them unattractive to others, being rejected as a child, or having been abandoned

or unloved. The person may have had a traumatic experience of rejection that deeply scarred them, they may have never been exposed to healthy ways of dealing with conflict or disagreement, or they may lack a healthy self-concept, sense of self-worth or positive self-esteem.

But regardless of the cause, it can create real problems in the “here and now”. Fear of rejection can lead to codependent, clingy, obsessive, jealous, or angry behavior in relationships. It can make you drive others away from you. It can cause you to reject others to avoid being rejected yourself. Overall, a fear of rejection can result in a very damaging pattern of emotions and behaviours that can cause real hurt to relationships and your enjoyment of life in general.

Coping with Rejection 1. Stop the “bleeding” One of the most common reactions people have to a rejection is to become self-critical. We list all our faults, lament all our shortcomings, and chastise ourselves endlessly. Romantic rejections cause some of us to employ an inner dialogue so harsh that it verges on abusive. We then convince ourselves we somehow deserve it.

Yet by kicking our self-esteem when it’s already down, we are only making our psychological injury worse, deepening our emotional wounds, and significantly delaying our recovery.

2. Revive your self-worth The best way to restore confidence, motivation, and especially self-esteem after a bruising rejection is to use a self-affirmation exercise. Self-affirmations remind us of our actual skills and abilities and by doing so, affirm our value in the domain in which we experienced the rejection.

The exercise has two steps. First, make a list of qualities you have that you know have value, and second, write a brief essay about one of them. By writing a couple of paragraphs about one of our strengths, we remind ourselves of what we have to offer and revive our self-esteem.

3. Connect to those who appreciate and love you Getting rejected also destabilizes our ‘need to belong,’ which is why we often feel so unsettled and restless after a romantic or social rejection. Our need to ‘belong’ dates back to our days of living in small nomadic tribes, when being away from our tribe was always dangerous and sitting among them was a source of comfort.

One way to settle ourselves after a rejection is to reach out to our core group - whether they are friends, colleagues, or family members - to get emotional support from them and remind ourselves we’re valued, loved, and wanted.

Guyana Inc. - Issue 20 | Page 39

November 25

International Day for

The Elimination of

Violence Agaisnt Women 2015

T

his year, with a slew of new activities planned, November 25 will again be the day the world and its leaders unite to observe the International Day for the Elimination of Violence against Women.

In fact, since 1981 activists around the world have made this day one to combat and raise awareness of violence against women. Last year, social media users, many Guyanese included, took social media websites like Facebook by storm, proudly displaying orange profile pictures.

The United Nation’s SecretaryGeneral’s UNiTE to End Violence against Women campaign had called all to “orange” their neighbourhood.

The colour, they said, symbolized a brighter future without violence.

This was even as numbers showed that 1 in 3 women have experienced physical or sexual violence, mostly by an intimate partner; about 120 million girls have been forced into intercourse or other sexual acts at some point in their lives; and 133 million women and girls have undergone female genital mutilation.

Ending violence against women has been made a key priority. Violence is

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one of the main mechanisms denying women equality, and it imposes high social, health and economic costs.

It has been emphasised time and time again that violence against women is a human rights violation and it is a consequence of discrimination against women, in law and also in practice, and of persisting inequalities between men and women. It impacts on, and impedes progress in many areas, including poverty eradication, combating HIV/AIDS, and peace and security.

The costs and consequence of violence against women last for generations. Guyana has a strong and robust legislative and policy framework for the protection of women yet the number of women who suffer at the hands of abusers continue to rise.

Sadly, at least 22 women have been killed brutally this year; some have been shot, others hacked, beheaded, burnt, strangled and even raped before their lives were snuffed from them.

The Guyana Constitution along with several international treaties, including the Convention on the Elimination of all forms of

Discrimination Against Women (CEDAW) and other pieces of legislation such as the Domestic Violence Act (1996) and the Sexual Offences Act (2010) enshrines the rights of women.

Guyanese leaders have highlighted that the elimination of gender-based violence is an important issue that transcends all barriers including race, politics, culture or geographic location. It is seen as one of the greatest obstacles which can have a significant effect on the advancement of women.

Violence, in whatever form it takes, is repugnant to human life and freedom, and there is nothing remotely excusable about violence against women.

The leaders have also advocated for men to indicate that they are supportive of women. It is believed that change begins with men of honour speaking out, to let perpetrators know that violent attitudes and negative behaviour against women are unacceptable in any circumstance.

They have stressed the importance of women having a right to grow up in an environment that is free from violence,

neglect, and exploitation.

The Exotic But Eerie Dyeing Dart Frog

T

he vibrant colours of the Dendrobates tinctorius, more commonly known as the dyeing dart frog, easily makes it one of the most exotic yet peculiar creatures among the species of the poison dart frogs.

This amphibian is native to Guyanaâ&#x20AC;&#x2122;s rich, pristine forests. This frog enjoys the ground and is inclined to remain there. However, it can be found on vines that hang close to the ground and near water.

Some dyeing dart frogs reach 3.5 cm long but most morphs are around 5 cm in length or slightly bigger, while some of the larger morphs may exceed 7 cm, although large ones are usually closer to 5.5 cm long. As of recent, however, breeders have had much success raising larger ones.

Dyeing dart frogs are usually black, with an asymmetrical pattern of yellow or white stripes running along the back, flanks, chest, head, and belly. However, it is not unusual for the body to be primarily blue-yellow, or mostly white. The legs can range from pale blue, sky blue or blue-gray to royal blue, cobalt blue, navy blue, or royal purple and are usually sprinkled with little black dots.

Males are characteristically smaller and more slender than females, but they have larger toe discs.

Interestingly, the toe discs of female dyeing poison dart frogs are circular but their counterpartsâ&#x20AC;&#x2122; are heartshaped. Also, the females have arched backs while males have curved ones. The Dyeing Dart Frogs usually consume ants, spiders, termites and other insects.

Interestingly, this frog can prove to be highly toxic if consumed, for it produces pumiliotoxins which is used for self-defense. While pumiliotoxins are said to be weaker than their derivative allopumiliotoxins and the batrachotoxins secreted by Phyllobates species, they

are sufficiently toxic to discourage most animals from feeding on them.

Severe digestive problems occur when animals fail to take heed of its bright colours which is intended to represent danger. It is said that in the case of the dyeing dart frog, the toxins can cause intense pain, cramping and even stiffness if the animal is not handled correctly.

It is understandable that they have very few enemies.

The colour scheme of the frogs are also said to give an indication of the varying degrees of toxicity.

The brighter and more the colour mix, the more deadly it should be viewed.

Some rate these frogs as the most poisonous animal alive. In Guyana and others parts of South America, the poison produced by the dyeing dart frog plays an instrumental part in hunting for indigenous tribes. Hunters from indigenous tribes regularly hunt birds, monkeys and other small animals using poison darts. The poison often comes from the dyeing dart frog.

In some cases, its toxins are incorporated in a decorative process where feathers are removed from birds and dipped into the poison. The high toxins cause the feathers to transform into a beautiful yellow colour if it was once red or green. These modified feathers are highly revered in those tribes and they are used as part of certain ceremonial processes.

Dyeing Dart Frogs are sought after and exporting is usually an easy process. For further particulars or details on how this poisonous frog can be exported, contact Animal Farm Guyana Lot 5 New Haven, Bel Air, Georgetown, Guyana, South America on Telephone: 592-227-5585 or 592-223-9888, US Direct Number: 1-954-246-4841, Fax: 592-227-0373 or via email on email: vlall@animalfarmguyana.com.

Guyana Inc. - Issue 20 | Page 41

G

uyana has broken into a new realm of racing with the introduction of its first Formula 4 (F4) Driver, Calvin Stanley Ming, at the Inaugural NACAM (Norteamérica, Centroamérica, Caribe y Norte de Sudamérica) Championships in Mexico.

At the big weekend (October 30 to November 1), the launch of the F4 class took place on the grandest stage of them all: the Mexican Formula 1 Grand Prix set for Mexico City’s revamped Autodromo Hermanos Rodriguez.

Leading up to that weekend, Ming told the media that he was relaxed.

He was adamant about his usual game plan: “apply the concepts and techniques that I would have learnt over the last year in the (United) States at Team Pelfrey.”

It was on Saturday October 31 2015 that Ming broke the barrier as the first driver of Guyanese parentage to enter the F4 arena and one of the first Caribbean men to make a stake in that level. Ming is the son of eminent Guyanese entrepreneur and veteran Guyanese racer Stanley Ming.

The young Ming qualified a decent 7th on the grid. He had faced some late issues on qualifying day but that did not dampen his spirit. Rather, it worked as the motivation which fired him to do better come race day.

Making a bit of a ‘bobble’ (as he describes it) at the start of the race cost him a quick two spots after just the first lap but the Guyanese was intent on flying the Golden Arrowhead high.

Reverting to his game plan and putting his shoulder to the wheel, the young Ming moved up to fourth spot, much like his racing number,

Guyana Inc. - Issue 20 | Page 42

before the safety car was called onto the track in the dying minutes after another competitor spun.

He used his reflexes to dart to third quickly on the restart of the race but was overtaken on the last lap of the race, owing to the fact that he did not block because his team radio had incurred problems and could not hear that it was the last lap.

Nonetheless, the Guyanese racer took the optimistic approach, saying, “The race was pretty intense and I was able to learn a lot more being the first time I’m in a winged openseated car race. I will definitely keep up the momentum and keep pushing for more. Hopefully next race I’ll be on the podium.”

In July this year, the junior Ming did some testing in a F4 car belonging to Team Pelfrey, a top team in the United States. After an evaluation, he was invited to drive for the team. Calvin Ming was exposed to some valuable lessons in F1600 series - another open wheel, single-seater, open cockpit setup, similar to the F4 series that he would be participating in.

The F1600 class featured the same basic design and driving style of the F4 cars. As such, he quickly picked up a podium finish during the second of the three race days, copping valuable points that aided his team to constructors’ glory.

He called that fixture, “A really good race from the go”, adding that “as soon as they dropped the flag, I tried to stay up with the lead pack. That was my whole objective for the race.”

It proved a valid strategy as he ended second.

Calvin Stanley Ming (left) on the podium.

All the while, testing continued at the Gingerman Raceway in Michigan, Putnam Park Road Course in Indianapolis, Indiana and the New Jersey Motorsports Park where he completed over 500 laps and covered a distance of approximately 800 miles. The 6 days of intense testing in the US was done in preparation for his ‘rumble with the big boys.’

During his training, Calvin Ming was under the watchful eyes of his personal coach, team directors, mechanics, and engineers.

The next stop on the Ming train is right here in Guyana, where he will thrill fans with a demonstration run of one of his two F4 cars during the final leg of the Seaboard Caribbean Motor Racing Championships (CMRC) on November 14-15.

Calvin Ming started racing in the shifter kart division in Guyana before attending the Florida International University where he pursued a Degree in Engineering. He also attended the Skip Barber Racing School Programme where he emerged as top student in a class of 21.