By: Sase Singh; MSc – Finance, ACCAGiven the structural character of the economy (a small and open one), it is expected that there will be a high reliance on imports for consumption and capital development. In such a situation, the proper administration of the stock of foreign currency in the system is of paramount importance to conduct trade. Therefore, there must be discipline in how the foreign currency market is managed.The Bank of Guyana has just released its December 2018 Statistical Bulletin and in Table 2.16 captioned the Bank of Guyana Foreign Exchange Intervention one can find an alarming situation. For the readers, Bank of Guyana intervention in this case translates to their buying and selling currency from the commercial banks/cambios and other major F/X traders, such as the Guyana Sugar Corporation (GuySuCo).Those of you who are more familiar with arithmetic, unlike the geniuses in the legal fraternity who thinks 33 is not greater than 32, will understand from that table that the Bank of Guyana sold US$8.1 million in F/X to the market in 2018. But at the same time, the very same Bank of Guyana bought from the very same system a sum of US$187.8 million in F/X. For emphasis, please read this carefully – the Central Bank of Guyana drained from the public financial system a sum of US$179.7 million in F/X in 2018.The primary consequence from such an act is dire foreign currency shortage in 2019 and if this is not fixed now, beyond. This shortage will be compounded by the fact that the foreign currency earnings of GuySuCo, one of the largest contributors to the Central Bank F/X supplies, saw its inflows from abroad chopped by 67 per cent since 2017 because four sugars estates were closed. In the final analysis, there will be a shortage of foreign currency in 2019, which will cause the price to increase. This is harmful to the Private Sector and the ordinary citizens and will contribute actively to an increase in the cost of living across the land. Therefore, there is a need for urgent short-term measures to combat this economic illness.On February 4, 2018, several businesspersons informed me that unless they were willing to pay GY$218 for the US dollar, they could not secure the required foreign currency by way of a wire transfer to pay for their imports. But what is strange is that if you actual need cash from the non-bank cambios, you must stump up around GY$224 to purchase US$1. This is a far cry from the situation in 2016.Guyana is now gliding into a recession mainly because much policy paralysis in the Finance Ministry and poor political leadership out of the Ministry of the Presidency. Public uproar may be too much to hope for, but surely if Guyana’s economic engine is downshifting, you’d expect the political class to wake up and understand the plight of the ordinary people. But nothing of the sort has happened as the political class focuses on elections and JOHN PUBLIC continues to bite the increases in the cost of living because of this currency crisis among other factors.And the political crisis is not helping. This nation is swiftly moving into a zone of unregulated autocracy, which will manifest after March 20, 2019. To hold on to office in such a situation is to enter into “no-man-land”. The Executive could not have asked for better guidance than that which was given to them by the Legislature and the Judiciary in their interpretations of the Constitution. Non-alignment with the spirit and intent of the Constitution by the Executive will have economic consequences since in any country the economy is intertwined with the political landscape. Common sense must return to the President and his advisors.This economic damage will only hurt the ordinary people and can be the catalyst for increased levels of poverty in the immediate future. Everything in the market will cost more within a month. Things will be selling at higher prices in March 2019 that the consumers never experienced at all 2018. We must remember two of the main inputs into our food chain are imported fertiliser and imported fuel, both of which will be adversely impacted upon by this depreciation in the F/X rates.I am therefore encouraging the authorities to cease and desist from this reckless economic and political strategy. The foremost consequence is a rapid shortage of foreign currency in the market, which will drive the re-awakening of a parallel foreign exchange market. That is nothing else but economic retardation. Guyana can do better than this! read more
With return authorization solutions deployed in 27,000 stores across the country, The Retail Equation is uniquely positioned to paint an accurate picture of the state of post-holiday returns in the United States. Every year, the company reviews vast amounts of return statistics gathered during the seven days after Christmas to reveal compelling facts about consumer return behavior.2014’s Top Five Holiday Return FactsThe peak time of returns nationwide occurred at2:15 p.m. (Eastern Time)/11:15 a.m. (Pacific Time) on Dec. 26.- Sponsor – 2.The highest rate of returns nationwide occurred on Dec. 26, where returns were almost 2.5 times the normal rate seen during the holiday season. Dec. 27 was also double the holiday rate.The Midwestern states had the highest rate at returns, when comparing total dollars purchased to total dollars returned and exchanged.Ohio and Illinois had the highest rates of returns with 22.7 percent, while Iowa had the second highest at 22.4 percent.The state with the least rate of returns was Hawaii with 12.7 percent.“The Retail Equation’s predictive analytics and optimization solutions are designed to create a positive shopping experience as well as optimize retailers’ revenue during the holiday season by improving the consumer return process,” said David Speights, chief data scientist at The Retail Equation. “Furthermore, it has been proven that companies taking action to prevent return fraud and abuse can significantly reduce shrink.”As the hustle and bustle of the holidays begins to wind down, retail executives turn their attention to final shrink numbers. The Retail Equation has conducted studies to substantiate the fact that return rate and return fraud are closely tied to shrink. These studies indicate that if a retailer takes actions to prevent return fraud and abuse, shrink can be reduced by a significant amount. This suggests that paying close attention to returns is a powerful weapon to combat shrink. As companies look to improve their loss prevention metrics in the coming months, they should consider implementing strategies to reduce return rate and fraud and, ultimately, shrink. Stay UpdatedGet critical information for loss prevention professionals, security and retail management delivered right to your inbox. Sign up now read more
Senate panel advances DOE, Interior nominees Obama science adviser: Trump immigration ban ‘an abomination’ Another alarm for scientists: Trump’s pick to guide NOAA transition People around the world are helping the United States save its climate data Scientists ‘partly to blame’ for skepticism of evidence in policymaking, says AAAS CEO Day 12 of the new U.S. administration is shaping up to be no less exciting than days one through 11. The White House this afternoon sent out a “stay tuned” memo to announce U.S. President Donald Trump’s pick for the Supreme Court this evening. Meanwhile, officials at the departments of justice, state, and homeland security are scrambling to make sense of the fallout from Trump’s sweeping executive order on immigration. How are scientists faring in the meantime? Read on! Democrats boycott confirmation votes for Trump nomineesRepublicans on the Senate Finance Committee always knew things could get messy during confirmation hearings for Trump’s pick to lead the Department of Health and Human Services, Representative Tom Price (R–GA). But now Democrats have thrown them for a loop: Citing a report in The Wall Street Journal that Price got preferential treatment in an Australian health care stock offering—and failed to disclose it—all 12 Democratic members of the panel walked out in protest. They also boycotted a vote on Trump’s pick for treasury secretary, Steven Mnuchin. At least one Democrat has to be present for the panel to be able to vote. The HillDeVos investments in a therapy under scrutinyDepartment of Education nominee Betsy DeVos, who cleared her own committee vote early today, has come under fire for one of her ventures: a franchise of brain performance centers that claim to offer an effective treatment for everything from attention deficit hyperactivity disorder to autism. But many scientists say the ideas are theoretically appealing, but “oversold.” DeVos has also come under criticism for her support of groups that champion intelligent design. The New York TimesIn case you missed it: Shabnam Akhtari is a mathematician at the University of Oregon in Eugene. She was born in Iran, became a Canadian citizen in 2008, and holds a green card. The order has put a trip to Toronto, Canada, in doubt, she writes, and she worries that difficulty traveling for work could “make me invisible” in her field. Zahra, an Iranian scientist, had won a visa to move to a laboratory at a large university in Texas. But U.S. officials have canceled meetings for completing the expensive process, “without even an apology or warning or refund. It is so unprofessional from a country like U.S.A.” Fatemeh’s plans to enroll in a doctoral program at a U.S. university are on hold. “I have been looking forward to this moment for years … but with the swipe of a pen, that dream has shattered.” The front pageMexican scientists feel the Trump effectThe proposed border wall might not yet be planned or paid for (you can see how much it could cost, according to MIT Technology Review), but Mexican scientists already are feeling the effects of a virtual wall: The fall of the peso is gutting the buying power of research grants, and chilly relations could change the fate of cross-border collaborations. “Geography made us cousins,” says climate scientist Carlos Gay of the National Autonomous University of Mexico in Mexico City. “This is like breaking up a family.” ScienceSign up for our daily newsletterGet more great content like this delivered right to you!Country *AfghanistanAland IslandsAlbaniaAlgeriaAndorraAngolaAnguillaAntarcticaAntigua and BarbudaArgentinaArmeniaArubaAustraliaAustriaAzerbaijanBahamasBahrainBangladeshBarbadosBelarusBelgiumBelizeBeninBermudaBhutanBolivia, Plurinational State ofBonaire, Sint Eustatius and SabaBosnia and HerzegovinaBotswanaBouvet IslandBrazilBritish Indian Ocean TerritoryBrunei DarussalamBulgariaBurkina FasoBurundiCambodiaCameroonCanadaCape VerdeCayman IslandsCentral African RepublicChadChileChinaChristmas IslandCocos (Keeling) IslandsColombiaComorosCongoCongo, The Democratic Republic of theCook IslandsCosta RicaCote D’IvoireCroatiaCubaCuraçaoCyprusCzech RepublicDenmarkDjiboutiDominicaDominican RepublicEcuadorEgyptEl SalvadorEquatorial GuineaEritreaEstoniaEthiopiaFalkland Islands (Malvinas)Faroe IslandsFijiFinlandFranceFrench GuianaFrench PolynesiaFrench Southern TerritoriesGabonGambiaGeorgiaGermanyGhanaGibraltarGreeceGreenlandGrenadaGuadeloupeGuatemalaGuernseyGuineaGuinea-BissauGuyanaHaitiHeard Island and Mcdonald IslandsHoly See (Vatican City State)HondurasHong KongHungaryIcelandIndiaIndonesiaIran, Islamic Republic ofIraqIrelandIsle of ManIsraelItalyJamaicaJapanJerseyJordanKazakhstanKenyaKiribatiKorea, Democratic People’s Republic ofKorea, Republic ofKuwaitKyrgyzstanLao People’s Democratic RepublicLatviaLebanonLesothoLiberiaLibyan Arab JamahiriyaLiechtensteinLithuaniaLuxembourgMacaoMacedonia, The Former Yugoslav Republic ofMadagascarMalawiMalaysiaMaldivesMaliMaltaMartiniqueMauritaniaMauritiusMayotteMexicoMoldova, Republic ofMonacoMongoliaMontenegroMontserratMoroccoMozambiqueMyanmarNamibiaNauruNepalNetherlandsNew CaledoniaNew ZealandNicaraguaNigerNigeriaNiueNorfolk IslandNorwayOmanPakistanPalestinianPanamaPapua New GuineaParaguayPeruPhilippinesPitcairnPolandPortugalQatarReunionRomaniaRussian FederationRWANDASaint Barthélemy Saint Helena, Ascension and Tristan da CunhaSaint Kitts and NevisSaint LuciaSaint Martin (French part)Saint Pierre and MiquelonSaint Vincent and the GrenadinesSamoaSan MarinoSao Tome and PrincipeSaudi ArabiaSenegalSerbiaSeychellesSierra LeoneSingaporeSint Maarten (Dutch part)SlovakiaSloveniaSolomon IslandsSomaliaSouth AfricaSouth Georgia and the South Sandwich IslandsSouth SudanSpainSri LankaSudanSurinameSvalbard and Jan MayenSwazilandSwedenSwitzerlandSyrian Arab RepublicTaiwanTajikistanTanzania, United Republic ofThailandTimor-LesteTogoTokelauTongaTrinidad and TobagoTunisiaTurkeyTurkmenistanTurks and Caicos IslandsTuvaluUgandaUkraineUnited Arab EmiratesUnited KingdomUnited StatesUruguayUzbekistanVanuatuVenezuela, Bolivarian Republic ofVietnamVirgin Islands, BritishWallis and FutunaWestern SaharaYemenZambiaZimbabweI also wish to receive emails from AAAS/Science and Science advertisers, including information on products, services and special offers which may include but are not limited to news, careers information & upcoming events.Required fields are included by an asterisk(*)Scientists from countries affected by refugee order speak outOver the past few days, academics affected by the Trump administration’s refugee order have been emailing the Science newsroom with their stories. Here are a few (some asked not be fully identified): What are we missing?Send us your stories and tips—confidential and otherwise—about how the new administration is affecting your work and community: email@example.com read more
Separate sources close to the negotiations told the Las Vegas Review Journal that the deal will see Drake play 12 shows over a two-year period.The report comes after Drake hinted at a residency deal last Thursday as he performed at XS during the Consumers Electronics Show.“Vegas! When I came back, I thought it’d be back at T-Mobile Arena or some (stuff). But I’ll be back here at XS all year. You’ll have a lotta chances to see me,” he told the cheering crowd.He also shared a shot of himself performing at the venue on his Instagram page, captioning it: “New home”.According to the Review Journal, Drake earned $2 million for the 30-minute performance at the XS, which he concluded by asking the concertgoers to raise a drink before telling them: “I want to look you each in the eye, I wish you all the happiness and health in the world in 2019.”If the residency rumours are true, Drake would be the latest big name to sign a Vegas residency, following in the footsteps of stars including Celine Dion, Jennifer Lopez, Elton John and Britney Spears. Advertisement Drake has reportedly signed a $10 million deal for a residency at Las Vegas’ Xs Nightclub.According to The Blast, the God’s Plan rapper has inked a multi-year agreement for a minimum 10 show commitment at the nightspot, which is located inside the Wynn Las Vegas casino and hotel.A source told the website that the Canadian star was “highly sought after by many clubs in Las Vegas”, but, after discussions with many different clubs, “chose XS due to its high exposure and ability to consistently bring in the biggest crowds”. Login/Register With: Facebook Advertisement Advertisement LEAVE A REPLY Cancel replyLog in to leave a comment Drake Twitter read more
APTN National NewsA Manitoba teenager alleges a foster parent sexually abused him for over a year while in the care of Child and Family Services.Police said charges couldn’t be laid.The 15-year-old boy sat down with APTN’s Shaneen Robinson to tell his story.