GB make promotion play-off

first_imgBritain finished top of Pool C to earn a play-off against Pool B winners Croatia on Saturday after wins for Johanna Konta and Heather Watson secured victory over Turkey.Konta had to fight back from a set down to beat Cagla Buyukakcay 5-7 6-4 6-3 while Watson thrashed Ipek Soylu 6-0 6-1, while in the dead rubber, Laura Robson and Jocelyn Rae beat Ayla Aksu and Pemra Ozgen 6-2 6-2 in the doubles to complete a comfortable 3-0 triumph.If Britain beat Croatia, they will progress to another play-off in April to move out of Euro/Africa Zone Group I, the competition’s third tier, and into World Group II.Konta’s task will be to overcome Croatia’s talented 19-year-old Ana Konjuh, ranked 37th in the world and widely considered to be one of the game’s rising stars.Watson will be up against another youngster in 20-year-old Donna Vekic. Vekic’s progress has slowed slightly since she burst onto the scene as a teenager but she will push Watson who, at 72, is ranked only 12 places higher in the world.last_img read more

Kompany misses testimonial but gets statute as consolation

first_imgFormer Manchester City skipper Vincent Kompany was ruled out of his own testimonial with a hamstring injury on Wednesday but received some consolation after the club said it would commission a statue in his honour.The match will kick off at City’s Etihad Stadium later on Wednesday and the irony of being unable to play was not lost on the 33-year-old Belgium international, who spent a large chunk of his time in England in the treatment room.Kompany, who was at City for 11 years, left before the start of the current season to join Anderlecht as player-coach.“Unfortunately I won’t be starting tonight or playing. It’s typical of me, right?” he told reporters before the game. “I’m usually just there for the end of the season. I’ve got a slight hamstring injury. I couldn’t risk it tonight.“There are still plenty of awesome players to be watching and it’s about the celebration and to say goodbye – I don’t need to be on the pitch as such.”Kompany was set to play for a City legends team against a team of Premier League legends, with proceeds from the match going towards a charity he set up to help combat homelessness in Manchester.There was some consolation, however, with City announcing they would name a road at their academy after Kompany and unveil a statue at The Etihad of their most successful captain.Kompany made 360 appearances for City, helping the club emerge as one of the dominant forces in English football and genuine title rivals to neighbours Manchester United.He was part of the team that won the FA Cup in 2011, ending the club’s 35-year trophy drought, and led City to four Premier League titles, four League Cups and two Community Shields.“It is an incredible honour to be recognised by this special club in this way,” Kompany said.“The journey that we went on together throughout my 11 years in Manchester changed my life and I am delighted to have played my small part in altering the course of this club’s history during that time.”last_img read more

Online mapping tool tracks land-use changes down to the farm

first_imgConservation Solutions, Deforestation, Deforestation Alert System, Forests, Governance, Mapping, Monitoring, Rainforests, Remote Sensing, Satellite Imagery, Saving Rainforests, Sensors, Technology, Tropical Forests, Wildtech The online mapping platform MapHubs stores maps and spatial data and makes them available to user groups for viewing, analyzing, and sharing with stakeholders.Users purchase a portal on the platform that allows the group to combine various public and private data sets in one secure place, produce maps, customize how the portal presents information, and receive support when needed.Groups have used the platform to identify deforestation from oil palm and cacao plantations and generate products such as time-lapse videos to show how regional deforestation can shift and expand. Online mapping platform MapHubs has recently launched a new service, MapHubs Forest, which combines automated forest change visualization and alerts with tools for making maps online, analyzing spatial data, producing reports and storing information in a secure online portal.The “hubs” of MapHubs are mini websites, or portals, that a company or other user group purchases for a project or specific topic, such as monitoring a national park in Côte d’Ivoire or land-use change around a set of oil palm concessions in Liberia. The group can use its portal, basically a customizable online space on the MapHubs platform, to upload, store and access information; create projects; assemble data; and produce data reports and maps.West African forest in Ghana’s Kakum National Park. Image by George PowellThe new forest reporting service allows the group to access forest change data and automated weekly GLAD alerts of tree cover loss, generated by the University of Maryland, directly from its portal and in combination with other spatial data sets. Companies or property owners can monitor tree cover at a scale of an individual farm, plantation, or project, and produce interactive maps of forest status.This capacity would also help watchdogs, commodity traders, and investors verify that a company’s local suppliers are meeting international obligations, MapHubs founder and CEO Leo Bottrill told Mongabay-Wildtech.“If companies are going to make good on their zero deforestation commitments,” Bottrill said, “they’re going to have to map and monitor at the farm level. If they don’t get to grips with their supply chains, they’re going to find themselves blocked from the European Union marketplace” due to the potentially high carbon emissions associated with oil palm and other industrial agricultural production.Assessing land-use change around oil palm and cocoa productionAs an example, MapHubs recently partnered with Feronia, a palm oil producer in the Democratic Republic of Congo (DRC), to monitor its concessions and provide maps as evidence of compliance toward its commitment to zero deforestation.The company’s portal offers stakeholders access to the company’s land-use data, nearby logging concessions, REDD+ projects, protected areas, and other plantations, social investments such as health clinics and schools, and infrastructure, including roads.A screenshot of an interactive map on Feronia’s MapHubs portal shows the company’s Lokutu concession in Democratic Republic of Congo with GLAD 30-meter forest loss alerts and vector polygon data, including the concession boundary, overlaid on a Sentinel satellite base image. Image courtesy of MapHubs / Feronia.Through its portal, Feronia and its stakeholders receive regular reports on deforestation within its three concessions. It first used freely available Sentinel-2 satellite images to establish a baseline map of forest inside each concession.The recently added GLAD deforestation alerts indicate where, when, and how much forest is lost within the forested areas of each concession. MapHubs verifies Feronia’s alerts with the most recent Sentinel imagery. It sends Feronia a forest report each month so the company can identify the areas being cleared and respond appropriately. Feronia creates maps and makes them publicly available.“MapHubs helps us identify degradation hotspots around Feronia’s concessions and make maps to communicate landscape concerns to our investors,” Hugues Ekani, Feronia’s director of social and environmental responsibility, said in a statement.The U.S. nonprofit Mighty Earth and MapHubs team have also assembled multiple map layers — including tree cover, tree cover loss, protected areas, roads, and settlements — from a variety of sources to assess the scale of deforestation in Côte d’Ivoire due to cocoa production.The project quantified annual forest loss between 2001 and 2014 using a tree cover baseline map and areas designated as tree cover loss, both produced by the University of Maryland’s Global Land Analysis and Discovery (GLAD) lab. The MapHubs team aims to provide support when needed; in this case, it helped to recreate and check government maps of deforestation going back to 1990.It then overlaid the tree cover map with a map layer of national protected areas and verified forest loss within Peko and Scio National Parks using high-resolution nano satellite imagery donated by satellite-imaging firm Planet. They traced features from DigitalGlobe’s premium high-resolution base map now available on OpenStreetMap to map roads and settlements inside the park, which confirmed that encroaching cocoa growers were driving deforestation.Map from Mighty Earth’s MapHubs portal of tree cover loss within the Scio National Park and surrounding natural areas, including chimpanzee habitat, in Côte d’Ivoire. Image by Mighty Earth.Mighty Earth stored and managed the more than 50 map layers and 25 interactive maps for this project on the MapHubs platform, which lets users such as Mighty Earth find its information by keyword and group it by project, campaign, location, or other category.“The first most useful thing [in using MapHubs] was helping pinpoint where I should go for my undercover investigation,” Etelle Higonnet, senior adviser at Mighty Earth, told Mongabay-Wildtech. “The second was being able to show the government authorities in time lapse videos how deforestation shifted and expanded, year by year. It was a game changer in our advocacy. Then I juxtaposed the deforestation maps with maps of rainfall loss to show how the two were connected, and it had an electrifying effect.”Even the combination of image products the MapHubs platform makes available could not rapidly differentiate between plantations of cacao versus those for rubber or coffee, Higonnet said. This limited her team’s ability to quickly determine which tree crop commodity was responsible for specific deforestation.Nevertheless, after several awareness-building campaigns, most of the cocoa industry has now pledged to largely end deforestation from cocoa production. Part of that pledge included a promise to set up a “joint monitoring mechanism” for Ghana and Côte d’Ivoire, which would include deforestation alerts in real time for the whole industry. If this collaborative monitoring really happens, Higonnet said, then the MapHubs platform could enable a rapid response to deforestation for cocoa.Customizing online mapping MapHubs Forest is meant to allow users new to geographic information systems technology, or GIS, to access various public data sets, upload their own spatial data in several formats, and combine them in one secure online location.An image of the interactive map of POSCO Daewoo’s Bio Inti Agrindo oil palm concession in Indonesia, showing the various blocks within the concession boundary, remaining forest, and the areas land cleared in different years, overlaid on a Sentinel-2 satellite image. Image courtesy of MapHubs.A group can combine several data sets to generate a forest report, which presents remaining tree cover, annual tree cover loss between 2001 and 2016, and GLAD alerts of loss. Users can verify loss by uploading high-resolution imagery, if they have access to it, or by overlaying loss with Sentinel radar imagery.“Before MapHubs existed,” Bottrill said, “you would need to combine a GIS type of software system, you’d need to visit Global Forest Watch to view the alerts, you’d have to go to an imagery provider to find the images you need, you’d typically need a pretty highly trained GIS specialist, and possibly also a developer, someone who knows how to handle some aspects of coding, to pull this all together.”MapHubs Forest offers the features at three levels of service, with higher levels aimed at for-profit companies in natural resources industries that want to verify their supply chains and identify risks on the ground.All customers can access and manage up-to-date forest change information from optical satellite imagery — the same data available on Global Forest Watch — upload their own content, and make maps. They can encrypt project information and offer specific people access to it.MapHubs provides mid-level customers access to the most recent freely available radar imagery from the European Union’s Sentinel-1 satellite and/or the integration of the user’s high-resolution imagery, and sends automated monthly project-specific forest reports for one or multiple properties.The premium version of the platform offers companies or groups interested in monitoring multiple locations an automated monitoring and ranking of the areas of interest by deforestation totals. It also offers data from the Digital Globe high-resolution satellite imagery for a group’s area(s) of interest.Increasing transparency with cloud-based and on-the-ground monitoringMapHubs and other online mapping products may increase transparency of activity by private agricultural and resource extraction companies. “Our maps were pivotal in stopping the highest deforesting oil palm concession in Indonesia [POSCO Daewoo] from clearing any further forest and getting Boots — the largest drugstore company — to end their business relationship with the plantation owner,” Bottrill said.A MapHubs forest dashboard of one of POSCO Daewoo’s oil palm concessions in Indonesia showing a map and associated calculations of of tree cover loss, including clearing of intact forest landscapes (IFL). Image courtesy of MapHubs.As part of the group’s focus on farm-level monitoring, MapHubs is currently developing a smartphone app that will sync with MapHubs Forest, Bottrill said. “It is a mobile version of MapHubs that lets you create monitoring layers, download alerts, and imagery, etc.” The app will be free to download but users will need a MapHubs portal to use it. Users can also upload georeferenced photos or data collected using another mobile tool such as Forest Watcher or Open Data Kit into MapHubs.The mobile app and upload capacity offer users on the ground a method of assessing drivers of deforestation within a specific farm or plantation and incorporating social or other environmental information.“I think we will see more platforms offering plantation level analysis because credible zero deforestation commitments depend upon it,” Bottrill said. “Some companies have invested in sustainability dashboards, which show certification commitments and perhaps mill level results, but ultimately, they will need to go further for full plantation-level disclosure.” Article published by Sue Palmintericenter_img Popular in the CommunitySponsoredSponsoredOrangutan found tortured and decapitated prompts Indonesia probeEMGIES17 Jan, 2018We will never know the full extent of what this poor Orangutan went through before he died, the same must be done to this evil perpetrator(s) they don’t deserve the air that they breathe this has truly upset me and I wonder for the future for these wonderful creatures. So called ‘Mankind’ has a lot to answer for we are the only ones ruining this world I prefer animals to humans any day of the week.What makes community ecotourism succeed? In Madagascar, location, location, locationScissors1dOther countries should also learn and try to incorporateWhy you should care about the current wave of mass extinctions (commentary)Processor1 DecAfter all, there is no infinite anything in the whole galaxy!Infinite stupidity, right here on earth.The wildlife trade threatens people and animals alike (commentary)Anchor3dUnfortunately I feel The Chinese have no compassion for any living animal. They are a cruel country that as we knowneatbeverything that moves and do not humanily kill these poor animals and insects. They have no health and safety on their markets and they then contract these diseases. Maybe its karma maybe they should look at the way they live and stop using animals for all there so called remedies. DisgustingConservationists welcome China’s wildlife trade banThobolo27 JanChina has consistently been the worlds worst, “ Face of Evil “ in regards our planets flora and fauna survival. In some ways, this is nature trying to fight back. This ban is great, but the rest of the world just cannot allow it to be temporary, because history has demonstrated that once this coronavirus passes, they will in all likelihood, simply revert to been the planets worst Ecco Terrorists. Let’s simply not allow this to happen! How and why they have been able to degrade this planets iconic species, rape the planets rivers, oceans and forests, with apparent impunity, is just mind boggling! Please no more.Probing rural poachers in Africa: Why do they poach?Carrot3dOne day I feel like animals will be more scarce, and I agree with one of my friends, they said that poaching will take over the world, but I also hope notUpset about Amazon fires last year? Focus on deforestation this year (commentary)Bullhorn4dLies and more leisSponsoredSponsoredCoke is again the biggest culprit behind plastic waste in the PhilippinesGrapes7 NovOnce again the article blames companies for the actions of individuals. It is individuals that buy these products, it is individuals that dispose of them improperly. If we want to change it, we have to change, not just create bad guys to blame.Brazilian response to Bolsonaro policies and Amazon fires growsCar4 SepThank you for this excellent report. I feel overwhelmed by the ecocidal intent of the Bolsonaro government in the name of ‘developing’ their ‘God-given’ resources.U.S. allocates first of $30M in grants for forest conservation in SumatraPlanet4dcarrot hella thick ;)Melting Arctic sea ice may be altering winds, weather at equator: studyleftylarry30 JanThe Arctic sea ice seems to be recovering this winter as per the last 10-12 years, good news.Malaysia has the world’s highest deforestation rate, reveals Google forest mapBone27 Sep, 2018Who you’re trying to fool with selective data revelation?You can’t hide the truth if you show historical deforestation for all countries, especially in Europe from 1800s to this day. WorldBank has a good wholesome data on this.Mass tree planting along India’s Cauvery River has scientists worriedSurendra Nekkanti23 JanHi Mongabay. Good effort trying to be objective in this article. I would like to give a constructive feedback which could help in clearing things up.1. It is mentioned that planting trees in village common lands will have negative affects socially and ecologically. There is no need to even have to agree or disagree with it, because, you also mentioned the fact that Cauvery Calling aims to plant trees only in the private lands of the farmers. So, plantation in the common lands doesn’t come into the picture.2.I don’t see that the ecologists are totally against this project, but just they they have some concerns, mainly in terms of what species of trees will be planted. And because there was no direct communication between the ecologists and Isha Foundation, it was not possible for them to address the concerns. As you seem to have spoken with an Isha spokesperson, if you could connect the concerned parties, it would be great, because I see that the ecologists are genuinely interested in making sure things are done the right way.May we all come together and make things happen.Rare Amazon bush dogs caught on camera in BoliviaCarrot1 Feba very good iniciative to be fallowed by the ranchers all overSponsoredlast_img read more

Youth and unemployment

first_imgAs the world celebrated International Youth Day on August 12, the accolades and proverbial clichés attesting to the power, energy and dynamism of youths have been articulated by all and sundry. However, the grim reality facing the majority of the world’s youths is that there are not enough avenues available for them to manifest the potential of the accolades being ascribed to them.In Guyana, the Caribbean and around the world, millions of youths are stagnated and their future prospects of being visionary leaders and positive contributors to the world economy are crippled simply because there are not enough jobs to satiate the demand for employment, particularly youth employment.According to the World Economic Forum in a 2016 report, “73.3 million of the 200 million globally unemployed are young people (aged between 15 and 24). In two-thirds of European economies, youth unemployment remains above 20 per cent, and more than one in three unemployed young people have been looking for work for more than a year. Work, if it comes, is often below their expectations for a quality job. The Middle East and North Africa have had rates of youth unemployment close to 30 per cent for decades, and these remain the only regions where things have continued to worsen over recent years.”The Caribbean Development Bank (CDB) in 2015 reported that Guyana’s youth unemployment rate is among the highest in the Caribbean at a staggering 40 per cent. The report also stated that youth unemployment in the Caribbean is at a very high 25 per cent. Apart from being unemployed, most of the young people who do have work are still living in poverty. This is especially true in developing economies. The International Labour Organisation (ILO) estimates that, “together, the unemployed and the working poor account for two-fifths of the global youth labour force. One in three – an estimated 169 million young workers – live on less than [US] $2 per day. If you move to $4 a day, the figure becomes 286 million.”Scholars have argued that this leads to underemployment where the youths, faced with no other alternative, work in lower-skilled environments and will do it for less money for the rest of their lives. The ILO and other international bodies are aware of the militating problem of youth employment and have outlined the need for action to be taken in the 2030 Agenda for Sustainable Development of the United Nations.In Guyana however, there seems to be no coherent plan to address the staggering 40 per cent of youths that we have unemployed, in addition to those who are working but are underemployed. Our Government is clearly embracing the outdated neo-liberalist construct – which is responsible to the devastating economic recession of 2008 – and believes that capitalism, the Private Sector should be the drivers of economic growth and jobs. This was exemplified in the speech of President David Granger when he said the populace should not look to Government for job creation but rather the Private Sector. Even though he posthumously articulated in favour of providing jobs for youths, the damage was already done. His prior comments reflected clearly the position of his Administration with respect to youth employment, that is, assigning priority to policies for job creation was not their concern.However, economists are of the view that providing jobs in the quantity and quality that we need will require action from governments. According to the World Economic Forum, “we recommend that Government policies support employment and lift aggregate demand, including public employment programmes, wage and training subsidies, sectoral programmes, counter-cyclical fiscal policies and youth entrepreneurship interventions.”What our Government needs to do is partner with international organisations such as the development banks to implement targeted polices that would make a difference in the labour force equation. Instead of wasting tax payers monies on projects that will see very little return on investment, such as the half billion that was spent on the Durban Park Stadium, when we already have the Providence Stadium, the Government should invest in doing a feasibility study and consequent impact plan on the jobs that will be needed in the near future.This way the University of Guyana will know what areas to target and plan its curriculums to suit.In the United States, the Obama Administration realised, through studies, that in the near future much of the level entry and semi-skilled jobs will be replaced by robots. Consequently, they are pushing for all their children to learn coding in their schools so that they can be the future programmers; in so doing guaranteeing jobs for their youths.last_img read more

Threat of thunder halts play in men’s quarterfinals at French Open

first_imgLATEST STORIES Australia union calls for equal World Cup prize money NCRPO pledges to donate P3.5 million to victims of Taal eruption PLAY LIST 02:56NCRPO pledges to donate P3.5 million to victims of Taal eruption00:56Heavy rain brings some relief in Australia02:37Calm moments allow Taal folks some respite03:23Negosyo sa Tagaytay City, bagsak sa pag-aalboroto ng Bulkang Taal01:13Christian Standhardinger wins PBA Best Player award03:05Malakanyang bilib sa Phivolcs | Chona Yu Sports Related Videospowered by AdSparcRead Next Will you be the first P16 Billion Powerball jackpot winner from the Philippines? Olympic rings arrive in host city on barge into Tokyo Bay MOST READ Deandre Ayton shines as Suns pound Knicks Gretchen Barretto’s daughter Dominique graduates magna cum laude from California college 11 nabbed for shabu, drug den busted in Maguindanaocenter_img Rio’s unsafe Olympic Park ordered closed by Brazilian judge Over on Court Philippe Chatrier, defending champion Rafael Nadal was 6-1, 6-1, 4-2 ahead against Kei Nishikori.FEATURED STORIESSPORTSGolden State Warriors sign Lee to multiyear contract, bring back ChrissSPORTSCoronation night?SPORTSThirdy Ravena gets‍‍‍ offers from Asia, Australian ball clubs Solon urges Solgen to reconsider quo warranto petition vs ABS-CBN Spain’s Rafael Nadal plays a shot against Japan’s Kei Nishikori during their quarterfinal match of the French Open tennis tournament at the Roland Garros stadium in Paris, Tuesday, June 4, 2019. (AP Photo/Pavel Golovkin)Play was suspended at Roland Garros on Tuesday due to the threat of thunderstorms during the first two men’s quarterfinals.Roger Federer led a thrilling battle with Stan Wawrinka 7-6 (7/4), 4-6, 7-6 (7/5), 3-3 when the Swiss pair left Court Suzanne Lenglen.ADVERTISEMENT Don’t miss out on the latest news and information. NBI, BIR , PNP raid Illegal cigarette factory run by Chinese in Pampanga Taal evacuees make the most of ‘unusual’ clothing donations, leaves online users laughing View commentslast_img read more

Ghana’s cautionary oil tale

first_imgGhana shares many commonalities with us, not the least being our countries’ names are so similar few Guyanese identifying themselves abroad have not been asked, “Where? Ghana?” In Africa?” and forced to explain our existence on this promontory of South America. But our commonalities go way back – in fact before even men or even dinosaurs walked the Earth – to a time when Africa and South America were physically joined and them slowly drifted apart to form the Southern Atlantic Ocean.That common geological origin between modern Ghana and the Guianas was brought to mind when oil was struck off Ghana in 2007 – the Jubilee year of its independence from Britain. Tullow Oil, the developer, rushed to bring that oil to market and did so in 2011 when oil had jumped from US/Bl to US1/Bl. But they also took a gamble to test the old geological premises by drilling off French Guiana and immediately struck oil in 2011. While they did not have much success with subsequent wells, it appears to have persuaded ExxonMobil to renew drilling concessions they had obtained off Essequibo, as far back as 1999. Exxon, of course, hit pay-dirt last year, the year before our Jubilee, and we are now working out the modalities of oil production that Ghana did between 2007 and 2011.For reasons best known to themselves, the Government chose to be guided by the experience of landlocked Uganda, which discovered oil in its Lake Albert in 2006, but only gave out its first production licence in 2013 and does not expect to begin shipping oil by 2021. The major cause of this delay is Uganda’s need to create the infrastructure to transport the crude oil to ports, and their decision to build a refinery for a portion of their production. None of these factors are applicable to our situation where our oil is in deepwater like Ghana’s and ExxonMobil will be utilising a Floating Production Storage and Offloading (FPSO) vessel to extract, process and transport our oil directly to tankers, also like Ghana’s.Like Guyana, however, the Government of Ghana created huge expectations of oil delivering the “good life” in the near term. As with Natural Resources Minister Raphael Trotman, the Ghanaian authorities claimed to have learnt from the mistakes of other oil-producing nations and introduced all sorts of legislation to keep them on the straight and narrow. They would “save for future generations by building infrastructure”.Yet six years after oil started flowing, the public debt of Ghana has doubled, their currency is beleaguered and the International Monetary Fund (IMF) had to be called in to bail them out? Shouldn’t the Guyanese Government want to know why Ghana’s dream became a nightmare – without even having the opportunity to neglect other industries and develop the dreaded “Dutch Disease”. What happened is – like this People’s National Congress (PNC)-led Government shows all signs of repeating – the Government of Ghana was a victim of its own rhetoric and the imperatives of democratic elections. They had to deliver the promised “good life” to their supporters or face electoral defeat.In their case, they hit a double whammy – willing lenders plied them with loans and investors bought Eurobonds right after oil was discovered and then oil prices collapsed in 2014. From the loans – which ex-PNC MP Sherwood Lowe recently advised the PNC-led Government to also take here – spending rose massively with for instance, the salaries of their massive Ghanaian Public Service doubling. The plunging oil prices created huge budget deficits as debt repayments absorbed one-quarter of expenditures.To cap it all, Tullow was never able to reach the optimistic 200,000 barrels per day projected in 2008 and today the Jubilee Field delivers less than half of that. Technical problems with their FPSO Kwame Nkrumah, which our Government never seems to factor in, also contributed the lag in production.Against this background, the Ghanaian Government was voted out of office last month.last_img read more

What is for Guyana in the oil contract?

first_imgWhen in mid-2016 Natural Resources Minister Raphael Trotman indicated he was going to “renegotiate” the oil contract signed in 1999 with ExxonMobil, as became necessary with the expiration of the latter, this newspaper expressed great scepticism about the ability of the Minister to competently undertake that mission. Subsequent events have unfortunately proven us correct in our assessment.After the Government then remained mum on the details of the renegotiated contract, we asked in this space for specifics on behalf of the people of Guyana. In the editorial “Oil Share” of 12-18-16 – more than one year ago – we wrote:“The GoG has advised the people of Guyana it is looking to the experience of Uganda, which has a head start on Guyana in having oil discovered offshore and working out the modalities for production. In terms of the fiscal regime, Uganda combines a royalty with a share-of-profits package. This serves to ensure Uganda obtains funding regardless of the profitability of the operations since royalties – ranging from 5-12.5% — come off the gross. Guyana will not impose the payment of royalties on oil production.”Six months later Trotman announced his renegotiation had actually resulted in royalties of two per cent to be paid on gross revenues/production – which he boasted “doubled” this revenue stream from the one per cent negotiated in 1999. This newspaper expressed great shock and disappointment that while a one per cent royalty in 1999 might have been reasonable because of the high risk involved with no inkling oil was actually present under the more than one mile of the Atlantic Ocean to be drilled, when Trotman was “renegotiating” in 2016, one field was already confirmed with over one billion barrels of petroleum.We continued: “In skeletal form, the Guyana fiscal regime consists of a “Production Sharing Agreement” in which the [International Oil Company] IOC “shall be allowed to share the profit oil with Government so that Government shall have no less than 50 per cent on a “per field” basis. Being “ring fenced”, losses from one field cannot be transferred to other fields. But while this “50 per cent share” sounds generous, since the IOC “can enjoy a maximum or a ceiling of 75 per cent of recoverable costs per month”, Guyana will receive 50 per cent of very little after all those exploration and other costs are deducted – especially in a depressed oil market.Finally, in a remarkably generous gesture, unlike the Tanzanian 30 per cent income tax on the IOC’s profits, in Guyana, “the tax obligations of the contractor under the Income Tax, Corporation Tax, and Property Tax shall be satisfied through the Government’s share of profit oil”. In effect, Guyana will pay the IOC’s income taxes.On February 13, 2017, in our Editorial “Oil Fiscal Regime”, we noted: “We have not been told whether Additional Oil Entitlements (AOE) have been made part of the contract. This standard clause in the contracts of most oil-producing countries adds an element of progressivity to the fiscal regime in that the State collects additional revenues if the after-royalty, after-tax, inflation-adjusted Rate of Return (RoR) to the IOC’s exceed a stipulated level. The base ROI, for instance could be set at seven per cent, which is par for the industry, and would allow Guyana to share in windfall profits if the price of oil spikes for some reason.Similarly, were interest expense capped? If not, this would encourage thin capitalisation so that the IOC, in effect would be siphoning away funds in the guise of interest payments and again reducing declared profits.”The International Monetary Fund (IMF) has since issued a Technical Assistance Report, “A Reform Agenda for Petroleum Taxation and Revenue Management”, commissioned by the Ministry of Finance, which evidently echoes most of our concerns expressed earlier. The details of the contract were promised to be released by the end of this year. We hope that the IMF’s Report will also be released. It might be useful to know how valuable the horse that has bolted was.last_img read more

Why was the President missing from the oil & gas summit

first_imgDear Editor,I watched the news reports pertaining to the recently-held oil and gas summit at the Marriott Hotel last week and could not help but notice the absence of our Head of State, President David Granger. I read the ideas and concerns coming out of the discussions and searched to read what our President had to say about the event. I later learnt that President Granger never made the event.I thought this was strange that at our first-ever oil and gas summit dealing directly with this new wealthy, nation-changing industry, the leader of our country was nowhere to be seen. I am very surprised that the President did not attend the event. In fact, I would like to know why President Granger did not attend the summit. I would hate to think that the President allowed someone to give him such poor advice or even worse, he chose on his own not to go, at a time when Guyana is making baby steps toward this new and intriguing shift.Mr President, why did you, the face of Guyana’s leadership, not attend the oil and gas summit?Sincerely,Winston Marslast_img read more

EPL clubs spent £485m on transfers

first_imgDan Jones, partner in the sports business group at Deloitte, said Wednesday: “Premier League clubs have spent around £485million which is significantly up on last summer and at a similar level to that seen in the busy summers of 2007 to 2009.“This summer’s spending is largely focused amongst the top end Premier League clubs most strongly competing for domestic and European success and the consequent financial rewards.”Deloitte’s figures showed each of Arsenal, Chelsea, Liverpool, Manchester City and Manchester United have exceeded £50million of transfer spending in the window, which ended on Wednesday evening.In aggregate, these five clubs have committed to around 66 percent of Premier League clubs’ transfer fees in the summer 2011 transfer window.Premier League clubs concluded around £100million of transfer fees on deadline day, according to Deloitte.The equivalent deadline day figure in January 2011 was around £135million, and for summer 2010 it was around £35million.Jones said there had been a “resurgence” of transfer spending in other major European leagues, adding: “Despite domestic difficulties delaying the start of their seasons, transfer spending is considerably up amongst clubs in Serie A (Italy) and La Liga (Spain).“As in England, in order to meet UEFA’s break-even requirements, clubs will need an appropriate balance of revenue generation against these expenditures.”0Shares0000(Visited 1 times, 1 visits today) 0Shares0000LONDON, England, September 1 – Player transfer spending by Premier League clubs was around £485 million ($784 mln, 549 mln euros) in the just-shut transfer window, up £120million (33 percent) on the same period last year, according to analysis by business advisory firm Deloitte.A trypically frantic few hours before the window closed on Wednesday, saw several clubs complete last-ditch deals with Everton’s Mikel Arteta one of four players to join Arsenal, while Owen Hargreaves looked to revive his career with Manchester City and Craig Bellamy returned to Liverpool.last_img read more

Ronaldo: Portugal are up against it in Brazil

first_img0Shares0000DUBAI, December 29- Star Cristiano Ronaldo said pressure will be enormous for Portugal at the World Cup in Brazil as he called the country’s group “difficult”, while expectations in his home country are very high.Speaking at an interview panel moderated by former Italian referee Pierluigi Collina at the 8th Dubai International Sports Conference, the 28-year-old said Group G was one of the toughest, because all four teams were strong, “and Germany in particular”. Group G also includes Ghana and the United States.Ronaldo said: “The pressure will be high, because Portugal was several times close to winning in the last 10 years.”In 2004, Portugal lost to Greece in the final in the European championship. At the World Cup 2006 in Germany, Portugal was beaten in the semi finals. At the 2012 Euro, Portugal reached the semi finals but lost to eventual winner Spain.“We lost against Spain in the penalties. That was bitter as there is also some luck in any penalties,” Ronaldo recalled.The Real Madrid forward added that his personal goal next year would be, besides winning the World Cup, “to beat my own record of 2013 when I scored a total of 69 goals.“I always learn, I always work hard to improve. Of course, scoring goals is not everything, but without goals you are not going to win the match,” said Ronaldo.Asked by Collina about what he expected from a good referee, Ronaldo said “there are referees you can speak with, others are less open. I prefer a referee to whom I can also speak during the match.”While asked about who were his examples before he became a professional player, Ronaldo named Luis Figo and Rui Costa.Mater Al-Tayer, deputy chairman of the Dubai Sports Council, handed over the Globesoccer Award 2013 to Ronaldo. The Portuguese is also competing for the title as the world footballer of 2013 with Bayern Munich striker Franck Ribery from France and FC Barcelona’s Lionel Messi from Argentina. The annual award winner will be announced on Jan. 13 20140Shares0000(Visited 1 times, 1 visits today)last_img read more