Politicians should not manage Natural Resource Fund – Jagdeo

first_img…says NY Times reporter handled Govt with kid gloves…but knocked GuyanaThe negative picture painted by a recent New York Times article which zeroed in on the oil and gas sector was condemned by Opposition Leader Bharrat Jagdeo, who said he agreed with the criticisms with regard to that specific issue for which the coalition Government spoke about in a press statement.But aside from that, Jagdeo said that the article did capture a few noticeable points on the failures of Government in the oil sector, but not enough. The OppositionOpposition Leader Bharrat JagdeoLeader cited part of the article which speaks to the lack of sufficient regulatory controls to avert corruption and the legislation being in limbo.“The legislation is in limbo. It was promised three years ago and until now, we don’t have it. It is an accurate portrayal of what is happening with the legislation. And what I have problems with in this article is that it was so benign to the Government. They should be praising this gentleman,” he asserted.Jagdeo said that the article failed to mention several of the other failures of the Government in this sector, particularly as it relates to the controversial re-negotiation of the oil contract, among others.“He did not deal with the fact that they hid the agreement for a year and a half, refused to release it on the basis that it had national security implications and then a false assertion that the (People’s Progressive Party) PPP prevented it from happening,” he explained.Another missed point was the Government’s attempt to hide the US$18 million signing bonus; the unclear management framework for the oil and gas sector, including a Sovereign Wealth Fund, Local Content Policy and the Petroleum Commission, was also not included in the article.“The article did not show the turmoil in the sector and the lack of direction by this Government. We are at a point in time where if we do not make the right decisions; oil will not benefit our people,” he said.But he slammed the article for the negative picture it painted of Guyana. “I believe that many journalists from the developed world come here to make us look like backwater countries, like we are on the precipice of civil war…when we have greater stability than the countries some of them they come from.”Jagdeo said Guyana and Guyanese were unfairly portrayed in the article to people abroad.Resource FundMeanwhile, in referring to some of the announcements made in a press statement issued by Government through the Finance Ministry on Sunday, Jagdeo said that he still did not agree with the model being proposed for the Natural Resource Fund, which could cater for a representative from the Opposition.“We don’t want politicians…we, ourselves, to manage this money. This fund has to be independently, technically managed … not by politicians again and stored at the central bank. We have a problem with that model. It departs radically from best practices, like Norway and the other countries,” he added.Government has said that legislation in relation to the Fund could be laid in Parliament before the end of the year as indicated in Budget 2018. It said that the proposed legislation addresses two main issues: stability of the economy and saving for future generations. Advice on this fund is being sought from the International Monetary Fund, the World Bank and the Commonwealth Secretariat.Further, Jagdeo also criticised the Government for peddling a political assessment of the oil and gas sector. “The real substantive matters are still not being addressed,” he said, while noting that Finance Minister Winston Jordan has been engaged in a lot of fluff talks with members of the public on this matter.Referring to Jordan’s recent comments, the Opposition Leader noted that while the Minister promised billboards to announce the inflow of oil monies, he recalled that it was he who denied that ExxonMobil paid a US$18 million signing bonus to Guyana for over a year and a half.“The truth was finally exposed after a document was leaked to the media…People will see through this game of the APNU+AFC. They talk about oil and gas, but it is not realistic what they are saying…they are painting a rosy picture: that oil will solve everything. This is not so,” he added.Jagdeo also rubbished Jordan’s statement which sought to create the impression that hotels and flights were filled and this was a direct indication that things would improve in the economy. “What about the economy that is falling apart?” he queried, while noting that 30,000 persons have lost jobs since the coalition took office.last_img read more

Local cowboys competing in Pool A at 2019 Calgary Stampede

first_imgThe Pool A Competition wraps up on Monday. CALGARY, A.B. – Three local cowboys are in Calgary taking part in the 2019 Calgary Stampede.Those from the Peace Region that were invited to participate in the Stampede include Stephen Culling of Fort St. John, Clayton Moore of Pouce Coupe, and Jake Watson of Hudson’s Hope.Culling and Moore are competing in the steer wrestling, while Watson is competing in the saddle broncs.- Advertisement -All three cowboys are in Pool A, which takes place the first four days of the Stampede.After two days of Pool A competition, Culling is currently in 7th place while Moore sits at 10th place.Meanwhile, Watson finished 4th in Saddle Bronc on Saturday at the Stampede with a score of 83.Advertisementlast_img

Coral Daily Download – England and Australia to play out draw in final Ashes Test?

first_imgNicola McGeady joins the Alan Brazil Sports Breakfast to round up the latest sporting odds. Coral’s PR manager previews the final Ashes Test, which begins at The Oval today, and says there has been much interest in the 3/1 offered on England and Australia playing out a draw.She also looks ahead to today’s racing at York and says she fully expects Southampton [1/3] to win their Europa League qualifier against FC Midtjylland tonight.Coral is the official betting partner of the Alan Brazil Sports Breakfastlast_img


first_imgMORE than 40mm of rain has hit Co Donegal overnight – leaving many roads in a dangerous condition.Readers have reported flooding on roads around Lifford, Letterkenny, Milford, Rossnowlagh and Buncrana.The torrential rain should ease by dawn, leaving a bright day for most on Friday. That’s before heavy showers return by evening.Saturday is looking like being the best day of the weekend with sunshine and temperatures up to 21C.   TORRENTIAL RAIN LEAVES ROADS IN POOR CONDITION was last modified: August 17th, 2012 by BrendaShare this:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Reddit (Opens in new window)Click to share on Pocket (Opens in new window)Click to share on Telegram (Opens in new window)Click to share on WhatsApp (Opens in new window)Click to share on Skype (Opens in new window)Click to print (Opens in new window) Tags:donegal weatherTORRENTIAL RAIN LEAVES ROADS IN POOR CONDITIONlast_img read more


first_imgFinn Harps made hard work of their encounter with bottom-of-the-table Salthill Devon at Finn Park this evening.In a game of very few chances, Harps eventually huffed and puffed their way to three points thanks to a Tommy McMonagle goal in the 53rd minute.Both sides lacked any real penetration up front in a game which threw up many real chances. Full-back McMonagle pounced for the decision goal from close range when the visitors, wearing the Harps away strip after a wardrobe malfunction, failed to clear form defence.You would have put your house on veteran goal-poacher Kevin McHugh making it 2-0 a few minutes later.The Killea man did all the hard work in controlling the ball, turning his marker with a drop of his shoulder but blasted the ball over the crossbar with just the goalkeeper to beat.Salthill-Devon came into the game for a period after that and had Harps pinned back as they went in search of an equaliser. The game spilled over at times through a number of niggling fouls but Harps probably deserved the points on the balance of play.Harps now move to within a point of leaders Longford with a third of the league gone.  HARPS WIN SCRAPPY ENCOUNTER TO STAY CLOSE TO LEADERS was last modified: April 19th, 2013 by StephenShare this:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Reddit (Opens in new window)Click to share on Pocket (Opens in new window)Click to share on Telegram (Opens in new window)Click to share on WhatsApp (Opens in new window)Click to share on Skype (Opens in new window)Click to print (Opens in new window) Tags:finn harpsSalthill Devonlast_img read more

`Tookie’ lawyers accuse police of smear tactics

first_imgFONTANA – Attorneys for Death Row inmate and Crips co-founder Stanley “Tookie” Williams say a suspected child molester being sought in Fontana is not Williams’ son, contrary to what police earlier told the media. Williams was convicted of killing four people, including a clerk at a Whittier convenience store and three other people shot to death at a motel in Pico Rivera. In a clemency petition to the governor, his attorneys said police falsely linked Williams with Lafayette Jones – a 36-year-old man charged with committing sex acts with a 13-year-old girl – as part of a smear campaign against him. “The effect of the story … was to falsely link Stanley `Tookie’ Williams to an alleged rapist in the mind of the public at exactly the time his clemency petition is pending,” Williams’ attorneys wrote in their petition. Last week, the San Bernardino County District Attorney’s Office issued a $600,000 warrant for Jones’ arrest. Fontana police said he took the girl from her home Nov. 12 and forced her, at gunpoint, to perform sex acts on him. The girl later escaped, police said. Jones is charged with committing lewd and lascivious acts with a child under 14, assault with a deadly weapon, terrorist threats and false imprisonment. Fontana police said Jones is Williams’ son, which was reported in the media Nov. 16. But Williams’ attorneys obtained a signed affidavit from Jones’ mother, Janice Anderson, who said Jones’ father is a different man named Stanley Williams – not the one who is on Death Row. State prison officials said there was no smear campaign against Williams and that no one from the Department of Corrections and Rehabilitation had spoken with Fontana police regarding Jones. “The judge issued a death warrant back on Oct. 24, and we intend to proceed on the scheduled execution, set for Dec. 13,” said department spokesman Todd Slosek. Williams’ attorneys also disputed previous statements made by officials at San Quentin State Prison linking Williams to prison gang violence. Their petition includes prison documents showing that while Williams was involved in several fights during his first few years in prison, he has not committed any rule violations since 1993. Williams was sentenced to death in 1981. Since he was incarcerated, Williams has written a series of children’s books urging youths to avoid gangs. Many have called on Gov. Arnold Schwarzenegger to grant Williams clemency. His supporters include actor Jamie Foxx, who portrayed Williams in “Redemption,” a made-for-TV movie, and rap artist Snoop Dogg, a former Crip. mason.stockstill@dailybulletin.com (909) 483-9354 AD Quality Auto 360p 720p 1080p Top articles1/5READ MOREBlues bury Kings early with four first-period goals 160Want local news?Sign up for the Localist and stay informed Something went wrong. Please try again.subscribeCongratulations! You’re all set!last_img

Italy became the first nation to successful defend the FIFA World Cup in 1938

first_img Tags: FIFA World cup The 1938 FIFA World Cup was the third staging of the World Cup, and was held in France from 4 to 19 June 1938Because of anger over the decision to hold a second successive World Cup in Europe, neither Uruguay nor Argentina entered the competition. Spain meanwhile could not participate due to the ongoing Spanish Cival War.It was the first time that the hosts, France, and the title holders, Italy, qualified automatically. Title holders were given an automatic entry into the World Cup from 1938 until 2006, when this was abolished.The knockout format from 1934 was retained. If a match was tied after 90 minutes, then 30 minutes of extra time were played. If the score was still tied after extra time, the match would be replayed. This was the last of the two World Cup tournaments that used a straight knockout format.Five of the seven first round matches required extra time to break the deadlock; two games still went to a replay. In one replay, Cuba advanced to the next round at the expense of Romania. In the other replay, Germany, which had led 1–0 in the first game against Switzerland, led 2–0 but eventually was beaten 2–4. This loss, which took place in front of a hostile, bottle-throwing crowd in Paris, was blamed by German coach Sepp Herberger on a defeatist attitude from the five Austrian players he had been forced to include; a German journalist later commented that “Germans and Austrians prefer to play against each other even when they’re in the same team”. This remains, as of 2014, the only time in World Cup history in which Germany failed to advance to the final eight (they did not enter in 1930 and had been re-admitted only after the 1950 WC).Italy retained the World Cup crown in 1938Sweden advanced directly to the quarter-finals as a result of Austria’s withdrawal, and they proceeded to beat Cuba 8–0. The hosts, France, were beaten by the holders, Italy, and Switzerland were seen off by Hungary. Czechoslovakia took Brazil to extra time in a notoriously feisty match in Bordeaux before succumbing in a replay; the South Americans proved too strong for the depleted Czechoslovak side (both Oldrich Nejedly and Frantisek Planicka had suffered broken bones in the first game) and won 2–1. This was the last ever match to be replayed in a World Cup.Hungary destroyed Sweden in one of the semi-finals 5–1, while Italy and Brazil had the first of their many important World Cup clashes in the other. The Brazilians rested their star player Leonidas confident that they would qualify for the final, but the Italians won 2–1. Brazil topped Sweden 4–2 for third place.Rumor has it, before the finals Benito Mussolini was to have sent a telegram to the team, saying “Vincere o morire!” (literally translated as “Win or die!”). This should not have been meant as a literal threat, but instead just an encouragement to win. However, no record remains of such a telegram, and World Cup player Pietro Rava said, when interviewed, “No, no, no, that’s not true. He sent a telegram wishing us well, but no never ‘win or die’.”The final itself took place at the Stade Olympique de Colombes in Paris. Vittorio Pozzo’s Italian side took the lead early, but Hungary equalized within two minutes. The Italians took the lead again shortly after, and by the end of the first half were leading the Hungarians 3–1. Hungary never really got back into the game. With the final score favoring the Italians 4–2, Italy became the first team to successfully defend the title and were once more crowned World Cup winners.Because of World War II, the World Cup would not be held for another 12 years, until 1950. As a result, Italy were the reigning World Cup holders for a record 16 years, from 1934 to 1950. The Italian Vice-President of FIFA, Dr. Ottorino Barassi, hid the trophy in a shoe-box under his bed throughout the Second World War and thus saved it from falling into the hands of occupying troopsWith seven goals, Leônidas is the top scorer in the tournament. In total, 84 goals were scored by 42 different players, with two of them credited as own goals.Leonidas scores an over head kick at the 1938 world cupComments last_img read more

Sasol’s BEE deal the biggest yet

first_imgSasol’s Inzalo is part of a new breed of broad-based BEE deals, with the company issuing shares worth R350 000 ($43 320) to each of its 14 500 black staff, funding the issue in its entirety. (Image: Sasol)Khanyi MagubaneBlack South Africans are set to get a piece of high global oil prices with the announcement of petrochemical giant Sasol’s long-anticipated black economic empowerment (BEE) deal – the biggest in the country’s history. With 63.1-million shares worth R25.9-billion (US$3.2-billion) to be sold to investors and the company’s black staff, the deal will make up 10% of Sasol’s issued share capital, or 19.7% of its South African operation.First mooted in 2007 and announced on 25 March this year, the discounted BEE share offer is expected to be formally adopted at a shareholders meeting on 16 May.“Sasol is truly committed to South Africa’s transformation and wants to make broad-based economic empowerment a reality,” said Sasol chief executive Pat Davies. “We will make a difference by creating significant economic opportunity for more than 1-million potential beneficiaries ranging from individuals to rural women’s groups who can invest in Sasol.”Established in the 1950s, Sasol is one of South Africa’s technology success stories, the first in the world to produce diesel and petrol from coal, an abundant resource in South Africa. Now a multinational group of companies, it has since gone on to develop gas-to-liquid technology, and expanded its end products to include plastics, fertilisers and explosives. Its chemical portfolios include polymers and solvents, and their intermediates, waxes, phenolics and nitrogenous products.Sasol’s BEE deal – named Inzalo, a Zulu word signifying new life and new beginning – will give black South Africans either indirect or direct ownership, or both, of the company’s issued share capital, with full economic and voting rights. The breakdown of the 10% share is 4% to black Sasol employees, 3% to black South African investors, 1.5% to a Sasol Foundation initiative, and 1.5% to selected empowerment participants.The Broad-Based Black Economic Empowerment Act of 2004 rates companies’ BEE level in four areas: black ownership and control; black management; human resource development and employment equity; and indirect empowerment – preferential procurement from empowered suppliers, enterprise development, and corporate social investment.Black empowerment is widely accepted in South Africa as a pragmatic policy to fix the economic damage of apartheid, by bringing the black majority into the mainstream economy. From 1948 the apartheid government, by force and law, purposefully excluded African, Indian and coloured people – collectively known as “black people” – from any meaningful participation in the economy. The resulting economic distortions sent gross domestic product (GDP) growth falling to around zero in the 1970s, rising to an average and sluggish 3.4% in the 1980s.Since the end of apartheid in 1994, macroeconomic reform and other policies, including BEE, have seen South Africa’s GDP growth rate – with some hiccups – steadily increase. GDP rose by 2.7% in 2001, 3.7% in 2002, 3.1% in 2003, 4.9% in 2004, 5% in 2005, 5.4% in 2006 and 5.1% in 2007.Funding the dealThe flurry of initial BEE deals in the late 1990s exposed two gaps in the existing policy: it tended to only benefit the already wealthy black elite, and financing the ownership component tended to be tricky.Sasol’s Inzalo is part of a new breed of broad-based BEE deal that closes both gaps: the company is to issue shares worth R350 000 ($43 320) to each of its 14 500 black staff, funding the issue in its entirety. Black managers will get shares worth R1-million ($132 700) to R2-million ($247 700), depending on their seniority. Significantly, the deal doesn’t include any of South Africa’s big black business personalities.The staff offering is also geared to retaining skilled black managers and technicians. “We want to encourage investors to stay in for the full 10 years,” said Christine Ramon, Sasol’s chief financial officer. “Sasol is a long-term investment, with great growth opportunities.”Sasol’s public share offer aims to attract between 100 000 and 200 000 new black investors. Making up 3% of the deal, it has been designed to meet the needs of a range of South African shareholders, from individuals, companies, partnerships and trusts, to informal groups such as stokvels – widespread community-based money-saving schemes – as well as church groups and families.The investor shares will be offered at an 11% discount, down to R366 from the R410 closing price of 18 March.The Sasol Inzalo Foundation will focus on developing critical skills in maths, science and technology.“This Foundation is an extension of Sasol’s long-standing tradition of giving back to the community through, among others, artisan training programmes, bursaries, cooperation agreements with tertiary institutions and other sponsorships,” said Sasol executive director Nolitha Fakude.Related articlesBlack economic empowermentLiquid fuel from coalSouth African inventionsUseful linksSasol Department of Minerals and EnergySasol North Americalast_img read more

African Union and New Zealand publish fourth edition of AU Handbook

first_imgThe African Union has published the latest version of its handbook, in partnership with New Zealand. The book is important in communicating the organisation’s message internally and to the public.The African Union publishes the 2017 edition of the African Union Handbook on 27 January 2017. (Image: African Union)Brand South Africa reporter The African Union (AU) has published the 2017 version of its handbook, in partnership with New Zealand.The handbook’s purpose, said the organisation, was to give member states and the public updated information about its role and structure. It also contains facts about the union.#28thAUSummit AUC and New Zealand Government Launch the Fourth Edition of the @_AfricanUnion Handbook https://t.co/UfzjjhpbM6 pic.twitter.com/XCW2Q5GVPj— African Union (@_AfricanUnion) January 28, 2017The inaugural handbook was published three years ago, in 2014, by the African Union Commission (AUC) in collaboration with New Zealand.“It is in line with the AUC mission towards becoming a people-centred union and the Agenda 2063 communication strategy to generate public awareness, involvement, ownership and support for the programmes of the African Union,” the organisation said.Fatima Haram Acyl, the commissioner for trade and industry, said the handbook was one of the tools used to create open communication between the commission and the public.The youth had an integral role to play in creating a future for Africa where growth was both inclusive and sustainable. Communicating that message was also important, she said, under the 2017 AU theme “Harnessing the demographic dividend through investments in youth”.Bruce Shepherd, New Zealand’s ambassador to Ethiopia, and the AU spoke about the relationship between his country and the AUC. He was grateful for the support of member states during New Zealand’s two-year stint in the UN Security Council, he said.He commended the work done between the AU and New Zealand on renewable energy, particularly geothermal energy.New Zealand would be offering 38 new tertiary scholarships to various AU member states in 2017, Shepherd also announced, as a sign of the continued commitment to support youth and education on the continent and in line with the AU theme for the year.Click here to read the handbook.Source: African UnionWould you like to use this article in your publication or on your website? See Using Brand South Africa material.last_img read more

Indian-American Lawmaker Ro Khanna Joins Key Congressional Committees

first_imgIndian-American Democratic Congressman Ro Khanna has been appointed to several key Congressional committees, reflecting his growing stature within his party and the Congress.In the current 116th Congress, Mr Khanna has joined three influential committees — Oversight and Reform, Armed Services and Budget.Read it at NDTV Related Itemslast_img