Guyana’s sleepy stock exchange braces for change

first_imgThe trading bell only rings on MondayBy Kejal VyasEvery Monday, at 10:00h, George Edwards rings the opening bell at the Guyana stock market. It’s the only day of action each week, behind a glass door that barely keeps out the thumping bass of reggae music and burning incense from street hawkers outside.The bell is the cue for four young women in pink and violet uniforms—representatives of the only brokerages in this tiny former British colony—to punch, buy and sell orders into computers mounted on a dining table. On a typical week, they’ll pull off about 15 transactions and a few thousand shares will swap hands, in all worth about $47,000.“People walk by here all the time and say ‘I never knew Guyana had a stock exchange,’ ” Edwards, General Manager since 2005, said after a recent trading session that lasted 29 minutes. Sometimes people knock on the door holding US dollars trying to convert them to Guyanese ones. “I have to tell them we’re not that kind of an exchange”.But change is coming to both the local stock market and Guyana, a mostly farming and mining-dependent South American nation of fewer than 800,000 people. A massive oil boom is slated to kick off in 2020, thanks to the discovery of nearly 7 billion barrels of offshore crude by an Exxon-led consortium. It’s expected to send unprecedented revenue into the $4 billion economy, which the International Monetary Fund estimates could grow by a walloping 86% in 2020.That has operators of the sleepy exchange here thinking big. They’re hoping it draws more local and foreign investors into their market to tap what they say will be a boon for local companies thanks to more disposable income for average Guyanese. There is also the arrival of oil industry executives and workers from the Caribbean, the US and Europe in a country that has seen its population little changed since Independence from the British crown in 1966.“It means our companies should avail themselves of the increased market, and hence, more products, more money, more profits for shareholders,” said Mr Edwards, who personally answers the door at the exchange and is one of two full-time employees. The entire operation runs on a budget of about $70,000 a year.Nikkita Mangal, 33, has been trading stocks at the exchange for 10 years and said she almost never saw foreign buyers until recently. Now, she said, she often gets orders from Guyanese ex-pats in the US, Canada and the UK.Edwards says he is working on plans to digitise a paper-based stock certificate system, the kind that has been mostly phased out in the developed world.Pomeroon Trading, a start-up company that is backed by a UK oil financier and wants to cash in on demand for coconut water and oils, is preparing the first initial public offering here in more than a decade. The last company to do so, a Trinidadian cement company, pulled out in 2016, nine years after listing.Steven Grin, the managing partner at New York venture fund Lateral Capital, is mostly focused on frontier tech opportunities in Africa. But because of a four-year stint in the past working on energy initiatives for Guyana’s government, Mr Grin says he now gets weekly calls from large institutional investors looking for ways to get into the mostly jungle-covered country, which has seldom made international headlines since the American cult leader Jim Jones led a mass suicide 41 years ago.There are only 15 local companies with publicly listed shares, including commercial banks, rum distillers and packaging companies.The exchange can be hard to find. A security guard at a neighbouring building shrugged her shoulders when asked where the entrance was. It sits at the corner of a busy intersection amid street vendors selling everything from pirated DVDs to kitchen wares, between insurance buildings and Georgetown’s mouldering 19th-century gothic-style city hall.On a recent Monday morning, 44-year-old Nikhil Ramkarran popped in for his first-ever visit during a trading session at the very exchange of which he has served as chairman on a pro bono basis since 2005. “So that’s what it looks like,” he said.Mondays are a busy day at the law practice he runs a few blocks away. And trading volumes are so low, Ramkarran said, that being there never had much of a point.“I took the job because nobody else really wanted it,” he said.Lately, Edwards says he gets locals stopping by to ask him how to invest in oil stocks, and they leave dismayed when he tells them there are no oil companies listed on the Guyanese exchange.Edwards said he enjoys a lifestyle markedly less hectic than investment bankers abroad. After each workday, he said he goes home and places his cell phone in the cupboard, leaving any calls and emails until the following morning.While stock trading happens only on Mondays, Edwards spends the rest of the week filling out paperwork for Guyana’s securities regulator, registering that week’s trades, an all-manual process. He and Ramkarran said their hope is that the Government uses its oil proceeds to invest in education and the financial savviness of their compatriots.“I don’t care how much money you have,” Edwards said. “If you don’t know how to use it, you’re not going to get very far, and other people are going to take advantage of you”. (Wall Street Journal)last_img read more

ALTAN HELP MAKE POISON GLEN WORLD FAMOUS

first_imgIT’S often our musicians who are best selling Co Donegal abroad.And this week it is Altan which are making headlines in the United States – and helping to make the Poison Glen famous!The Gaoth Dobhair group are already booked in to Disneyland Paris for St Patrick’s Day. But as the continue their mini-tour of the States, the Boston Globe has carried a feature on them – including an interview with lead singer and fiddler Mairéad Ní Mhaonaigh.The band play the Somerville Theatre in the city tonight.“I can’t start boasting about ourselves,’’ Mairéad told The Globe, “but I know that we’re very honest about what we do, and we always try to stick to what we know best, our own music from Donegal. There’s still a demand for the music, I suppose. That would be the one thing. We get on well as a band; I suppose that’s another reason. And we’ve been very lucky. I suppose that’s the biggest reason of all.’’The Boston Globe wanted to know why their new album was called Gleann Nimhe – The Poison Glen “Gleann Nimhe means ‘Poison Glen,’ ’’ she told them, “but it can also be interpreted as ‘Paradise Glen,’ or ‘Heavenly Glen.’ So there’s two interpretations. I’d say the second one is more likely. But we decided to go with ‘Poison Glen’ because it has a bit of an edge about it.’’“It’s a glen very near my home in Donegal,’’ she continued. “It’s a beautiful place. We went there to take photographs for the album cover, and it just stuck to the album, there was something about it, so we decided to keep that title, and it’s leading to a lot of debate.’’“Gleann Nimhe’’ doesn’t come with a lyric sheet, but Ní Mhaonaigh says that the words to all the songs are posted on the band’s website. She adds, “I’m hoping as I’m going along on the tour now to actually translate the Gaelic lyrics for everyone.’’The singer also spoke of her love of the Irish language and her native Gaoth Dobhair.“It’s (Irish) important to us, to our identity, especially to me, it’s a dying language, and I do everything to promote it.’’ She’s even moved from Dublin back to Gaoth Dobhair. “I had a child [daughter Nia] about eight years ago. And I decided to go back home in order bring her up with the Gaelic language, and with the music around her, and with my family talking around her as well.’’The band are Ciarán Tourish on fiddle, and Dermot Byrne on the accordion, and Dáithí Sproule on guitar, and Ciarán Curran on bouzouki, and Mairead on fiddle and vocalist.LEAVE YOUR COMMENT BELOW© 2012 donegaldaily.com, all Rights Reserved The copying, republication or redistribution of donegaldaily.com Content, including by framing or similar means, is expressly prohibited by law.Follow us on www.twitter.com/donegaldailyFollow us on www.facebook.com/donegaldailyALTAN HELP MAKE POISON GLEN WORLD FAMOUS was last modified: March 9th, 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:ALTAN HELP MAKE POISON GLEN WORLD FAMOUSbostondonegaldonegaldaily.comGaoth Dobhairlast_img read more

Soybean leaders remember friend, advocate Rob Joslin

first_imgShare Facebook Twitter Google + LinkedIn Pinterest The American Soybean Association (ASA) this week remembers our friend, former ASA president, spirited soybean advocate and Ohio grower, Rob Joslin, who passed away on May 25 at age 63.Rob was a lifelong farmer in Shelby County, Ohio, with his wife Ellen. He began farming fulltime after graduating from The Ohio State University in 1975. Rob had a lifelong relationship with 4-H and enjoyed learning parliamentary procedures during his early years at Starting Farmers 4-H Club. Later he enjoyed putting those experiences to work in his endeavors with the soybean associations.Rob was active at ASA for 10 years and served as president in 2010. He was a dedicated supporter of ASA’s World Soy Foundation and also served on the board of the United States Soybean Export Council (USSEC), including one year as board secretary. He was an active member and past officer in the Ohio Soybean Association, serving as president and chairman over the years.Rob made a big impact on the soybean industry and many growers, leaders and friends shared their memories and kind words to honor him on ASA’s Facebook page this week:“This man started out being my mentor when I became an ASA director and ended up being a great friend,” Bob Worth said. “Rob was always such a wonderful inspiration and advocate for the Young Leader Program. My deepest sympathies to Ellen and the rest of his family,” said Michelle Beck Siegel. “So sad to learn of Rob’s passing. One of the leaders always willing to give advice or ask for advice. Very humble man in best sense of the word,” said Gary Joachim.“The ag community lost a great leader. Our prayers extend to the entire Joslin family,” said Jeff Wuebker. Rob was a member of the Farm Foundation NFP and was currently a Trustee at Edison State Community College. He had served as a zoning officer for Clinton Township. He was also a current member of the Ohio Corn Grower and Wheat Growers Association, Ohio Farm Bureau, a lifetime member of Shelby County OSU Alumni and Sidney Rotary Club, and member of the Sidney Moose, Elks and VFW. He enjoyed sailing and riding his ’85 Harley FX.Rob is survived by his wife Ellen, along with daughter, Gail Elizabeth Joslin of Wilmington, N.C., one brother, William “Woody” Joslin and wife Ann of Maplewood, and one sister, Mary Ellen Drees of Tavares, Fla.Rob was a member of St. John’s Lutheran Church where Funeral Services will be held Sunday, May 29, 2016 at 1:30 p.m. with Rev. Jonathan W. Schriber officiating. Burial will follow at Graceland Cemetery in Sidney. The family will receive friends on Saturday from 4-8 p.m. at Cromes Funeral Home 302 S. Main Ave, Sidney, Ohio.The family requests that memorials be made to Shelby County 4-H Foundation, St. John’s Lutheran Church Memorial Fund, and American Heart Association. Condolences may be expressed to the Joslin family at the funeral home’s website, www.cromesfh.com.ASA’s thoughts and prayers are with Rob’s wife Ellen and his entire family.last_img read more

Injured Kyrgios pulls out of Wimbledon opener

first_imgAustralia’s Nick Kyrgios walks through Wimbledon tennis club wearing a newly released Tottenham Hotspur T-Shirt in southwest London on July 1, 2017, prior to the start of the tennis tournament on July 3. (Photo by ADRIAN DENNIS / AFP)LONDON, United Kingdom — Nick Kyrgios suffered more injury woe as the Australian was forced to retire from his Wimbledon first round match against Pierre-Hugues Herbert on Monday.Kyrgios admitted last week he would go into Wimbledon only “60-65 percent” fit as he struggled to recover from the left hip injury that forced him to pull out of Queen’s Club last month.ADVERTISEMENT Lacson: SEA Games fund put in foundation like ‘Napoles case’ MOST READ Sports Related Videospowered by AdSparcRead Next Cayetano to unmask people behind ‘smear campaign’ vs him, SEA Games Palace: Up to MTRCB, DFA chief to pull out ‘Abominable’ from cinemas PLAY LIST 00:54Palace: Up to MTRCB, DFA chief to pull out ‘Abominable’ from cinemas00:50Trending Articles00:50Trending Articles02:49Robredo: True leaders perform well despite having ‘uninspiring’ boss02:42PH underwater hockey team aims to make waves in SEA Games01:44Philippines marks anniversary of massacre with calls for justice01:19Fire erupts in Barangay Tatalon in Quezon City01:07Trump talks impeachment while meeting NCAA athletes02:49World-class track facilities installed at NCC for SEA Games Don’t miss out on the latest news and information. Madison Keys wins opening match at Wimbledon LATEST STORIES Another vape smoker nabbed in Lucenacenter_img A Kyrgios double fault in the eighth game gave Herbert the break that gifted him the opening set.Kyrgios, then ranked 144th, burst onto the scene at Wimbledon in 2014 when he defeated then world number one Rafael Nadal en route to the quarter-finals.With the injury impeding his movement, there was no sign of that brilliance against Herbert and when the 70th-ranked Frenchman took the second set, Kyrgios called for treatment.He spent several minutes speaking to the doctor before telling Herbert he was going to have to retire.ADVERTISEMENT The 22-year-old had reached at least the fourth round in all three of his previous Wimbledon appearances.But after losing in the second round at both the Australian and French Opens this year, Kyrgios’s miserable 2017 continued as the world number 20 lost the first two sets 6-3, 6-4 against Herbert before deciding to call it quits due to the nagging injury.FEATURED STORIESSPORTSSEA Games: Biñan football stadium stands out in preparedness, completionSPORTSPrivate companies step in to help SEA Games hostingSPORTSWin or don’t eat: the Philippines’ poverty-driven, world-beating pool starsHerbert will face France’s Benoit Paire or Brazilian Rogerio Dutra Silva in the second round.From the moment he stepped onto Court Three wearing long white leggings under his shorts, Kyrgios didn’t look comfortable and he spent most of the first set trying to flex and stretch his leg. Ethel Booba on hotel’s clarification that ‘kikiam’ is ‘chicken sausage’: ‘Kung di pa pansinin, baka isipin nila ok lang’ View comments Pagasa: Kammuri now a typhoon, may enter PAR by weekend China furious as Trump signs bills in support of Hong Kong LOOK: Jane De Leon meets fellow ‘Darna’ Marian Rivera What ‘missteps’?last_img read more

Nadal surprised as ‘super solid’ Djokovic exits Monte Carlo

first_imgDA eyes importing ‘galunggong’ anew Top-ranked Djokovic, who has won the tournament twice, earlier lost 6-3, 4-6, 6-2 to 10th-seeded Daniil Medvedev and produced 47 unforced errors.Djokovic out, Nadal in trouble. It seemed — briefly, at least — that the day might produce two straight upsets.FEATURED STORIESSPORTSPrivate companies step in to help SEA Games hosting SEA Games hosting troubles anger Duterte “He’s able to win against everybody when he’s playing well,” said Nadal, who may need to go up a level.Nadal imperiously won the title last year without conceding more than four games in a set, but Pella caused him considerable problems and forced 13 break-point chances on Nadal’s serve.Although Nadal leveled the first set at 5-5, he dropped his serve again. It gave Pella the chance to become the first player to take a set against him here since Britain’s Kyle Edmund in the second round two years ago.Pella reached 30-30 but Nadal broke back and forced a tiebreaker — his first here since a third-round win against John Isner in 2015.A jittery looking Nadal was broken to love serving for the match. Pella could not hold his serve, either.He saved one match point at 15-40 down but then double-faulted. After 2 hours, 20 minutes on court, a relieved Nadal hugged his opponent at the net.The last time Nadal failed to reach the last four here was in 2014, when he lost to countryman David Ferrer in the last eight.Earlier, Medvedev was appearing in the last eight of a Masters tournament for the first time but Djokovic struggled more in the windy conditions.He double-faulted at 30-30 to give Medvedev his first match point and a backhand winner secured a first win against Djokovic at the fourth attempt.“He played worse than before and I am gaining more experience,” said the 14th-ranked Medvedev, who is chasing a fifth career title. The 23-year-old Russian next faces unseeded Dusan Lajovic, who also reached a Masters semifinal for the first time when he beat Italian qualifier Lorenzo Sonego 6-4, 7-5.One Serb can make Sunday’s final, but it’s Lajovic and not the one people expected.When Djokovic won the Australian Open this year he secured a third straight Grand Slam title and 15th overall, and in doing so he moved two behind Nadal and five adrift of Roger Federer’s record haul of 20.Since then, his form has wilted.Djokovic has failed to reach the last four in three straight tournaments, having fallen short at Indian Wells and Miami.But his focus is bigger and it’s further down the line: taking Nadal’s crown at Roland Garros.Sports Related Videospowered by AdSparcRead Next “That game was decisive, and I was lucky to win that one. After that, the match changed a lot,” Nadal said. “Losing the first three games was tough but I found a way at the right time. Sometimes these matches help for rhythm because you suffer.”Before going onto court for his quarterfinal, Nadal spent some time watching Djokovic. Even 17-time Grand Slam winner Nadal, who has lost 28 times in 53 contests against the toughest rival of his career, was surprised.“Always, when Novak loses, (it) seems strange because he’s super solid,” Nadal said. “But everybody is human.”Nadal next faces No. 13 Fabio Fognini, who beat No. 9 Borna Coric of Croatia 1-6, 6-3, 6-2.Fognini has lost 11 of 14 matches against Nadal, but two of the Italian’s three wins were on clay. All the wins were in 2015, including a thriller in the third round of the U.S. Open, when Fognini rallied from two sets down.ADVERTISEMENT Cayetano: Senate, Drilon to be blamed for SEA Games mess Ethel Booba twits Mocha over 2 toilets in one cubicle at SEA Games venue Spain’s Rafael Nadal grimaces as he defeats Argentina’s Guido Pella during their quarterfinal match of the Monte Carlo Tennis Masters tournament in Monaco, Friday, April 19, 2019. (AP Photo/Claude Paris)MONACO— Surprised at seeing rival Novak Djokovic go out of the Monte Carlo Masters after an error-strewn performance, defending champion Rafael Nadal acknowledged he enjoyed some luck in reaching the semifinals on Friday.Quite an admission from the best player in clay-court history, who has won both this tournament and the French Open a record 11 times. But Nadal struggled against fellow left-hander Guido Pella, losing his first three service games to trail 4-1 before recovering to beat the unseeded Argentine 7-6 (1), 6-3.ADVERTISEMENT View comments SPORTSPalace wants Cayetano’s PHISGOC Foundation probed over corruption chargesSPORTSSingapore latest to raise issue on SEA Games food, logisticsEspecially when Pella served for 5-1.But he double-faulted, giving the second-ranked Nadal an unexpected reprieve which he took full advantage of.center_img Panelo: Duterte ‘angry’ with SEA Games hosting hassles After hot start, Pasig Chooks bows out of 2019 FIBA 3X3 World Masters Private companies step in to help SEA Games hosting PH underwater hockey team aims to make waves in SEA Games PLAY LIST 02:42PH underwater hockey team aims to make waves in SEA Games01:44Philippines marks anniversary of massacre with calls for justice01:19Fire erupts in Barangay Tatalon in Quezon City01:07Trump talks impeachment while meeting NCAA athletes02:49World-class track facilities installed at NCC for SEA Games02:11Trump awards medals to Jon Voight, Alison Krauss Hontiveros presses for security audit of national power grid Philippine Arena Interchange inaugurated LATEST STORIES Don’t miss out on the latest news and information. MOST READlast_img read more