first_imgLATEST STORIES Carpio hits red carpet treatment for China Coast Guard PLAY LIST 02:14Carpio hits red carpet treatment for China Coast Guard02:56NCRPO 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 award Silver met with betting officials in Las Vegas earlier this month, and how data should be provided was one of the topics on the agenda. The NBA has said it is seeking a 1 percent “integrity fee” on wagers, which the league said would offset their additional security costs and compensate them for the data they can provide.The casinos, however, are balking a legislative mandates insisting upon the use of official data. Joe Asher, the CEO of bookmaker William Hill USA, told The New York Times that such a mandate “sets up monopoly pricing power. This whole thing of official league data is like a smoke screen.”It’s a major issue to work through, especially if in-game betting — people betting on various aspects of games after they’ve already started — catches on in the United States the same way that it has in the United Kingdom.In-game betting, which is huge in Europe, is still relatively small in this country. Most Nevada bookmakers say in-game options make up no more than 5 percent of their sports-wagering business, although William Hill has said it accounted for nearly 25 percent of its sports business in the U.S. during 2017.Only a handful of states have legalized sports betting since the Supreme Court decision in May, though several more states are expected to get operations up and running in the next year or so. Bettors now have been largely playing the basics — will Team X beat Team Y by more than six points, will the teams combine to score more than 210 points, that sort of thing.ADVERTISEMENT Putin’s, Xi’s ruler-for-life moves pose challenges to West Lacson: Calamity fund cut; where did P4 billion go? In fight vs corruption, Duterte now points to Ayala, MVP companies as ‘big fish’ Lakers, Trail Blazers to meet for Summer League title again Portland Trail Blazers’ Wade Baldwin IV (2) passes around Memphis Grizzlies’ Dee Bost (15) during the second half of an NBA summer league basketball game, Monday, July 16, 2018, in Las Vegas. (AP Photo/John Locher)LAS VEGAS — Here’s a scenario: LeBron James is four assists and three rebounds shy of a triple-double after three quarters. A bettor, who is watching at home and utilizing a mobile app, decides to gamble that James will get those assists and rebounds in the final 12 minutes. The wager then gets made before play resumes.The NBA wants that bettor to see the best possible data.ADVERTISEMENT Sports Related Videospowered by AdSparcRead Next Report: Disney dropping the ‘Fox’ from movie studio names View commentscenter_img Volcano watch: Island fissures steaming, lake water receding ‘High crimes and misdemeanors’: Trump impeachment trial begins “There’s a couple things about official data that make it advantageous for sports betting,” said Scott Kaufman-Ross, an NBA vice president who oversees fantasy sports and gaming. “Most is the speed. … That’s important for in-game betting.”The NBA switched last year to software provided by Genius Sports, a London-based company that collects and distributes official data for dozens of sports federations around the globe and even recently completed a deal to work with the NCAA. The NBA data collected by Genius has been distributed globally by Sportradar, which sends it to media outlets, broadcasters and betting outlets outside the U.S.Sportradar, the NBA said, is now working on obtaining the ability to send the data to U.S.-based betting entities.NBA stat crews all generally work the same way: a primary caller uses a code to describe a play as it happens, a primary inputter uses a touch-screen tablet to punch in what he or she hears the caller say into the headsets that the crew share, a secondary inputter cleans up any mistakes, and a secondary caller is in contact with league offices in Secaucus, New Jersey, and reviews any plays that need additional study.Those various crews, many members of which have received training during the summer league in Las Vegas, are the ones who decide who gets an assist or a rebound.“The NBA has always been front and center on rapidly deploying statistics, first because of our television partners and then the Internet happened and that was good for the Internet,” said Steve Hellmuth, the NBA’s executive vice president for media operations and technology. “So it’s kind of always been in our DNA.” Trump assembles a made-for-TV impeachment defense team MOST READ Lights inside SMX hall flicker as Duterte rants vs Ayala, Pangilinan anew Don’t miss out on the latest news and information. So the league is seeking to get stats out quicker than ever.Fast isn’t fast enough for the NBA anymore, not when it comes to stats — especially now that the U.S. Supreme Court has opened the door for states to allow wagering on games. The league has upgraded its stat systems in the past year to try and get its data out as close to real-time as possible, even aiming to beat the typical lag of 7-15 seconds that it takes for television or streaming services to show whatever happened.FEATURED STORIESSPORTSGinebra beats Meralco again to capture PBA Governors’ Cup titleSPORTSAfter winning title, time for LA Tenorio to give back to Batangas folkSPORTSTim Cone still willing to coach Gilas but admits decision won’t be ‘simple yes or no’It’s about what the NBA calls official data. The league’s stance is that getting accurate stats to bettors is critical so the player knows what they’re betting on and the casinos will know when to pay out or not. But how much value that data has for casinos — and whether they will pay anything for it — remains unclear.“My view is we should be compensated for our intellectual property, but we can do that directly, again, with commercial relationships with gaming establishments,” said NBA Commissioner Adam Silver, whose league had hoped this matter would be resolved with federal regulation instead of various policies getting worked on state by state by state. Palace OKs total deployment ban on Kuwait OFWslast_img read more

first_imgView comments Allen Durham still determined to help Meralco win 1st PBA title MOST READ BanKo Perlas Spikers capture bronze in Vietnam tilt Terrence Watson played through food poisoning in debut for the Painters and still came away with a double-double of 10 points and 13 rebounds. Watson, who played for San Miguel Beer, in last year’s Governors’ Cup, replaced J’Nathan Bullock after Rain or Shine started the conference at 0-2.Beau Belga led ROS with 20 points on 7-of-13 shooting from the field.Sports Related Videospowered by AdSparcRead Next PBA IMAGESAlaska went on a blistering 16-0 run in the fourth quarter to steamroll Rain or Shine, 106-89, in the 2018 PBA Governors’ Cup Wednesday night at Smart Araneta Coliseum.Mike Harris dominated with 39 points and 25 rebounds while guards Chris Banchero and Simon Enciso and forward Vic Manuel had 16 points apiece for the Aces, who tied the Blackwater Elite in second place at 4-1.ADVERTISEMENT Tim Cone, Ginebra set their sights on elusive All-Filipino crown Lights inside SMX hall flicker as Duterte rants vs Ayala, Pangilinan anew Lights inside SMX hall flicker as Duterte rants vs Ayala, Pangilinan anew LATEST STORIEScenter_img Japeth Aguilar embraces role, gets rewarded with Finals MVP plum Gov’t to employ 6,000 displaced by Taal “I thought we were a little bit rusty but we just kept going,” said Alaska coach Alex Compton, whose squad had a 32-day layoff since its previous game.“Mike (Harris) was great. Biggest thing was we have the best player on the floor today. He just asserted himself today,” Compton added.FEATURED STORIESSPORTSGinebra beats Meralco again to capture PBA Governors’ Cup titleSPORTSJapeth Aguilar wins 1st PBA Finals MVP award for GinebraSPORTSGolden State Warriors sign Lee to multiyear contract, bring back ChrissHarris unleashed 22 points in the second half, including 12 in the fourth quarter, where the Aces turned a four-point deficit to a 91-75 advantage with 5:22 left.“We got stops and we made shots that’s what usually happens [during a run]. We just pulled away,” Compton said. Nadine Lustre’s phone stolen in Brazil Will you be the first P16 Billion Powerball jackpot winner from the Philippines? Don’t miss out on the latest news and information. Gretchen Barretto’s daughter Dominique graduates magna cum laude from California college Carpio hits red carpet treatment for China Coast Guard PLAY LIST 02:14Carpio hits red carpet treatment for China Coast Guard02:56NCRPO 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 awardlast_img read more

first_imgRogue cops marked as Gamboa’s targets in his appointment as PNP chief Ginebra beats Meralco again to capture PBA Governors’ Cup title Completing Sotto’s Team Hustle are Kevin Quiambao of NU, RJ Abarrientos of FEU-Diliman, John Amores of JRU, Jonnel Policarpio of Mapua, Forthsky Padrigao of Ateneo, Bismarck Lina of UST, and Clint Escamis of Mapua.Joem Sabandal of Adamson, Aaron Fermin of Arellano, Paolo Hernandez and Dan Arches of Mapua, Joshua Yerro of UV, Mac Guadana of Lyceum, and Rafael Go of Chiang Kai Shek round out Team Heart.Chris Gavina will call the shots for Team Hustle while Charles Tiu will man the sidelines for Team Heart.For the first time in NBTC’s 12-year history, the best high school players from the UAAP, NCAA, CESAFI, and MMBL were ranked all year long with the top 24 players rightfully earning their spots in the yearly showpiece.The 2019 Chooks-to-Go SM-NBTC All-Star Game will be on Saturday, March 23, at Mall of Asia Arena.ADVERTISEMENT For the complete collegiate sports coverage including scores, schedules and stories, visit Inquirer Varsity. Photo by Tristan Tamayo/INQUIRER.netKai Sotto and Joel Cagulangan turned to familiarity in building their respective teams for the 2019 Chooks-to-Go SM-NBTC All-Star Game.Sotto and Cagulangan chose their teammates via drafting as captains of Team Hustle and Team Heart, respectively.ADVERTISEMENT MOST READ LATEST STORIES The towering Ateneo center picked University of Santo Tomas’ Mark Nonoy, National University’s Gerry Abadiano and Terrence Fortea, and Ateneo teammate Geo Chiu as his top selections.“We’re going to the NBTC All-Star Game to fight and win,” said Sotto, the No. 1 high school player in the country, in Filipino.FEATURED STORIESSPORTSGolden State Warriors sign Lee to multiyear contract, bring back ChrissSPORTSCoronation night?SPORTSThirdy Ravena gets‍‍‍ offers from Asia, Australian ball clubsCagulangan, on the other hand, went with NU’s Carl Tamayo, Inand Fornilos, La Salle’s Joshua David and Hope Christian’s Harvey Pagsanjan.“We want to play with heart in the All-Star Game,” Cagulangan said. Japeth Aguilar wins 1st PBA Finals MVP award for Ginebra Sports Related Videospowered by AdSparcRead Next Tom Brady most dominant player in AFC championship historycenter_img Babe Ruth’s last surviving daughter Julia Stevens dies in Nevada at 102 Eugenie Bouchard’s bid for Australian Open spot ends in qualifying View comments Gretchen Barretto’s daughter Dominique graduates magna cum laude from California college Ginebra beats Meralco again to capture PBA Governors’ Cup title Nadine Lustre’s phone stolen in Brazil Will you be the first P16 Billion Powerball jackpot winner from the Philippines? Don’t miss out on the latest news and information. Trending Articles PLAY LIST 00:50Trending Articles00:50Trending Articles03:122 dead in California school attack; gunman shoots self02:14Carpio hits red carpet treatment for China Coast Guard02:56NCRPO 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 awardlast_img read more

first_imgFollowing drastic reduction in the production of rubber in the country, owing to the drop in the world rubber price, the Central Bank of Liberia (CBL) last Friday pumped the amount of US$5million, and LD$129,750,000 as stimulus package for into a program for the resuscitation of the rubber industry.Speaking at Friday’s presentation ceremony, CBL Executive Governor, Dr. Mills Jones, said the initiative was government’s way of reaffirming its commitment to the revitalization of the sector.He described the loan as a “stimulus package for struggling rubber farmers and the resuscitation of their production.”According to him, the loan will  enhance the industry’s ability to intervene in the foreign exchange market, and to support stability of the exchange rate and boost the country’s  economy.The Governor noted that the rubber sector is a major economic activity that should not be left alone without government’s intervention, considering that it is one of the larger employment sectors in the country.Dr. Jones disclosed that industry was going through difficulties, owing to the short fall in the price of rubber on the global market, something, he said, needs serious intervention.“The drastic reduction is very serious and needs urgent intervention to make the sector operational. If the sector remains unattended, it would lead a large number of people becoming jobless,” the CBL Executive Governor stated. “We need to support the sector, because it provides employment opportunities to a larger segment of the population of the country. If we  don’t support the sector, large numbers of our citizens will be out of work,” Dr. Jones maintained.  The loan, according to him, will be managed by the Liberia Bank for Development and Investment (LBDI).For his part, Mr. Ben Garnnet, president of the Rubber Planters  Association (RPAL) thanked the  government for the loan and suggested that they should work together in maintaining the rubber industry as Liberia’s traditional cash crop commodity.He believed that government should stand by the farmers in stabilizing the situation. The current situation facing rubber farmers has led to their inability to pay millions of United States Dollars that they owed their employees, Mr. Garnett said.“We are going to pay our employees and the increase production, because the loan is a milestone in the history of the industry,” the RPAL boss noted.   He further said that loan would help to improve in the production of rubber, whose drastic reduction  had  affected  members of the association as well as, other local planters in the country.According to him, rubber farmers, like other sectors in the past, find it difficult to acquire loans.  This has  even made the situation complex, but the CBL intervention would help to improve his association’s relationship with local banking institutions.   The drop in production in 2013 has plunged them into over million United States Dollars debt, he noted.Earlier, Mr. John Davies, president of LBDI, said the loan was significant to revamp the economy and the rubber industry.  He challenged them to make sure that they paid it back, and on time.Mr. Davis, who is also president of the Liberian Bankers Association (LBA), disclosed that over 37 rubber’s farmers had applied to the bank for the loan, noting that “they have to meet all of the requirements stipulated in acquiring the loan,” Davis noted.Share this:Click to share on Twitter (Opens in new window)Click to share on Facebook (Opens in new window)last_img read more

first_imgLiberia’s football chief Musa Bility has disclosed that Red Lions FC has been placed under new management owing to the management’s decision not to continue its campaign in the CAF Confederation Cup.He told newsmen last Tuesday that the football house has made the decision in consultation with the Ministry of Youth & Sports.Mr. Bility said after reviewing the impact and fine on the country because of Red Lions late financial constraint that could lead to a withdrawal, the LFA has placed the team under its management, while Ministry of Youths and Sports has promised to lobby for funds to ensure the team’s participation in the second round-leg.Youth and Sports Minister Eugene Lenn Nagbe indicated his fullest support to Red Lions and FC BYC which is in compliance to an order given by the Chief Patron of Sports, President Ellen Johnson-Sirleaf.He clarified that the support to the teams will come from sponsorship by business institutions and others.Minister Nagbe said the Red Lions FC and C.S Constantinois’ game will come on as scheduled on Friday, February 28, 2014 at the Antoinette Tubman Stadium at 4:00pm.“We will ensure that the game is played on Friday to save the image of the country, as we learnt the Algerian team will be in the country this week…we will meet the team at the airport, accommodate them and will give our players their per diem,” Minister Nagbe said.Meanwhile, eighty percent (80%) of Fatu FC, which is now called Red Lions FC, was purchased on November 8, 2013 for US$10,000.00.Former President Ansu Dorleh said he regrets the decision of the LFA to place Red Lions under its management, but said negotiation is ongoing with Rockson Colloe, President/CEO of Red Lions-Liberia to find a common ground.Share this:Click to share on Twitter (Opens in new window)Click to share on Facebook (Opens in new window)last_img read more

first_imgIn order to curtail the spread of the deadly Ebola Virus in Nimba and other parts of Liberia, the Nimba County Ebola Response Task Force has erected a checkpoint at the St. John River before entering Nimba from Bong County.Nimba Superintendent Fong Zuagele told the Daily Observer that the newly erected checkpoint will strictly be for testing going in and out of Nimba County.“Anyone entering Nimba or leaving Nimba will be tested at this checkpoint to ascertain their temperature before leaving and if the temperature is higher then that person will be taken to the holding center at the United Methodist Center for an Ebola test,” he said.“We have a drum of water for hands washing; so we ask   everybody to comply with security so we can make Liberia free of Ebola”, he asserted.At present, the County Task Force has three ambulances; one will be transporting those who are showing signs to the holder while the others will be taking positive cases to the center in Monrovia.Thirteen security officers, including six police officers, five BIN officers, two port health officers and a DEA agent have been trained to carefully man the checkpoint and ensure that all travelers go through temperature testing before passing through the checkpoint.Even though the outbreak of Ebola in Nimba is not as high as compared to other places in Liberia, yet it is reported that at least five persons have died from Ebola since the outbreak,  with 13 persons in Nimba  showing signs and symptoms.Supt. Zuagele urged the security at the checkpoint to be fair and honest in the discharge of their duties so as to avoid the further spread of Ebola.“Let’s help stop the spread this deadly Ebola virus by doing exactly what you were trained to do,” he admonished the joint security personnel at checkpoint.“This checkpoint is not created to check driver’s licenses, drugs or to extort money from anyone.  It is strictly here for the Ebola,” he warned.Prior to the erecting of the Ebola Checkpoint, the assigned officers went under a mini workshop where they were ttaught about the various signs and symptoms of Ebola.They were told to consider all signs and symptoms while testing the temperature of a person.Dr. Lorene Cooper of Sanniquellie, the facilitator of the workshop, warned the officers not give in to any pressure under the pretext that someone is seriously sick and so they were rushing that person to the hospital.“The car should be stopped, and the person’s condition  checked and if the person was bleeding, vomiting and toileting, s/he should be detained and the MOH team contacted at once so as to take him/her to the holding center,” she said.“Be polite with those whom you are interacting with.  Do   not rush on any unexplained dead body.  Contact Ministry of Health immediately. The Nimba Task Force received a special thermometer called “thermoflah” from the iron ore mining giant, Arcelor Mittal. It can be used without it touching the body. It is in form of pistol and uses a high quality dry cell finger size  battery.The security will be checking for anyone whose temperature is over 37.5c and if anyone’s  temperature drops, he or she  should be allowed to go; but if it is above the given degree,  the person shouldn’t be allow to leave.“Put your country first and do not take any money from anyone at this checkpoint because the person wants to go or you know the person,” Dr. Lorene Cooper said.“Work as a team and be very straight and do not touch anyone,” she emphasized.The Nimba Police commander has promised that his men will not be involved in anything else besides what they were told to do to stop the spread of Ebola. The officers will make sure that no vehicle carry two persons in the front or four persons in back seat, in case of a taxi.“In exercise of our duty to  combat Ebola, we’ll make sure that no taxi carries more than four and no motorcycle carry more one person at the back,” he said.Meanwhile, Supt. Zuagele has informed this newspaper that similar checkpoint was slated to be erected at the boundary with Grand Gedeh on Tuesday 12th August 2014.Share this:Click to share on Twitter (Opens in new window)Click to share on Facebook (Opens in new window)last_img read more

first_imgBetter Future Foundation (BFF) is pleased about the exoneration of five Korean businessmen arrested in Monrovia in July, for alleged money laundering, counterfeiting, and conspiracy to defraud charges levied against them by some agents of the National Security Agency (NSA.)The Korean nationals, Jung Dal Park, Chae Dal Byoung, Chol Jung Woo, Cha Kwang Woon and Aleck Gold, who were arrested by NSA agents, have been discharged of the allegations according to the report of a Special Independent Investigation Committee (SIIC) constituted by President Ellen Johnson-Sirleaf.The BFF says the constitution of the SIIC by Pres. Sirleaf and its subsequent report was vital to “restoring and reassuring investors’ protection, trust and confidence in the Liberia‘s justice system.”In a release issued in Monrovia over the weekend, BFF also expressed satisfaction with the recommendation of the SIIC that the Liberian Government refund the full amount seized from the Korean businessmen by the NSA operatives.BFF, a nonprofit and civil society organization, has been involved with mediation efforts aimed at amicably resolving the matter concerning the seizure of US$284, 000 from the five Korean businessmen allegedly by the NSA.The SIIC, chaired by the Dean of the Louis Arthur Grimes School of Law of the University of Liberia (UL), Cllr. David A.B. Jallah, was appointed by President Sirleaf with the mandate to investigate the accusations against the five Korean nationals, a Lebanese and the National Security Agency (NSA).As a part of its report, the SIIC recommended to President Johnson-Sirleaf that appropriate administrative actions be taken against five NSA operatives and two of their co-conspirators who do not work for the NSA but were directly involved with the arrest of the Korean nationals.The Committee further recommended that the five agents be forwarded to the Ministry of Justice (MOJ), “for prosecution in order to clear the name and image of the NSA.”BFF, in its release, commended President Sirleaf for sending the Committee’s report to the Ministry of Justice for speedy implementation.According to the statement, BFF president Augustine Arkoi had said repeatedly that prompt mitigation of the matter by the Government of Liberia “would further contribute to enhancing the people-to-people diplomacy and social entrepreneurial relations involving Liberian and Korean nationals, retaining investors’ confidence and assuring the predictability of doing business in Liberia.”Arkoi further stated that non-judicial resolution of the matter would also go a long way to bolstering not only the goodwill of Korean nationals but also other international investors, who are looking for opportunities to do business in various spheres of the Liberian economy.BFF, in its communication reiterated that without fast-tracking the recovery of the amount and other personal belongings taken from the Korean businessmen by the NSA agents, the image of Liberia risked being further tainted.For nearly two decades, BFF has been in the vanguard promoting Liberia and Korea relations in the areas of education, capacity building, international volunteerism, as well as promotion of socioeconomic, cultural understanding and cooperation, the press release stated.Share this:Click to share on Twitter (Opens in new window)Click to share on Facebook (Opens in new window)last_img read more

first_imgDear Editor,President David Granger continues to ignore the real issues affecting local democracy. His last visit to Region Six was another indication that he is focusing on one section of the society, and his frequent visit to his traditional support base in Region Six is very much a cause for concern.What is even more hypocritical is when he said “I believe in Regionalism, regardless of political parties, regardless of ethnicity”. He also said he would like to see participation and cooperation in building a stronger, safer and a more secure region.Granger and his government are the main reason why local democracy is being eroded in the country. Granger failed to address the issue that arose at the Corriverton municipality, where one of his ministers of Government confessed that she was the reason why a national event was stopped in Corriverton. This self-professed democratic Granger should discipline this individual to uphold local democracy.Why is nothing being done by Granger to stop the lawlessness that’s happening in Region 5? A Government-appointed Regional Executive Officer in Region 5 and councillors of the APNU/AFC coalition Government are instrumental in hindering development.After over two years of local government elections, many NDC and municipal elections are not completed as yet because of the negligence of this Granger Government.Granger and Bulkhan chose their own commissioner on the Local Government Commission without the approval of the RDCs and NDCs, or consultation.They imposed flags in the regions without RDC approval. The minister’s appointment of a mayor when municipality elections resulted in a tie cannot be forgotten.The Regions are being trampled upon by Central Government, and projects are being executed without the knowledge and approval of the RDCs.Motions that are being approved by the Regional Democratic Council are not being respected and implemented by the minister and Granger cabinet.These are just some of the few issues to let you know that the President is not serious in upholding local democracy. The President comes to Berbice to say that we should have Regional Conference to address impediments to development is nothing but a farce. The real impediment that needs to be addressed is the APNU/AFC coalition Government.RespectfullyZamal Hussainlast_img read more

first_imgDear Editor,President David Granger is reported as saying that, “…Government plans to embark on a global search for the best qualified personnel to staff the proposed department of energy (DoE)”. This, on the surface, seems to be a rational and well-considered statement by the President. Furthermore, it is difficult to argue with what the President is saying, as we should seek always to employ the ‘best qualified personnel’ to ensure our interests are sufficiently represented and our people and country are safeguarded. What is befuddling, however, is that the Administration, knowingly if one goes by what President Granger said, hadn’t the best skills but chose nevertheless to engage a mammoth corporation as Exxon and its partners in reaching agreement on the extraction of our new-found petroleum resources. Without a doubt, the absence of the right skills has caused the agreement inked with Exxon and its associates to be widely panned and as we saw recently, the International Monetary Fund (IMF), in diplomatic language, expressing its concern. It seems the Government has adopted a putting the cart before the horse approach to governance which has seen it committing folly after folly. Nevertheless, I indeed hope that the best possible skills, barring cronyism and nepotism, could be employed, but I will not hold my breath on this.Yours faithfully,Liebert Alleynelast_img read more

first_imgDespite being rich in natural resources, Guyana remains dependent on only a few of those resources while its economy continues along a downward slide.Thus, Professor David Hinds has suggested that Guyana has to diversify its economy in order to save it. He stated that the dependency on two or three resources was one of the reasons why the economy has been slothful.“So, we have to move away from the dependency on one or two resources, because what happens when we don’t do well in rice or sugar? The economy doesn’t do well either,” he said.Dr Hinds posited that though oil was on the horizon, it would not solve our economic woes, because “we will continue doing what we have done with sugar and rice”.He pointed out that the manufacturing sector in Guyana was almost dormant, noting that while the country produced rice, there was still no proper functioning manufacturing industry around it.Economist, Dr Thomas Singh, told Guyana Times that Guyana has grown comfortable with just producing rice and sugar and has neglected other avenues to invest in. He stated that at one time Guyana was the envy of the Caribbean market, but now the economy has deteriorated. Dr Singh recalled a time when the economy was blooming and Guyana was benefiting from the exportation of cotton, rice, sugar, timber, gold, diamonds, bauxite and even confectionery.According to Singh, following Guyana’s independence, the manufacturing sector had accounted for 5.9 % of the country’s Gross Domestic Product. However, shortly after that period, the market economy was quashed and the then Government began experimenting with a socialist model – where they controlled everything, including the up and coming manufacturing sector.At present, Guyana’s manufacturing industry contributes about 10 per cent of the country’s GDP, providing employment for a scanty 12 per cent of Guyana’s population. There has been no growth of the value-added, export-oriented industry, where Guyana moves beyond manufacturing these few products to large-scale manufacturing of clothing, and forest, technology and glass products.However, Dr Hinds believes that there is hope for the economy. He stated that small businesses were very important in building an economy. Therefore, it is imperative to pay attention toward the re-development of the village economy.He highlighted that there were hundreds of acres of land aback of villages, “so why not spend money in developing those lands. …and if you develop those lands it becomes easier for farmers to take advantage of a developed land. Farming can become attractive in the villages. They can plant different vegetables and sell and the agriculture sector would grow and the spinoff would be a budding economy,” he posited.He added that the same emphasis that was placed on attracting foreign investments should be placed on developing a local economy and a local entrepreneurial class.Previously, Hinds had supported the need for the establishment of a Ministry of Economic Planning and the development of a national economic plan. He said, “Both the Government and the Opposition should sit down and come up with a National Development Plan for Guyana.”Former Auditor General Anand Goolsarran had also emphasised the need for an economic plan to take the country forward, and advanced the call for the establishment of a much-needed Ministry of Economics over some of the other established Ministries, such as Social Cohesion.“Guyana urgently needs an economic plan, especially in our current economic situation,” said Goolsarran.He had lambasted the Government for its denial of the current ailing state of the country’s economy. He said a three per cent growth in Gross Domestic Product (GDP) did not mean that all was well with the economy. He pointed out that 40 per cent of the youths are unemployed, there was evidence of under-employment, businesses were struggling and there was also the existence of parallel economies.last_img read more