first_imgUS$150M bond…notes that GuySuCo still buried in over $70B of debtFinancial Analyst Dr Peter RamsaroopFinancial analysts are expressing concern over the announcement that the National Industrial and Commercial Investments Limited (NICIL) has secured a US$150 million (Gy$30 billion) bond to finance its administration of sugar estates.It is a syndicated loan that will have to be repaid within five years at a rate of 4.75 per cent interest. The consortium of investors behind the bond comprise the National Insurance Scheme (NIS) and the Guyana Bank of Trade and Industry (GBTI).According to financial analyst Dr Peter Ramsaroop, the repayment of this loan will have ramifications for Guyana’s oil revenues. He noted that while there has been talk of selling lands to repay the loan, the Guyana Sugar Corporation (GuySuCo) is already buried in over $70 billion in debt. This, Ramsaroop noted, is almost three times the value of the bond.SPU head Colvin Heath-London“The US$150 million also has to be seen in the context of Guyana’s already increasing debt portfolio and diminishing revenue stream. Such a large loan is contingent on the successful turnaround of the now defunct estates,” Dr Ramsaroop has charged.“It is dependent on a reduced debt portfolio and increased revenue streams—a reduced debt portfolio and increased revenue stream based on oil revenues. This in itself poses even more pitfalls,?” he expanded.Dr Ramsaroop notes that the NIS will be expected to inject billions into the venture to recapitalize the remaining estates: Albion, Blairmont and Uitvlugt. According to Ramsaroop, the decision to arrange the loan should have never been taken in the first place.“There is also the fact that, to sweeten the pot for the consortium, a Government guarantee has been given. This (is) in addition to the increasing of the debt ceiling in the National Assembly for loans to be guaranteed by Government,” he said.“While the decisions have already exposed the treasury to billions in further liability, the move has now created a precedent,” Ramsaroop explained. “Precedents then set the stage for future similar transactions.”Syndicated loanThe Guyana Sugar Corporation is already inundated in billions of dollars of debtIt was announced a few days ago that NICIL had issued a US$150 million bond facility through Republic Bank’s investment banking division, in order to raise capital for GuySuCo’s operations. It was also stated that London House Chambers Attorney Devindra Kissoon had helped arrange the transaction.The statement had explained: “With the issue, NICIL becomes the first public issuer to raise debt in the local capital markets in over 10 years. The bond is the largest ever bond facility arranged in Guyana, and was oversubscribed by local investors on the first tranche.”NICIL had also explained that: “the bond will be issued in multiple tranches, with the first tranche of roughly Gy$17 billion, or US$85 million equivalent, being issued to local investors on Friday, May 25, 2018.”According to NICIL, the money from the bond will be used towards capital expenditure and general operations for GuySuCo. But even with this US$150 million, there are still plans to raise a whopping US$65 million more to finance the complete revitalisation and recapitalisation process.In its release, NICIL said it expects to raise the remaining sum, equivalent to Gy$13.6 billion, within the next few months through a combination of local and regional investors.“A targeted road show is expected to be launched within the coming weeks that will likely include investor briefings in Trinidad and Jamaica” in order to raise the much needed funds, the release noted.RepaymentQuestioned during an exclusive interview on the GuySuCo repayment of the bond, SPU head, Colvin Heath-London, insisted that the SPU and GuySuCo were committed to ensuring that all the necessary repayments were made.He had been adamant that strict adherence to financial best practices would be followed within GuySuCo, to ensure that there was no wastage of revenues secured by the sugar company from its ongoing operations.But a source close to the SPU revealed that GuySuCo, with financial advice of NICIL and the SPU, would embark on a process that could see the company selling some $3 billion worth of spare parts that were currently lying in its storage bond.Also, a proposal has been made to secure another $10 million by selling scrap metal sourced from around the company’s East Demerara Estates. This publication was told that over the next few months, GuySuCo would embark on the process of selling prime real estate not being utilised. Some 4600 acres would be up for grabs.From that alone, it is understood, the SPU and GuySuCo hope to garner a whopping $50 billion if sold at different intervals. Further, the Unit could seek to secure some $265 million by selling GuySuCo lands in and around the Wales Estate.last_img read more

first_imgThis is Real Madrid’s first loss of the season. (PHOTOS/Courtesy)Real Madrid were subjected to a first loss of the season this past weekend as they got beaten 1-0 away to Real Mallorca on Saturday afternoon.Zinedine Zidane’s side went into the weekend top of the log and unbeaten in their opening 8 games of the season but fell to a Lago Junior Wakalibille goal on 7 minutes and could not recover from it. As frustration mounted, Alvaro Odriozola was also shown a second yellow card and subsequently sent off with 16 minutes to play, meaning Real finished the game with 10-men.The loss means Real drop into second on the log with 18 points, one behind leaders FC Barcelona.For Barcelona, they registered a 6th victory of the season on the same day as they took care of Eibar 3-0 away from home.The trio of Lionel Messi, Luis Suarez and Antoine Griezmann all scored and it was the first time they did so since the latter’s move from Atletico this past summer.Barca who have already lost two games this season now sits top for the first time while Eibar drops into 16th with 9 points from as many games.In the capital, Atletico were held to a 1-1 draw at home to Valencia in the biggest game of the weekend.Diego Costa put the hosts ahead via the penalty spot on 36 minutes but Valencia who would later see Lee Kang-In sent off, equalized with 10 minutes to play through their captain Dani Parejo.The draw means Atletico drop into 5th on the standings with 16 points while Valencia are now 10th, three points adrift of Diego Simone’s men.Elsewhere, Luke De Jong struck with four minutes to play as Sevilla beat Levante 1-0, Real Sociedad came from a goal down to defeat Real Betis 3-1, Villarreal tamed Espanyol 1-0 at the RCDE stadium, Getafe continued their fine home form with a 2-0 victory over Leganes, Alaves and Granada were also victorious at home to Celta and Osasuna respectively while Bilbao were held to a 1-1 by Valladolid.In Italy, the top two of Juventus and Inter Milan were both victorious in their respective match-day 8 fixtures.Cristiano Ronaldo and Miralem Pjanic scored the home side’s goals either side of a Danilo leveler as Juve beat Bologna 2-1 to ensure they stay top of the log with 22 points.Juventus still hold a one-point lead at the top of the log.For Inter, they won a 7-goal thriller away to Sassuolo on Sunday 4-3. A brace each by Lautaro Martinez and Romelu Lukaku saw Inter take a 4-1 lead with 19 minutes to play but two late goals by Filip Djuricic and Jeremie Boga ensured a nervy ending to proceedings. However, Antonio Conte’s men held on to register a 7th victory of the season, one that sees them move to 21 points, one behind leaders Juventus.In the capital, Lazio fought-back from three goals down to draw 3-3 at home to free-scoring Atalanta.Luis Muriel’s double and Alejandro Gomez’s goal gave the visitors a deserved 3-0 lead at the break but Lazio drew level through Joachim Corea and Ciro Immobile’s double to ensure both sides share spoils in the end.The result means Atalanta remain third with 17 points while Lazio are now 7th with 12 points.The fixtures involving the other big boys of Italian football saw Arkadiusz Milik strike once in either half as Napoli beat Hellas Verona, Roma were held to a 0-0 draw away to Sampdoria while AC Milan conceded a 90th-minute goal to draw 2-2 at home to Lecce.Elsewhere, Cagliari beat SPAL 2-0, Cagliari were 1-0 winners at home to Torino while Parma thrashed Genoa 5-1. The fixture between Brescia and Fiorentina will be played on Monday.In France, PSG moved five points clear at the top of the French Ligue One thanks to a 4-1 victory over Rennes on Friday night.PSG are now five points clear at the top of the summit.Angel Di Maria helped himself to a brace on the day while Mauro Icardi and the returning Kylian Mbappe scored the other goals for Tomas Tuchel’s side. Ignatius Ganago had temporarily made it 1-2 but that was as close as the home side got.PSG now match onto 24 points from 10 games this season while Nice drop into 11th with 13 points.Second-placed Nantes who saw Molla Wague sent off as they lost 1-0 away to Metz with Mouhamadou Diallo scoring the winning goal on 86 minutes.Nantes now have 19 points from 10 games.Elsewhere, Lyon were held to a 0-0 draw at home to Dijon while Marseille beat Strasbourg 2-0 with Boubacar Kamara and Kevin Strootman both on the score-sheet.In the other games, Reims beat Montpellier 1-0, Brest defeated Angers 1-0, Toulouse were 2-1 winners at home to Lille, Monaco came from 2-1 down to beat Rennes 3-2 while Saint Etienne struck a 90th-minute winner in the 1-0 win away to Bordeaux.In Germany, Bayern Munich were held to a 2-2 draw away to Augsburg on Saturday and have now gone two games without a victory.Bayern have not won any of their last two Bundesliga games.Marco Richter opened the scoring inside a minute before Bayern turned the game on it head through Robert Lewandowski and Serge Gnabry. In additional time, Alfredh Finnbogason equalized for Augsburg to ensure the two sides share spoils.The draw means Bayern drops into 3rd on the log with 15 minutes while Augsburg slips into 16th.On the same day, Monchengladbach maintained top spot despite a 1-0 loss away to Dortmund.Marco Reus scored the only goal of the day ensuring Gladbach stays on 16 points while Dortmund are fourth with 15 points.Elsewhere on Saturday, Leipzig drew 1-1 with Wolfsburg, Union Berlin beat Dortmund 2-0, Dusseldorf were 1-0 winners at home to Mainz while Bremen and Hearth Berline drew 1-1.On Sunday, Koln defeated Paderborn 3-0 while Hoffenheim stunned Schalke 2-0.All results from Spanish La Liga match-day 9-Granada 1-0 Osasuna-Eibar 0-3 Barcelona-Atletico Madrid 1-1 Valencia-Getafe 2-0 Leganés-Mallorca 1-0 Real Madrid-Alaves 2-0 Celta Vigo-Real Sociedad 3-1 Real Betis-Espanyol 0-1 Villarreal-Athletic Bilbao 1-1 Real Valladolid-Sevilla 1-0 LevanteAll results from Italian Serie A match-day 8-Lazio 3-3 Atalanta-Napoli 2-0 Hellas Verona-Juventus 2-1 Bologna-Sassuolo 3-4 Inter Milan-Cagliari 2-0 SPAL-Sampdoria 0-0 Roma-Udinese 1-0 Torion-Parma 5-1 Genoa-AC Milan 2-2 Lecce*Brescia vs Fiorentina-Monday @9:45pmAll results from French Ligue One match-day 10-Nice 1-4 PSG-Lyon 0-0 Montpellier-Reims 1-0 Montpellier-Angers 0-1 Brest-Metz 1-0 Nantes-Toulouse 2-1 Lille-Nimes 1-1 Amiens-Bordeaux 0-1 Saint Etienne-Monaco 3-2 Rennes-Marseille 2-0 StrasbourgAll results from Bundesliga match-day 8-Frankfurt 3-0 Leverkusen-Leipzig 1-1 Wolfsburg-Dusseldorf 1-0 Mainz-Bremen 1-1 Hertha Berlin-Augsburg 2-2 Bayern-Union Berlin 2-0 Freiburg-Dortmund 1-0 Gladbach-Koln 3-0 Paderborn-Hoffenheim 2-0 Schalke 04Comments Tags: BundesligaLa LigaLigue OneSerie Atoplast_img read more

first_imgRoy Hodgson hailed Frank Lampard and Manchester United midfielder Michael Carrick following England’s victory against Italy.Both players missed this summer’s European Championship because of injury and underlined how much they were missed by producing impressive displays in the 2-1 win.“We deserved victory over 90 minutes and there were some very good performances,” said England boss Hodgson.“When you miss players like Lampard and Carrick because they are not available you are maybe going to regret it because of the quality they bring.”There was also an England debut for Chelsea full-back Ryan Bertrand, who came on as a second-half substitute.“There were a lot of players looking to make an impression ahead of the qualifiers and I’m happy with the way they played,” Hodgson added.“It is the qualifiers that really count but it is nice to know that we have a deeper squad than the one we took to the Euros.”See also:Lampard keen to discuss new Blues deal Follow West London Sport on TwitterFind us on Facebooklast_img read more

first_imgQPRDefender Max Ehmer has extended his loan at Gillingham until 7 February. The 22-year-old first joined the League One club towards the end of November and has featured six times.FA CupChelsea could face London rivals Millwall for the first time since 1995, in the fourth round of the FA Cup. The Blues were drawn at home to the winners of the replay between the Lions and League One side Bradford. Fulham, if they can overcome Wolves, will travel to Gus Poyet’s Sunderland. Ties will be played on the weekend of 24 and 25 January.FulhamThe club have confirmed that their FA Cup replay at Wolves will be played on Tuesday 13 January, with a 7.45pm kick-off, subject to any television scheduling.BrentfordThe Bees will be hosting open trials at their Jersey Road training ground in May, with a professional contract up for grabs. Players born between 31 May 1994 and 30 May 1999 are eligible, with those in the 16-18 age range attending on Saturday 30 May, and 19- to 21-year-olds on Sunday 31 May. The best will be selected to play in a match against Brentford’s academy squad.Jack WarburtonThe son of Brentford manager Mark has joined the club’s development squad until the end of the season. The 21-year-old midfielder came through the youth ranks at Watford before moving to Leicester City at the age of 17. After turning professional, he later moved to Canada, winning player of the year at fourth-tier side Kitchener-Waterloo United in 2013, before coming back to the UK. He played two Under-21 games as part of a trial with the Bees and will now be part of Lee Carsley’s second string until June.Chelsea LadiesChelsea Ladies have signed highly-rated Sweden international Marija Banušić, 19, from Kristianstads. The forward, who made her debut for her country in November, is regarded as one of the most exciting young talents in Europe and will link up with the Blues squad later this month for pre-season training. She is the fifth signing of the winter, after Gemma Davison, Millie Bright, Niamh Fahey and fellow Swedish international Hedvig Lindahl. However, Yuki Ogimi and Rachel Williams have left the club, to join VfL Wolfsburg and Notts County respectively.Sam RobsonThe Middlesex opener scored 109 on the first day of England Lions’ opening match of their tour of South Africa. Robson struck 12 fours and a six before retiring as the Lions made 361-4 against a Gauteng Invitation XI in Soweto.MiddlesexTim Murtagh, Paul Stirling and Andy Balbirnie have all been named in Ireland’s squad for this year’s Cricket World Cup. Stirling, 24, played in all six of Ireland’s matches at the 2007 tournament, scoring a century against the Netherlands and making 32 in their shock win over England, but Balbirnie, 24, and London-born Murtagh, 33, will be at their first World Cup.Follow West London Sport on TwitterFind us on Facebooklast_img read more

first_imgCheck out this amazing documentary for Bentley Motors shot entirely on an iPhone 5s.We live in crazy times. As equipment gets cheaper, more and more people are able to make impressive high quality videos without spending thousands (or hundreds of thousands) of dollars. In recent years we’ve seen a rise in DSLR and mirrorless camera popularity, offering 4K and RAW recording to the masses. Additionally, the explosion of mobile video technology has lead some to use their cell phone camera as a legitimate filmmaking and video production device.The following is perhaps the most impressive cellphone video we’ve ever seen. Created by Reza & Co. based out of Santa Monica, California, the video is a ‘documercial’ shot for the luxury car manufacturer Bentley…and was shot entirely on an iPhone 5s. If you haven’t seen the impressive video, here it is:How They Did ItReza & Co. used the BeastGrip mount to attach external lenses to the iPhone. The mount also allows for external mounting and features 58 individual components that can be taken apart to suit your needs. At $75 it’s a great deal for anyone looking to build an awesome iPhone rig.For stabilization they used a MoVI M5 three-axis gyro-stabilized handheld camera system with a combination of a Schneider iPro Lens and Neewer 0.3X Baby Death 37mm Fisheye lens. To get such an impressive image they used the $4.99 FiLMiC Pro to capture images at 50 mbps and 24fps. FiLMiC also made it possible to color grade and edit the footage.If you wanted to go out and get a similar set up for your own iPhone productions you will need to spend around $6,000.Know of any other awesome videos shot on an iPhone? Share in the comments below.last_img read more