Accountancy – Erins Rays http://erinsrays.com/ Wed, 10 Aug 2022 13:59:56 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://erinsrays.com/wp-content/uploads/2021/03/cropped-icon-32x32.png Accountancy – Erins Rays http://erinsrays.com/ 32 32 Ghana: “Squatters and abandoned heavy machinery in Ogbojo market must give way” https://erinsrays.com/ghana-squatters-and-abandoned-heavy-machinery-in-ogbojo-market-must-give-way/ Wed, 10 Aug 2022 13:28:14 +0000 https://erinsrays.com/ghana-squatters-and-abandoned-heavy-machinery-in-ogbojo-market-must-give-way/ The executive committee of the municipal assembly of Adentan has urged the assembly to remove all squatters and abandoned heavy vehicles from the Ogbojo market area. The move, the committee explained, would help prevent criminals from using the area as a hiding place to ensure the safety of traders and their customers. This was in […]]]>

The executive committee of the municipal assembly of Adentan has urged the assembly to remove all squatters and abandoned heavy vehicles from the Ogbojo market area.

The move, the committee explained, would help prevent criminals from using the area as a hiding place to ensure the safety of traders and their customers.

This was in a report submitted to the House during the 2nd Ordinary Meeting of the 3rd Session of the 4th Assembly on Monday at Adentan in Accra.

The committee chaired by the presiding member (PM) of the assembly, Joseph OdaiBoye, was set up in January this year to critically examine the issues raised at the last meeting of the assembly with a view to finding a solution to the start-up problems faced by certain electoral areas of the municipality.

The report which was read by the City Manager, Mr. Alexander Daniel Nii-Noi Adumuah, to the members also instructed the assembly to urgently acquire more office space for staff to ease the congestion currently encountered by some departments.

He also instructed the assembly to clear the New Legon area of ​​all lotto kiosks which were quickly becoming living quarters for some welders who worked there, to avoid the dumping of solid and liquid waste, as the area had no convenient public place.

The committee also recommended the cessation of all human and other activities around the gas station near Lotto Kiosk in New Legon, in order to avoid any disaster in the area, and also to ensure that the station owner -service finds a solution to the erosion that had affected the station’s enclosing wall.

He urged the assembly to implore the Coastal Development Authority (CODA) to bring the contractor back to the Accountancy road project site and also ensure that ECG Dodowa removes the high voltage poles scattered around the project site Accountancy.

The report recommended the manager of the Golden Crystal Hotel, which was developing an event center on a storm sewer in Adiringanor, to stop work and remove building materials from the area or ask the assembly to do so for him.

The committee has urged the assembly’s sanitation task force to clear traders selling opposite Fidelity Bank along the Dodowa-Adentan section of the road as the owner is responsible for the frontage of his property .

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Accountancy body supports #NoWrongPath in Scotland – FE News https://erinsrays.com/accountancy-body-supports-nowrongpath-in-scotland-fe-news/ Mon, 08 Aug 2022 13:36:06 +0000 https://erinsrays.com/accountancy-body-supports-nowrongpath-in-scotland-fe-news/ Ahead of this year’s Scottish Examinations Results Day, professional accountancy body ACCA Scotland is urging young people to remember that there’s no wrong way to start a career in finance and accounting. While results day will be a day of celebration for many, for some youngsters it will bring disappointment and worry about career plans. […]]]>

Ahead of this year’s Scottish Examinations Results Day, professional accountancy body ACCA Scotland is urging young people to remember that there’s no wrong way to start a career in finance and accounting.

While results day will be a day of celebration for many, for some youngsters it will bring disappointment and worry about career plans. As an organization whose founding mission is to ensure the accountancy profession is accessible to everyone, everywhere, the ACCA is proud to support this year’s #NoWrongPath campaign in Scotland.

The professional body highlights the range of starting points to become a qualified accountant, regardless of school exam results, including Foundation, Modern and Graduate apprenticeships in Scotland, as well as traditional work routes while studying as well as self-learning.

Susan Love, Strategic Engagement Manager, Scotland, says:

“Whatever your ambitions, we know that the accounting qualifications and business understanding they provide open doors to a wide range of employers.

“We strive to ensure that our qualifications are as accessible and flexible as possible, as we know that many of our members have overcome a series of setbacks and inconveniences to carve out successful careers in finance, making a contribution fantastic to the Scottish economy and society along the way.. The #NoWrongPath campaign is an opportunity for us to celebrate the success of our diverse members and offer support and comfort to our future members.

ACCA member David Nicholls is one of many to have lent his support to the campaign. Having no clear idea of ​​what he wanted to do during his studies, he left with poor exam results to start a university course but dropped out at the end of his first year. After working for a few years in different jobs without any particular professional project, he began a career as an accounting trainee, preparing for the ACCA in his spare time. He graduated in 2015 and is now a partner at Glasgow accounting firm Brett Nicholls Associates.

David said:

“Even though I didn’t have a clear idea of ​​what I wanted to do when I left school, I was disappointed with my school exam results and felt I was running out of options. I envied (still envied!) people who knew what they wanted and worked hard to achieve it. I started a course at university because around me and at the time a university degree was what most people did and it was expected. The subject didn’t suit me but I had very few options – my heart wasn’t in it and I finally gave up at the end of the first year.

“After working for several years in an unsatisfying job, I decided to explore accounting and was relieved to find that it was still possible to qualify through the mature student entry route. At that time, I was married and started a family the same year I started studying ACCA. Life was busy and studying at night was a challenge, but it was worth it and I knew I had an end goal to achieve. I would tell any young person that it’s okay if you don’t know what you want to do, or if your plan takes a few wrong turns, because it’s never too late to find the career that’s right for you. . ”

ACCA points out that any young person considering future options can find out more about accounting careers here: https://yourfuture.accaglobal.com/global/en.html

Recommend0 recommendationsPosted in Education, Employability

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Tributes pour in after city accountant dies https://erinsrays.com/tributes-pour-in-after-city-accountant-dies/ Sat, 06 Aug 2022 10:23:00 +0000 https://erinsrays.com/tributes-pour-in-after-city-accountant-dies/ The wife of Peter Hodgson, a beloved accountant who ran the books for several Diss companies, described him as “the love of my life”. Mr Hodgson died at Norfolk and Norwich University Hospital on Monday July 25, after suffering a heart attack. He was 85 years old. A father of three and grandfather of seven, […]]]>

The wife of Peter Hodgson, a beloved accountant who ran the books for several Diss companies, described him as “the love of my life”.

Mr Hodgson died at Norfolk and Norwich University Hospital on Monday July 25, after suffering a heart attack. He was 85 years old.

A father of three and grandfather of seven, Mr Hodgson had become a much-loved figure in the city, running his own accounting firm from his home in Denmark Street.

Peter Hodgson, who helped many Diss companies recover, died last month at the age of 85. Photo: Mark Bullimore

Such was his love for numbers and numbers, he continued to volunteer as Treasurer of the Diss Museum and the Diss Investment Club until his retirement.

Born in Glasgow, he moved to Richmond, London, as a young man to work as a chartered accountant. It was there that he met a teacher from Bristol, Jenny, who lived in the flat below him. They will remain married for 59 years.

“He had a good sense of humor and a twinkle in his eye,” said Ms Hodgson, 81.

Mr Hodgson had worked as a chartered accountant in London before moving to Diss.  Picture: Contribution
Mr Hodgson had worked as a chartered accountant in London before moving to Diss. Picture: Contribution

“And he was loving and kind and caring, but also very simple and very honest. He called a spade a spade and never cut corners.

After Mr Hodgson was appointed managing director of an accountancy firm in Thetford, he and his wife moved to south Norfolk, where they went on to raise three daughters – Morag, Alison and Catriona.

“We saw Diss and thought it looked like a nice little town,” said Ms Hodgson, who worked as a teacher at Diss Infant School.

“So we decided to raise a family here.”

An avid golfer, he was captain of the Diss Golf Club, but the great love of his life, Ms Hodgson said, was sailing.

“He had taken six-week trips to the Azores – he loved yachts and he loved being on the sea.

“But being a Scottish accountant he found it was much cheaper to have friends with yachts than to have one yourself,” she added.

It was this financial savvy that helped many businesses in Diss rise – he was the first person to manage the books at John Doe’s furniture store, now one of the biggest businesses in town .

Basil Abbott, director of the Diss Museum, remembers when he hired Mr. Hodgson as treasurer.

He said, “I recommended him for the job because he had been such a good accountant for
me.

“It was a tough time for museums, so we needed someone of his caliber.

“He seemed to have a love and taste for the job, not just seeing it as columns of numbers.

“It radiated positively when we could make money by organizing festivals, organizing bookstands or publishing books.”

Ms Abbott added: “He was there to help – he did it because he loved doing it, but he never did a song and dance about it.”

Since his death, his family have been inundated with messages of support from all over the Waveney Valley – receiving around 80 cards in just over a week.

“We had so many wonderful cards and messages that said he was so wonderful and how he put them on their path.

“I think a lot of people really liked him,” Ms Hodgson added.

“Peter lived his life to the fullest and he enjoyed it. He was absolutely the love of my life – 59 years old and we’ve never had a problem.

“He’s always been there for me, and I’ve always been there for him.”

Mr Hodgson is survived by his wife Jenny, 81; three daughters, Morag, 57, Alison, 55, and Catriona, 53; and seven grandchildren, Rob, 27, Anna, 24, Nick, 22, Alfie, 14, Sophie, 14, Isla, 12 and Sam, 10.



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Independent person to chair the audit committee https://erinsrays.com/independent-person-to-chair-the-audit-committee/ Thu, 04 Aug 2022 10:31:26 +0000 https://erinsrays.com/independent-person-to-chair-the-audit-committee/ Publication date: August 04, 2022 An independent person is to chair the principal audit committee of St Albans City and District Council following a review. Previously, the position was held by an advisor rather than someone from outside the organization. This change is the result of a Board decision to improve the efficiency of the […]]]>

Publication date:

An independent person is to chair the principal audit committee of St Albans City and District Council following a review.

Previously, the position was held by an advisor rather than someone from outside the organization.

This change is the result of a Board decision to improve the efficiency of the Committee and align it with best practices.

The Audit Committee is a key element of the Board’s corporate governance, responsible for ensuring high standards of financial management and risk management.

Experts from the Chartered Institute of Public Finance and Accounting (CIPFA) were invited to conduct the review and recommended the independent chair, among other reforms.

CIPFA is a professional body that sets standards for accounting governance in the public sector.

The Board is currently recruiting for the new position of Audit Committee Chairman which has an allowance of £3,000 per annum plus expenses.

Applicants should be impartial and independent-minded and have experience in audit, finance, governance or risk management.

Councilor Paul De Kort, Senior Advisor for Budget and Financial Strategy, said:

The full board accepted the recommendations of the audit committee review at its July meeting and we are now implementing them.

These recommendations were made by CIPFA independently of anyone on the Council, whether officers or advisors.

The Committee has the important role of examining in depth the financial activities of the Council. An unbiased chairman with no connection to the Council should ensure that the task is carried out with vigor and from an independent perspective.

The deadline for nominations for the position of President is 5 p.m. on Tuesday, August 30.

A recruitment pack with more information about the position can be found here: https://www.stalbans.gov.uk/independent-chair-audit-recruitment.

Image: @pikisuperstar, www.freepik.com

Media contact: John McJannet, Senior Communications Officer: 01727 819533; john.mcjannet@stalbans.gov.uk.

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Ferrari posts record profits as supercar sales soar | Automobile industry https://erinsrays.com/ferrari-posts-record-profits-as-supercar-sales-soar-automobile-industry/ Tue, 02 Aug 2022 13:56:00 +0000 https://erinsrays.com/ferrari-posts-record-profits-as-supercar-sales-soar-automobile-industry/ Ferrari posted record quarterly sales and profits as the cost of living crisis and worries about the global economy fail to dampen the enthusiasm of buyers of luxury trophy vehicles. The Italian sports car maker raised its full-year revenue and profit forecast after announcing a record second quarter, due to the popularity of new models […]]]>

Ferrari posted record quarterly sales and profits as the cost of living crisis and worries about the global economy fail to dampen the enthusiasm of buyers of luxury trophy vehicles.

The Italian sports car maker raised its full-year revenue and profit forecast after announcing a record second quarter, due to the popularity of new models and strong demand in China and the Americas.

The company, the latest luxury car or supercar maker to post record profits after Lamborghini and Bentley, said shipments rose 29% year-on-year to 3,455 units in the three months to the end of June. .

Ferrari said sales were driven by its Portofino M models and the F8 family, with overall vehicle shipments to China, Taiwan and Hong Kong more than doubling from 166 to 358 year-on-year. and rising 62% to 1,053 in the Americas.

Strong demand, which included Ferrari net orders hitting a new high in the quarter, fueled a 22% rise in net profit to €251m (£210m), while revenue rose a quarter to 1.3 billion euros.

“Ferrari is selling more units than it has ever sold in its history,” said Citi analyst Gabriel Adler, as the company aims to offset a drop in revenue due to the end of limited-edition sales of the Monza SP1 of more than 1 million euros. and SP2 models.

Ferrari has decided to raise its full-year revenue forecast to 4.9 billion euros, from 4.8 billion euros, and profits to a range of 1.15 billion euros to 1.18 billion euros, against a previous forecast of 1.1 billion euros to 1.15 billion euros.

“The quality of the first six months and the robustness of our activity allow us to revise upwards the 2022 forecast on all indicators,” said Ferrari chief executive Benedetto Vigna.

In June, the company, based in the northern Italian town of Maranello and listed in Milan, unveiled plans to manufacture 80% of its electric and hybrid car models by 2030.

In its latest quarterly update, vehicles with traditional internal combustion engines accounted for 83% of shipments, while hybrid models accounted for just 17% of shipments.

Aston Martin last week announced that pre-tax losses had collapsed to £285.4 million for the first half of this year as supply chain shortages hit production, leaving hundreds of its unfinished supercars.

Sign up for the daily Business Today email or follow Guardian Business on Twitter at @BusinessDesk

However, overall, the luxury and supercar market continues to thrive.

Last month, a report by accountancy firm UHY Hacker Young, which compiled figures from the Driving and Vehicle Licensing Agency, found that the UK’s wealthy are buying more luxury supercars than ever before.

More than 18,000 supercars – such as Ferrari, Bugatti, Aston Martin, Maserati and Koenigsegg models – were registered at UK addresses in 2021, an increase of 19% on 2020.

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Optionis in Warrington is one of the best learning companies https://erinsrays.com/optionis-in-warrington-is-one-of-the-best-learning-companies/ Sun, 31 Jul 2022 09:15:00 +0000 https://erinsrays.com/optionis-in-warrington-is-one-of-the-best-learning-companies/ A FIRM is celebrating national recognition after being named one of the UK’s top apprenticeship employers. The Optionis Group, headquartered at Center Park in Warrington, has been ranked 34th in an annual Top 100 list published by the Department of Education in partnership with High Fliers Research. Over the past few years, Optionis has supported […]]]>

A FIRM is celebrating national recognition after being named one of the UK’s top apprenticeship employers.

The Optionis Group, headquartered at Center Park in Warrington, has been ranked 34th in an annual Top 100 list published by the Department of Education in partnership with High Fliers Research.

Over the past few years, Optionis has supported more than 650 employees in their apprenticeship.

The company’s apprenticeship program provides professionally recognized qualifications for aspiring accountants and offers employment and development opportunities in a range of roles.

Optionis Group specializes in accounting, tax and umbrella employment solutions for UK entrepreneurs, freelancers and small businesses.

Karen Pay, Director of Human Resources at Optionis, said: “We are delighted to have been named one of the UK’s top learning employers. We have always invested in our people and supported their growth, and have found apprenticeships to be a fantastic vehicle for helping people grow professionally.

“I am particularly proud that we have been recognized in this way despite the challenges of the past two years. We have worked hard to keep our team motivated and engaged – especially when we have been forced to work remotely, so this award is a testament to that and our employees’ commitment to learning and always doing more.”

The Top 100 Apprenticeship Employers ranking celebrates England’s outstanding apprenticeship employers and aims to help prospective apprentices, parents and careers advisers identify apprenticeship opportunities at leading employers across the country.

The British Army took first place in the list of awards, followed by the Royal Navy and BT. Other major national employers such as Tesco, Network Rail and Lloyds Banking Group are also on the list.

For more information visit optionis.co.uk/apprenticeships/

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The Lionesses of England will pocket £55,000 each if they win Euros – but the men would get £460,000 https://erinsrays.com/the-lionesses-of-england-will-pocket-55000-each-if-they-win-euros-but-the-men-would-get-460000/ Thu, 28 Jul 2022 21:16:23 +0000 https://erinsrays.com/the-lionesses-of-england-will-pocket-55000-each-if-they-win-euros-but-the-men-would-get-460000/ The Lionesses of England will each receive a £55,000 bonus if they win the Euros. But that’s a tiny fraction of the £460,000 bonus the men would have taken had they won the 2020 title last summer. 2 The Lionesses celebrate their place in the Euro final after beating Sweden in the semi-finalsCredit: Getty Gareth […]]]>

The Lionesses of England will each receive a £55,000 bonus if they win the Euros.

But that’s a tiny fraction of the £460,000 bonus the men would have taken had they won the 2020 title last summer.

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The Lionesses celebrate their place in the Euro final after beating Sweden in the semi-finalsCredit: Getty

Gareth Southgate’s side have been promised £300,000 for reaching the final.

In contrast, the Lionesses who play all six games receive £2,000 per game and will therefore pocket £67,000 in total if they win Sunday’s final.

They agreed their price with the FA before the start of the tournament.

Some would have described the figure as life changing as the pay gap is wider at club level.

The Lionesses of England are looking to end their poor record against the Germans in the Euros final
Inside the England dressing room as the team celebrate their Euro final

The average Women’s Super League salary is £30,000 a year, a hundredth of the £3million some Premier League stars earn.

Women in Sport yesterday condemned the bonus gap saying: ‘Why shouldn’t we ask for equal price and equal pay? We already see this in tennis and cricket.

“It expresses and demonstrates the value that these teams bring to the sport.

“Increased investment is vital at all levels of women’s sport.

“For girls to achieve their aspirations, they need a place to do so on their doorstep.

“That should be the legacy of the Euros.”

Lionesses captain Leah Williamson, 25, supplements her income via deals with Gucci, Pepsi and Nike – and studies bookkeeping while playing for Arsenal.

Lionesses captain Leah Williamson

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Lionesses captain Leah WilliamsonCredit: Reuters
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Andhra Pradesh: CA Dropout Arrested for Cheating People Targeting ‘To Let’ Signs | Visakhapatnam News https://erinsrays.com/andhra-pradesh-ca-dropout-arrested-for-cheating-people-targeting-to-let-signs-visakhapatnam-news/ Tue, 26 Jul 2022 13:36:00 +0000 https://erinsrays.com/andhra-pradesh-ca-dropout-arrested-for-cheating-people-targeting-to-let-signs-visakhapatnam-news/ VIZIANAGARAM: The Vizianagaram Police arrested a CA (Chartered Accountancy) course dropout, Kota Vijay Krishna, who went down the road of crime for money by adopting a unique modus operandi. One-Town Police Station Inspector, Bendi Venkata Rao said Vijay Krishna, 28, is from Koppalapalem village in Bapatla district. Vijay Krishna is a CA dropout and due […]]]>
VIZIANAGARAM: The Vizianagaram Police arrested a CA (Chartered Accountancy) course dropout, Kota Vijay Krishna, who went down the road of crime for money by adopting a unique modus operandi.
One-Town Police Station Inspector, Bendi Venkata Rao said Vijay Krishna, 28, is from Koppalapalem village in Bapatla district. Vijay Krishna is a CA dropout and due to family disputes he left his family and he toured parts of North Andhra Pradesh on a bicycle. The youngster chose a crime route for easy money to meet his needs.
Vijay Krishna noticed mobile phone numbers on “To Let” signs. Later, he called the numbers and pretended to be a family member and friend and asked them for money citing that he was in trouble.
Believing the words of Vijay Krishna, three people from Vizianagaram and Srikakulam districts, transferred Rs 88,000 to an account. Later, they realized they had been cheated in May this year, Venkat Rao added.
Based on the victim’s complaint, the police led by Venkata Rao, Deputy Inspector V Ashok Kumar investigated the matter and got a small clue for further investigation.
Investigation revealed that the bank account belonged to a commissionaire, who receives 5-10% from Vijay Krishna on every deposit made into the account. Based on concrete clues, we caught the accused and recovered Rs57,000 from the accused.
Targeting To Let signs, Vijay called more than 1,000 people and the investigation is ongoing to clarify the number of victims in this particular case, Venkat Rao added. Police have called on people to be aware of new crime trends in the area.
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Photography in the analog age was fun – Ojeniran https://erinsrays.com/photography-in-the-analog-age-was-fun-ojeniran/ Sun, 24 Jul 2022 10:14:18 +0000 https://erinsrays.com/photography-in-the-analog-age-was-fun-ojeniran/ of yesteryear is not enough to carve out a place in today’s profession without some training. Technological innovation has improved photography, but at the expense of those who cannot afford digital equipment. In the analog age, it was cheaper to get proper gear to start with. But with the digital transformation comes ease and speed. […]]]>

of yesteryear is not enough to carve out a place in today’s profession without some training. Technological innovation has improved photography, but at the expense of those who cannot afford digital equipment. In the analog age, it was cheaper to get proper gear to start with. But with the digital transformation

comes ease and speed.

How did your photography journey begin?

I was inspired by my brother, Dr. Tunde Adegbite. When I graduated from high school in 1997, I was just hanging out on the streets because admission to a higher education institution was not easy at the time. I visited him and he introduced me

to a friend of his who was a photographer. I started to get interested in it and what started as a hobby grew, and today it is my source of income.

How can young people flourish in the profession?

They need to be focused and most importantly, they need to make sure they derive joy and

satisfaction in it. There are days when they would like to give up but this joy and satisfaction will see them through. It will be hard to progress and thrive in anything you do that you don’t derive joy from.

They should have the vision and they should see it as something that gives them joy. Plus, they shouldn’t wait until they have the huge capital to get started. Equipment is now expensive. In addition to the cost, the equipment is constantly evolving. You can get gear today and a few months later more sophisticated gear will come out, but that shouldn’t push them into unnecessary competition. With perseverance, hard work, and God, they would be lifted. They should use everything they currently have to continue developing their talents.

Do you think that photography is threatened by the advanced possibilities of smartphones?

This presents us with a challenge. Almost all phones have a camera. Most people use their phone for their photos, but these can’t compete with what a professional photographer does. No doubt there are some things people can do with their smartphones, but the digital camera in the hand of a professional will always stand out. But the “I don’t need a photographer” mentality affects us. Nevertheless, I must continue to develop myself and improve my works in order to be different and distinct. People believe they can do a lot on their phone, but as a professional, you need to show initiative and creativity to do better.

Some photographers now rely on the digital camera – usually its autofocus and zoom capabilities – as an excuse not to improve their skills, which is bad. It’s not just photography in photography. I always acquire more knowledge to elevate my work and also motivate people around me.

Speaking of the analog era, what do you miss most about photography then?

I miss a lot of things. It was interesting to take pictures at the time because it involved a lot of drama. You only had one chance to get it right and getting it wrong meant more money and wasted film. So you had to make sure that the subject was well prepared with a lot of adjustments and then the lighting and other things. The drama was fun. And people have had to wait days for their photos because if the film isn’t used up, you won’t want to print. There was also no preview option. Imagine the subject blinking after all the drama, you won’t notice it until after a few days when the photographs are printed.

Then the drama in the darkroom. Photography was stressful then, but I kind of built my enjoyment around it. However, the digital age has changed and made things easier, but I miss a lot of things that made photography interesting.

What drives your desire to succeed?

In everything you do, you should see it as something that gives you joy. What you don’t get joy from won’t take you to the next level. Photography is my passion and I derive joy from it. Everything I do related to photography always gives me joy because of the passion I have for it. Moreover, photography, regardless of genre, is lucrative and brings professional satisfaction. There’s a feeling you get with every click of the shutter.

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New merchant bank will help mobilize low-cost loans for private sector and government – Demerara Waves Online News – Guyana https://erinsrays.com/new-merchant-bank-will-help-mobilize-low-cost-loans-for-private-sector-and-government-demerara-waves-online-news-guyana/ Fri, 22 Jul 2022 03:30:44 +0000 https://erinsrays.com/new-merchant-bank-will-help-mobilize-low-cost-loans-for-private-sector-and-government-demerara-waves-online-news-guyana/ Updated on Thursday, July 21, 2022 at 11:23 p.m. by Denis Chabrol President of New Hayven Merchant Bank, Dr. Floyd Haynes and President Irfaan Ali at the official launch of this financial institution. A new merchant bank was officially launched on Thursday evening with the aim of injecting start-up capital into business ventures that have […]]]>

Updated on Thursday, July 21, 2022 at 11:23 p.m. by Denis Chabrol

President of New Hayven Merchant Bank, Dr. Floyd Haynes and President Irfaan Ali at the official launch of this financial institution.

A new merchant bank was officially launched on Thursday evening with the aim of injecting start-up capital into business ventures that have the potential to grow, grow and transform, as well as seek loans to favorable conditions for the government, officials said.

“None of this can happen without the necessary funding and it is this void that we have sought to fill; this is the impetus to start New Hayven,” said New Hayven Merchant Bank President and Founder, Dr. Floyd Haynes.

Referring to President Irfaan Ali’s vision for Guyana, the New Hayven boss said the country does not have enough money to fulfill this dream. “There is a huge deficit of capital or money. In other words, there is simply not enough money to finance the transformation and development of this country into a country. If you add up all the money in the country, it’s still not enough,” he added.

In this regard, Dr Haynes said some of the money would come from loans from international financial institutions and friendly governments. He said much of the needed cash needed to come from private capital, with New Hayven to play this “crucial role” through a range of financial instruments to help small and medium-sized businesses and infrastructure projects.

President Ali, meanwhile, warned against being classified as a developed or oil-rich country, but a “poor developing” country that needs to borrow loans on concessional terms because the cost of capital is significant. “Let’s not aim for classification. This will be the biggest mistake we will make. Do not rush someone to call you a citizen of a developed country. Let’s take our time. Let’s maximize the benefits of going through this phase,” Dr. Ali said.

The Guyanese leader said he expected New Hayven to go on the “hunt” for low-cost government funding.

New Hayven CEO Kurt Kisto said the bank understands Guyana’s socio-economic “realities” and is equipped to mobilize financing for both the public and private sectors. Other services offered are asset management, investment banking, wealth management, mergers and acquisitions, and real estate finance. “Our vision is therefore to be the premier investment bank delivering impact and value to investors and clients, serving as a catalyst for positive change for the country and the people of Guyana,” he said. .

The financial institution is located on Church Street, Queenstown, in the building that once housed the office of the Leader of the Opposition.

Dr Haynes and President Irfaan Ali admitted they were friends, but Mr Haynes said he did not get any special favors as the Bank of Guyana only granted the license after they were satisfied. “It’s not something that was passed on overnight. It was hard work, we persevered and we are very happy,” Dr Haynes said at the launch event at the Marriott Hotel. He also said the request had been in process for the past two years, during which time Central Bank Governor Dr Gobind Ganga had often asked for additional information.

“Dr Ali, Your Excellency it is no secret he is a friend of mine. I make no apologies for that,” said Dr Haynes who also thanked Vice President Bharrat Jagdeo with whom he had been to Africa. The President, in turn, also recognized Dr. Haynes as his friend. “Indeed, Floyd and I are friends,” he said, adding that this friendship long predated his accession to the presidency.

The US Accounting Firm of Dr. Haynes has been contracted by the US Department of State to provide accounting and financial support in over 100 countries around the world. He also served on the local content committee and leads an audit team for the cost recovery audit of ExxonMobil expenses in Guyana.

Among those who attended the event were former government ministers from the A Partnership for National Unity + Alliance For Change (UNPA+AFC) administration Joseph Harmon and Dominic Gaskin, longtime proponents of National Congress reform of the People, Vincent Alexander and Dr Richard Vanwest Charles, veteran trade unionist Lincoln Lewis and officials of the African Association for Culture and Development (ACDA). Others included senior executives from the private sector=.

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