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ETON, Ebomaf Loan Deals Back on the Burner?

first_imgSingapore or Hong Kong? ETON Tower (pictured), Hong Kong, said to be the headquarters of ETON Finance, although investigators could not locate the company at this address. Credible reports reaching this newspaper suggest that the ETON and Ebomaf deals, long thought to have been abandoned by this government has, according to sources on Capitol Hill, been resurrected and placed on the front burner by officials of this government. A source at the Finance Ministry told the Daily Observer that no final decision on the matter has yet been made, although there are signs that it may eventually receive official blessings allowing it to proceed.However, reports say, officials of ETON are still in the country and have been actively seeking to have the Liberian government provide its foreign exchange reserves as collateral for the proposed loan. According to sources, Eton officials have been making the rounds between the Executive Mansion, the Central Bank of Liberia (CBL) and the Ministry of Finance and Development Planning.A top Finance Ministry source told the Daily Observer that, for weeks now, officials of the Singapore-based company have been engaging Finance Ministry officials in an attempt to secure an arrangement that will circumvent CBL restrictions and place the country’s foreign exchange reserves under the direct control of the Minister of Finance who will, in turn, use his authority to commit the reserves as collateral for the loan.But, according to the Finance Ministry source, the hitch is, the matter has more to do with monetary policy as opposed to fiscal policy. Fiscal policy according to sources falls almost entirely on the lap of the Finance Ministry whereas, monetary policy falls squarely within the authority of the CBL as outlined in the Act creating the Central Bank of Liberia.Under Part 4 of the 1999 Act of Legislature creating the Central Bank, the Central Bank of Liberia(CBL) shall have functional independence, power and authority to:issue legal tender banknotes and coins;administer the currency laws and regulate the supply of money;provide credit to bank-financial institutions on a discretionary basis;act as fiscal agent for the Government;administer the New Financial Institutions Act of 1999 and regulate banking activities;regulate bank and non-bank financial institutions, as well as non-bank financial services institutions;hold and manage the foreign exchange reserves of Liberia, including gold;advise the Government on financial and economic matters;conduct foreign exchange operations;play an active role in collaboration with bank-financial institutions in the creation and maintenance of efficient and safe mechanisms for payments, clearing and settlements to meet the needs of the financial markets, commerce, government agencies and the general public. The Central Bank shall execute this responsibility through permanent consultations with the bank-financial institutions and through implementation of the proper regulations and standards, as needed.Further according to sources, ETON officials have paid several visits to the CBL in hope of meeting the authorities to convince them into accepting the loan deal that will cede to their control, the nation’s foreign exchange reserves held in the Federal Reserve Bank of New York. Sources further note that ETON was unable to consummate a deal with the CBL under the watch of former Executive Governor Milton A. Weeks.Following the departure of Weeks from the Central Bank, according to sources, Mr. Charles Sirleaf,  rebuffed ETON officials by refusing to hold discussions with them. But according to sources, the indictment of both Milton Weeks and Charles Sirleaf and their exit from the CBL appeared to have reawakened the interest of Eton officials and they have already recommenced their engagement with the CBL and the Ministry of Finance and Development Planning.At this stage, it remains unclear whether, CBL Governor, Nathaniel  Patray has given his blessing to the deal to have the country’s reserves placed as collateral for the ETON and Ebomaf loan deals. But Finance Ministry sources however say that while Finance Minister Tweah may appear inclined to pursue the deal, it can only be accomplished should the CBL leadership concur.Meanwhile, text messages and calls  placed to CBL and Finance Ministry officials to verify these accounts have since gone unanswered as officials from both institutions have remained tight-lipped on the matter amid a wellspring of heightened public concern about the fate of the loan deals.Share this:Click to share on Twitter (Opens in new window)Click to share on Facebook (Opens in new window)last_img read more

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Preparations underway for int’l aviation conference

first_img… as CAL, SOL Guyana sign on as sponsorsEven with its impending oil industry, Guyana will once again be on the global radar when it hosts the annual International Civil Aviation Organisation (ICAO) Air Transport Meeting in November.The conference will be held from November 21 to 23 under the theme, “Promoting connectivity for sustainable air transport”, and is expected to be one of the largest international events to be hosted locally.The objective of this Air Transport Meeting, according to the website, is to proffer practical solutions to remove existing regulatory impediments to air transport liberalisation and to finance the development of quality aviation infrastructure, as well as to follow up on the outcome of previous conferences.On the last day of the conference, Guyana will also be hosting the third Meeting of the African Diaspora, which will promote tourism and air links between African States and the Diaspora, especially the Caribbean States.According to Guyana Civil Aviation Authority (GCAA) Director General Egbert Field, plans are well underway to host the event, which is expected to focus on aDirector General Egbert Field and other GCAA officials with representatives from CAL and SOL Aviation Inc on Fridaywide array of areas.“It must be a conference in totality. It must address investment, tourism, inter-connectivity, trade, infrastructure – those elements [and more] will be part of the agenda,” he noted.A Marketing and Operational Support Secretariat has been set up to spearhead preparation and, according to its Director, Franklin Veira, the hosting of this conference will not only open doors for the local aviation sector but for the country as a whole.It also highlights the opportunities available in Guyana, since the country is pivotally placed in the North-eastern corner of South America and as such, is a good transition point for carriers moving to the African continent.He added that they would also be hoping to capitalise on the spanking new Cheddi Jagan International Airport (CJIA).“So we are hoping that with the advent of this conference, people will have an opportunity to see the Cheddi Jagan Airport and to see what facilities exist there, so they could turn around and begin to utilise it, making Guyana another international transit point for traffic moving to that side of the world,” he said.While the ICAO is assisting with major international sponsors for the event, Guyana has already secured 40 local ones including Caribbean Airlines Limited (CAL) and SOL Aviation Inc, both of which got on board Friday.CAL’s representatives noted that the airline’s sponsorship of the event was an affirmation of its commitment towards its service to the Region as the premier carrier. Meanwhile, the SOL representative noted that the company, through its sponsorship, was looking to build on its aviation company in Guyana.With these companies already on board, organisers are calling on other local and regional companies to take advantage of the opportunity.“This is a global conference and the marketing reach of your brand is to 192 States. To take your brand to 192 countries takes a lot of work and with this conference we are offering that opportunity,” GCAA’s Director of Air Transport Management, Saheed Sulaman, said.The GCAA is also partnering with other organisations such the Caribbean Community (Caricom) to host the conference, which will be held at the Arthur Chung Convention Centre. It is expected that representatives from all 192 ICAO member countries – between 400 to 600 participants – will attend. So far, the organisers have secured 16 hotels in the city to accommodate the participants.During the conference, the visitors will also be treated to “A Taste of Guyana” which will highlight the country’s culture and cuisine, among other aspects, while special trips will be organised to Guyana’s hinterland region to explore its rich flora and fauna.last_img read more

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Vidal set to quit Bayern for Barcelona

first_imgHe returned for afternoon training and several media outlets claim an announcement of his transfer to Barcelona is imminent.According to Spanish newspapers Mundo Deportivo and AS, plus UK daily The Guardian, Barcelona are prepared to pay a 30-million-euro ($35 million) transfer fee.Vidal would reportedly receive a three-year contract and earn around nine million euros per season with the Spanish giants.The Guardian claims Vidal met Barcelona officials last week and has already passed his medical after being granted permission to leave by new Bayern coach Niko Kovac.Bayern officials reportedly want to move Vidal on and reduce their star-studded squad.Having signed Germany international Leon Goretzka, 23, on a free transfer from Schalke, Bayern chairman Karl-Heinz Rummenigge said earlier this week that they have too many midfielders.0Shares0000(Visited 1 times, 1 visits today) 0Shares0000Bayern Munich’s Chile midfielder Arturo Vidal is reportedly set to join Barcelona after leaving the German’s pre-season training camp in Bavaria on Friday. © AFP / Christof STACHEBERLIN, Germany, Aug 3 – Chile midfielder Arturo Vidal is reportedly on the verge of signing for Barcelona after briefly leaving the Bayern Munich training camp on Friday.The 31-year-old midfielder was whisked away from Bayern’s pre-season base on Friday morning with the club’s director of sport Hasan Salihamidzic, reportedly to finalise details.last_img read more

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TRANSFER ALERT! Tottenham and Leicester face losing out on strike sensation

first_img1 Pescara striker Gianluca Lapadula celebrates scoring Napoli are set to beat off competition from Tottenham and Leicester to land Pescara striker Gianluca Lapadula.Lapadula’s form in front of goal last season caused scouts from clubs across Europe to flock to Italy to observe the 26-year-old with a view to signing the relatively unknown forward on the cheap.Leicester manager Claudio Ranieri is an admirer of his fellow countryman, while Spurs have also placed the forward among their list of summer targets.However, according to Sky Italia, Napoli have held preliminary talks with Pescara about a deal this summer, although no formal offer has yet been made.Lapadula, who is a product of Juventus’ academy, joined Pescara from Palma last summer and made an instant impact in Serie B, scoring 26 goals in 39 appearances.last_img read more

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HEARTBREAKING SCENES AS LITTLE JOSHUA IS LAID TO REST

first_imgThe devastated family of little Joshua Coyle carrying his remains from St Eunan’s Cathedral after his funeral mass today. Pic copyright of North West Newspix.A young couple made their most heartbreaking journey today as they carried the remains of their youngest son into his funeral mass.Heartbroken Alex Coyle and partner Suzanna Mangan held tightly onto a little white coffin carrying their 22 month old beloved son Joshua.Little Joshua died after he was struck by a van at his home at Crieve Glebe, Letterkenny on Friday evening. Tragic Joshua Coyle who was killed on Friday.Hundreds of mourners attended beautiful Joshua’s funeral mass at St Eunan’s Cathedral.Mourners wiped back tears as the mass heard of the love the little blonde toddler had given his parents and brothers in his short life.Devastated mum Suzanna fought back tears as she told Joshua “The day you came into our lives was the happiest day of our life. Look down on us and keep us safe.”The funeral mass was concelebrated by Fr Eamon Kelly, Fr. Eamon McLaughlin, Canon Dinny McGettigan and Fr Jonathon Flood. It was even more poignant for Fr Flood for he had christened little Joshua in the same church just 18 months ago.Fr Eamon Kelly said he wanted to thank each and every person who had come to the funeral mass and who had supported the family in recent days.“Even though we do not how to grieve or what words to say, your very presence, your very effort is very important for Alex and Suzanna, Alexander, Sean and Rohan,” he said.Little Joshua’s grandparents Alan and Geraldine Coyle and Martin and Suzanna Mangan as well as unclesm aunts and young cousins also attended.The offertory gifts included Joshua’s favorite blanket, a soft toy and two pictures. Broken-heart mum Suzanna left the church clutching tightly onto the soft toy and blanket.There were further emotional scenes as Joshua was laid to rest at nearby Conwal Graveyard.HEARTBREAKING SCENES AS LITTLE JOSHUA IS LAID TO REST was last modified: September 30th, 2014 by StephenShare this:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Reddit (Opens in new window)Click to share on Pocket (Opens in new window)Click to share on Telegram (Opens in new window)Click to share on WhatsApp (Opens in new window)Click to share on Skype (Opens in new window)Click to print (Opens in new window)Tags:accidentdonegalfuneralJoshua Coyleletterkennylast_img read more

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