Top Non-Fiction Books Of Summer 2024
News Americas, NEW YORK, NY, Sat. June 15, 2024: Looking for some new non-fiction books to read this summer. Here are the Top Non-Fiction Books of 2024 according to Goodreads.
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These Ten Caribbean Nations Are Poised For Positive Economic Growth In 2024
News Americas, Washington, D.C., Weds. June 12, 2024: Ten Caribbean nations are forecasted to show positive growth this year, according to the World Bank’s latest Global Economic Prospects report. The overall growth for the Caribbean is expected to strengthen to 7.1 percent in 2024, with a continued robust performance in 2025 at 5.7 percent. Excluding Guyana, the growth rate is forecasted at 3.9 percent in 2024 and 4 percent in 2025. Analysts attribute this growth to a moderate recovery in tourism and remittances.
Caribbean Countries Set To Show Positive Growth in 2024
Country2024 Growth (%)Guyana34.3Dominican Republic5.1Saint Vincent and the Grenadines5Dominica4Barbados3.7Belize3.4Suriname3St. Lucia2.9The Bahamas2.3Jamaica2
Global Outlook
The global economy is expected to stabilize for the first time in three years in 2024, although at a weaker level compared to recent historical standards. Global growth is projected to hold steady at 2.6% in 2024 before slightly increasing to an average of 2.7% in 2025-26. This is below the 3.1% average seen in the decade before COVID-19. The forecast suggests that from 2024-26, countries representing more than 80% of the world’s population and GDP will grow more slowly than in the pre-COVID-19 decade.
“Four years after the upheavals caused by the pandemic, conflicts, inflation, and monetary tightening, it appears that global economic growth is steadying,” said Indermit Gill, the World Bank Group’s Chief Economist and Senior Vice President. “However, growth is at lower levels than before 2020. Prospects for the world’s poorest economies are even more worrisome. They face high levels of debt service, constricting trade possibilities, and costly climate events. Developing economies will need to encourage private investment, reduce public debt, and improve education, health, and basic infrastructure. The poorest among them, especially the 75 countries eligible for concessional assistance from the International Development Association, will need international support to achieve this.”
“Although food and energy prices have moderated globally, core inflation remains relatively high and could stay that way,” said Ayhan Kose, the World Bank’s Deputy Chief Economist and Director of the Prospects Group. “This could lead central banks in major advanced economies to delay interest-rate cuts. An environment of ‘higher-for-longer’ rates would mean tighter global financial conditions and much weaker growth in developing economies.”
ExxonMobil Guyana Reports Record GUY$614.6 Billion Profit for 2023
News Americas, New York, NY, Fri. June 7, 2024: ExxonMobil Guyana Limited (EMGL), the operator and one of the coventurers in the prolific Stabroek Block offshore Guyana, has reported a net profit of GUY$614.6 billion (One Guyana dollar = US$0.004) at the end of 2023.
This profit comes as the country’s revenue for the year surpassed $1 trillion, with total operating expenditures pegged at $356.1 billion. Revenues refer to the income the company generates, while operating expenditures represent the company’s expenses and responsibilities.
Exxon’s financials were shared with the media on Thursday during an engagement at the company’s office. The company’s Vice President and Business Services Manager, Phillip Rietema, told reporters that ExxonMobil Guyana continues to reinvest much of its earnings into expanding production in Guyana. Still, last year’s financials are a positive sign for the company.
“2023 was another profitable year, reflecting the building on the success of prior years,” Rietema said.
Last year, the company earned $577.7 billion in profits, up from $132 billion in the previous year, which was the first year the company made a profit in Guyana. Rietema explained that the increased revenues and profits resulted from higher production from the oil platforms operating offshore.
Globally, ExxonMobil’s profit was US$36 billion, approximately GUY$7.5 trillion. CNOOC and Hess, the other coventurers in the block, have separate financial figures.
Howard Law Professor and Founder of the Garvey-Nkrumah Development Incubator Appointed to World Bank-ICSID Panel
News Americas, NEW YORK, NY, Tues. June 4, 2024: U.S. President Joseph R. Biden has appointed Howard Law Professor and Founder of the Garvey-Nkrumah Development Incubator, John Woods, Jr., to the International Centre for the Settlement of Investment Disputes (ICSID) Panel of Arbitrators and Conciliators. ICSID is the world’s leading international arbitration institution dedicated to investor-state dispute settlement. Professor Woods will serve a six-year term on the Panel, through 2030.
U.S. President Joseph R. Biden has named Howard Law Professor and Founder of the Garvey-Nkrumah Development Incubator, John Woods, Jr., to the International Centre for the Settlement of Investment Disputes, (ICSID), Panel of Arbitrators and Conciliators.
Commenting on the appointment, Mr. Woods said: “I am humbled that I was selected by President Biden to serve in this capacity. From the quest to sustain industrial peace to formulating equitable solutions in addressing international investment disputes, the world is increasingly leaning in and leveraging ADR to resolve both domestic and cross-border conflict. I am excited to serve and contribute to advancing this effort.”
Attorney Woods brings over 20 years of experience in international law and dispute resolution, offering his expertise in legal, international development, and dispute resolution services across the U.S., Caribbean, South America, Central America, Europe, and Africa. His areas of specialization include transportation, construction, professional sports, labor, commercial transactions, securities, international investment, and real estate.
Recently, Woods was awarded a Fulbright Scholars Award (2024) for the Garvey-Nkrumah Development Incubator, a cross-cultural development program he founded. This initiative from Woods’ AFCA Development Group is a summer leadership and professional development program aimed at training aspiring lawyers of African descent in the US, the Caribbean, and Africa. The focus is on fields that serve as pillars to international and economic development and where such lawyers are grossly underrepresented: international law, trade & development, public policy, and conflict resolution.
The program, founded in 2022 is coordinated in partnership with a consortium of U.S., Caribbean, and African colleges and universities, including Howard University School of Law (ADR Program), the Ghana Institute of Management and Public Administration (GIMPA) Law School, The University of the West Indies (UWI) Faculty of Law (Cave Hill Campus, Barbados), and UWI-Shridath Ramphal Centre for International Trade Law, Policy, and Services, as well as international governmental organizations, including the Caribbean Community (CARICOM) and the Organization of Eastern Caribbean States.
Established in honor of international civil rights leaders, political theorists, and dignitaries Marcus Garvey and Kwame Nkrumah, this fellowship provides a comprehensive “experiential learning laboratory” for program participants.
Hess Shareholders Approval Sets Stage For Major Showdown Over Guyana
News Americas, NEW YORK, NY, Weds. May 29, 2024: The stage is set for a major oil showdown over Guyana as Hess Corporation shareholders approved the $53 billion acquisition by Chevron on Tuesday. However, the deal’s timeline remains uncertain due to a dispute with Exxon Mobil over Hess’ assets in Guyana.
A majority of Hess shareholders voted in favor of the merger, though the exact tally was not disclosed. CEO John Hess expressed confidence in the transaction’s value and anticipated its successful completion.
The deal faces potential jeopardy as Exxon claims a right of first refusal on Hess’ 30% stake in the Stabroek Block, a significant offshore oil field in Guyana. Exxon, which leads the development with a 45% stake, filed for arbitration in March to assert its rights under the joint operating agreement. The remaining 25% stake is held by China National Offshore Oil Corp.
Chevron and Hess informed investors that the merger could be terminated if Exxon prevails in arbitration. Hess stated that the deal’s completion hinges on the resolution of these proceedings, with both companies aiming to finalize the merger “as soon as practicable.”
Chevron spokesperson Bill Turenne expressed confidence that the arbitration will favor Chevron, while Exxon CEO Darren Woods remains optimistic about Exxon’s position, anticipating arbitration to extend into 2025.
The merger, initially expected to close in the first half of 2024, is delayed due to the ongoing arbitration. Additionally, the deal is under scrutiny by the Federal Trade Commission.
Institutional Shareholder Services (ISS) advised shareholders to abstain from the vote until more details on the arbitration timeline emerge, while Glass Lewis recommended voting in favor, citing the strategic and financial merits of the merger despite the uncertainty.
Assessing The Scales: The Disproportionate Impact of Global Risk Ratings On Small Caribbean Nations
By Keith Bernard
News Americas, NEW YORK, NY, Tues. May 28, 2024: The 4th Annual Conference of Small Island Developing States 2024, UN Secretary-General António Guterres made a striking allegation against major risk rating agencies, claiming they exhibit notable bias against small Caribbean states. His comments were strongly supported by the Prime Ministers of Barbados and Antigua and Barbuda, who echoed the sentiment that these agencies’ practices are not only unjust but also detrimental to the economic well-being of their nations.
Guterres highlighted that the risk assessments provided by these agencies often unfairly penalize small island states, inflating their perceived risk and thus raising borrowing costs. This, he argued, exacerbates the financial vulnerabilities of these nations, which are already grappling with the impacts of climate change, limited economic diversification, and small domestic markets. The Secretary-General’s critique suggests that the methodologies employed by these agencies fail to consider the unique challenges and resilience of small island economies, leading to a skewed and overly pessimistic view of their financial health.
Prime Minister Mia Mottley of Barbados and Prime Minister Gaston Browne of Antigua and Barbuda reinforced Guterres’ assertions, pointing out specific instances where inflated risk ratings have led to prohibitively high interest rates on loans. This, they argued, stifles economic growth and development efforts. Mottley emphasized the need for a fairer, more nuanced approach to risk assessment that recognizes the efforts of Caribbean nations to build resilience and sustainability.
Browne added that such biased ratings undermine international support and investment, further isolating these nations from the global financial system. He called for a revision of the criteria used by these agencies, advocating for a framework that considers climate vulnerability and resilience-building measures as positive factors.
The conference concluded with a unified call for reform in risk rating practices, emphasizing the need for a more equitable system that supports rather than hinders the progress of small island states. This collective stance aims to spark a global dialogue on the critical importance of fair and just financial evaluation standards.
Caribbean American Entrepreneur Is Nominee For Inaugural Caribbean POSH ICON WOMAN Award
News Americas, New York, NY, Fri. May 24, 2024: Guyana-born, Caribbean American entrepreneur and advocate, Felicia J. Persaud, is among the just announced inaugural honorees of the Caribbean POSH ICON WOMAN Awards.
Persaud, the founder of CaribPR Wire, Invest Caribbean, News Americas and Hard Beat Communications, is one of only four Guyanese nominated for this year’s awards and the only one in the category of Entrepreneurship and Business Excellence.
Felicia J. Persaud, is an inaugural Caribbean Posh Icon Woman Award nominee.
The Inaugural Caribbean Posh Icon Awards, founded by Caribbean Posh Magazine, is a new yet significant part of the Caribbean Posh Weekend Event and is designed to celebrate and empower Caribbean women.
“Our aim is to build a space that amplifies the way Caribbean women are celebrated and recognized for their achievements,” commented founder Janette Brin.
“It’s truly an honor to be among the many amazing Caribbean women who have made the list of top nominees for the inaugural, Caribbean POSH ICON WOMAN Awards, set for Caribbean American Heritage Month in the U.S. Virgin Islands as part of the Caribbean Posh Weekend,” said Persaud. “Being recognized by your own community and especially fellow Caribbean women entrepreneurs as amazing as Janette, makes it incredibly more special.
To vote for Persaud Click HERE and scroll down to the Entrepreneurship and Business Excellence section.
Persaud is also an award-winning Caribbean immigrant journalist, news editor, columnist and advocate, renowned for her impactful contributions across multiple industries. A staunch advocate for the Caribbean Diaspora, she spearheaded the Carib ID movement in 2008, leading the charge of ensure Caribbean nationals were able to count in the US Census. Her relentless advocacy over 12 years resulted in Caribbean nationals and immigrants being able to register their ancestry on the 2020 census forms. She continues her passionate advocacy for immigration reform, contributing a weekly column to the historic Amsterdam News.
Her expertise on the Caribbean has led to esteemed recognition through interviews on major media platforms such as AP, CNN, BBC, and The New York Times, alongside a listing in the US State Department Speakers Database as an expert on the Caribbean.
The Caribbean Posh Weekend is one of the most empowering event for Caribbean and Caribbean American women that has been held since 2017 in St. Thomas, United States Virgin Islands. This year’s weekend is set for June 28-30, 2024.
This highly anticipated event will bring together women in business from across the region to foster sisterhood, collaboration, and celebration.The Caribbean Posh Icon Woman Awards will also honour the esteemed Dr. Yvette Noel-Schure of Schure Media Group, as the inaugural award recipient of the Pioneering ICON.
In addition to the Icon Woman Awards, Caribbean Posh Weekend features many other exciting highlights. The event offers vendor and partnership opportunities, allowing businesses and organizations to showcase their products and services to a diverse audience. This is a chance for entrepreneurs to connect with potential customers and collaborators, expanding their reach within the Caribbean community. See more at caribbeanposh.com/wkd.
Black And Caribbean Owned Agency Recognized As A Clutch Global Leader For Spring 2024
FORT LAUDERDALE, FL, Fri. May 24, 2024: Caribbean-owned AD and PR agency, Hard Beat Communications, the black and women owned, global multicultural content creation and distribution agency that is part of ICN Group, today announced its recognition as a 2024 Spring Global Award winner for multi-cultural promotional services on Clutch, the leading global marketplace of B2B service providers. Honorees are selected based on their industry expertise and ability to deliver scores that are calculated based on the client feedback from thousands of reviews published on Clutch.
“Hard Beat Communications is honored to be recognized as a 2024 Spring Clutch Global Award winner,” said ICN Group CEO, Guyana-born Caribbean immigrant, Felicia J. Persaud. “This award is a testament to the excellent client work we have delivered this year as recognized through the voice of our customers in their reviews on Clutch. We’re proud to be recognized as a multi-cultural PR and ad agency leader on a global scale. Clutch Global Awards showcases the very best in the B2B services industry worldwide.”
“It is a joy to witness the incredible success of leading companies worldwide on our platform, and an even greater joy to recognize these companies as Clutch Global honorees,” said Sonny Ganguly, Clutch CEO. “Their dedication to delivering next-level services to clients has not only bolstered their own success but empowered numerous clients to thrive as well. In recognizing this spring’s Clutch Global honorees, we aim to showcase industry leaders and encourage connections for Clutch users seeking tailored services to achieve their goals.”
ABOUT HARD BEATHard Beat Communications is an award-winning, multicultural content creation and distribution, woman owned full-service business solutions agency that offers companies all the tools they need to target the multi-cultural market. Hard Beat provides our clients with all the marketing tools they need to reach their diversity goals – from multi-cultural content to distribution, to digital tools and SEO.
Hard Beat is part of the Black market of millions and we can help your brand show up differently in targeting the African American and Caribbean market as well as getting your content to the African, Asian and Latino markets. Our diverse solutions and team can help you easily build your brand through content and media buys in this diverse marketplace.
Hard Beat is part of the ICN Group of Companies that includes CaribPR Wire, News Americas News Network and Invest Caribbean. It knows the Black and Caribbean marketplace like our own hands. Reach your diversity goals with us as your partner.
ABOUT CLUTCH Clutch empowers better business decisions as the leading global marketplace of B2B service providers. More than 1 million business leaders start at Clutch each month to read in-depth client interviews and discover trusted agency partners to meet their business needs. Clutch has been honored for the past 6 consecutive years as an Inc. 5000 fastest-growing company and by the Washington Business Journal as one of the 50 fastest-growing private companies in the DC metro area for 2023.
Exxon Looks To Expand Wells In Guyana
News Americas, NEW YORK, NY, Weds. May 22, 2024: ExxonMobil’s drilling program in Guyana for this year and beyond includes plans to further appraise two well sites to assess the commercial potential for gas in the Haimara gas field off the shores of Guyana.
In 2019 and 2023, ExxonMobil drilled at the Haimara-1 and Haimara-2 wells with varying degrees of success. The company is now preparing for additional appraisal drilling at the Haimara-3 and Haimara-4 gas wells. According to the company’s insurance contract, the two wells will be part of ExxonMobil’s exploratory program.
Other planned drilling activities include oil wells Lau Lau-2, Trumpetfish-1, Bluefin-1, Hatchetfish-1, and Redmouth-1. In the Stabroek Block, approximately 17 trillion cubic feet of gas have already been discovered, with the Pluma and Haimara wells confirmed as gas fields.
The announcement comes as Exxon CEO Darren Woods recently told CNBC that the dispute with Chevron over Hess Corporation’s assets in Guyana could drag into next year. Exxon is claiming a right of first refusal on Hess’ assets in Guyana under an agreement that governs a consortium developing the country’s oil resources. Chevron has rejected Exxon’s claims that the agreement applies to its pending all-stock deal to acquire Hess, valued at $53 billion.
The Guyana Government, however, says it aims to develop this gas through the Gas-to-Energy project, which includes the construction of a 300 MW power plant and a Natural Gas Liquid (NGL) plant. The pipeline and transmission infrastructure are expected to be completed this year, with the power plant and NGL facility becoming operational next year. This could potentially reduce electricity rates by 50 percent.
Last year, the government released its draft Gas Monetisation Strategy for public feedback. Earlier this year, President Dr. Irfaan Ali announced that the administration is incorporating the feedback into the final strategy. Vice President Bharrat Jagdeo has described the monetisation of Guyana’s gas reserves as the next wave of economic opportunity for the country.
Meanwhile, according to Professor and Former Ambassador Dr. Kenrick Hunte, the Production Sharing Agreement (PSA) between Guyana and ExxonMobil, along with its Co-Venturers Hess and CNOOC, stipulates a 2% royalty on all petroleum produced and sold. However, ExxonMobil has been paying only 0.5%. Hunte noted in a letter to Kaieteur News on March 3, 2024, that the company has been paying Guyana out of its profits, thus reducing the country’s already limited revenue from royalties.
Dr. Hunte also highlighted that ExxonMobil has been deducting 75% of the monthly earnings from the Stabroek Block to recover its investments, in accordance with the Petroleum Agreement. Guyana receives 50% of the remaining 25%, equivalent to 12.5% of total revenues. ExxonMobil then provides Guyana with a share of its earnings, valued at 2%.
Curaҫao takes important step towards a sustainable energy future with Wärtsilä Battery Energy Storage System
News Americas, WILLEMSTAD, Curaçao, Mon. May 20, 2024: Technology group Wärtsilä will supply the Caribbean island of Curaҫao with a 25 MW / 25 MWh Battery Energy Storage System (BESS). The system will enable the expansion of renewable energy capacity and the reduction of carbon emissions, representing an important step towards a sustainable energy future for the island. The order was placed by Aqualectra, Curacao’s government owned utilities company, and will be booked by Wärtsilä in Q2, 2024.
Aqualectra and Wärtsilä representatives celebrate the order of a 25 MW / 25 MWh Battery Energy Storage System (BESS) to the Caribbean island of Curaҫao. From left to right: Rudolf Garmes, Joseph Everon, Reagan Celestijn, Marc Tarbox, Tganni Louisy, Neysa Isenia, Vianney Muzo, Staffan Nygard, Mathias West, Christoffer Ek, Edul Raphaela, Granger Jahnastasio.
The BESS and the GEMS Digital Energy Platform will provide grid stability and reliability, reduce unserved energy and help mitigate the risk of brownouts and blackouts. In addition, the BESS system will allow Aqualectra to expand their renewables’ vision thus allowing more renewable generation in the power system. The BESS system will also help smooth the intermittency of renewables.
“Aqualectra’s strategic objective is to provide the community with affordable, sustainable, and reliable electricity. The Wärtsilä solution will support all these objectives through reducing generation costs, enabling the integration of renewables, and decreasing CO2 emissions, while providing high reliability,” comments Joseph Everon, Advisor to the CTO at Aqualectra.
The order with Wärtsilä follows a detailed modelling of the power system to determine the best way forward.
“The BESS and GEMS provide the reserves needed to improve asset loading, and therefore efficiency, availability of energy, grid stability and reliability. Wärtsilä’s leading technologies and our capabilities of lifecycle services will support Aqualectra’s vision of a sustainable energy future. We are pleased to continue our close partnership with this project,” says Christoffer Ek, Director of Decarbonisation services at Wärtsilä Energy.
“The Caribbean has been an important region for Wärtsilä for decades and we have established many long-term relationships over that time. Aqualectra has been one of those great partners and this announcement to add BESS to their system with Wärtsilä is another sign of that strong relationship. Wärtsilä is here with solutions and capabilities for the Caribbean, and we are excited to continue serving this market for decades to come,” says Jon Rodriguez, Energy Business Director at Wärtsilä Energy.
The Wärtsilä equipment is scheduled for delivery in Q1/2025, and the project is expected to be fully operational by the end of Q2/2025.
Aqualectra is an existing Wärtsilä customer. The company operates three Wärtsilä engine power plants comprising a total of 16 generating sets.
All Wärtsilä releases are available at www.wartsila.com/media/news-releases and at news.cision.com/wartsila-corporation where also the images can be downloaded. Use of the image(s) is allowed only in connection with the contents of this press release. Wärtsilä images are available at www.wartsila.com/media/image-bank.
Wärtsilä Energy in brief
Wärtsilä Energy is at the forefront of the transition towards a 100% renewable energy future. We help our customers and the power sector to accelerate their decarbonisation journeys through our market-leading technologies and power system expertise. Our solutions include flexible engine power plants, energy storage and optimisation technology, and services for the whole lifecycle of our installations. Our engines are future-proof and can run on sustainable fuels. Our track record comprises 79 GW of power plant capacity, of which 18 GW are under service agreements, and over 125 energy storage systems, in 180 countries around the world.
www.wartsila.com/energy
Wärtsilä in brief
Wärtsilä is a global leader in innovative technologies and lifecycle solutions for the marine and energy markets. We emphasise innovation in sustainable technology and services to help our customers continuously improve environmental and economic performance. Our dedicated and passionate team of 17,800 professionals in more than 280 locations in 79 countries shape the decarbonisation transformation of our industries across the globe. In 2023, Wärtsilä’s net sales totalled EUR 6.0 billion. Wärtsilä is listed on Nasdaq Helsinki.
www.wartsila.com