分类: business
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NGO behind U.S. senators enquiry into ExxonMobil tax filings
A New York-based non-governmental organization, the Oil and Gas Governance Network (OGGN), has been credited with prompting three U.S. senators to investigate ExxonMobil’s tax practices in Guyana. The senators—Sheldon Whitehouse (Rhode Island), Chris Van Hollen (Maryland), and Jeff Merkley (Oregon)—raised concerns about potential misuse of American taxpayer funds, alleging that ExxonMobil may be exploiting tax loopholes to claim credits for taxes it did not pay in Guyana. The OGGN, led by Professor Kenrick Hunte and Mike Persaud, provided the senators with critical information that led to the inquiry. Dr. Vincent Adams, a former head of Guyana’s Environmental Protection Agency, highlighted the NGO’s role in exposing what he described as a scheme where ExxonMobil allegedly uses fake Guyanese tax certificates to claim U.S. tax credits. The senators’ letter to ExxonMobil CEO Darren Woods questions whether the company directly paid taxes in Guyana or if the Guyanese government covered these payments from its share of oil profits. The inquiry also examines ExxonMobil’s partnership with China’s state-owned CNOOC and its implications for U.S. tax liabilities. The senators have set a deadline of October 23, 2025, for ExxonMobil to respond to their seven detailed questions regarding its tax practices and the 2016 Production Agreement with Guyana. The investigation could have significant implications for U.S. tax policy, potentially saving taxpayers an estimated $71.5 billion over a decade by closing existing loopholes.
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Jamaica spends four times more on imports than it earns from exports – STATIN
Jamaica’s trade imbalance has significantly worsened, with the country spending four times more on imports than it earned from exports during the first five months of 2025, according to the Statistical Institute of Jamaica (STATIN). The data reveals that Jamaica’s total import expenditure reached US$3,161.5 million, while export earnings stood at a mere US$773.0 million. This represents a 3.6% increase in import value compared to the same period in 2024, driven by higher spending on raw materials, consumer goods, and fuels. On the other hand, exports declined by 6.9%, primarily due to a sharp 26.8% drop in mineral fuel revenues. Jamaica’s major trading partners included the USA, China, Brazil, Nigeria, and Japan, with import costs from these nations rising by 9.8%. Meanwhile, export revenues to top destinations such as the USA, Russia, Iceland, Canada, and the Netherlands fell by 0.7%, further exacerbating the trade deficit.
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Apology to Fesco and CEO Mr Jeremy Barnes
The Jamaica Observer has issued a formal apology for incorrectly attributing a statement about Fesco’s market position to Mr. Jeremy Barnes, the company’s CEO, in a recent BusinessWeek article titled ‘Fesco Fuel Sales Surge 7.4%’. The publication acknowledged that Mr. Barnes did not make the quoted remark and expressed regret for the error and any resulting confusion among its readers. As part of its corrective measures, the Observer has removed the misattributed quote from all its published materials. This incident highlights the importance of accurate reporting and the potential consequences of misinformation in business journalism. The Observer has reaffirmed its commitment to upholding journalistic integrity and ensuring the reliability of its content moving forward.






