By RANOBA BAOA

Due to drastic weather conditions in the Western Division, Fiji Electricity Authority’s earlier planned power outages have been cancelled.
This was confirmed through a statement quoting chief executive, Hasmukh Patel.
Mr Patel said: “The Fiji Electricity Authority wishes to advise its valued customers that due to the  inclement weather conditions all planned outages throughout the Western Division has been cancelled.
“The weather conditions have caused faults resulting in power outages to customers.” he said.
“Restoration of power supply to affected customers is hampered by the weather, and customers should expect delays in restoration of their power supply.
He cautioned the public that low lying power lines should be treated as live and its status must be reported immediately.
“The authority is doing all it can to restore power to all affected areas and customers at the earliest and appreciates your patience and understanding on this matter.”
Further queries enquiries can be made through our Customer Contact Centre on 132333.
Emergency calls only to 913.

Fishing vessels tie up like these clustering in fours or in tens at the Suva Harbour. The situation is the same in other part of the South Pacific Islands.

Nuku’alofa: The ability of the domestic industry to compete in the southern longline albacore fishery has hit the point of no return.
Tying up vessels and sending employees home is now the reality that is faced by the Pacific Island Tuna Industry Association (PITIA) members that have an interest in this  fishery.
Scientists have warned for years that increased catches will come at the expense of economic viability.
The domestic Industry has called for stronger management to mitigate the impact of the influx of subsidised vessels.

Political forces
The political force that subjects our PIC governments to other considerations have prevailed and the economic downfall of an industry of some thirty years is the result.
Stock assessments continue to produce relatively healthy results however actual experience at sea tells otherwise.
Recent trends have shown not just decrease in catch per unit effort (CPUE) but fish size. Practice shows that there has been fast local depletion regardless of the perceived overall state of the stock.
Do we only step up to manage when overfishing is already occurring?
American Samoa with the support of the richer more powerful United States has recently put their fleet on the market.

Fiji
More than 50 per cent of the Fijian fleet has been tied up. Tonga has 1 domestic vessel left fishing – down from a high of 26.
Similar stories come from Western Samoa and the once vibrant PNG domestic longline fishery is history long since gone.
The delegate from China announced at WCPFC10 in December 2013 their intention to cap its fleet in the region at 400 vessels.
That is an estimate of 150 highly efficient and heavily subsidised more vessels into a fishery where those of domestic flags are tied up and crew is sent home to seek alternative income earnings.

Subsidised vessels
Even those subsidised vessels join the growing fleet o laid up vessels which dominate the scene in Suva harbour today.
Yet PICs will consider further issuing licences? Something is fundamentally wrong with that scenario.
As Dr Aqorau of PNA told ABC in a recent interview, ‘the albacore crisis is in the hands of the Southern states’.
PITIA has many times in the past urged relevant governments to take control of the fishery Ultimate control does lie with the PICs given that some 70 per cent o the albacore catch is taken within EEZ’s.
So presumably the income from licences will compensate for a domestic industry that has collapsed? Has this theory been properly appraised? Or is this the short-term gain outweighing long-term rational and sustainable development?
A couple of governments have now stepped up to react, whilst this is a step forward – we believe ‘the ship has sailed’.
With the correct approach, government support could possibly result in protecting future investment but not so fortunate for current stakeholders.

Reality
PITIA has always advocated managing the fishery at MEY. The reality is, the subsidised Chinese vessel, is the only party operating at MEY in this fishery.
Not the licensing authority and definitely not the unsubsidised domestic vessel nor the fisherman that is now seeking employment.
It is paradoxical that a once economic domestic fishery existed BEFORE the establishment of the WCPC.
Despite two conservation and management measures (in 2003 and 2005), designed to curtail increased fishing capacity the heavily subsidise fleet has grown exponentially.
—  PACIFIC ISLANDS TUNA
INDUSTRY ASSOCIATION

The Dragon Dance being performed commemorating the Chinese New Year this year, known as the Year of the Horse with guests from the Chinese Community and Westpac staff looking on at Westpac head office on Thomson Street, Suva, on Wednesday night. Photo: JONA KONATACI

By RANOBA BAOA

Westpac Fiji says it welcomes new players in Fiji’s banking industry as it generates healthy competitors and better services for customers.
Bank general manager, Adrian Hughes’ comments come as HFC goes into banking operations this March.
He said this during the Westpac Chinese New Year Cocktail celebrations honouring its Chinese customer base portfolio on Wednesday night at its head office on Thomson Street, Suva.
“We welcome all new competitors. It’s good for Fiji, it’s good for customers with more choice,” Mr Hughes said.
“But we’ll back ourselves in saying that we’ve got a very strong customer value proposition.”
“We have a wonderful track record here so it’s a good opportunity for the customers of Westpac and the future customers to make the decision on what are the best banking product services for them.”

Plans
Mr Hughes discussed the importance of keeping up with the latest technology and innovative ideas. One such development is instant cards which they’ve only recently launched.
“We launched an instant card issue with customer names which means that they can transact through the ATM, EFTPOS machines.”
In terms of further expansion plans this year, he said the bank will continue to grow given the upgrades undertaken in the head office, more products which they will reveal accordingly and others.
“We’re growing our ATMs, we’re growing our stores, and we’re having more points of representation throughout the islands in Fiji.
“We’re growing our product range. We’ve got a very high-end mobile banking product to be launched next month, and we’re very excited about that.
“We’re continuing to grow. We’re growing our branches, we’re growing our people, we’re putting more points of representation all throughout the Fiji Islands.”
Meanwhile the somewhat informal celebrations were a night of success as close to 200 guests from the Chinese community turned up for the event.
Mr Hughes reaffirmed that the bank has been existing in Fiji for more than 112 years and will continue to do so in future.

Fijian Holdings Limited yesterday announced a 28 per cent growth in consolidated revenue for the first six months ending December 31 with the group assets reaching all-time high of $495 million.
In an announcement made to the South Pacific Stock Exchange, FHL confirmed its unaudited consolidated group revenue for six months ending December.
This amounted to $152 million compared to $119 million recorded in the same period last year.
Consolidated Pre-tax profit amounted to $10.85 million for the six months reflecting a growth of 13 per cent from the previous year.
FHL Group chairman Iowane Naiveli said: “The six month results have set the benchmark for the financial year.
“We are optimistic of the growth ahead and it would be a good year.”
Merchant Finance, RB Patel Group, Basic Industries Limited, Fiji Industries Ltd, South Sea Cruises Limited performed better than expectation.
This would be the first financial year for TFV Group under FHL management and to be part of the FHL Group consolidated account.
Nouzab Fareed, Group chief executive said: “This is a reflection of our convergent business strategy.
“We are confident the trend will continue for the rest of the financials year.
“While we are contained with closure of FHL Logistics Ltd, but a lot more needs to done with PNG subsidiary, FTV group and Fiji Industries Ltd.”
Fijian Holdings Ltd is on e of the largest conglomerate in the country with 15 subdiaries in Fijian in the region including PNG, Samoa and Solomon Islands.
It is also the holding company of two listed company namely RB Patel Group and Fiji Television Ltd.  FHL Group is expected to enter Cinema Operations Industry by the second half of 2014.
As at end December, total shareholders’ equity stands at $214 million.  — SOUTH PACIFIC
STOCK EXCHANGE

Fiji Commerce and Employers Federation chief executive, Nesbitt Hazelman.

By MARAIA VULA

The Fiji Commerce and Employers Federation yesterday welcomed Government’s announcement of a $2 per hour National Minimum Wage across all sectors, informal and formal.
This will come into effect by March. It will not repeal but will complement or co-exist with the current sectoral minimum rates for workers in all the 10 sectors covered under the 2012 Wages Regulations Orders.
Federation chief executive Nesbitt Hazelman said this sets the benchmark and is a sign of positive commitment by Government.
“We are glad that Government has given ear to the informal sector of small and micro enterprises. The informal sector struggle to establish and grow their businesses, but who still create employment,” Mr Hazelman said.
“I should also state the when the federation advocates on the issue of wage we take into account all employers both in the formal and informal sectors.”
Fiji’s first ever National Minimum Wage was announced by the Minister for Labour, Jone Usamate.

Achievement
Mr Usamate stated that this is a milestone achievement in the history of Fiji as it is the first ever determination of a national minimum wage covering both the formal and informal sectors.
“Government is fully committed to give all workers the right to a just minimum wage as required under Section 33 of the 2013 Constitution,” Mr Usamate said.
The Ministry of Labour had worked in partnership with consultant Dr Mahendra Reddy last year.
They conducted a four-month comprehensive and representative survey throughout Fiji amongst 12 sectors covering both the formal and informal sectors.
A total of 9,770 workers used for the study were randomly selected from 1,470 employers distributed amongst twelve sectors in the formal sector.
A further 314 were interviewed from the informal sector.  The survey obtained critical information on the existing terms and conditions of employment including wage levels in the various sectors of Fiji’s economy.
It finally concluded that there needed to be a minimal wage across all sectors and that relevant review mechanism be adopted.
Dr Reddy had first proposed a minimum of $2.32 an hour.
Mr Usumate said Government has to carefully balance a fair value of our labour in terms of minimum wage against the ability of employers to pay this minimum wage in the context of our domestic economy.
At the same time they had to be aware of the fact that Fiji should not lose its competitive edge in the global economy and international trade.
The findings were presented by Dr Reddy to stakeholders in four workshops throughout Fiji. The Labour Ministry noted the reservations of Small and Micro Enterprises (SMEs) to set $2.32 per hour and their preference for a lower rate
After considering the feedback, the Ministry of Labour reviewed the original proposal. Dr Reddy presented his second recommendation to set the national minimum wage at $2 per hour to address the issues raised by the small and micro enterprises, including the need to also boost employment.
Mr Usamate thanked the workers, employers, civil societies, Government and private sector organisations which guided Government in the determination of a fair and equitable wage rate.
However he stressed: “For employers that can afford, please pay above the national minimum wage rate.”

Review
He also confirmed that this first national minimum wage rate will be reviewed within a year’s time after analyzing the economic and social impacts of its implementation.
Mr Hazelman responded: “The Federation does not have an issue with the annual reviews only to say that organizations and business will need to factor minimum wage increases into their budget each year.
“We would have hoped that the two year time line remain as it allow for businesses the flexibility to manage their payroll.
“The Federation is eager to see and consult with Government in relation the makeup and functions of the proposed wages forum.

By RACHNA LAL

The Reserve Bank of Fiji has indicated that investment activity will remain above 25 per cent of the gross domestic product (GDP) this year.
Governor of the Reserve Bank, Barry Whiteside, in a statement said, partial indicators for investment also revealed that the pace of investment activity strengthened in the past year.
“The pick-up in underlying economic activity is evident in rising domestic credit growth which has accelerated to 14.3 per cent in December,” he said.
“While the higher lending is reflected in increased economic activity, it has also resulted in a widening trade deficit as imports continue to outpace exports.
“Nevertheless, healthy inflows of tourism earnings coupled with higher personal inward remittances have cushioned its impact on our foreign reserves position.”
Mr Whiteside said domestic demand continues to be buoyant supported by a number of factors.
These, he said, included improving labour market conditions, the expansionary 2014 Budget, record low commercial bank lending rates and a favourable general business environment.
Meanwhile, Mr Whiteside said domestically, economic activity was broadly positive the past year.
This was underpinned mainly by encouraging outturns in key sectors of the economy as well as upbeat performances in consumption and investment activity.
“Partial indicators and anecdotal evidence suggest that the 3.6 per cent growth forecast for 2013 will be achieved.”

Monetary policy

The Reserve Bank Board at its monthly Board Meeting on January 30 agreed to maintain its existing accommodative stance by keeping the Overnight Policy Rate (OPR) at 0.5 per cent.
Mr Whiteside said: “Economic outcomes on both the external and domestic front have been positive.
The monetary policy objectives of the Reserve Bank remain intact with foreign reserves currently (29 January) at $1,772 million (sufficient to cover 4.7 months of retained imports of goods and non-factor services).
Inflation is expected to trend downwards to three per cent by year-end.
With the dual mandate of the Central Bank in check, Mr Whiteside remarked the Government’s expansionary fiscal policy earmarked for this year will stimulate growth even further going forward.
Hence, the economy is expected to surpass the three per cent pre-budget forecast.
The Governor concluded the central bank will continue to assess global and domestic economic developments and adjust monetary policy accordingly.

From left: Acting Head of Secretariat of Oceania Customs Organisation (OCO), Clement Taipala, Permanent Secretary for Finance, Filimoni Waqabaca, Fiji Revenue and Customs Authority general manger Taxation, Moala Nata, and general manager Customs Services, Jone Louie, cutting the cake marking International Customs Day yesterday. Photo: JUSTINE MANNAN

By RANOBA BAOA

Government hopes that the timely theme of International Customs Day celebrations would boost targeted revenue this year as well as other plans in store for the Fiji Revenue and Customs Authority.
Permanent Secretary for Finance Filimoni Waqabaca relayed this message during the celebrations at the authority premises yesterday.
This year’s theme is Sharing Information for better Co-operation.
With a $1.86 billion revenue achievement against the targeted $1.85 billion, Mr Waqabaca highlighted the theme emphasises that Government can achieve the revenue target collection of over $2 billion this year.
“We acknowledge that 2014 is a big year and a challenging year. That would have been seen in the 2014 Budget,” Mr Waqabaca noted.
“I was talking with FRCA representatives’ on customs and taxation and I was reminding them about what happened a few years ago in 2010 and 2011.”

Delivery assurance
Mr Waqabaca said they set a level on collection target and every year they had always achieved those targets.
“This was even though some who have worked here long said it would be very difficult … but we’ve delivered year after year,” he said.
“I was challenging them again this year that even though 2014 will be big given that we are targeting over $2 billion, I’m sure the theme we discussed will improve our productivity.
“From that, we would again be able to collect the much-needed revenue which helps in the development of the economy.”

Fair game
And given this hopeful achievement, Mr Waqabaca called on all stakeholders and businesses to play ‘fair game’ that would allow Government to deliver to the economy’s best interest at heart.
“I would like to say that we should be playing a fair game here,” he said.
“From FRCA and Government’s side, we’ve tried to create the environment that is conducive for businesses, small and micro enterprises.”
He urged all players to play their part well and fairly.
“We urge you to pay your tax. Do not circumvent the system and not pay what you’re supposed to be paying. Play fair with us and we will play fair with you,” Mr Waqabaca said.

WCO merit
Meanwhile, as a tradition to all customs body around the world, the celebrations acknowledged 15 staff being awarded the World Customs Organisation Certificates of Merits throughout the country.
The certificate is presented to outstanding staff who had gone above and beyond in their customs roles in the recent year.

By MARAIA VULA

The Fiji Institute of Agriculture Science has been revived after 20 years.
The Minister for Agriculture, Fisheries and Forests, Lieutenant-Colonel Inia Seruiratu, said it took positive thinkers and energetic staff of the ministry to resurrect this institution.
The institute was launched at the Holiday Inn Suva on Thursday.
Lieutenant-Colonel Seruiratu said: “This is one of the major initiatives of the ministry’s Research Council to modernise Fiji’s agriculture and promote the livelihoods of farmers and facilitate better processing and marketing.”
He explained the institute would provide a platform to all those interested in advancing agriculture in Fiji to unite and exchange vast practical experiences.
“Also share innovative ideas and knowledge that will lift Fiji’s agricultural sector to internationally competitive standards,” he said.
Institute Interim president, Shalendra Prasad, said: “As the world progresses, agriculture is becoming science based and we need to develop our young scientists to understand what agriculture is.
“The time has come for us to modernise agriculture to increase the production and productivity of the farm and we can take advantage of all technologies has to offer around the world.”

Sofitel Fiji Resort and Spa’s Luxury Family Room.

By JYOTI PRATIBHA

To further enhance its family appeal, the popular Sofitel Fiji Resort and Spa has launched a new Luxury Family room category.
The new Luxury Family room is ideal for families who enjoy outdoor living and offers extra space, freedom and entertainment options.
Geared towards those travelling with kids, Sofitel’s 16 new Luxury Family rooms are located on the ground floor with direct access to the beach, lawn and the world-famous lagoon pool.
For added lifestyle indulgence, each Luxury Family room also features floor to ceiling sliding glass doors which open out to a personal outdoor entertainment area, complete with spacious timber decking and furniture to encourage time outside in the tropics.
As part of the upgrade, the resort has updated and refurbished all 132 Superior rooms at the resort, in addition to its existing Family rooms and suites.
High expectations
General manager Simon Jinks said: “Our customers demand a high level of service and surroundings.
“The resort owners and management identified that our superior and family rooms provided an opportunity to further enhance our offerings and create a unique product for the meetings, business and leisure market.”
Sofitel’s lagoon style pool area has also been enhanced with new shade sails offering protection from the midday sun.
It is complemented by new poolside furniture and mattresses, perfect for unwinding after a massage at the resort’s onsite Mandara Spa.

Other upgrades
In line with its room update, technology enhancements at the Sofitel Fiji include new complimentary Wi-Fi facilities available throughout the resort including all of the conference and event venues, lobby, restaurants, bar and poolside areas.
As part of the facelift, each room has received an updated Sofitel MyBed, and elegant new furnishings inspired by the resort’s prime beachfront address, Fijian heritage and culture.
The room décor has been further inspired by French finesse in order to create an interwoven sense of international and local community spirit.
To capture this intrinsic Fijian feel, Sofitel commissioned local artist Rusiate Lali to creatively convey and interpret the essence of Fiji for a new art series now on display throughout the resort’s 296 rooms and suites.

From left: HFC chief executive, Isikeli Tikoduadua, chairman, Tom Ricketts and deputy chairman, Vilash Chand, with the formal banking licence certificate handed over by the Reserve Bank of Fiji.

Compiled by RACHNA LAL

HFC has provided Fijian consumers and businesses with cost effective financing options and tools for personal and professional success for over 50 years.
The locally-owned, locally-invested and locally-mindful financial institution continues to elevate Fiji with best standards and financing solutions and more.
March 3 has been confirmed as the date HFC will officially start operations as a fully-fledged bank across its six outlets around Fiji.
This will be a milestone for all Fijians as this will see a local bank opening for the first time after the tragic collapse of the locally-owned National Bank of Fiji.
HFC is jointly owned by the Fiji National Provident Fund (75 per cent) and the Unit Trust of Fiji (25 per cent) and essentially means it is owned by Fijians.
HFC chief executive, Isikeli Tikoduadua, with support from the board and staff members, has spearheaded HFC’s transition from just a financial institution to a fully-fledged commercial bank.
HFC has two branches in Suva, one in Nakasi, one in Namaka, one in Labasa (in our new location in a new complex in town) and new one in Lautoka (just next to ANZ).

Questions for Isikeli Tikoduadua, chief executive of HFC:

1. Tell us about the commencement of banking operations?
The official date for the commencement is March 3. This will be all the branches at the same time – all the six branches we have Fiji-wide. They will all from March 3 operate as a fully-fledged commercial bank. We have everything in place now:
r Our ICT system is all set
r The branches are upgraded and renovated
r Our staff recruitment is done to ensure we have the right expertise and experience to be able to operate as a bank.

2. In terms of services, what are some of the things you are looking at?
Basically 80 per cent of the banking products, we are already providing these. So in addition, we will also be providing transactional accounts, cheque accounts, access accounts and ATMs to the customers. And then as we progress, we will also go into foreign exchange and bill payments. That will be gradually provided as we move in. But the basic banking service is going to be introduced from March 3.

3. What sort of introductory offers are you looking at for people?
One of the things we are going to do is we are looking at giving concessions on fees and charges. There are some other things we want to introduce, but we want to keep it under the wraps now. We do not want other banks to hear about it and start reacting. We will leave that right towards the middle of next month and then we will announce. We will have a pre-launch before the official opening.

4. Can you elaborate on your partnership with the DFCC Bank of Sri Lanka?
We have formed a management partnership with DFCC Bank of Sri Lanka and they are coming in on management consultation help us in setting up. They are coming to assist us wherever we may need expertise and where we do not have the skill sets. They do not have any shares of investment.
It is part of our exercise to ensure that we have expertise in the areas where we do not have experience. They have been here since we started with this exercise. One of the areas they are assisting in is in terms of ICT, because this is such a complex issue. They are providing us with assistance so we can piggy-back on them.

5. In terms of competition, we already have five banks. How confident are you of HFC’s success as a commercial bank?
We are confident in the sense we already have a customer base. That is probably our advantage to BRED Bank who came in without any customer base. For us, we have been very fortunate that over the years, we have developed a very good reputation, we have developed credibility, we have a very good customer base, both consumer and commercial.
In fact our handicap was we did not have any transactional accounts. We were lending to them but they had their accounts with the banks. So in this way we are not only able to capture all the services, but we are also able to retain and growth and ensure we provide end-to-end services to our clients.
Because at the moment, they come to us for borrowing but their accounts are with the banks and therefore the banks have a big advantage. That is the struggle or the hardship that we face. So once we get their accounts into our system, that will help us in ensuring that we protect our business as well.
And plus through going around Fiji on our tour and promotion, we found that there is a lot of excitement out there. They are hopeful for some new and unique services. We believe it depends on how we satisfy our customers and the turn-around time we have. Because now customers are shopping around and depends on who gives the best prize. They want to best services and rates and we found out that there are customers who are very frustrated.

6. New banks who have come in have often said they expect losses in the first few years of operations before posting profits. Is this something HFC is expecting as well?
No. In fact, we will not post a loss, we will still make profit but it will not be as high as it was last year. We had to invest a lot in capex and so most of our money has gone into renovation, upgrade, and recruitment. But long term, we are confident that this investment will pay itself back in terms of growth and our income stream from the varied services and products we will be providing.
This is the reason we have gone into banking. We have seen through banking, we will be able to ease things, not only our wallet returns, but the investment by our shareholders. It is a positive investment with the backing from our stakeholders and shareholders. With this investment, we are looking at better returns in a long term. But we are definitely not looking at a loss.
Last year was a record year of profit since the 50 years we have been operational. We noted the biggest profit of $5.623 million (net profit after tax). Even the 2012 profit was record – $3.757 million.
We have been very prudent and been smart by way of our expenses. We are not going in a big way because we want to ensure that we do it a right and we grow and build as opposed to just expanding and not being able to provide that service.

7. How much has been invested in setting up the business?
It has already cost us $7 million to $9 million in terms of setting up the banking operations. This includes the ICT system that we have now, all the upgrades and recruitments.

8. How many new recruitments?
Right now we have recruited about 20 people. So altogether we have 120 staff in our payroll now. We have really beefed up our operations to ensure we have the capacity to meet our demands.

9. The failure of National Bank of Fiji was a tragedy. What has been done to ensure there will not be a repeat?
We will definitely not end up like the National Bank of Fiji because we have been through a very robust exercise. We have had to meet all the requirements set by the Reserve Bank of Fiji, we have to make risk and corporate governance policy, fine-tune and be in line with what is acceptable level before we can go into banking.
We are already operating like a bank and so we have a very good track record. We have never forfeited. All the proper procedure and requirements set out by the Reserve Bank has been met and it was very stringent.  And RBF had told us that they have to be more stringent now because we are a local bank. They said they want to make sure HFC grows and becomes profitable and they do not want a repeat of the National Bank of Fiji situation. Otherwise we could have become complacent. It makes us work harder. Good thing is we are already regulated by the RBF. We were a financial institution before, but now we will be a bank. RBF has been very supportive.

Buys Geoff Shaw’s interest in two major resorts

By JYOTI PRATIBHA

Prominent Asia Pacific group Outrigger Hotels Hawaii has invested in full ownership of two major resorts here in a major sign of confidence in Fijian tourism..
As of yesterday, Outrigger Hotels Hawaii was full owner of Outrigger on the Lagoon Fiji, along the Coral Coast, and Castaway Island Fiji, in the Mamanucas.
This came after buying out prominent tourism industry identity Geoffrey Shaw’s company Coral Coast (Fiji) Limited.
A major announcement to this effect will be made tonight at Outrigger on the Lagoon Fiji.
Mr Shaw and Outrigger Hotels Hawaii have previously worked well in partnership.
Owned by the Kelley family, Outrigger Hotels Hawaii share many of its Fijian counterparts’ values and philosophy.
Current management and staff are expected to remain at both resorts in the immediate future.
Mr Shaw will remain part of the two resorts in a consultancy role.
There are no plans for a name change for Castaway Island Fiji as of yet.
These two resorts are some of the most celebrated and recognised names in the country and overseas.
Castaway Island Fiji was acquired by Mr Shaw in 1992 and Outrigger on the Lagoon Fiji opened its doors in 2000.
Outrigger on the Lagoon Fiji is easily one of the most well-known resorts along the Coral Coast and in Fiji.

Double Taxation Avoidance Agreement signed in New Delhi

The Attorney-General and Minister for Industry and Trade, Aiyaz Sayed-Khaiyum (right) with the Indian Minister for Finance, Palaniappan Chidambaram, during the signing of the Double Taxation Avoidance Agreement in New Delhi, India.

By RACHNA LAL

A significant increase in the amount of investment from India is anticipated in the country.
This follows the signing of the Double Taxation Avoidance Agreement (DTAA) between the Fijian and Indian Government on Thursday in India.
The agreement was signed on behalf of Fiji by the Attorney-General and Minister for Industry and Trade, Aiyaz Sayed-Khaiyum.
Speaking from New Delhi, India, Mr Sayed-Khaiyum explained the agreement would prevent Indian investors from being taxed in India on business profits earned in Fiji.
He said this would make it much more appealing for them to invest in the country, growing the economy and creating jobs for ordinary Fijians.
Mr Sayed-Khaiyum said the same would be true for Fijian investors in India.
Indian Finance Minister Palaniappan Chidambaram signed the agreement on behalf of India.

Potential of the agreement
Mr Sayed-Khaiyum said this agreement had the potential to seriously boost the Fijian economy.
“This would be by way of encouraging a stronger flow of investment, technology and services between Fiji and India, one of the world’s largest and fastest growing economies and the second most populated country in the world,” he said.
Mr Sayed-Khaiyum said with this agreement in force, the generous investment incentives offered by the Bainimarama Government would be much more attractive to Indian investors.
This, he said, would ultimately lead to more jobs for ordinary Fijians.
“With the signing DTAA, now, Indian investors have clear and transparent rules regarding taxes, bringing about surety and certainty,” the Minister said.

Prevention of tax evasion
Mr Sayed-Khaiyum believes this agreement would also help prevent tax evasion and false investor declarations.
“The agreement signed with India is fair, balanced and progressive, unlike agreements we have with some of the other countries,” he said.
“The Indians have been most accommodating. The DTAA spares Fijian students that are studying in India from paying taxes, if they choose to work whilst studying.
“Under the DTAA, the Indian Revenue and Tax Authority will assist FRCA to recover any taxes owed to Fiji, by individuals or companies residing in India.”

The delegation
The delegation to India is made up of:
r Permanent Secretary for Industry and Trade – Shaheen ali
r Fiji Revenue and Customs Authority chief executive – Jitoko Tikolevu
r Fijian High Commissioner to India – Yogesh Karan
r Investment Fiji chair – Truman Bradley
r Deputy Secretary for Industry and Trade – Maciu Lumelume

Ken Davey.

By MARAIA VULA

Fiji has the capability to produce biogas within the next decade, says an expert.
Ken Davey, an independent Biogas and Bioenergy consultant, made these comments during a presentation at the Fiji National University’s Nasinu Campus on Friday.
Mr Davey further said introducing biogas in Fiji would create more employment.
“This will create employment as with the German biogas sector it has created 45,000 jobs now.  Quite a remarkable set of jobs even though biogas is big and it supports a lot of jobs,” he said.
Mr Davey stressed this was an issue which needs to be discussed openly with all stakeholders.
“It all comes down to setting the right policy and I hope this can become an issue that people will discuss in this year’s election,” he said.
“It’s a big learning curve and the most important thing here is the education part and getting people to understand how achievable this is.”
Mr Davey has a background in sustainable development.
For the past five years, he has been employed directly within the German biogas sector which is believed to have one of the largest and most sophisticated biogas sectors in the world.

Viable for businesses
Mr Davey assured: “If you use a biogas fuel, if co-generated or tri-generated system and embed that in a business, it requires a lot of thermal energy which might help that business to grow because you are getting cheaper energy.
“Everything they are using now is important so the local option is not becoming economically viable.
“It’s keeping the Fijian dollar in Fiji and not putting it in a ship and sending it somewhere else because you have this multiplier factor this dollar turnover in the local economy.”
Mr Davey highlighted the first thing is to setup a local biogas station and start operations.

BRED Bank (Fiji) Limited chief executive, Satish Deb (standing third back right) with staff members.

By RACHNA LAL

BRED Bank (Fiji) Limited has confirmed plans to open a branch in Nadi by May.
This would be BRED Bank’s third fully-fledged branch and fourth outlet if the TappooCity Kiosk is taken into account.
Chief executive, Satish Deb, said they chose Nadi next for their expansion as the demand is there in Nadi and they want to expand their representation in the West.
“That is why we are moving into Nadi now and looking at another site in Lautoka by June,” he said.

Recruitment and location
Mr Deb said they have already recruited some people at senior level for the Nadi branch.
But, he said they need recruiting on the retail side and have advertised more positions in this respect.
The branch in Nadi is located in Namaka (next to Bank South Pacific).
Mr Deb said the building is undergoing renovations at the moment and would be similar to those in Suva and Nausori.
“The branch is going to be very good in terms of looks etc,” he said.
“We just need to maintain the outlook just like what we have with the MHCC and Nausori branch.”
Therefore, BRED Bank is investing a substantial amount for the renovation works.

General operations
As for the company which has been in operations just over a year, Mr Deb said business has been good, although competitive.
Nevertheless, he said they have been getting very good response from their customers out there both existing as well as potential.
“This is includes in retail business, SMEs, commercial and corporate sector,” he said.
And as ATMs play a crucial role in terms on convenience, Mr Deb said they already have got more ATMs in stock and is just a matter of deploying it near the branch site.
“We are however extending the reach to our customers by way of EFTPOS machines,” he said.
“We have got quite competitive rates in the market and once we open in Nadi, we will extend that rate in Nadi as well so customers can take advantage of this.”

AWARENESS

Source: RESERVE BANK OF FIJI
(This is an awareness article by the Reserve Bank of Fiji on Viti Bonds and how people can invest in it).

A Viti Bond is an alternative option to other investments such as term deposits, shares or units in a trust fund.
It is a type of fixed income instrument/paper tailored for retail or small investors.  The Viti Bond is issued by the Government of Fiji.
A total of $10 million has been allocated for the issue of Viti Bonds for 2014.

What is a Bond?
A bond is a type of investment where the investor (bond holder) lends money to the borrower (the issuer).
An issuer sells bonds to raise funds and agrees to pay the bond holder an agreed interest rate at fixed intervals throughout the life of the bond.
Interest payments for the bond are referred to as coupons.  Bond terms normally range from two years to 30 years.
At the end of the term, the issuer pays the full amount invested back to the bondholder.
In addition, the issuer appoints an agent or a registrar of bonds to handle the issuing of bonds on their behalf.
In the case of the Viti Bond, the investor is the general public and the issuer is the Government of Fiji.
The appointed registrar of Viti Bonds is the Reserve Bank of Fiji.

Tarun Patel has left Fiji Television after 22 years of service to the television company.

By RACHNA LAL

After 22 years of service with Fiji Television Limited, Tarun Patel bid the television company farewell on Friday.
He was one of the local pioneers of Fiji Television Limited but he lost his position as chief executive after Fijian Holdings became a major shareholder.
Mr Patel had been a part of Fiji TV since 1991 and was appointed chief strategy officer the past year.
He held various positions within the company and was the former Group chief executive from January 2009 to July 2013.
Mr Patel said it had been an enriching experience being part of the dynamic company in the TV broadcast environment.
“I feel blessed being part of Fiji TV and leave with many fond memories and achievements,” he said.
“I thank the shareholders, boards both past and present, staff and management and our loyal viewers and stakeholders for allowing me to be a part of this great company.”
Fiji TV chief executive, Tevita Gonelevu, said: “It is a sad day for Fiji TV as we bid farewell to a founder who had become synomous with television broadcast not only in Fiji the Pacific region.
Fiji TV chairman, Padam Lala, sent the similar sentiment as Mr Gonelevu.
“We are indebted to Tarun for the various challenges brought about with Fiji TV up till today,” he said.
“The Fiji TV family wishes him well in his future endeavours.”

2013 Courts Christmas Promotion grand prize winner Sailesh Pala (second left) with from left: Courts (Fiji) Limited director marketing, Anil Senewiratne, Courts chief operations officer, Hamendra Prasad and Courts manager IT, Sanjesh Prasad. Photo: COURTS (FIJI) LIMITED

By RACHNA LAL

Courts (Fiji) Limited, in partnership with Vodafone Fiji, yesterday officially handed over the vehicle keys to the major winners of the 2013 Courts Christmas Grand Promotion.
The winners received the prize at Courts Megastore in Samabula.
Courts (Fiji) director of Marketing, Anil Senewiratne, said they had a big number of entries in their ‘Thrills on Wheels’ themed Christmas promotion.
“We believe Government positive tax policies has resulted in a gradual increase in our sales as people now have more money in their pockets to spend,” he said.
“This is now improving the living standards of Fijians and for us at Courts, our philosophy is to keep improving the living standards of all Fijians.”
Mr Senewiratne said at Courts, they have something for every segment of the society.
“We want to give our winners a life-changing experience through our rewards,” he said.
The prizes

The grand prize was a Peugot French SUV won by Sailesh Pala. Mr Pala had bought an Akita pressure cooker and walked away with the grand prize worth $94,000.
The other major prize was three Chevrolet Sonic cars.
These were each won by Nitesh Naicker of Dreketi, Aman Sami of Nadi and Simione Namua of Tailevu.
Mr Senewiratne said the Chevrolet Sonic cars were up for grabs for customers who purchased any information communication technology (ICT) products.
This was done in partnership with Vodafone Fiji.
Vodafone’s dealers manager, Avichal Prasad, on behalf of Vodafone, congratulated all the winners of the joint promotion.
“We wanted to do promotion where customers could afford to purchase the latest in mobile phones,” he said.
“By partnering with Courts, we were able to provide the opportunity to customers that could not afford the high-end devices and latest of smartphones.
“We will continue to partner with our dealers in doing promotions with big prizes”.

Winners overjoyed

Mr Namua, a welder and carpenter by profession, said he bought an Alcatel touchscreen phone worth $179 and got a shock when he was told he won a car.
“I have not told my family and it would be a surprise for them when I take the car home,” he said.
Mr Namua said the win was more special as this was the first time for him to win something.
Meanwhile, Mr Sami, who is a yard worker at KK’s Hardware, said for 13 years he had to go to work on foot.
“Finally I will no longer have to do this thanks to Courts and Vodafone,” he said.

Major winners

Grand Prize – 4×4 Peugeot French SUV

Sailesh Pala – Ritova Street, Samabula

Major Prize – Chevrolet Sonic Car

Simione Namua of Tailevu

Aman Sami of Nadi

Aman Sami of Nadi

From left: ANZ corporate manager Umesh Chand, Lautoka Chamber of Commerce administrator, Salim Mohammed and businessman Abdul Rahiman Ali pour concrete during the foundation laying of Al-Minhaj Apartments in Nadi. Photo SHEIK DEAN

By SHEIK DEAN

Nadi businessman, Abdul Rahiman Ali, also known as Freddy, has planned an investment of approximately $4.5 million for the next three years in luxury apartments.
The investment will see three luxury residential apartments take shape in Bountiful Sub-division, Nadi, with the first project already underway.
Mr Freddy believes Nadi’s busiest vicinity, Namaka, needs more luxury residential apartments as business opportunities are booming and internal migration is on the rise.
“Nadi is a developing town and there are not many luxury residential apartments,” he said.
“Change is inevitable in the housing sector to deliver better standards of living for all.”

The projects
His first project of a triple story building consisting of 13 luxury apartments with a swimming pool will take shape this year at an estimated cost of $1.5 million.
“The apartments will be fully furnished and is in a flood free area,” he said.
“Nadi is the centre of hub for Fiji and sees a number of visitors on a daily basis who need top of the class apartments.
“The Al-Minhaj Apartments currently taking shape is expected to finish by 2015. The name Al-Minhaj simple means elegant and that is what these apartments will be.”

Growing business confidence
Mr Freddy already has 15 flats in Namaka on lease and is expecting to increase this number within the next three years.
“Business confidence in Nadi is growing which is another reason this apartment is coming up,” he said.
“The Bainimarama Government has also helped in boosting business confidence through the National Budget.”
Mr Freddy thanked the tremendous efforts from the current Government in helping Fiji prosper further making it the best in the country in the South Pacific region for investments.

By MARAIA VULA

The Pacific Business Mentoring Programme continues to gain popularity in Fiji with positive feedback coming from participants.
Another week-long workshop by facilitators Robin Putt and Gill Garchow ended on a high note the past week.
Ms Garchow said: “For every workshop we require feedback to come back as part of the funding for the programme and I have to say it’s fabulous and not just a tick box.
“Feedback really is about making a difference and what we receive is that some participants have new clients, some have future plans for their business which is encouraging,” she said.
There were over a 100 participants from small and medium enterprises (SMEs) that had undergone training at Tanoa Plaza Hotel in Suva.
Ms Putt feels it’s to do with networking – a business group coming together, hearing and absolutely identifying the highs and lows of businesses.
“We are here to help each other with skills as business people and we are still learning and we never stop learning in business and that’s what makes these courses really rich,” she said.
The whole purpose of this programme they said was about raising capabilities and productivity and to make businesses more sustainable.

More exposure
First time participants were confident this training would lead to more exposure.
At Your Service director Payal Vukitu said: “This is a great opportunity for us to get more exposure and actually get a fair idea of what we want to do from here.”
Company supervisor Natasha Rika said: “Now we have a more sense of where the business needs to be and how to improve what needs to be improved in the business.
“We need to set more goals and have proper planning and good directions.
“I think this workshop has helped us to prepare for financial transactions because I am not good with numbers but they make me feel I can do it.”
They are both hoping to attend the next workshop and any other workshop under this programme which is being co-ordinated by the Fiji Commerce and Employers Federation.

Participants attending the Pacific Business Mentoring Programme workshop held at the Tanoa Plaza Hotel in Suva the past week. Photo: JUSTINE MANNAN

OPINION

By KELVIN DAVIS

(Kelvin Davis is the director or Greymouse, a cloud service-provider that supplies high quality, time-bound and cost-efficient services through its own facility in Fiji.)

Google is testing a smart contact lens designed to measure glucose levels in tears, to help people with diabetes as they try to keep their blood sugar levels under control.
The Google lab known for working on unusual projects like self-driving cars, is crafting a contact lens that could help diabetics manage blood sugar levels.
Pricking their fingers for blood testing is not only painful, it’s also disruptive for a diabetic.
This is why many check their blood glucose levels much lesser than they should; however, Google’s smart contact lens should be a change for the better.

http://tinyurl.com/kurzweilai-googles-allow-track

How does it work?
After having wondered if miniaturised electronics might be a way to crack the mystery of tear glucose and measure it with greater accuracy, Brian Otis and Babak Parviz, the project’s co-founders at Google confirm that they are now testing:

• A smart contact lens that’s built to measure glucose levels in tears using a tiny wireless chip and miniaturised glucose sensor that are embedded between two layers of soft contact lens material.
• They’re testing prototypes that can generate a reading once per second.
• The project is also investigating the potential for this to serve as an early warning for the wearer, by exploring the integration of tiny LED lights that could light up to indicate that glucose levels have crossed above or below certain thresholds.

Hoping that  its smart contact lens will more accurately measure glucose and help combat the type 2 diabetes epidemic, Google thought this project was worth a shot.
This was especially given the International Diabetes Federation is declaring that the world is ‘losing the battle’ against diabetes.

http://tinyurl.com/webpronews-google-lenses-now

Will it simplify lives?
Many people with diabetes tend to carry a lot of hardware on them and although the pump is a lot more convenient than an injection, it still requires you to re-puncture yourself about every three days:

• Many diabetic sufferers agree that despite the promise of the smart lenses being a way to crack the mystery of tear glucose with greater measurement accuracy, they don’t envision an immediate future where they’d give up the traditional glucose-monitoring method of drawing blood with a quick finger prick.
• Overall, diabetics are reacting positively to Google’s tiny technology and if nothing else, the smart contact lens could reduce the sheer number of gadgets a diabetes patient needs to lug around.

Unlike Google Glass, Google’s most famous wearable technology, the smart contact lens isn’t designed to make our lives infinitely more digitally connected.
It’s being designed to hopefully aid in removing the stigma that’s associated with having diabetes.

http://tinyurl.com/techhive-5-diabetics-googles

People who suffer from diabetes have to regularly monitor their glucose levels as they are unable to regulate their own blood sugar.
Diabetes is a chronic disorder caused by raised blood glucose levels. While it can be controlled, it cannot be cured.
While there may be a host of “smart” technological gadgets arriving in the foreseeable future, none of these devices have been aimed at users suffering from diabetes, which makes Google’s project unique.