Fostering financial relationship a major focus of Bred Bank

Facilitating financial connections, trade, investments and the integration of the regions are some of the key priorities for the Bred Bank.

Bred Bank Group of Companies Chief Executive Olivier Klein who is currently in Fiji says as they develop their presence in the South Pacific, they will ensure that they provide the best financial services.

Klein says they are also working on fostering relationships with businessmen in Pacific Island Countries.

“Of course, some are really eager to export somewhere else, to import, to invest, and we facilitate it, for example the coming of a team of businessmen from New Caledonia to Fiji last month. We will do the same with Fiji businessmen to go to New Caledonia or to the Solomon Islands.”

Bred Bank currently has six branches around the country and also provides services to Pacific Island countries including New Caledonia, Vanuatu, and the Solomon Islands.

Meanwhile, Klein is also in the country as the Bank celebrates its 100th anniversary.

Credit: FBC

Date: 29/8/2019

Fijian currency in safe space

MINISTER FOR ECONOMY AIYAZ SAYED-KHAIYUM [SOURCE: THE FIJIAN GOVERNMENT]

Speaking in relation to the recent weakening of the Australian dollar, Sayed-Khaiyum says this could cause a recession and have an effect on our tourism industry, but the advantage for Fiji is that we are not fully integrated into the global market.

“We are somehow buffeted in a way and we need to be able to be resilient about it, you know we saw a few months back there were seem to be a bit of panic in the market, interest rate was going up for deposits, there seems to be a bit of scramble, that all stabilizes now. Our liquidity is in access of $600m nearly double to what it was at the end of last year.”

The Economy Minister also highlighted that inflation is currently at 0.7 percent while Foreign Reserves are at $2.2 billion.

“The point I want to make from this is we need to have the level of tenacity to be able to stand up to this kind of fluctuation in the global market and to be able to understand that yes there may be a certain level of impact however that we are in a way buffet too, so we need to be creative”.

Sayed-Khaiyum also stated that several new projects from the semi-public and private sector should be expected in months to come as the government is talking to major investors – an indication of the confidence in the economy.

Credit: FBC

Date: 28/8/2019

WG Plaza developers and school still undergoing mediation process

Developers of the WG Friendship Plaza and the management Board of Holy Trinity Primary school are still through a mediation process.

Local Government Minister Premila Kumar says even though the case is before the courts, they had suggested the two parties come up with a resolution.

Kumar says the developers of the Plaza have not met with the ministry since the order was issued to further discuss the matter.

“The only time they came to us was for the stop work order to be removed which we did. And that’s when we had a major discussion in terms of the problems we had identified and what they had to do and we also gave them only a weaver for seven days. After seven days the stop work order was reinstated.”

In June, the Suva City Council stepped in after Plaza works encroached into the school property and a stop work order was issued.

Meanwhile, the Education Ministry will safeguard the learning environment of students at Holy Trinity Anglican Primary school should the stop-work order issued against WG Friendship Plaza be lifted.

WG Construction company spokesperson, William Wu says they will not comment on the issue.

Credit:FBC

Date: 27/8/2019

Cooperation between Fiji and China could improve trade

Minister of Industry, Trade and Tourism Premila Kumar reflected on the strong relationship between Fiji and China during the 21st Maritime Silk Road International Expo in China.

Participating as a keynote speaker, Kumar noted the corporation between the two countries can lead to elevated trade, investment, tourism, cultural and people to people exchange.

“This Theme Forum provides an important mechanism through which the implementation of the Maritime Silk Road strategy could lead to benefits for all parties.”

Over 40 countries and hundreds of participants gathered to deliberate on the theme ‘High-level Cooperation leading to High-Quality Development’.

The Minister also visited government officials in China and explored their vessel tracking technology.

Kumar also highlighted that cooperation between Fiji Ports and Guangzhou Port, could uplift our port operations to a greater height for trade.

Date: 26.08.19

Credit: FBC

The Real Estate Agents Licensing Board has started doing spot checks from the 1st of this month.

REALB Compliance and Monitoring Officer Vinal Singh say this is being done to ensure agents abide by the rules and regulations.Singh adds they’re also checking certain documents which need to be up-to-date such as the listing agreements.

“Under the act, there are certain roles and responsibilities of the real estate agents as well whereby they need to abide by the laws. We go around and check certain documents, for example, listing agreements and we also have our MOU with FRCA as well whereby those listing agreements need to be stamped.”

As of last week, REALB conducted spot checks on 68 agents.

Credit : FBC News

Date: 24th August

FNPF successfully acquires 20% of Energy Fiji Limited shares

The Fiji National Provident Fund has successfully acquired 20% of Energy Fiji Limited shares.While making the announcement, the Attorney General and Minister for Economy, Aiyaz Sayed-Khaiyum says these shares were bought by FNPF at a value of $220 million.Sayed‑Khaiyum says 24% of the shares are still available.

Meanwhile the Chairman of EFL, Daksesh Patel says this is a milestone for EFL.

Patel says there has never been any interference from the Prime Minister and the Attorney General in his 3 years of chairmanship.He says that this has resulted in where EFL is at today.

Chairman of FNPF, Ajith Kodagoda says the Fund has been looking for opportunities offered through government shares divestment program for some time and this has come in a timely manner.

Credit :Fiji Village

Date : 23th August

Port Denarau Marina expansion to accommodate influx

Port Denarau Marina has undertaken significant upgrades to ensure it can cater for the influx of Superyachts and boats.

PDM’s Managing Director Nigel Skeggs says they receive about 55 vessels annually.

This number is expected to grow significantly over the next two years with well over a 100 Superyachts expected to come through Fiji.

“At the moment we have 54 berths on our visiting jetty of which 23 are Super yacht berths. We’re adding another 7 Superyacht berths so, but it’s actually doubling in size in the sense that these new berths are very large berths, 85 meter berths so it’s doubling the lineal length of vessels that we’re able to accommodate and it will allow us to have up to four 85 meter boats whereas we can only carry one of those at the moment so.”

Skeggs says there are also several other expansion plans for the Marina to be able to accommodate more retail businesses.

Credit:FBC News

Date : August 23rd

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Board Chairman, Doctor Abdul Hassan [Photo:Real Estate Agents Licensing Board – REALB]

The Real Estate Agents Licensing Board says there are indications that more bogus agents are coming up in the market and through the REALB Roadshow, the board has been given information on more bogus agents.

REALB which has completed it’s awareness campaign with the Consumer Council of Fiji in the Northern Division, will investigate and try to get more information to prosecute the bogus agents.

Registered agents are appointed by REALB and they are issued with identification cards and certificates which contains their license number, expiry date and the name of the agent for a specific period.

Board Chairman, Doctor Abdul Hassan says there is a need to organize more awareness programs in the North to eradicate the bogus agents from the industry and educate the ordinary people who wish to buy or sell properties.

The Compliance and Monitoring Officer for Real Estate Agents Licensing Board of Fiji, Vinal Singh has already revealed that an island in Savusavu was sold for US$18.5 million which is part of the $42.154 million worth of complaints with REALB and Consumer Council of Fiji since 2017.Singh says this is 1 of 16 cases that is with the CID Office.

Bogus real estate agents and foreign real estate agents selling and advertising local properties are the two major complaints received by the two agencies.

Doctor Hassan says if people lack knowledge then there is a huge chance for the bogus agents to target them.He says this is a critical issue considering the amount of money involved in the real‑estate industry.

The board and Consumer Council have also concluded that the people in the Northern Division lack basic knowledge when it comes to real‑estate issues in their respective areas.This was highlighted after the roadshows held in Taveuni, Savusavu and Labasa.

They will continue to work on the awareness and education programs in the major urban centres in Fiji to help people understand about their rights which is protected under the law.

Credit:Fiji Village

Date:22nd August

Government remains open to growing relations through enhanced political and strategic agreements

The Fijian government remains open to growing relations through enhanced political and strategic agreements.

This was mentioned by the Minister for Foreign Affairs, Inia Seruiratu at the opening of the Familiarization Visit to Fiji by non‑resident Heads of Missions from Canberra and Wellington at the Grand Pacific Hotel.He says with the theme, Nurturing Global Partnerships for Sustainable Development is reflective of the nature and intent of this Familiarization Visit.

Seruiratu added that the facts and figures showed that Fiji’s trade is growing, exports are increasing, the Fijian government is creating more jobs, attracting historic levels of investment, Fiji’s economic base is steadily expanding its diversity, tourism earnings have risen and the levels of foreign reserves remain strong and  continues to deliver development across the country at a pace Fiji has never experienced before.

He encouraged the accredited Ambassadors and High Commissioners to Fiji to identify at least one area or sector during their visit that they can cooperate in that and it would be of mutual benefit to our countries.He says Fiji also welcomes their partnership in areas of strengthening cooperation bilaterally in various sectors such as trade, investment, sports, tourism and multilateralism.

Credit:Fiji Village

Date:20th August

No qualification required to become a Real Estate Agent

There is no requirement for qualification to become a Real Estate Agent and this is a major issue faced by the Real Estate Agents Licensing Board.

REALB’s Chair, Abdul Hassan says a salesperson who has three years of experience and has been working under an agent can become a Real Estate Agent.

He adds some Real Estate Agents are not even following the law.

“The main problem that we are facing is that agents lack education. As you know if you do not have proper education then you don’t realize the consequences of breaking the rules.”

Hassan says they’re going to introduce exams for the key players that are involved in real estate which is the agents, salesperson and branch managers.

He says upon completion of the exams they’ll be in a better position to understand the law.

Credit: FBC

Date: 20.8.19