Accountant's body assesses higher education standards

As we had alluded to way back in 2009, regarding the shoddily put together idea instigated by the FLP mafia, to illegally and treasonously force a niche (read customer base) for themselves in the higher education sector, the proof is always in the pudding.

Accountants are now scrutinizing the quality of courses currently being offered by the Fiji National University, the University of Fiji and the University of the South Pacific understandably to ensure that the profession as a whole maintains robust standards. It won't take a genius to guess which institution/s will not be up to par.

No other professional body in Fiji has done the same yet.

Of concern however is the fact that many taxpaying citizens continue to be duped and flock to the cheap deals being offered by these fly-by-night operators while sacrifice valuable retirement funds.

Todate the illegal and treasonous manipulation by the Fiji National University has raised eyebrows at their couping of a regional body ie the Fiji School of Medicine (meaning that it is a CROP agency of similar status to the Forum Secretariat), as well as the Trade and Productivity Authority of Fiji (TPAF) which is now primarily the cash-cow of FNU funded by all organisations via mandatory levies.

In other words, all organisations in Fiji who are bound by law to pay levies to TPAF are subsidizing against their knowledge and will, a university that should otherwise compete with the rest on an even playing field. 

Expert assesses accounting degrees
Elenoa Baselala
Saturday, February 05, 2011

THE Fiji Institute of Accountants has brought in an expert to assess locally offered accounting degrees.

Retired Australia National University Business and Economics dean Professor Keith Houghton arrived in the country a few days ago to do the job.

A key part of the mission of The Fiji Institute of Accountants (FIA) is to ensure the quality and educational relevance of accounting degrees awarded to students in Fiji.

Professor Houghton, a Fellow of the Institute of Chartered Accountants in Australia and of CPA Australia was pleased to return to Fiji to assist in the important quality assurance process. He would start the process with the Bachelor of Commerce and Bachelor of Accounting degrees at the Fiji National University (FNU) this month.

The process to assess the degrees of the University of the South Pacific and the University of Fiji would begin in July.

"The accreditation process involves a careful examination of the educational content of each of the core subjects in each of the degrees and key elective subjects" Professor Houghton said.

"We will look at the quality of delivery of educational offerings, the type of assessment used, the resources available for students and staff, the use of industry attachments and the university's own quality control process."

FEA laments impending budget bust

This is getting almost embarrassing.

True to form, whenever there are fluctuations in the price of global oil prices, you can pretty much predict that the Fiji Electricity Authority will start making noises about the impact on their ability to provide the service that they're paid to do, as some kind of valid justification to shackle an already overburdened taxpaying citizenry.

Obviously the global trend of AUSTERITY is put in the too hard box by FEA. You'd think that they'd have some competent risk management idea's about reserves that can help weather these fluctuations.

Tighten up your belt FEA and start showing your customers that you can think outside the box and take some hits yourself instead of continuing to pick-pocket We The People at will.

Cue Premila Kumar.

It will be interesting to see how the economic lifeline of Fiji Me'ing, as being championed and hurrah-ed by the illegal and treasonous Bainimarama and Sayed Khaiyum, will weather this one sans fuel hedging approaches.

Fuel budget bust
Elenoa Baselala
Monday, February 28, 2011

THE Fiji Electricity Authority will bust its fuel budget from next month due to increase in global fuel prices, chief executive officer Hasmukh Patel confirmed.

"The fuel price in the global market continues to increase and is currently at $US110 per barrel," Mr Patel said.

"The FEA expects to pay more than $2000 per metric tonne from next month whereas our budgeted price for 2011 is $1,900 per metric tonne.

"Therefore, it is important that we complete Nadarivatu Hydro project by the end of 2011 and the remaining projects by 2015 to achieve the 90 per cent renewable energy target and also achieve substantial savings in fuel," he said. Works Minister, Timoci Natuva said the Nadarivatu Hydro project should save the nation $220million in foreign exchange earnings.

The FEA estimated $25m a year in fuel cost savings.

Mr Patel said the Nadarivatu Hydro Project should meet the future energy demand.

Nadarivatu's capacity should supply nation up to 12 hours of energy. At 40 megawatts anticipated production, the dam is half the size of Monasavu.

Experts at the dam said the production could have been higher if the dam was constructed further up the Nadarivatu terrains.

But because it posed a risk to villages, the construction had to be further downstream.

Bainimarama snubs Tui Cakau

Once again the immaturity of the illegal and treasonous Bainimarama, who despite earlier reports about a follow-up meeting with the Tui Cakau, is made plain for all to see.

Earlier media reports cited a follow-up meeting was on the cards.

Today, any further communication between the two is now off the table.

Obviously the Speight debacle with his circulation of pro-democracy DVD's has Bainimarama setting his cross-hairs on the SDL fraternity once again.

No more talks: PM tells Tui Cakau
writer : NANISE LOANAKADAVU
2/1/2011

Prime Minister Commodore Voreqe Bainimarama has called off his meeting with the Tui Cakau, Ratu Naiqama Lalabalavu.

“My meeting with Ratu Naiqama is over,” Commodore Bainimarama told the Fiji Sun yesterday.

“We don’t have anything else to discuss.”

The next round of meetings between Commodore Bainimarama and Ratu Naiqama was to take place next month.

The meeting was to discuss issues raised by the Cakaudrove Provincial Council.

Council chairman, Emitai Boladuadua said the discussion was to continue from where they had left off on December 20, 2010

It was their first meeting after the event of 2006.

Mr Boladuadua said Ratu Naiqama had clarified some issues regarding the people of Cakaudrove.

In their last meeting Commodore Bainimarama said the development and improvement of living standards of the people of Cakaudrove lies at the heart of the meeting.

Ratu Naiqama was not available to make a comment yesterday.

Central Bank revises inflation projections UPWARDS

The Central Bank has revised their forecast for inflation by revising it upwards by 3%.

Out on main street, the everyday folks did not need people in suits to tell them how it is, as they are only too aware of the reality of inflation by the inability of many to put food on the table, pay the bills, service their mortgages, send kids to school and generally get by.

PRESS RELEASE
Press Release No. : 03/2011 Phone : (679) 331 3611
Fax : (679) 330 2094
Date : 28 February 2011 E-mail : rbf@reservebank.gov.fj
Private Mail Bag, Suva, Fiji Tel: (679) 331 3611 Fax: (679) 330 2094 Email: info@rbf.gov.fj Website: ww.rbf.gov.fj
 

RESERVE BANK ANNOUNCES MONETARY POLICY CHANGES
The Reserve Bank of Fiji Board held its meeting on 25 February, 2011 and decided to reduce the Overnight Policy Rate (OPR) to 2.00 percent from 2.50 percent.
 

While announcing the board decision, the Acting Chairman of the Board, Mr. Adish Narayan stated that “while the current trend and outlook for inflation poses some concern, on balance, the reduction in the OPR is appropriate considering the still very weak domestic economic conditions and a favourable outlook for foreign reserves”.

Mr Narayan said that “recent economic data indicate that the global economy is recovering well from the worst recession in 60 years. However, the latest surge in oil prices coupled with high food costs and potential overheating in emerging market economies could dampen the global economic recovery and negatively affect our tourism and export industries. On the domestic front, recent indicators reveal that visitor arrivals, mining, electricity and the non-sugar export sectors performed positively in 2010 despite the contraction in the sugar sector”.

Furthermore, latest indicators suggest that consumption activity improved, albeit weakly, in 2010 aided by inflows of personal remittances and improvement in labor market conditions. Investment, however, remains subdued as reflected in the decline in imports of investment goods and fall in new loans for investment purposes over the year.

The Board also noted that the inflation rate rose to 5.9 percent in January from 5.0 percent in December last year, mainly reflecting the impact of the increase in VAT together with the higher crude oil price in the review period. Mr. Narayan added “that the recent rise in inflation does not reflect strong domestic demand conditions but stems largely from the upward revisions in the FEA tariff in November 2010 and VAT increase in January as well as supply side factors, particularly in the international oil market”.

On the external front, the trade deficit narrowed by 6.8 percent to $1,017.8 million in the first eight months of 2010, underpinned by a notable growth in exports and subdued demand for imports. Liquidity in the banking system increased further over the month and currently stands at $378.3 million. Commercial bank interest rates, despite mixed outcomes over the month, generally declined in 2010 compared with the previous year facilitating a modest pick-up in private sector credit.

Foreign reserves are currently at $1,304.95 million, equivalent to 3.9 months of imports for goods and non-factor services. On account of the recent increase in VAT and supply-side constraints in the crude oil market, the inflation forecast for this year has now been revised upwards to 6.0 percent from the earlier projection of 3.0 percent.

Despite the marginal growth estimated for 2010 and positive outturns in some major sectors such as tourism so far this year, the domestic economy is still performing below potential. The Acting Board Chairman stated that “the reduction in the OPR to 2.00 percent should stimulate demand by reducing borrowing costs and creating an environment that is conducive to investment. This should aid economic recovery and support growth”.
 

However, the Board emphasised that while monetary policy is currently accommodative to growth, the Reserve Bank will continue to monitor the twin objectives of low inflation and comfortable level of foreign reserves and will align monetary policy accordingly.