Canadian gold miner to cut costs in Suriname

PARAMARIBO, Suriname — THE Suriname government says the Canadian-owned Iamgold will be adopting new measures to cut operational costs at its Rosebal gold mine to deal with what it claims to be “challenging circumstances”.

A government statement quoted Iamgold’s chief executive officer Steve Letwin, who paid a visit to the country last weekend, as informing President Desi Bouterse of his company’s intention to cut costs by US$100 million.

The statement gave no details as to how that would be achieved, but indicated that government is looking into Iamgold’s application for other areas for mining than Rosebel, where there is soft rock that holds higher grade ore.

“Refining this type of ore will have positive influence on the costs of the company,” the statement said, noting that Bouterse and Letwin also discussed the increase of illegal mining activities that have negatively impacted both the country’s and the company’s income.

“The illegal activities are serious points of concern for the safety and the environment,” the release stated, noting that both parties have expressed their willingness to guarantee continuance of the Rosebel mine, where 2,000 people are employed.

The Rosebel Gold Mine is jointly owned by IAMGOLD (70 per cent) and the Suriname government. The mining concession covers 170 square kilometres.

The company recently completed construction of its US$12 million solar plant -the largest in Suriname- and hailed as an environmentally friendly way for the mines to generate their own power.

View the original article here

Canadian gold miner to cut costs in Suriname

Three Caribbean hotels listed on The Top Ten Places To Avoid At All Costs

Dominican Republic’s Don Juan Beach Resort (Credit: hotels.com)

NEW YORK, United States, Tuesday September 9, 2014 – The importance of adequate research when choosing a hotel recently came under a white hot spotlight with a stinging critique of 10 hotels described as “just plain disasters” by Oyster.com.

Published in the Daily Beast, the list of “Hotels From Hell” was dominated by properties in the United States, with five mainland US hotels and one in Hawaii making the grade – or downgrade.

Hot on the heels of the US were three Caribbean properties led by the Dominican Republic’s Don Juan Beach Resort, which claimed second place on the list, narrowly being booted out of the top (or bottom) spot by La Semana Hotel in New York City.

Here’s what the team at Oyster.com had to say about the Don Juan Beach Resort:
The hotel investigators at Oyster.com typically have pretty strong stomachs, and it’s rare for them to encounter a property where they’ll refuse to sleep. The Don Juan was one such special spot. Located in the Dominican Republic’s sex-tourism capital, guests should expect to be accosted by prostitutes, local hecklers, and merchants on the resort’s trash-strewn beach (with a view of a gas processing plant in the distance). Small pools, dark rooms.

Jamaica had the distinction, or lack thereof, of capturing sixth and tenth place on the list, with Sandals Carlyle Inn and Club Ambiance, respectively. Oyster.com’s take on both properties follows:

This hotel isn’t bad, per se, but it’s certainly deceptive. The marketing images show the hotel as located right on a beautiful beach. In fact, it’s across a busy road from a tiny, crowded public beach. A lot of guests are extremely disappointed by this when they arrive, and it ruins the stay for many. At least the hotel offers a shuttle to a better beach at a sister property.

You get what you pay for at this adults-only all-inclusive, which advertises a sensual, lively atmosphere. This translates to a free adult entertainment channel on the TV, clothing optional and nude areas at a neglected man-made beach, and a club with a, erm, dancing pole. Despite some renovations in 2013, rooms are dated and worn, with cheap bedspreads.

Other hotels singled out for a slamming by Oyster.com are as follows:

This rough-hewn crash pad has worn rooms with plenty of cleanliness issues, including stained towels and, during our visit, hairballs in the sink (other guests have reported hairs on the sheets as well). Pretty much the only redeeming quality is the excellent Ocean Drive location, across the street from the beach.

This upper-middle-range beach resort looks fine upon first glance—until you realize that it’s located across the road from a chemical factory. There’s a large incinerator right behind the hotel, and the pier on the hotel’s beach is used to transport chemicals. While the hotel assures guests that the pollution is within safe limits, we personally wouldn’t want to risk it—and wouldn’t be thrilled to discover the plant upon arrival.

The Quad Resort on the Las Vegas Strip is inexpensive, but for good reason. Rooms and hallways are dated and worn (carpets are particularly dirty). There is a pool, but it’s closed for renovations through 2014. The hotel is getting a new name in October—the LINQ Hotel and Casino—and renovations throughout the property are due to finish in spring 2015. The hotel will stay open for business throughout the process, but we advise steering clear for now.

This budget property is one of the most affordable options on International Drive, but there’s a reason—features are few and rooms are worn. Bathrooms are dirty and expect maintenance issues such as water leaks. Aside from the low rates, the location—at the entrance of Universal Orlando—is the selling point, and the hotel provides a free shuttle to several attractions, as well as a free breakfast.

The budget, no-frills, 359-room Pagoda Hotel is favoured by islanders seeking an affordable stay and visitors who want to avoid the higher prices of Waikiki Beach. But guests report issues with bugs (including cockroaches), and lots of street noise in the basic rooms. One of the two tiny pools is surrounded by Astroturf. There are extra fees for Wi-Fi and parking, which hurts the value for those coming for the price alone.

This by-the-hour sex motel is about what you’d expect from this type of establishment, with a clichéd romantic vibe, variety of themed rooms (including Love Nest, Egyptian, and Waterfall), lots of plastic flowers, and decades of stale cigarette smoke soaked into the walls and carpets. The bathroom was disgusting, and the black light we brought revealed some very telling stains in the bedroom.

Click here to receive free news bulletins via email from Caribbean360. (View sample)

View the original article here

Three Caribbean hotels listed on The Top Ten Places To Avoid At All Costs

Transaction costs on the stock market increased

It’s now costing more to conduct transactions on the Jamaica Stock Exchange, JSE. Effective Monday June 30, the cess on transactions was increased by 0.1% or 0.05% to be paid by the buyer and seller.The JSE says the charge on contract notes issued by brokers for the purchase or sale of  shares will be 0.25%. General Manager of  the Stock Exchange, Marlene Street-Forrest, explained that the increase was triggered by rising operational expenses. The cess is a part of  the revenue base of  the Exchange.

View the original article here

Transaction costs on the stock market increased

"Record fall" in car insurance costs

27 July 2013 Last updated at 06:34 ET ‘No-win, no-fee’ cases are now more expensive to pursue The cost of car insurance is falling at a record rate in the UK, according to the insurance arm of the AA.

The average annual comprehensive car insurance quote fell to £594.84 this month, it said, down 9.8% from £659.53 last July – the biggest decrease since the AA insurance index began in 1994.

It said the dip was thanks, in part, to clampdowns on fraud and restrictions on claims management companies.

Despite the fall, premiums remain much higher than they were six years ago.

Third party, fire and theft quotes also fell between July 2012 and this month – down 4.8% to £820.58 on average, AA Insurance’s research suggested.

BBC business correspondent Joe Lynam said the 9.8% fall in comprehensive cover quotes follows a 6.4% fall over the course of 2012 – itself a record.

But he adds that the cost of insuring the average car is still twice as much as it was in 2007.

Gender equality

At the start of April, a ban on referral fees was introduced.

Insurance premiums are far higher than they were in 2007

They were paid by lawyers and claims management firms to breakdown firms, brokers and the insurers themselves, in exchange for providing information about accident victims.

Also, anyone suing for accident damages with the help of a no-win, no-fee lawyer – known as a conditional fee arrangement – now has to pay their lawyer’s success fee from their own funds if they win their case.

It was previously added to the bill of the losing party.

This has made claims more expensive to pursue.

And new gender equality laws have lowered premiums of men by far more than expected while women’s premiums have remained static, according to AA Insurance’s research.

Fraudulent claims – especially for whiplash which is often difficult to disprove – are also down.

AA Insurance director Simon Douglas said insurers previously faced “a fast-widening gap between premium income and claims costs – largely driven by whiplash injury claims and fraud, which saw very sharp premium increases between 2009 and 2011″.

“That gap is closing and premiums are falling again thanks to competition, as well as improved fraud detection by the insurance industry and tightening of the law that is beginning to curb the number of spurious new whiplash injury claims,” he said.

‘Treated unfairly’

“The news that hundreds of rogue ‘no-win no-fee’ claims firms have been reined in is welcome and, in part, falling insurance premiums reflect that.”

Graeme Trudgill of the British Insurance Brokers’ Association said uninsured driving costs the industry £500m, whiplash claims £2bn and fraud £1bn.

But these costs were now coming down, he added, because of a concerted effort by the industry, with “discounts now feeding through to policy holders”.

Justice minister Helen Grant said: “We are turning the tide on the compensation culture which has pushed up the cost of insurance for drivers, schools and business – and taking another important step to reducing the cost of living for ordinary people.”

Earlier this month, City regulator the Financial Conduct Authority launched an investigation into insurance companies for overcharging customers when they renew their car and house policies.

The FCA says automatic renewal can lead to customers being treated unfairly.

BBC Radio 4′s Money Box revealed in March that loyal customers often pay much more than new ones for insurance.

The insurance industry says consumers can shop around for the best prices in a competitive market.

View the original article here

"Record fall" in car insurance costs