Showing posts with label Business. Show all posts
Showing posts with label Business. Show all posts

Green cards for sale at a South Beach hotel: Competition is on for EB5 investment visas




















If David Hart gets his way, South Beach’s 42-room Astor Hotel will be on a hiring spree this year as it adds concierge service, a roof-top pool, an all-night diner, spa and private-car service available 24 hours a day.

New hires will be crucial to Hart’s business plan, since foreign investors have agreed to pay about $50,000 for each job created by the Art Deco boutique.

The Miami immigration lawyer specializes in arranging visas for wealthy foreign citizens under a special program that trades green cards for investment dollars. Businesses get the money and must use it to boost payroll. The minimum investment is $500,000 to add at least 10 jobs to the economy. That puts the pressure on Hart and his partners at the Astor to beef up payroll dramatically, with plans to take a hotel with roughly 20 employees to one with as many as 100 workers.





“My primary responsibility is to make something happen here over the next two years that will create the jobs we need,’’ Hart said a few steps away from a nearly empty restaurant on a recent weekday morning. “It’s all going to be transformed.”

Though established in the 1990s, the “EB5” visas soared in popularity during the recession as developers sought foreign cash to replace dried-up credit markets in the United States.

Chinese investors dominate the transactions, accounting for about 65 percent of the nearly 9,000 EB5 visas granted since 2006. South Korea finishes a distant second at 12 percent and the United Kingdom holds the third-place slot at 3 percent. If Latin America and the Caribbean were one country, they would rank No. 4 on the list, with 231 EB5 visas granted, or about 3 percent of the total.

Competition has gotten stiffer for the deep-pocketed foreign investors willing to pay for green cards. The University of Miami’s bio-science research park near the Jackson hospital system raised $20 million from 40 foreign investors under the EB5 program, most of them from Asia. The money went into the park’s first building; visa brokers are waiting to see if the second building will proceed so they can offer a new pool of potential green-card sales.

In Hollywood, the stalled $131 million Margaritaville resort had hoped to raise about $75 million from EB5 investors before ditching that plan last year to pursue more traditional financing. A retail complex by developer Jeff Berkowitz in Coral Gables also launched a program to raise $50 million in EB5 money for the project, Gables Station. Hart worked with other EB5 investors to back pizza restaurants in Miami and South Beach. A limestone mine in Martin County also was backed by EB5 dollars.

This year, the city of Miami itself is expected to get into the business by setting up an EB5 program to raise foreign cash for a range of city businesses and developments. The first would be the tallest building in the city — developer Tibor Hollo’s planned 85-story apartment tower, the Panorama, in downtown Miami.

With a construction cost of about $700 million, Miami’s debut EB5 venture hopes to raise about $100 million from foreign investors, said Laura Reiff, the Greenberg Traurig lawyer in Virginia working with Miami on the EB5 effort. “This is a marquis project,’’ she said.

The arrangement is a novel one for Miami, with the city planning to help a private developer raise funds overseas for a new high-rise. And it would allow Hollo and future participants to tout the city of Miami’s endorsement when competing with other Miami-area projects for EB5 dollars. “We will have the benefit of the brand of the city of Miami,’’ said Mikki Canton, the $6,000-a-month city consultant heading Miami’s EB5 effort. “A lot of these others are privately owned and they won’t have that brand.”





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Are gun maker stocks in your portfolio?




















Are there guns in your investment portfolio? It’s an issue that some politicians and gun-control advocates are raising after recent mass shootings prompted calls for tougher laws.

Chicago Mayor Rahm Emanuel wrote letters to six mutual fund companies asking them to sell their stock in gun manufacturers Smith & Wesson and Sturm, Ruger & Co. It’s a critical concern in Chicago, where more than 500 people were murdered last year.

Fund companies should “send a clear and unambiguous message to the entire gun industry that investors will no longer support companies that profit from gun violence,” Emanuel wrote in his letters last week.





Other city leaders, including those in Los Angeles and Philadelphia, are considering similar steps with their pension funds.

Gun control is the kind of issue that can wake investors up to the fact that money in a fund portfolio or 401(k) affects more than just their retirement security. The financial markets support all kinds of companies, including many that an investor may believe aren’t contributing to the greater good.

But whatever one thinks about gun control, removing such an investment from a portfolio on moral grounds isn’t always a simple matter. There are potential costs from putting your principles before profits.

Recognize that over the last 10 years Smith & Wesson has posted an average annualized return of 17 percent, compared with the 8 percent return of the broader market. Similarly, Sturm Ruger, the largest publicly traded gun company, has returned an annualized 23 percent over that time. The vast majority of gun manufacturers are privately held.

LEGAL HURDLES

There would be other potential costs if fund companies or 401(k) managers were to sell gun maker stocks in response to the recent controversy. These companies have obligations to serve the financial interests of vast numbers of individual fund shareholders and plan participants with varying opinions about guns.

For employers sponsoring 401(k) plans, their hands can be tied unless the plan established a mandate to avoid investing in gun makers, says Kathleen McBride, founder of consulting firm FiduciaryPath.

She advises financial professionals who are fiduciaries, a legal designation requiring them to act in the best financial interests of their clients. That obligation is a chief concern cited by Vanguard, among the six fund companies that Emanuel is pressuring. A Vanguard spokeswoman said mutual funds “are not optimal agents to address social change.”

A spokesman for American Funds, which also received a letter from Emanuel, said: “If social issues may have an effect on the investment potential of a company, we take those issues into account as part of the investment process.”

For example, a stock fund manager might expect that gun laws are likely to become more restrictive. That would cut into industry sales, leading the manager to conclude that stocks of gun makers are bad long-term investments. Such a fund manager could justify selling such stocks as beneficial for shareholders. But the manager wouldn’t be justified in selling simply because of moral objections.

INDEX FUNDS

Making changes only gets more complicated with low-cost index funds, which own all the stocks in a given market index.

If such a fund doesn’t track the index closely, then it ceases to be an index fund — no matter whether some of the stocks may be viewed as morally objectionable by some investors.





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Sign up for Feb. 21 Miami Herald Small Business Forum




















Prepare your best pitch for the Miami Herald’s Small Business Forum, Feb. 21 at the south campus of our sponsor, Florida International University.

In addition to how-to panels and inspirational stories from successful entrepreneurs, our annual small business forum will include interactive opportunities with experts to learn about financing options and polish your personal and business brands.

During our finance panel, audience volunteers will be invited to explain their financing needs to the group. During our box-lunch session, they will be invited to pitch their business or personal brand to our coaches.





Those who prefer just to listen will be treated to a keynote address by Alberto Perlman, co-founder of the global fitness craze Zumba. Panels include success stories from the local entrepreneurs who founded Sedano’s, Jennifer’s Homemade and ReStockIt.com; finance tips from experts in small business loans, venture capital, angel investments and traditional bank loans; and insiders in the burgeoning South Florida tech start-up scene.

Plus, it’s a real bargain. $25 includes the half-day seminar, continental breakfast and a box lunch.

Register here.

Program

8 a.m.

Registration and continental breakfast, provided by Bill Hansen Catering

8:30 a.m. Welcome

Host: David Suarez, president and CEO, Interactive Training Solutions, LLC

•  Jerry Haar, PhD, associate dean & director, FIU Eugenio Pino and Family Global

Entrepreneurship Center

•  Alice Horn, executive director, Network for Teaching Entrepreneurship (NFTE South Florida)

•  Jane Wooldridge, Business editor, The Miami Herald

Miami Herald Business Plan Challenge Overview:

•  Nancy Dahlberg, Business Plan Challenge coordinator, The Miami Herald

8:45 a.m. Session I – Success Stories

Moderator: Jerry Haar, PhD, associate dean & director, FIU Eugenio Pino and Family Global

Entrepreneurship Center

Speakers:

•  Jennifer Behar, founder, Jennifer’s Homemade

•  Matt Kuttler, co-president of ReStockIt.com

•  Javier HerrĂ¡n, chief marketing officer, Sedano’s Supermarkets

10 a.m. Session II – All about Tech

Moderator: Jane Wooldridge, Business editor, The Miami Herald

Speakers

•  Susan Amat, founder, Launch Pad Tech

•  Nancy Borkowski, executive director, Health Management Programs, Chapman Graduate School of

Business, Florida International University

•  Mark Slaughter, CEO, Cohealo.com

•  Chris Fleck, vice president of mobility solutions at Citrix and a director of the South Florida Tech Alliance

11:15 a.m. Keynote

Speaker: Alberto Perlman, CEO and co-founder of Zumba® Fitness

Introduction: Jane Wooldridge, business editor, The Miami Herald

11:45 a.m. Session III – Show me the money: Financing your small business

An interactive session featuring audience volunteers who will be invited to make a short investment pitch before a panel, including experts in microlending, SBA loans, traditional bank loans, venture capital and angel investing. Audience volunteers should come prepared with a two-minute presentation that includes details about current backing, how much money they are seeking and a brief synosis of ow that money would be used.

Moderator: Melissa Krinzman, founder and managing director, Venture Architects

Panelists:

•  Marjorie Weber, chairman, SCORE of Miami-Dade

•  Cornell Crews, Jr., program director, Partners for Self Employment

•  Darius G. Nevin, co-founder, G3 Capital Partners, a mid-market and early-stage investment company

•  Boris Hirmas Said, chairman of the board, Tres Mares S.A. (Santiago, Chile) and entrepreneur in

residence at the Eugenio Pino and Family Global Entrepreneurship Center

1 p.m. Lunch session - Polish your Pitch, Brighten Your Personal Brand

An interactive session featuring audience volunteers who will be invited to make short pitches about their businesses and themselves. Audience volunteers should come prepared with a two-minute presentation.

Coaches: Melissa Krinzman of Venture Architects and Michelle Villalobos of Mivista Consulting

advise audience volunteers on how to best pitch themselves and their products.

Box lunch provided by Bill Hansen Catering

All speakers confirmed unless otherwise noted. Agenda is subject to change without notice .





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Miami startup that turns text to video receives $1 million in seed funding




















Guide, a new technology startup based in Miami, announced Tuesday it has closed a $1 million round of seed funding from investors including the John S. and James L. Knight Foundation, Sapient Corp., MTV founder Bob Pitman, actor and producer Omar Epps, and early Google employee Steve Schimmel. The Knight Foundation is supporting Guide through its new early-stage venture fund, the Knight Enterprise Fund.

Led by CEO and founder Freddie Laker and COO Leslie Bradshaw, Guide’s team of seven is focused on turning online news, social streams and blogs into video for users who may be cooking, exercising, commuting or getting ready in the morning. The free application offers consumers a selection of about 20 “anchors” — including a dog, a robot and an anime character — that will read the article and present the accompanying photos, pull-out information and video clips in its video presentation. Revenue drivers for Guide could include in-app purchases, advertising-based anchors and customizations from publishers, said Laker, a former vice president at SapientNitro.

Laker and his team plan to launch a public beta next month, which they plan to do with a splash at the huge technology conference South by Southwest (SXSW) in Austin, Texas.





Read more about Guide here on the Starting Gate blog. Follow Nancy Dahlberg on Twitter @ndahlberg





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Miami startup that turns text to video receives $1 million in seed funding




















Guide, a new technology startup based in Miami, announced Tuesday it has closed a $1 million round of seed funding from investors including the John S. and James L. Knight Foundation, Sapient Corp., MTV founder Bob Pitman, actor and producer Omar Epps, and early Google employee Steve Schimmel. The Knight Foundation is supporting Guide through its new early-stage venture fund, the Knight Enterprise Fund.

Led by CEO and founder Freddie Laker and COO Leslie Bradshaw, Guide’s team of seven is focused on turning online news, social streams and blogs into video for users who may be cooking, exercising, commuting or getting ready in the morning. The free application offers consumers a selection of about 20 “anchors” — including a dog, a robot and an anime character — that will read the article and present the accompanying photos, pull-out information and video clips in its video presentation. Revenue drivers for Guide could include in-app purchases, advertising-based anchors and customizations from publishers, said Laker, a former vice president at SapientNitro.

Laker and his team plan to launch a public beta next month, which they plan to do with a splash at the huge technology conference South by Southwest (SXSW) in Austin, Texas.





Read more about Guide here on the Starting Gate blog. Follow Nancy Dahlberg on Twitter @ndahlberg





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Construction starts on new Royal Caribbean ship




















The newest ships from Royal Caribbean International will be called Quantum of the Seas and Anthem of the Seas, the Miami-based cruise line announced Tuesday.

Royal Caribbean revealed the names of the 4,100-passenger vessels while announcing that the first piece of steel had been cut for the first of the two ships, Quantum of the Seas, which will launch in fall of 2014. Its sister ship will debut the following spring.

The new ships have been in the design and planning stage for three years; they will be built at the Meyer Werft shipyard in Papenburg, Germany. A ceremony marking the start of construction was held recently at the yard.





Royal Caribbean late last year ordered a third Oasis-class vessel, the sibling to the largest cruise ships in the world. With room for 5,400 passengers, the ship is scheduled for delivery in mid-2016.





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Bright spots in Latin America despite global economic uncertainty




















There are bright spots as Latin American and Caribbean economies begin the year but the uncertain health of the U.S. economy, the lingering financial crisis in Europe and more sluggish growth in China are casting shadows over the region.

A decade ago, dim prospects in those major markets would have delivered a knock-out punch in the region, but this year Latin American and Caribbean economies are expected to grow by 3.5 percent and average 3.9 percent growth in 2014 and 2015, according to a World Bank forecast. The United Nations’ Economic Commission has a slightly more sanguine forecast of 3.8 percent growth in 2013.

Both are better than the 2.4 percent growth the World Bank is forecasting for the global economy and the mere 1.3 percent increase it is predicting for high-income countries.





The U.S. economy grew by 2.2 percent in 2012. But the economy shrank 0.1 percent in the fourth quarter and the first quarter of 2013 also could be sluggish..

“That creates a soggy start for 2013 in Latin America,’’ said David Malpass, president of Encima Global, a New York economic consulting and research firm.

With a recession in Japan, even slower growth expected in Europe than in the United States, and questions about whether the dip in the Chinese economy has bottomed out and whether the United States will be making sharp cuts in defense spending and other federal programs come March 1, Latin American and Caribbean nations can’t really depend on the industrialized world to spur growth.

The region must look inward and undertake structural reforms that will allow growth from domestic factors, said Malpass, who was in Miami in January for an event organized by the University of Miami’s Center for Hemispheric Policy.

Panama’s $5.25 billion investment in expansion of the Panama Canal is an example of the inward focus that will pay off down the road, said Malpass. By 2015, Panama plans to have completed two new sets of locks on the Atlantic and Pacific sides of the canal and the deepening and widening of existing channels to accommodate the so-called Post-Panamax ships too big to traverse the current locks.

“It’s a difficult period but a period where developing countries are growing solidly but not as quickly as they might otherwise want to,’’ said Andrew Burns, the lead author of the World Bank’s annual Global Economic Trends report.

That means they should focus on investment in infrastructure and healthcare, structural policies, regulatory reforms and improvements in governance that will pay future dividends down the road, Burns said.

Such economic reforms, plus high commodity prices enjoyed by countries with fertile fields and mineral wealth, helped the region move beyond the global financial crisis of 2008 and 2009 far more quickly than it did when it was so dependent on economic cycles in the rest of the world.

Economic growth slowed in Latin America and the Caribbean from 4.3 percent in 2011 to an estimated 3 percent but that was still better than the 1.3 percent growth high-income countries managed in 2012, according to The World Bank.

China will continue to play a major role in Latin America and the Caribbean this year but whether the slowdown in China has reached its low point is subject to debate. But it’s relative. Slow growth in China would be brisk growth elsewhere. China says its gross domestic product grew 7.8 percent in 2012, the most tepid growth in 13 years and a comedown from 9.3 percent growth in 2011.





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Hollywood cardiologist’s ties with St. Jude sales rep raises red flags




















Mark Sabbota, a Hollywood cardiologist, regularly implants $5,000 pacemakers in patients at Memorial hospitals in South Broward — generating, last year alone, more than a half-million dollars in sales for a manufacturer called St. Jude Medical.

Sabbota, public records show, also happens to be partners with a St. Jude sales rep in two corporations that run frozen yogurt shops.

What’s yogurt got to do with healthcare?





Perhaps nothing. Perhaps a lot. The question is connected to an on-going lobbying battle in Washington over a pending disclosure policy intended to more clearly reveal financial ties between physicians and the healthcare industry — often-murky relationships that have produced a long history of whistle-blower lawsuits, federal investigations and fines.

Sabbota, in a brief interview, adamantly denied any conflict of interest. “There has been no wrongdoing at all,” he said.

Memorial spokeswoman Kerting Baldwin also said the hospital saw no problem with the yogurt arrangement. As a “community” doctor, not a staff employee, Baldwin said Sabbota can select from a list of pacemakers approved by the hospital but has no say over what companies made the list.

“As for why he prefers to use St. Jude, I won’t speak for him,’’ she said. “You’d have to ask him that.”

But several medical ethics experts said such relationships fall in a gray area. They raise what Kenneth Goodman, bioethics director at the University of Miami, called “red flags” about whether the doctor’s motivation in choosing a device “is something other than the best interests of the patient.”

“Maybe it’s just a good business arrangement that has nothing to do with the devices he chooses,” said Charles D. Rosen, a California physician who is co-founder of the Association for Medical Ethics. “But the issue is public disclosure and transparency. You as a patient should have the right to know about a doctor’s financial relationships with companies.”

Concerns about the relationship between doctors and healthcare companies have been simmering for years. Americans are so suspicious of doctors’ connections that, in a 2008 Pew Charitable Trusts survey, 86 percent of patients said doctors should not be allowed to get free dinners from drug makers and 70 percent said doctors shouldn’t even be allowed to get free notepads and pens.

The 2010 Affordable Care Act includes a provision intended to address some aspects of these often-cozy relationships. Starting Jan. 1, healthcare companies were supposed to publicly post how much they were paying doctors. But that provision has been held up in the White House by intense lobbying.

“I don’t know why the hold-up, except the intense opposition of the industry,” Rosen said. His group, including members of the Harvard Medical School and Cleveland Clinic, wrote a letter to the Obama administration last month protesting the delay.

The group complains that the healthcare industry is trying to soften the rules so that foreign subsidiaries and doctors engaged in clinical trials wouldn’t have to reveal payments. But even if the disclosure rules are implemented, a side deal like Sabbota’s yogurt company would not have to be revealed under the new law, Rosen said.





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Miami Beach hotels seek more political clout




















When Miami Beach wanted local hotels to scale-back their popular rooftop parties and bars, Alexander Tachmes fought back.

An attorney who has represented Beach hotels on a myriad of issues, he “cobbled” together a group of his hotelier clients and went before the city commission to ask them to curb the proposed rules.

The hotels won.





It was a learning experience, said Tachmes, who came to believe that the Beach needed a permanent group of industry heavyweights to take political action in the face of restrictive city policies.

With that in mind, Miami Beach’s hotel industry is taking on a decidedly political tone by reviving a previously-formed electioneering organization, just in time for election season on the sandbar.

The group is called Hospitality for a Better Miami Beach, and as an Electioneering Communication Organization (ECO), it can raise unlimited money to run ads, send fliers and make telephone calls about political issues. They’ve also created Miami Beach Hospitality Coalition, which Tachmes said will soon be registered as a non-profit.

Behind the organizations are Tachmes and big-name hoteliers Mike Palma, Executive Vice President of Hospitality for Brio Investment Group (which owns the Clevelander) and the Perry South Beach Hotel General Manager Tim Nardi.

“Political clout is something that will help to further the goals of the industry,” Tachmes said.

Hotels already have their interests represented by the Greater Miami and the Beaches Hotel Association and the Greater Miami Convention and Visitors Bureau. But the association is tax-funded and the visitor’s bureau is tax-exempt, so neither can raise or spend money for political purposes.

Stuart Blumberg, who headed the hotel association for 15 years, thinks the industry has enough clout without having to wade into politics.

“You’re getting a group of hoteliers who’ve decided they want a voice in government. And that’s dangerous,” he said of the ECO.

An outspoken leader, Blumberg often took political stances and faced elected officials — and he often found success.

Blumberg led the charge to exempt pool decks and outdoor patios from a constitutional amendment banning smoking, and pushed to delay the start of the school year so that Florida teens could continue working at local hotels. At a farewell gathering after Blumberg announced his retirement, he didn’t hesitate to take a shot at then-Gov. Charlie Crist, calling him out on a proposed tax increase on car rentals.

“We were able to accomplish a lot of things because we weren’t tarnished by, ‘Yeah, I supported that guy or that guy,’” Blumberg said. “You stand and fall on the merits of an issue.”

Citing the huge impact the tourism industry has on Florida, he added: “We don’t need to spend money to win influence.”

According to state figures, the tourism industry has a $67.3 billion economic impact on Florida.

In Miami-Dade, the accommodation industry accounts for 3 percent of the county’s 1 million non-farm jobs, or about 27,000 positions. The industry also contributes about $1 billion in income a year in Miami-Dade, or about 2 percent of total wages.

With a November election in Miami Beach — in which a majority of the city’s commission seats up for grabs — now is the time to translate economic importance into political prominence, said Palma.

In a city where resident-activists are vocal and plentiful, and where residents are often at odds with party-seeking tourists, Palma said city leaders lately have tilted more in favor of residents rather than businesses

Added Tachmes: “The residents of the city benefit by having a thriving hotel industry...all we want is a seat at the table.”

The electioneering committee was registered last year and is currently not active, according to state records.

Tachmes said the group is in the process of recruiting members — whom he would not name — and creating a board, at which time the group will be re-opened. Members are planning to interview candidates to decide who to support in the upcoming elections.

Wendy Kallergis, president and CEO of the hotel association, pointed out that many of the ECO members are also members of her organization. She doesn’t think the new group will be a competitor.

“We’re not able to do some of the things they can do,” she said. “I think it’s going to strengthen the voice on the Beach.”

Miami Herald staff writer Douglas Hanks contributed to this report.

Follow @Cveiga on Twitter.





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Frontier Airlines adds new Fort Lauderdale route




















Starting Saturday, Frontier Airlines is adding nonstop service between Fort Lauderdale-Hollywood International Airport and Trenton-Mercer Airport in New Jersey.

Flights between South Florida and Princeton/Trenton are scheduled for Mondays, Wednesdays and Saturdays.

Frontier already offered service between Fort Lauderdale and its hub at Denver International Airport. The company is offering introductory fares on its new route for as little as $99 each way.





The airline also launched flights between Trenton-Mercer and Fort Myers, New Orleans and Tampa this week.





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Mompreneur jumps into the ‘Shark Tank’




















It all started with a 4 a.m. email nearly a year ago: “Do you think a baby bib could change the world? I do...”

Then Susie Taylor included a link to her website, bibbitec.com, and off it went to Shark Tank, the popular ABC television show where entrepreneurs pitch their companies to investors on the show — and by extension, 7 million viewers.

Four months later, as the “mompreneur” was leaving her Biscayne Park home to pick up her kids from school, she got a call from the show asking her to pitch on the spot. Driving with her phone on her shoulder, she told the Bibbitec story.





Shark Tank bit. After a few more back and forths, her segment was filmed last summer.

Friday night, Taylor is scheduled to be on the show pitching Bibbitec’s main product, “The Ultimate Bib,” a patented generously sized, stain-resistant and fast-drying child’s bib made in the USA — Hialeah, to be exact. Bibbitec’s $30 bib can be a burp cloth, changing pad, breast feeding shield, full body bib, place mat, art smock and more, Taylor says.

We won’t be getting any details on what happens Friday night when she and her husband, Stephen Taylor, get into the tank with Daymond John, Mark Cuban and the other celebrity sharks; Taylor has been contractually sworn to secrecy. But whatever the outcome, she believes it will be worth it for the marketing pop.

Taylor was inspired to create her bib after a long and very messy plane ride with her two young sons and started Bibbitec in 2008. She and her team — her husband is CFO, her sister, Heather McCabe, handles sales and marketing, her uncle, Richard Page, is in charge of production, and her aunt, Marcia Kreitman, advises on design — have expanded the line to include The Ultimate Smock for older children and the Ultimate Mini for babies. Coming soon: a smock for adults.

Taylor already got a taste of what a national TV show appearance can do for sales. In September, Bibbitec’s sales jumped 40 percent after she was on an ABC World News "Made in America" segment. “Within 30 seconds, we started getting sales from all over the country and they didn’t even mention our name on the air,” Taylor says. She said that confirmed her belief that a Shark Tank appearance would be worth it.

Plus, Taylor has been hooked on Shark Tank since the first time she watched it in 2008 as she was developing her product. Trained in theater, she admits she didn’t know much about business and learned from the show. She would practice how she would answer the questions.

“I’m all about empowering women who are sitting on the couch watching, because that’s what I was four years ago,” says Taylor. “All I wanted to do was to be on Shark Tank because I believed if I got on Shark Tank the world will see what I am trying to do and that’s all I need. I know it’s a great product.”

Will that theater training come in handy Friday night? Stay tuned. Shark Tank airs at 9 p.m. on ABC and Taylor hopes viewers will join in on Twitter using the hashtag #sharkbib.





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Cruise industry group announces additional expansion, marketing initiatives




















The newly expanded Cruise Lines International Association on Wednesday announced even more global growth as well as fresh promotional tools.

At a press conference in New York City, Christine Duffy, the trade group’s president and CEO, said the number of people who cruised globally last year is estimated at 20.3 million. That number is expected to reach almost 21 million in 2013.

Duffy said CLIA has launched a new YouTube channel called Cruise Industry TV, which focuses on new destinations, ships, tips about cruising and other information about the industry. It is not open for consumers to post videos.





The association has also started a public relations campaign called Cruise Forward, which has a presence on Facebook. The goal is to highlight positive cruise line initiatives, including innovations to help protect the environment, investment in port infrastructures and destinations, charitable activities and the economic impact of cruising.

“We think that this is a very important and exciting way to tell the story of this global industry and its commitment and the work it does in communities that we serve,” Duffy said.

In a separate announcement on Wednesday, CLIA announced the addition of a new cruise group in Europe. In mid-December, the association said it would merge with other industry groups around the world to become one giant organization. The Dutch Cruise Council, with 16 member lines, recently agreed to join and will be called CLIA Netherlands. The association is also developing a German cruise council to be called CLIA Germany and councils in Italy and Spain.

The expanded CLIA now has 55 member cruise lines, more than twice as many as the 26 it represented in 2012. The latest, European operator Tauck River Cruises, joined earlier this month.





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Turnberry Isle Miami has new managing director




















Hotel industry veteran Paige Koerbel is now managing director of Turnberry Isle Miami in Aventura.

A longtime employee of Marriott, Koerbel was previously general manager of Doral Golf Resort & Spa, which was a Marriott property before Donald Trump bought it last year.

Earlier jobs in his 33 years with Marriott included regional vice president of Renaissance Hotels North America and Midwest general manager for Renaissance Hotels. He started the new job Jan. 2, replacing Douglas Hustad, who left in late 2012.





Turnberry Isle Miami is part of Marriott International's Autograph Collection, a portfolio of independently owned and operated hotels.





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Investment firm announces loan for purchase of Sofitel Miami




















New York-based Torchlight Investors provided the buyer of the Sofitel Miami hotel with a $25 million in debt financing, the investment advisor said Monday.

The firm provided the loan to real estate investment company Laurus Corporation for the hotel purchase, which was originally announced in December. Part of the money will be used for an improvement plan for the 10-acre property at 5800 Blue Lagoon Dr.

Torchlight Investors said the loans will be held in a fund targeting commercial real estate debt investments.








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Miami Lakes company growing its brand of skin care products




















For decades, Vivant Skin Care has formulated creams, serums, cleansers and tonics to treat such dermatological conditions as acne, aging and hyperpigmentation.

Family owned and linked to Dr. James E. Fulton, who co-developed the anti-aging formula Retin-A, the company built its reputation with medically tested therapies aimed at improving skin.

Now, like a complexion that has undergone the metamorphosis of time, Vivant is altering its manufacturing and sales structure and adding products, emerging from the economic downturn with a new plan for the future.





“Now we’re stabilized and looking forward to growth,” said Fulton’s daughter, Chief Executive, Kelly Fulton-Kendrick.

Founded in 1990, Vivant produces a line of 30 skin care products, all formulated in-house, and priced from $15 to $100. The products target both females and males, ages 13 and up.

“Our target market is people who have serious skin care problems and need solutions,” Fulton-Kendrick said. “Vitamin A is the best for affecting change in the skin.”

The clinical skin care products, packaged simply in white bottles and amber glass containers, have remained the company’s mainstay, as the business has transformed.

In mid-2011, Vivant decided to adjust its sales structure, to sell, for the first time, to online retailers like DermStore.com, SkinCareRX.com and amazon.com, as well as to make its products available on its own website, vivantskincare.com. It was a major change in course after more than 20 years of having its products sold only at spas and doctors’ offices.

“So now, we’re a mix of wholesale to skin care professionals and Internet retailers, and we’re selling directly to consumers through our own website,” Fulton-Kendrick said.

Mike Nelson, marketing manager at SkinCareRx.com, said Vivant, which it has sold since November, has “done very well for a new brand to our site,” surpassing some brands that have been on its site for over a year. He declined to provide figures.

SkinCareRX took on only 5 percent of the brands that approached it last year, he said, and had undertaken a rigorous review of Vivant.

“They have a good loyalty base and get great reviews,” Nelson said.

Along with changes in its sales system, in January 2012, Vivant moved from Medley to Miami Lakes, doubling its space to 11,000 square feet to accommodate manufacturing, which it brought in house to reduce costs. It had outsourced manufacturing to a lab in Costa Mesa, Calif., that it had previously owned and later sold.

Inside its warehouse space in a commercial business complex, a small staff handles manufacturing, shipping and packaging. All orders are taken by customer service and fulfilled onsite. A room used as an educational center allows vendors and aestheticians to learn about the products.

Martina Echeveria, international trade specialist at the U.S. Department of Commerce’s Miami U.S. Export Assistance Center, who is helping Vivant get a distributor in the Dominican Republic, said she recently nominated the company for a South Florida Manufacturer of the Year award. The awards are given by the South Florida Manufacturers Association.

“Their products are good and 100 percent U.S. made,” she said.

At Vivant’s offices, a lab area is used by Dr. Fulton for research and development. He also maintains a practice at Flores Dermatology in South Miami.





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Fed aims for a 6.5% jobless rate




















Six and a half percent unemployment in America would mean almost 2.1 million more people working than today. At the rate the country has been creating new jobs each month, it would take more than a year to find work for that many people.

Keep 6.5 percent in mind this week when the Federal Reserve meets Tuesday and Wednesday to talk about its efforts to push interest rates down. The hope is that the cheap cash will spur on investment leading to job creation. After all, the central bank has promised to keep its target interest rate near zero as long as more than 6.5 percent of Americans in the workforce are without work. The Fed has put other conditions on maintaining its historically low interest rate such as low inflation, but official measures remain tame. So its job growth the Fed is looking for.

It won’t have to wait long for the latest update. On Friday the first jobs report of 2013 will be released. Hiring has been a slow grind but it has been positive.





Finding work in January, though, can be tricky. Winter weather, a hangover from the holidays and seasonal work ending can slow down hiring.

It will be months, maybe even a couple of years before the U.S. unemployment rate hits 6.5 percent. There is nothing magical about that number, but as long as the Federal Reserve has it in its sights, so should we.

Tom Hudson is anchor and managing editor of Nightly Business Report, produced by NBR Worldwide and distributed nationally by American Public Television. In South Florida, the show is broadcast at 7 p.m. weekdays on Channel 2. Follow him on Twitter, @HudsonNBR.





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Economist: Euro crisis could erupt again this year




















Is the euro crisis over? A leading U.S. economist says not by a long shot.

Even as the head of the European Central Bank talked Friday of “positive contagion” in the markets and predicted an economic recovery for the recession-hit eurozone later this year, economist Barry Eichengreen warned that the debt crisis that has shaken Europe to its core could easily erupt again this year unless European leaders move faster to solve their problems.

While European governments and markets have been breathing easier in recent months after years of turmoil, it’s no time for complacency, said Eichengreen, a professor at the University of California - Berkeley who has chronicled the Great Depression and explored the consequences of a breakup of the euro currency.





“Nothing has been resolved in the eurozone, where markets have swung from undue pessimism to undue optimism,” Eichengreen told The Associated Press in an interview at the World Economic Forum in Davos, Switzerland, an annual gathering of corporate and government leaders. “They said all the right things last year … and they’ve been backtracking ever since.”

He urged eurozone leaders follow up on its proposals to steady its banking system and keep failed banks from adding to government debt through expensive bailouts.

European leaders in Davos this week are seeking to reassure investors and corporate leaders that the continent is on the mend after its punishing debt crises.

European Central Bank chief Mario Draghi on Friday forecast a recovery in the eurozone economy in the second half of the year, and spoke of “a new restored sense of relative tranquility” and “positive contagion on the financial markets.”

But he acknowledged “we don’t see this being transmitted into the real economy yet.”





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South Florida hotels finish year with strong December




















Hotels in South Florida reported strong occupancy and rates in December, closing out a year of continued gains.

In Miami-Dade, hotels were about 75 percent full in December, an increase of nearly 6 percentage points compared to the previous year. Average daily rates jumped 12.5 percent to almost $198, and the key measure of revenue per available room soared 19 percent to almost $149.

For the full year, hotel occupancy in Miami-Dade increased just over a percentage point to 76.4 percent, while rates jumped 6.6 percent to $163.59. Per-room revenue increased almost 8 percent to nearly $125. March was the powerhouse of 2012, commanding occupancy of nearly 86 percent and average rates of about $206 a night.





Broward hotels reported nearly 75 percent occupancy in December, an increase of almost 4 percentage points. Rates jumped 5.6 percent to more than $116, and revenue per available room shot up nearly 10 percent to more than $87. Full-year occupancy reached nearly 73 percent, an increase of more than 3 percentage points, at average daily rates of more than $114. That’s a 3 percent jump from 2011. Per-room revenue increased nearly 7 percent to more than $83.

Unlike Miami-Dade, Broward’s top month was February, with hotels more than 86 percent full and rates of about $144.

In the Florida Keys, occupancy hit 69 percent in December, an increase of two percentage points, with average rates increasing almost 6 percent to nearly $236 a night. Revenue per available room jumped 8 percent to more than $162. Average occupancy for the full year was nearly 76 percent, an increase of 2 percentage points, and average rates increased nearly 7 percent to about $213. Per-room revenue for the full year jumped about 9 percent to $161.53.

With occupancy of more than 89 percent and rates higher than $271 a night, March was the top month for the Keys.





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Miami Dolphins slam Norman Braman, Marlins Park deal




















The Miami Dolphins ramped up their public campaign for a tax-funded stadium renovation this week, buying full-page ads against their top critic and trying to distance the plan from the unpopular Marlins deal.

The team bought an ad in Tuesday’s Miami Herald and El Nuevo Herald knocking auto magnate Norman Braman’s criticism of the Sun Life Stadium deal, which would have Florida and Miami-Dade split the costs with owner Stephen Ross for a $400 million renovation. The Dolphins would pay at least $201 million, with taxpayers using state funds and a higher Miami-Dade hotel tax to pay $199 million.

In a fact sheet sent to media Tuesday morning, the Dolphins listed ways their deal differs from the 2009 Marlins deal. First: Ross, a billionaire real estate developer, would use private dollars to fund at least 51 percent of the Sun Life effort, compared to less than 25 percent from Marlins owner Jeff Loria. Second, Sun Life helps the economy more than the Marlins park does.





“Just because the Marlins did a bad deal doesn’t mean we should oppose a good deal where at least a majority of the cost is paid from private sources and more than 4,000 local jobs are created during construction alone,” the fact sheet states. And while the Dolphins’ Miami Gardens stadium has hosted two Super Bowls since 2007 and is in the running for the 2016 game, “Marlins Stadium does not generate the ability to attract world-class sports events -- other than a World Series from time to time depending on the success of the team.”

NFL teams play eight home games a year if they don’t make the playoffs, while baseball teams have 81.

Miami and Miami-Dade built the Marlins a $640 million stadium at the site of the Dolphins’ old home at the Orange Bowl in Little Havana. The Marlins contributed about $120 million and agreed to pay between $2.5 million and $4.9 million a year for 35 years to pay back $35 million of debt the county borrowed for the stadium. As a publicly owned stadium, the Marlins ballpark pays no property taxes. Most of the public money came from Miami-Dade hotel taxes, along with $50 million of debt tied to the county’s general fund.

Sun Life is privately owned and pays $3 million a year in property taxes to Miami-Dade. It currently receives $2 million a year from Florida’ s stadium program, a subsidy tied to converting the football venue to baseball in the 1990s when the Marlins played there. The Dolphins also paid for a second full-page ad with quotes from leading hoteliers in Miami-Dade endorsing the stadium plan. Among them: Donald Trump, whose company recently purchased the Doral golf resort. “Steve Ross’ commitment to modernize Sun Life Stadium -- while covering most of the construction costs -- is the right thing for Miami-Dade,’’ the ad quotes Trump as saying.

Also on Tuesday, Ross and team CEO Mike Dee sent a letter to Miami-Dade Mayor Carlos Gimenez and county commissioners requesting negotiations over the stadium deal. The letter said the deal Ross unveiled last week is a “baseline for debate” and asked for talks. The letter also urged the commission to adopt a resolution proposed by Commissioner Barbara Jordan endorsing the state bill that would allow taxes for Sun Life. The resolution is on the agenda for Wednesday’s commission meeting.





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South Florida housing recovery on track




















South Florida’s housing recovery remained on track last month.

Sales of existing single-family homes in Miami-Dade County jumped 16.4 percent in December 2012 from a year earlier, making 2012 a record year for sales, the Miami Association of Realtors said.

In Miami-Dade, the median price for a single-family home jumped 18.9 percent to $214,060 while that of an existing condominium soared 25.4 percent to $163,000 in December 2012 from a year earlier, marking 13 consecutive months of year-over-year gains. Miami-Dade condo sales climbed 9.8 percent to 1,395 units in December.





Broward County’s housing market is showing similarly strong demand and rising prices.

In Broward, the median price of an existing single-family home surged 21.1 percent to $230,000 in December from a year earlier, according to the Greater Fort Lauderdale Realtors. The median price of an existing condo or townhouse in Broward jumped 24.7 percent to $95,100 year over year, the group said.

Sales of single-family homes in Broward climbed 14.9 percent in December from a year earlier while the volume of condo and townhouse closings increased 4.7 percent over the period.

Sellers have gained the upper hand amid a tight inventory of properties for sale and often can choose between competing offers, according to Realtors.

The number of single-family homes on the market in Miami-Dade fell 27.5 percent in December to 5,000, while the number of condos declined 20.8 percent to 7,844 units, the Miami Realtors said.

“You’re seeing more buyers chasing fewer properties,” said Ron Shuffield, president of Esslinger-Wooten-Maxwell Realtors in Coral Gables.

Miami-Dade has just 5.2 months of supply of single-family homes and 5.7 months of supply of condos on the market — less than the six to nine months of inventory typical of a market balanced between buyers and sellers. “When it drops below six months of supply, you’re definitely going to see price appreciation,” Shuffield said.

Cash remains king, especially for condo transactions, a segment where foreign investors play a huge role. In December 2012, 76 percent of Miami-Dade condo sales were all-cash transactions, as were 49 percent of single-family home deals.

“Buyers are quite surprised there is not more inventory after everything they have been hearing,” said Eyvonne Kafourus, an agent with Prudential Florida Realty in Fort Lauderdale. “I see a lot of people coming in from other states, for job transfers and retirement.”

The inventory of single-family homes in Broward fell 35.5 percent in December from a year earlier; the inventory of condos and townhomes for sale declined 25.2 percent year over year, the Fort Lauderdale group said.

“Buyers are getting aggravated, because they are losing deals,” said Charles Bonfiglio, who recently assumed office as president of the Greater Fort Lauderdale Realtors. “Eighty to 90 percent [of sales] are multiple-offer situations. They’ve got to move quickly.”

Bonfiglio said offers over asking price are common, although appraisals frequently do not follow suit.

The housing market in South Florida has continued to make gains despite a huge overhang of distressed properties that are a headwind on prices.

In Miami-Dade, distressed properties accounted for 41 percent of total sales in December, down from 54.4 percent a year earlier.

Demand is robust for bank-owned properties and short sales, agents say, and many would-be buyers find themselves outflanked by cash-rich professional investors.

“They don’t last long,” Kafourus said of foreclosures. “You have to be really on top of the market and searching every day. If you are looking to get a mortgage, you’re at a disadvantage to the cash buyers.”

The median days on the market for a single-family home in Broward dropped to 37 days in December from 56 days a year earlier, the Realtors group said.

Florida has been seeing a flow of new arrivals after a period of exodus during the downturn. In addition, foreign investors have rushed in to take advantage of the prices, which are still far below their highs before the crash.

“We’ve obviously turned the corner. We’ve noticed inventory tightening up,” said Philip Vias, a broker associate with Prudential in Fort Lauderdale.

Vias said more buyers seem to be coming in from the Northeast. “What’s held things up is homes weren’t selling up north. Now it’s starting to trickle down.”

Statewide in Florida, single-family home sales climbed 15.8 percent in December from a year earlier as the median price increased 14.1 percent to $154,000.





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