Business

10th April

COVID-19: Due diligence delay processing of members’ assistance

The Fiji National Provident Fund’s process of conducting thorough due diligence on members’ applications for the COVID-19 assistance from their own accounts is said to be a reason for delays in members receiving their money....

Oil flat as weaker dollar offsets coronavirus demand worries

NEW YORK (Reuters) -Oil prices were little changed on Thursday as a falling dollar and rising stock markets offset earlier declines caused by a big increase in U.S. gasoline stockpiles and subdued demand compared with pre-pandemic levels. Brent futures rose 4 cents, or 0.1%, to settle at $63.20 a barrel, while U.S. West Texas Intermediate...

9th April

Mentorship program to improve businesses

The Pacific Trade Invest New Zealand has established a mentorship program for regional exporters to New Zealand in an effort to improve their businesses and exports to New Zealand. PTI New Zealand Trade Commissioner Glynis Miller said the pilot program was launched last year to enable local exporters gain expert advice on New Zealand’s trade...

Resilient exporters

MORE than 200 Fijian businesses exporting to New Zealand have been resilient in their efforts to meet their export demands despite the challenges brought on by COVID-19, says Pacific Trade Invest New Zealand Trade Commissioner Glynis Miller. Mrs Miller explained that the local businesses have been able to continue exporting to New Zealand despite the...

Global economy recovering from pandemic, higher rates would hurt -IMF steering committee

WASHINGTON (Reuters) – The steering committee of the International Monetary Fund said the global economy is recovering faster than expected from the COVID-19 crisis, but warned that a spike in interest rates could be especially painful for emerging economies. In its communique, the International Monetary and Financial Committee stressed the importance of accelerating distribution of...

Global supply lines struggle to clear container backlog after Suez chaos

LONDON/LOS ANGELES (Reuters) – A backlog of container ships carrying consumer goods has grown in some key strategic ports after a near week-long blockage in the Suez Canal, adding to ongoing disruptions to global trade, industry sources say. Dozens of container ships were stuck when the 400-metre-long (430-yard) Ever Given ran aground in the canal...

Fijian jeweller fined $15k for breach; FCCC agrees with decision

The Nausori Magistrates Court has fined a Fijian jeweller $15,000 for failing to mark and display prices of certain non-controlled items. The sentence was passed on April 7, 2021. The accused had entered a guilty plea. The Fijian Competition and Consumer Commission (FCCC) – that brought the matter to court – say it is in...

Fiji’s Balance of Payment improved in Q4, 2020

Fiji’s foreign exchange data released yesterday (April 6, 2021) by the Fiji Bureau of Statistics (FBoS) revealed improvements in the country’s Balance of Payment situation towards the end of last year compared to the same period in 2019. In the December quarter of last year (2020), the current and capital account balances stood at a...

Koya: New MSAF Pac Harbour office in line with decentralisation of government services

The opening of the new Maritime Safety Authority of Fiji office in Pacific Harbour, Navua, is in line with the Government’s aim of decentralising its services to positively impact communities. Officiating at the opening of the new office, Minister for Transport Faiyaz Koya said in decentralising services such as ship clearance to outer stations, they...

8th April

Potential for more job creation in BPO industry

FIJI has a lot of potential in the business processing outsourcing (BPO) industry however more work needs to be done in terms of providing the right training for young people who could be employed in the sector. Pacific Centrecom (Fiji) Ltd’s general manager and BPO Council of Fiji chairwoman Carol Watkins said there was also...

Expo to develop bilateral relations

THE Fiji-New Caledonia E-Trade Exposition was launched yesterday by Minister for Trade Faiyaz Koya at the French residence. The virtual trade exposition developed by Investment Fiji and New Caledonia Trade and Invest (NCTI), supported by the Fijian, French and New Caledonian governments, is targeted at buyers and sellers in both Fiji and New Caledonia. Mr...

Back after seven years

THE return of one of the world’s largest integrated logistics company, Maersk, to Fiji is expected to not only ship more cargo to and from Fiji but also increase competition in the market. A statement from Shipping Services Fiji Ltd yesterday said after a gap of seven years, Maersk was making a significant return to...

Koya: Cross-border trade restoration vital in driving global economic recovery

Fiji’s Minister for Commerce, Trade, Tourism and Transport Faiyaz Koya says the restoration of cross-border trade and investment is undoubtedly vital in driving global economic recovery. While speaking at the launch of the Fiji-New Caledonia e-Trade Expo yesterday afternoon, Mr Koya said a return to trade and investment-led growth will hinge on creating enabling conditions...

PS in PM’s Office denies inter-island shipping operator’s claim

Prime Minister’s Office permanent secretary Yogesh Karan says he did not discuss vessel safety and documentation issues with Goundar Shipping Ltd (GSL) managing director George Goundar. The denial comes amid claims by Mr Goundar that Mr Karan had told him the State should deal with safety issues concerning his vessels. The International Transport Workers Federation...

7th April

Town prepares for Blue Lane initiative

Foreign luxury yachts are expected to arrive in Savusavu in three weeks’ time under the Blue Lane initiative. Although the numbers arriving are unknown, stakeholders are looking forward to welcoming the initiative. Savusavu Town Council administrator Doreen Robinson said the commitment and hard work of tourism stakeholders had paid off. “This is good news for...

Koya launches Fiji New Caledonia Trade Expo

Fiji’s Minister for e-Trade and Commerce Faiyaz Koya this afternoon launched the Fiji New Caledonia Trade Expo at the French residence. The virtual trade expo is a business-to-business platform targeting buyers and sellers in Fiji and New Caledonia. French embassy chargé d’Affaires Rene Consolo said the contact initiated today by the two countries would pave...

Fijian cybersecurity professionals attend virtual workshop on latest hacking trends

A total of 37 cybersecurity professionals from Fiji’s private financial institutions, telecom companies, the Reserve Bank of Fiji, the Financial Intelligence Unit, and government ministries attended a virtual workshop on the latest trends on North Korea’s offensive hacking techniques. A statement from the US Embassy in Suva stated that the workshop examined the tactics and...

World Bank chief expects G20 to extend debt payment freeze through end-2021

WASHINGTON (Reuters) -World Bank President David Malpass said on Monday he expects China, the United States and other Group of 20 major economies to extend a freeze in bilateral debt service payments through the end of 2021 when they meet this week. The G20 Debt Service Suspension Initiative had already helped countries defer some $5...

Collaboration to strengthen the private sector

Closer engagements between the Pacific Trade Invest New Zealand (PTI NZ) and the Pacific Horticultural and Agricultural Market Access Program (PHAMA Plus) will enable both organisations to better understand markets for Pacific products in New Zealand and support producers, exporters, importers and consumers to facilitate trade of agricultural products. A joint statement from PHAMA Plus...

Negative inflation

The average annual rate of inflation for the twelve months to March 2021 stands at -2.1 per cent according the Fiji Bureau of Statistics. According to the Consumer Price Index (CPI) for March 2021 while the month- on- month inflation rate (compared with March 2020) stood at -1.2 per cent, all items CPI for the...

Need for a town centre in Tailevu

Tailevu was one of the provinces which did not have a town centre according to Ministry of Local Government senior engineer and project manager Israr Ali. He said this province had one of the largest growths of any province in Fiji according to the 2017 population census. “The Korovou ward is isolated to current trading...

6th April

Paradise Beverage records impairment loss

Paradise Beverages (Fiji) Limited (PBF) recorded an impairment loss of $14.3m for 2020 as the consolidated loss after tax was $5.8m. This was revealed in the SPX market announcement for PBF’s 2020 audited financial statements in March 31, 2020. “In accordance with relevant accounting standards, and as part of the process of finalising 2020 financial...

5th April

High fees to sell tuna at Gizo force fishers into unsustainable reef fishing

(TUNA PACIFIC)— High market fees imposed on tuna vendors at the Gizo Fish Market, in the Western Province of Solomon Islands, are forcing more tuna fishers to revisit the coastal fishing grounds, and have led to unsustainable fishing. Gizo Fish Market is normally restocked with fish every day, as people from communities around the provincial...

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