COVID-19 has seriously battered tourism industry, says Lal

Fiji’s central bank enhances support facility

The Reserve Bank of Fiji (RBF) Board has announced further enhancements to its Disaster Rehabilitation and Containment Facility (DRCF) to assist businesses. This, following its monthly meeting on Thursday, according to a statement from the bank. It was revealed the changes included an additional funding allocation of $200 million, a limited and tiered guarantee targeting...

‘Businesses struggle to stay open’

Businesses are struggling just to remain open, however, the key to reviving them and getting out of this predicament was the reopening of the borders. This was revealed by Fiji Commerce and Employers Federation CEO Kameli Batiweti during a virtual discussion hosted by the Fiji Law Society on Thursday. He said for borders to open,...

RBF commends Fiji’s national budget

The Reserve Bank of Fiji has commended the 2021-22 National Budget and the expansionary stance given the urgent need for Government to make up for the shortfall in the spending power of households and investment appetite of businesses. RBF governor Ariff Ali said as announced in the budget, the central bank would provide a $200...

Fiji Airways returns two leased aircraft

Two aircraft leased in 2018 by national airline Fiji Airways have been returned to the lessor. In a statement, Fiji Airways managing director and CEO Andre Viljoen said the two aircraft (Island of Beqa and Island of Vatulele) were returned a few months ahead of the end of the lease agreement expiration date. “The two...

Empowering women

Fusion Hub is set out to reduce the waste consumption and economically empower women. Founder Sagufta Janif is adamant to make that impact within the community having already assisted about 120 women. She said she started the hub because she saw there were a lot of problems regarding irresponsible management or disposal of waste in...

Congress cancelled amid COVID-19 uncertainty

The World Exchange Congress which was to be held in Fiji and hosted by the South Pacific Stock Exchange (SPX) has been cancelled. The SPX in consultation with Terrapinn Holdings Ltd (Terrapinn), which was the international event manager, announced the cancellation of the congress yesterday. The congress was stated to be an annual meeting for...

Institute records decline in revenue

Free Bird Institute Ltd (FBL) has recorded a total revenue decrease of 46 per cent as a result of declining student numbers compared with the same period last year. According to its market announcement on the SPX website, chief financial officer Waisale Iowane, while presenting the financial results of the six months which ended June...

RBF grants conditional approval to Kina Securities for Westpac Fiji acquisition

Fiji’s central bank has granted conditional approval on Kina Securities Limited’s (KSL) application to buy Westpac Fiji. The Board of the Reserve Bank of Fiji reached this resolution after its deliberations yesterday on the comprehensive assessment conducted on KSL’s application. The Westpac Group had announced its intention to sell its Westpac Pacific Business – Westpac...

A-G: Fiji’s debt level projected to increase to $9bn

Economy Minister Aiyaz Sayed-Khaiyum says Fiji’s deficit for the 2021-2022 financial year was projected at 16.2 per cent of GDP and debt expected to rise to $9 billion or 91.6 per cent of GDP. However, he said by adopting a very conservative revenue estimation strategy, actual debt could be lower than projected if borders reopened...

A-G: Government not responsible for Fiji Mahogany Trust reports

Government is not responsible for Fiji Mahogany Trust reports, Attorney-General and Minister for Economy Aiyaz Sayed-Khaiyum told Parliament yesterday when the Parliamentary Committee of Supply was deliberating programs in the 2021-2022 National Budget. He said this while answering queries from SODELPA Leader Viliame Gavoka on why the trust was allocated $250,000 in the budget. Mr...

MP Ratu Naiqama asks Government to explain tax revenue projection

Opposition Leader Ratu Naiqama Lalabalavu has called on Government to explain how $1.6billion in tax revenue could be collected when the economy had further contracted this year, and was likely to remain subdued throughout the 2021-2022 financial year. “As per the data presented in the estimates, the revenues projected for 2021/22 is expected at 77...

MP Radrodro quizzes citizenship status of new CEO

The citizenship status of the newly-appointed Fiji Development Bank CEO, Saud Minam, was queried in Parliament yesterday. The issue was highlighted by SODELPA MP Aseri Radrodro when contributing to the debate on the 2021-2022 Appropriation Bill in Parliament. He claimed the Government continued to appoint people they favoured. He said they had turned Fiji into...

400-plus households assisted under first home grant program – Kumar

Fiji’s Minister for Local Government, Housing and Community Development Premila Kumar says 435 households were assisted with the increased first home grant assistance of $30,000 for each household that earns below $50,000 a year. She said this was to encourage homeownership and drive economic activities. She added another 62 households were also assisted under the...

Entrepreneurs are risk takers

An entrepreneur is someone who sees a new opportunity and creates a business or social enterprise to exploit it. Throughout the Pacific are examples of young, and not so young, entrepreneurs who have seen an opportunity to do something for themselves and grasped it with both hands. In this series I am exploring what it means to be an entrepreneur in the Pacific. Today...

FDB receives loan enquiries

Following the announcement of the 2021-2022 National Budget, the Fiji Development Bank (FDB) has received a number of enquiries for the Micro, Small and Medium Enterprises (MSMEs) loans. This, according to an FDB spokesperson, who said this indicated there was a need for such a financial solution in the market. “We are here to help and we are getting...

Bank group responds to report

BSP Financial Group Ltd (BFL) has affirmed that the tenure of its chairman, Sir Kostas Constantinou OBE, was the subject of an exemption issued by the Bank of Papua New Guinea in 2019 in relation to prudential standards on governance matters. In a statement issued yesterday, BFL stated the Bank of Papua New Guinea had consented to Sir Kostas’ chairmanship continuing to February 2023, by which time...

Council highlights cashflow issues

Cashflow is one of the main problems which members of the Young Entrepreneurs Council (YEC) are faced with during this pandemic. This was revealed by YEC chairperson Watesoni Nata when asked about the type of support young entrepreneurs needed during a virtual panel discussion hosted by the US Embassy last week. “I think primarily at this stage from feedback from our members everyone’s going through...

Jackson falls back on tapa business

When Vilisi Jackson was laid off from Fiji Airways a year ago, she did not give up. She believed this was an opportunity God had provided for her to work on a small family business she had started with her husband, Charlie, five years ago. Today, the former national carrier flight attendant is the sole proprietor of Vahilele Tapa, a Tapa...

Works soon to begin for Asco Motors’ new $16m dealership in Nadi

Asco Motors will soon begin work on its new $16million automotive dealership at Legalega in Nadi – reinforcing ongoing efforts to improve its business environment and position the company for future growth. Works are expected to be completed in late 2022. According to the company’s market announcement issued via the South Pacific Stock Exchange (SPX)...

Taro, kava, eggplants, cassava top agriculture exports to NZ

Fiji’s top agriculture exports to New Zealand in 2020 were taro, kava, other vegetables, eggplants and cassava. This was highlighted during the webinar on Exporting to New Zealand by Carline Bentley who looks after the New Zealand market. Investment Fiji in a statement had revealed it was part of the webinar which was hosted by the Fiji Consulate General and Trade Commission, Australia and New Zealand. Ms Bentley...

Budget welcomed – Association pleased with effort by State to stimulate economic activity

The Suva Retailers Association has welcomed the national budget and the effort by the government to stimulate economic activity and confidence with a commitment to those most affected; people and businesses. In a statement, the associationsaid it was pleased with the fact that priority was being placed on employment opportunities and investment in stimulating economic activity. According to the association, those were the key areas in which it...

Business

31st July