PTI assists Fijian companies

Asset management company acquires a Suva landmark

VB Holdings Ltd, a publicly-listed company on the South Pacific Stock Exchange (SPX) has made a $3million acquisition of a Suva landmark. The asset management company acquired the Bidesi & Sons Building on Waimanu Road in Suva. According to its public release issued by SPX, the multi-million dollar investment fulfilled an important stated objective for...

Airline’s management of environmental, social impacts ‘deemed adequate’

THE Asian Development Bank found Fiji Airways’ management of social and environmental impacts were “deemed adequate”. ADB president Masatsugu Asakawa stated this in his report to the board of directors in December 2020 while recommending the $65 million loan that was to be given to Fiji Airlines. “Fiji Airways monitors fuel consumption and carbon dioxide...

Program to upskill tobacco growers

PRIME Minister Voreqe Bainimarama officiated at a program launch designed to encourage more than 600 farmers to improve the yield and quality of their tobacco crops this week. The Star Farmer Incentive program, established by British American Tobacco Fiji was set up to help growers adopt the best agronomy practices and boost their production. “The...

Farmer vouches for dairy industry

SHAILENDRA Singh has been a dairy farmer for 16 years and has experienced firsthand the changes the industry has gone through over the past decade. The 42-year-old has a dairy farm in Verata, Ucunivanua and supplies 120 litres of milk per day to the Fiji Cooperative Dairy Company Ltd (FCDCL). Some of the changes he...

Consumer Council unearths illegal trading practice

The Consumer Council of Fiji has unearthed practices by some traders who are retailing basic food items such as potatoes and onions at erroneous prices, and without following the legally mandated pricing formula. Consumer Council of Fiji CEO Seema Shandil said the intent behind implementing controls stems from the desire to maintain affordability of essential...

Historic Air Traffic Management commissioned

An upgraded Air Traffic Management (ATM) system that will pave the way for surveillance control in Fiji’s Domestic Airspace was commissioned by Fiji Airports. According to Fiji Airports Board Chairman, Geoffrey Shaw the ground-breaking upgrade is a historic milestone for Fiji to successfully transition to the new Aurora ATM system. A statement by Fiji Airports...

Kina Bank acquires Westpac Fiji and PNG

The shareholders of Kina Securities Limited (KSL) have voted in favour of the acquisition of Westpac Fiji and Westpac PNG by Kina Bank. KSL chief executive officer Greg Pawson confirmed this in a statement after the Extraordinary General Meeting held yesterday in Port Moresby, saying it was a great show of confidence by the shareholders....

Caution against online scams

In today’s time and age, it can become impossible to determine how genuine businesses are. The global proliferation of the internet has allowed con artists to expand their craft to a widely different market and reach previously untapped consumers. Many times, their creative marketing often results in consumers being duped out of their hard-earned cash...

Report outlines loan limitations

The $US65 million ($F133.5m) Asian Development Bank loan will allow Fiji Airways to “transit through the COVID-19 crisis, ADB president Masatsugu Asakawa stated in his report to the Board of Directors in December 2020 to approve the loan to Fiji Airways. However the national carrier will not be allowed to upgrade, purchase, manufacture new or...

Women’s group receives $30,000

The prayers of the Kioa Women’s Group yesterday was answered after the group received a grant amounting to $30,000 from the Fiji Women’s Fund. Speaking to this newspaper during the event, organisation’s representative Mesela Vave highlighted that the group was from Balia Village on the island which consisted of about 72 households. Ms Vave said...

Food prices rise after TC Yasa and Ana – analyst

Food prices increased by 16 per cent in Fiji in the wake of tropical cyclones Yasa and Ana. And food insecurity increased especially for female-headed households and homes with children ages four and younger. This, according to World Food Program vulnerability analysis and mapping officer Andre Martinez. The issue was discussed during a recent webinar...

Oil rises on drawdown in U.S. oil stocks, OPEC demand outlook

MELBOURNE (Reuters) – Oil prices rose in early trade on Wednesday, adding to overnight gains, after industry data showed U.S. oil inventories declined more than expected and OPEC raised its outlook for oil demand. Brent crude futures rose 28 cents, or 0.4%, to $63.95 a barrel at 0057 GMT, after climbing 39 cents on Tuesday....

Pandemic hits Port Denarau Marina hard; Blue Lanes initiative a positive factor

Nadi-based Port Denarau Marina Ltd –Fiji’s premier berthing marina for superyachts – took a big hit from the economic blow of the global COVID-19 pandemic. The publicly-listed stock recorded a net loss after tax of $212,662 for the six months period ending January 31, 2021. For the same period last year, Port Denarau Marina reported...

Workshop focuses on efficient product promotion

THE Fiji – USA Business Council underwent a virtual workshop on April 9, 2021 whereby one of the discussions was around turning customers into brand ambassadors. According to a statement from the council Ted Wright a founder of the US marketing firm Fizz Corp. gave a virtual workshop on Word of Mouth Marketing to the...

Channel for rural banking

POST Fiji will be the main channel for BSP customers in rural areas in having access to banking services. According to the Post Fiji chief executive officer Dr Anirudha Bansod the partnership with BSP and the Fiji Government will allow Post Fiji’s widest distribution network into the rural areas and other places where the banks...

Resilient businesses

GREETINGS from the Fiji Commerce & Employers Federation (FCEF). FCEF is organising the Top Executive Conference, that is popularly known as TOPEX, scheduled for May 28 and 29, 2021 at the Sofitel Fiji Resort and Spa on Denarau Island. The theme for this year’s TOPEX is, “Resilient Businesses Ready for Tomorrow, 2030 #TOPEX Speaks.” The...

Bank outlines plans for the Pacific operations

KINA Bank is set to provide lower cost of banking for customers in Fiji operating under a new name and separately governed. This was according to a statement released by the bank outlining its plans for the Pacific. It was stated the proposed acquisition of Westpac’s Pacific businesses would promote a stronger, publicly listed regional...

Growth trajectory

THE growth in its real estate entity has prompted Lautoka realtor Vyas Deo Sharma to register a new business arm — Khelvin Property Management Pte Ltd — to focus solely on managing properties around the country. This latest $500,000 investment came into mind after the former MP noted the need to manage well the 50...

FBL not out of the woods yet; no dividend declared

Publicly-listed stock Free Bird Institute Ltd has announced its board’s decision not to declare any dividend for the 2020 financial year. Given the spiraling economic conditions experienced globally as a result of the COVID-19 pandemic, the institution has indicated it would continue to tread carefully. “We are not out of the woods yet and it...

Call to construct proper shelters at major ports

The Fiji Hotel and Tourism Association has called for the construction of proper shelters in Fiji’s two major ports to provide proper shelter to thousands of tourists who visit our shores on board cruise ships. Association chief executive Fantasha Lockington noted this at the recent Maritime Travellers Rights Consultation in Nadi. “We need shelter provisions...

Export strategy

There needs to be a specific sector plan for exporting to New Zealand, says Pacific Trade Invest New Zealand Trade Commissioner Glynis Miller. She says after speaking to Fijian exporters, most of the companies did not have a sector plan for export. The Trade Commissioner explained that some of the strategies that could be part...

Drop in rental income affects landlords

Landlords in the Western Division are suffering because there has been a drop in rental income as a result of the COVID-19 pandemic. This is according to Lautoka realtor Vyas Deo Sharma upon sharing his views on the current state of the real estate business in the West. “There is a drop in rental income...

$68.3m exports to NZ

Exports to New Zealand from the Pacific were worth $NZ47 million ($F68.3m) despite the global impact of COVID-19. Pacific Trade Invest New Zealand Trade Commissioner Glynis Miller said this was a significant drop from the $NZ147m ($F213.7m) made in the first quarter of 2019. She said they were trying to assist the regional businesses to...

Growing your business, protecting your future

Welcome to a new series of articles all about business growth. Over the past year or so we have all been focused on Covid-19 and the challenges to be faced over the years ahead. It has not been a particularity happy time for many. While some businesses have had to close or reduce staff, many...

HSBC bans customers from buying bitcoin-backer MicroStrategy shares

LONDON (Reuters) -HSBC has banned customers of its online share-trading platform from buying or moving into their accounts MicroStrategy Inc stock, a message seen by Reuters showed, calling it a “virtual currency product”. The bank will not facilitate the buying or exchange of products related to or referencing the performance of virtual currencies, the message...

EFL move queried; Chaudhry questions withdrawal of 52pc subsidy to low-income earners

Energy Fiji Ltd chief executive officer Hasmukh Patel says he does not have to respond to a claim by Fiji Labour Party leader Mahendra Chaudhry that EFL has withdrawn its 52 per cent subsidy to low-income earners. In a statement issued recently, Mr Chaudhry said the subsidy had been initiated to assist the people in...

Fiji Pine pays $880k-plus as stumpage payment

Fiji Pine Ltd has presented a cheque worth $880,451 to the iTaukei Land Trust Board (TLTB) as stumpage payment for the harvesting of pine trees from mataqali Carakinayagi and mataqali Solevu’s leased land at Nasarawaqa, Bua. Apart from the land rentals that are paid yearly, there is also a 12 per cent stumpage payment made...

2000 acres of land prepared for rice rehab program up North – Fiji Rice

Fiji Rice Limited has fully utilised the $150k set aside for the Rice Rehabilitation Program for farmers in the Northern Division following the devastation caused by TC Yasa. Fiji Rice chairman Raj Sharma said the funds paid for land preparation. “I’m quite pleased to say the maximum amount of money given has been fully used,...

Families host charity event

TWO companies, Shah Enterprise and Naushima Auto Performance, hosted a fundraiser for the Fiji Cancer Society raising $3500. According to the director of Shah Enterprise, Sharoof Shah, the idea had been given by the director of Naushima, Naushad Moveen. He said one of their friends was going through cancer stages which was very heartbreaking and...

Business