Business

Asia shares skid, dollar gains as yields spike

SYDNEY (Reuters) – Asian shares slipped on Monday after a run of upbeat economic data from the United States and globally lessened the risk of recession, but also suggested interest rates would have to rise...

Dollar on the front foot after robust U.S. jobs data, yen falters

SINGAPORE (Reuters) – The dollar extended its rally on Monday after a strong U.S. jobs report suggested the Federal Reserve could stay hawkish for longer, while the yen was hit by news the Bank of Japan’s Deputy Governor Masayoshi Amamiya was being sounded out to be the next governor. The Nikkei newspaper reported, citing anonymous...

Australia’s biggest state unveils plan for cashless poker machines

SYDNEY (Reuters) – The leader of Australia’s most populous state on Monday unveiled a plan to make all poker machines cashless within five years to fight money laundering and problem gambling, setting up a political battle ahead of a state election next month. New South Wales Premier Dominic Perrottet said his government would make every...

Oil prices edge higher as IEA’s Birol talks up China demand outlook

MELBOURNE (Reuters) – Oil prices inched up in early trade on Monday after falling around 8% last week to more than three-week lows as jitters over major economies outweighed signs of a demand recovery in China, the world’s top oil importer. Brent crude futures crawled up 16 cents, or 0.2%, to $80.10 a barrel at...

6th February

Renault, Nissan to fill in the blanks on their rejiggered alliance

LONDON (Reuters) – Nissan and Renault on Monday are set to unveil details of their redesigned alliance and answer questions about Renault’s electric vehicle (EV) business and how it will sell off most of its stake in the Japanese carmaker. The two companies announced a sweeping remake of their two-decade-old automaking alliance last month, which...

Samsung to help digitise school system

One of the world’s popular android mobile producers, Samsung has been roped in by the Ministry of Education to improve the country’s school system’s digital learning tools. A workshop held in Nadi between Samsung New Zealand and the Ministry of Education focused on the digitisation of Fiji’s school system using the global brand. While closing...

Achari takes up new role

The Marriott Group has appointed a Fijian woman as their new cluster sales manager for the New Zealand market. In a statement, the hotel chain announced University of the South Pacific graduate Lavon Achari had taken the regional post from January 23. Ms Archari has extensive experience in the tourism industry having worked at Novotel...

Tourists conscious of environment – Hill

Tourists are now demanding a level of sustainability in terms of protecting the environment, says Tourism Fiji CEO Brent Hill. He said they needed to step up to these demands. “What I am very conscious of – looking at around the world – you see social media images of other tourism destinations like Fiji where...

Checks, balances – PM: Coalition Government to ensure consistency, transparency

The decision-making machinery to be adopted by the coalition Government will put in place checks and balances and ensure inclusiveness, coordination, consistency, transparency and accountability in decision making. Prime Minister Sitiveni Rabuka highlighted this in a news conference yesterday. He said Cabinet has reviewed the decision-making machinery of Government with the objective to improve co-ordination...

5th February

FCC starts review of sugar products

The Fijian Competition and Consumer Commission (FCCC) has started a review of sugar products produced by the Fiji Sugar Corporation. The FCCC said the review is for the “Bulk Pack Sugar” and “Sugars of Fiji” products in Fiji. According the to the last price determination in July 2022, price for 1kg sugar was set at...

4th February

$100k payout for rainfall recovery

FijiCare Insurance Ltd has disbursed its first ClimateCare parametric microinsurance payment via digital wallets and bank payments for more than 535 insured members amounting to $100,000. According to FijiCare this was paid out to various smallholder farmers, fishers, market vendors including vulnerable women and persons with disabilities across the Western Division who were affected by...

Online top up service

Telecom Fiji Ltd’s prepay customers can now do data top-up online through the myTelecom app and website using their VISA, MasterCard, BSP Easy Card and MyCash. This has been made possible with the launch of Telecom’s new Online Top Up service. In a media release, Telecom Fiji Ltd chief executive officer Charles Goundar said Telecom...

Growing global interest for kava

Kava in Fiji and the region is expected to grow exponentially in the near future following growing interests from global markets. Agriculture Ministry permanent secretary Dr Vinesh Kumar said the Chinese and Korean markets have showed interests in purchasing kava from the region for pharmaceutical purposes and for social beverage. Mr Kumar described this growth...

Prasad: There will be no mini-budget

“We’re not about that kind of inconsistency and haphazard policy making.” This was the statement made by Minister of Finance Professor Biman Prasad when responding to queries on why there wouldn’t be a mini-budget. He said different people would have a different take on the subject. “The people have to understand that we’ve just come...

‘Too many harvesters in Fiji’

The Sugar Tribunal has to legislate the usage of mechanical sugar harvesters in the country, said Sugar Cane Growers Council CEO Vimal Dutt. He told a consultation meeting in Nadi recently that the increase in harvesters has resulted in the high rate of burnt cane delivered to the mills as there was race by harvester...

Sugar Minister assures mills in Fiji will be fixed

Sugar Minister Charan Jeath Singh says sugar mills will be fixed before the crushing season begins this year. He gave the assurance and said engineers were working to fix the problems that were encountered during the last crushing season. He said the Lautoka and Labasa mills had relatively fewer hours in stoppages dues to breakdowns....

3rd February

50 years in operation – Second generation brings in modern business practices

A company that was established by two friends 50 years ago has stamped its mark in the local footwear industry over the years. A.D Enterprises Pte Ltd began in 1973 by Dhanshuk Maneklal and the late Ramesh Hansji as an indent agent supplying quality goods and services to importers in Fiji and Pacific. Company director...

Bank reaffirms relationship to ministries

The Fiji Development Bank (FDB) team met personnel from two ministries last week to strategically map out collaboration opportunities to strengthen its contributions towards the micro, small and medium enterprises (MSMEs) and agriculture sectors in accordance with its mandate. While providing an overview of the bank’s portfolio to Deputy Prime Minister and Minister for Trade,...

Human centred agenda for the future of work

The Fiji Human Resources Institute (FHRI) has announced the dates for its annual national convention and awards event. Scheduled for March 17 and 18, 2023 at the Sofitel Fiji Resort & Spa, the convention hosted in collaboration with BSP Life is themed “Business driven — people focused — brighter future”. This was announced by FHRI...

$1.4b earnings

Tourism receipts reached more than $1.4 billion as a result of higher-than-expected visitor arrivals and related spending combined with higher prices in 2022. In its January 2023 economic review the Reserve Bank of Fiji stated that Fiji’s economic recovery continued on the back of strong tourism activity. It said visitor arrivals surpassed expectations in 2022...

Cane farmers to receive four cane payments

Cane farmers will now receive four cane payments instead of five, says Sugar Minister Charan Jeath Singh. He said the new payment arrangement was arrived at after discussions between the Sugar Cane Growers Council and Fiji Sugar Corporation. “We have agreed in the last couple of weeks that instead of five payments, there will be...

Ousted FBC chief executive dismisses allegations of exorbitant pay

Ousted Fijian Broadcasting Corporation (FBC) CEO Riyaz Sayed-Khaiyum says allegations he received exorbitant pay were “incorrect”. In a five-page statement, Mr Sayed-Khaiyum outlined his side of the story from the moment he had met the board and delivered a “staggering” 12,000 documents relating to senior management contracts, audit reports and financial statements from 2006 onwards....

Minister Singh: Investigate people who ‘looted FSC’

The Sugar Ministry is trying to find out who set the jaw-dropping salaries of the CEOs of the beleaguered Fiji Sugar Corporation (FSC). Sugar Minister Charan Jeath Singh made this comment amid revelation of the remuneration packages of three former CEOs and four senior staff of the FSC. He said the Fiji Independent Commission against...

Singh: Lots of changes in the civil service; drive away culture of fear

There will be lots of changes in the civil service as the Coalition Government looks to drive away the culture of fear and intimidation. This was the assurance by Minister for Employment, Productivity and Industrial Relations Agni Deo Singh as he officiated at the Executives Breakfast organised by the Fiji Human Resources Institute (FHRI) yesterday....

2nd February

Fiji TV reports $4million turnover

Fiji Television Ltd looks forward to the review of the Fiji Broadcasting Corporation and its operations and being made accountable for the manner in which it has been competing with the private sector while receiving significant grants from Government. This was relayed to shareholders by Fiji TV Board chairman Deepak Rathod in an announcement as...

Collaborative approach to financial literacy

A national, unified and collaborative approach to financial inclusivity and bridging the gaps of financial literacy may be on the horizon thanks to a day-long series of panel discussions hosted by the Consumer Council of Fiji at Holiday Inn, Suva yesterday. The program, appropriately titled “Better Together: The networked path to financial literacy” provided a...

Work on for five-year plan to curb violence

Minister for Women Lynda Tabuya says the ministry is working on the National Action Plan to Prevent Violence Against Women and Girls with the aim of helping eradicate the scourge of domestic violence. Speaking at the Makoi Women’s Vocational Training Centre yesterday, Ms Tabuya said the national action plan was a whole of Government, whole...

1st February

Stronger partnership for future of regional tourism

Tourism Minister Viliame Gavoka says Fiji has certain advantages in the tourism sector and there is a need to share that with its Pacific neighbours. The deputy Prime Minister shared this with the South Pacific Tourism Organisation chief executive Petero Manufolau and reaffirmed stronger partnership for the prosperity of regional tourism. “The outlook is more...

Report highlights sectors that will lead growth in 2023

A recent report from Westpac expects the economy to progress through 2023 with a forecast of an increase in the growth profile for the economy with real GDP growth of 7.2 per cent. In the latest issue of the Westpac Wave, the bank’s senior economist Krishal Prasad said the increase in the growth profile would...

Fiji’s exports to rise

Total exports are expected to grow in line with the anticipated improvement in domestic activity and growth in Fiji’s major trading partners in 2023. The Westpac Wave for January 2023 states that the COVID-19 pandemic affected trade in Fiji over the past two years, as with the rest of the world. Westpac Fiji’s senior economist...

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