The Fiji TimesBusiness Archives

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 lot 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....

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...

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...

Fiji Sugar Minister reveals ‘extravagant’ remuneration for FSC chief executive officers

Minister for Sugar Charan Jeath Singh has revealed the hefty salaries and allowances paid to the former chief executive officers of Fiji Sugar Corporation. At a press conference in Suva today, he revealed the following remuneration, which he described extravagant: Former CEO Graham Clerk was paid a base salary of $550,000; $178,128 in allowances and...

‘Immediate action’ prevents further inconvenience

Fiji Airports took immediate action to ensure minimum inconvenience to passengers when rainwater seeped through a portion of the departure lounge area during a torrential downpour over the weekend. Chief executive Rowan Chalmers said this in response to questions about a video of the deluge circulating on social media. “Rainwater seeped through the external wall...

Former FBC CEO paid $224k in bonuses in 14 years

Former Fijian Broadcasting Corporation CEO Riyaz Sayed-Khaiyum was paid $224,792.84 in bonuses during his term at FBC which began in 2008. He was due for a $30,000 bonus this year. FBC chairman Ajai Bhai Amrit also revealed Mr Sayed-Khaiyum received a salary of $304,453.08 and paid a bonus of $25,671.28 during the COVID-19 pandemic. He...

Fund carries our risk analysis before loans

As a long-term investor, the Fiji National Provident Fund (FNPF) carries out risk analysis prior to the issuance of any loan. This, according to FNPF general manager member services Alipate Waqairawai. Speaking during the annual member forum in Suva last Tuesday, Mr Waqairawai said FNPF had a portfolio of commercial loans. “Then, the relevant due...

Talks in progress to invest lease monies

In a bid to ensure young iTaukei landowners benefit, the Fiji National Provident Fund is in discussions with the iTaukei Land Trust Board to invest lease monies in FNPF. FNPF member services general manager Alipate Waqairawai said the discussions were carried out at the board level with the TLTB. “We had some discussions with TLTB...

$1.7bn Solvency Reserve Account for ‘rainy days’

The Fiji National Provident Fund has undistributed profits amounting to $1.7 billion. Fund CEO Viliame Vodonaivalu said this was part of their Solvency Reserve Account. “Solvency is your ability to pay for your obligations at any time,” he said while speaking in Lautoka recently. “In other words, if you apply it in a personal setting,...

A plea for support from corporate organisations

Diabetes Fiji Inc has made a plea to corporate houses for support and wishes to thank its current corporate partners. “We wanted to share what Kontiki (Finance Ltd) has been doing for us and we hope there are other potential business partners out there as willing to provide if they have generosity to support us,”...

$92k assistance for MSMEs

About $92,000 of assistance has been offered to local MSMEs by Business Assistance Fiji (BAF) over the past six months by way of subsidising business expenses made through their network of service providers. “Officially the office was opened in June, so we’re only about six months old but in these six months we have achieved...

Overnight policy rate remains at 0.25 per cent

Fiji’s economic recovery continues on the back of a strengthening tourism industry and its positive flow-on effects to related sectors. Reserve Bank of Fiji governor and chairman of the RBF board, Ariff Ali said with 636,312 visitors to our shores in 2022, visitor arrivals exceeded expectations and reached 71.1 per cent of 2019 levels. He...

More options for sustainable tourism-driven destinations

Indigenous plants surrounding the land for protection. The threat of war looming. tribal warriors standing their ground on ring-ditch fortifications. An image from about 800 years ago, a complex and compelling history that isn’t often given the consideration and interest it deserves. An authentic reconstruction of a native warrior’s outpost on the Laucala Beach Heritage...

Kava plants welfare

Miniter for Trade Manoa Kamikamica says Fiji has adopted the “Fiji Kava Standard” based on CODEX to ensure the welfare of kava plants during transport and prevent the spread of disease. In addressing participants of the CODEX meeting on Denarau Island yesterday, the minister highlighted that the Pacific region had also taken steps to address...

A new tourism campaign

A brand new platform that aims to pay homage to Fijians and encourages travelers to discover a side to Fiji that they may not know exists has recently been launched by Tourism Fiji. The renowned happiness brand platform called “Where happiness comes naturally” is undertaken by the government’s tourism marketing arm a year after the...

Toyota defends title as world’s top-selling automaker in 2022

TOKYO (Reuters) – Toyota Motor Corp sold 10.5 million vehicles in 2022, it said on Monday, defending its title as the world’s top-selling automaker for a third straight year. Global sales for the group, including truck unit Hino Motors and small-car maker Daihatsu, inched down 0.1% as record overseas sales of 8.6 million vehicles helped...

China’s Baidu to launch ChatGPT-style bot in March – source

(Reuters) – Chinese internet giant Baidu Inc is planning to launch an artificial intelligence chatbot tool similar to OpenAI’s ChatGPT in March, a person familiar with the matter told Reuters. Baidu plans to debut the application by initially embedding it into its main search services, Bloomberg News reported earlier. ChatGPT’s tech works by learning from...

Oil climbs after drone attack in Iran, China’s pledge to promote consumption

SINGAPORE (Reuters) – Oil prices climbed in early Asia trade on Monday, supported by tensions in the Middle East following a drone attack in Iran and as Beijing pledged over the weekend to promote a consumption recovery which would support fuel demand. Brent crude futures rose 54 cents, or 0.6%, to $87.20 a barrel by...

With tiny EV, City Transformer takes aim at Europe’s urban markets

(Reuters) – Israeli electric vehicle (EV) startup City Transformer aims to launch production of its small urban CT-2 model in Western Europe by the end of 2024 and will soon launch a Series B funding round to raise $50 million, the company said on Monday. Chief Executive Asaf Formoza told Reuters the company, which has...

Incentive to employ local artists

A higher amount of claims through the tax incentives supporting local artists in the tourism industry is expected, due to the increase of the tax deduction from 150 per cent to 300 per cent last year. As a result of some artists and hotel owners still harbouring some uncertainty about whether they qualify for the...

Platform for learning and networking

Desgined and hosted by women for women, the 2nd Women Invigorating the Nation (WIN) Convention is scheduled to be held on March 24 and 25 this year. The WIN Convention will be hosted by the Women Entrepreneur Business Council (WEBC), a council under the Fiji Commerce & Employers Federation (FCEF). WEBC chairperson Eseta Nadakuitavuki said...

A ray of hope – An inclusive, collaborative approach to tourism and tourism policy planning

The new coalition government offers a ray of hope for a more inclusive and collaborative approach to tourism and tourism policy planning. An opinion expressed by renowned academic Dr Apisalome Movono who has been part of multiple published works about tourism policies in the age of COVID-19 and the current recovery phase. Dr Movono spoke...

Market for local product

Fijian products have a lot of potential in the global market and this has been proved by countless products with the most recent being Island Style Peanut Butter. According to Investment Fiji, the local business recently featured on Investment Fiji’s trade products list which led them to secure an international trade deal. Island Style Peanut...

Business

Cane farmers to receive four cane payments