Business

Effects of COVID-19- The road back to economic survival

As the global economy tries to get back on its feet despite the pandemic, Fiji’s national financial system is no doubt struggling as well. The tourism industry was knocked over in 2020 because of the...

Ali: Tourism vision realised early

The Ministry of Commerce, Trade, Tourism and Transport’s vision of the sectoral plan – Fijian Tourism (FT) 2021 – to achieve a $2.2 billion industry was realised ahead of schedule. This was revealed by Ministry of Commerce, Trade, Tourism and Transport permanent secretary Shaheen Ali during virtual submissions on the Ministry of Industry, Tourism and...

‘System error’ causes delay

The Fiji National Provident Fund (FNPF) has apologised to members for the delay in the release of the Cycle 3 payments as those who applied for Phase 2 Round 5 would have received their payment yesterday. This, according to FNPF chief operating officer Pravinesh Singh in a statement yesterday, where it was confirmed that because...

A-G on mortgage payment issues

Fijians facing issues with meeting their mortgage payments can access up to 50 per cent of their Fiji National Provident Fund (FNPF) preserved account, says Attorney-General and Economy Minister Aiyaz Sayed-Khaiyum. However, he said, there had been no discussions with retailers and banks on freezing hire purchase or loan repayments. “Many people actually have made...

Oil climbs nearly 2% as travel seen rising

NEW YORK (Reuters) -Oil prices rose nearly 2% on Tuesday after more U.S. states eased lockdowns and the European Union sought to attract travellers, though soaring COVID-19 cases in India capped gains. Futures strengthened in post-settlement trade after American Petroleum Institute estimates of U.S. crude inventories fell more than expected, according to traders. Brent crude...

5th May

How to deregister using the TPOS

Fiji Revenue and Customs Service (FRCS) wishes to advise that effective from April 2021, application for deregistration of the taxpayer identification number (TIN), business, business branch and tax type can be made through the taxpayer online services. The deregistration process is the latest addition to the FRCS online services. In this week’s Tax Talk, we...

Tax hub for the region

The Asia Pacific Tax Hub is expected to maximise regional and international resources to strengthen domestic resource mobilisation (DRM) and international tax co-operation (ITC) in ADB’s developing member countries (DMCs). Launched by ADB president Masatsugu Asakawa at the 54th ADB annual meeting on May 3, the hub is also meant to create an open and...

How do we adjust to this pandemic as an SME

“Lockdowns” and “restricted movement” are now current issues that we have to deal with as business owners. You’ll be somewhat lucky if you fall into the “essential services” business category that will allow you to operate in such a time as this. Even if you’re allowed to open, I know it doesn’t come without its...

Uneven recovery

The analysis in the Economic and Social Survey of Asia and the Pacific 2021 survey shows that progress towards recovery from the pandemic has been highly uneven, says Iosefa Maiava, head of the UNESCAP Pacific Office. Speaking during the Pacific Policy dialogue on the survey with the theme of “Towards Post COVID-19 Resilient Economies”, Mr...

Permanent Secretary for Ministry of Industry, Trade and Tourism,Shaheen Ali (left) with the members of the Standing Committee on Economic Affairs Viliame Gavoka and Dr Brij Lal during the presentation of PAFCO annual report yesterday. Picture: RAMA

Ministry budget well used, says Ali

The Ministry of Industry, Trade, Tourism and Transport had used majority of their budget allocations in the FY2016 to 2017 and FY2017 to 2018. This was revealed by the Ministry of Commerce, Trade, Tourism and Transport permanent secretary Shaheen Ali during their virtual submissions yesterday on the Ministry of Industry, Tourism and Trade 2016-2017 and...

FNPF apologises for delay in cycle 3 payments; members to receive payments today

The Fiji National Provident Fund has apologised to its members for the delay in the release of the cycle 3 payments for those who had applied for phase 2 round 5, and that they will receive their payment today – Wednesday, May 5, 2021. This, according to Fund chief operating officer Pravinesh Singh who –...

4th May

Economic rebound

Westpac Fiji projects the Fijian economy to rebound by 2.3 per cent in 2021 and further pick up momentum in 2022 by 12.2 per cent. An economic update released by the bank also states that Westpac Fiji expects recovery across of sectors of the economy with major rebounds anticipated for accommodation and food services, net...

Company introduces new data upgrade for users

A major telecommunications company launched a new broadband plan with no data cap during a time where Fijians in lockdown were in need of high speed internet connectivity. Telecom Fiji says customers could now enjoy the new unlimited plan which was available across ADSL, VDSL, and Fibre for just $199 per month. Company chief executive...

Manufacturer resets and refocuses its strategies

WHILE the pandemic adversely impacted majority of the businesses in Fiji and the world, it also provided most of them with the opportunity to reset and diversify their line of operations. Paradise Beverages (Fiji) Ltd is one of those companies that experienced this. The country’s biggest alcoholic beverage manufacturer continued to create value for its...

Group acknowledges work of frontline workers

The hard work of COVID-19 frontline warriors was recently acknowledged by one of the country’s biggest goods distributors, Punjas Group. The group gave $30,000 worth of goods comprising hand sanitisers, tea bags and various biscuits to be used by frontline workers. Group managing director Rajesh Punja said they valued the frontliners time and effort in...

Mixed performance – Boost in pine and gold production

The Reserve Bank of Fiji has revealed the recent locally transmitted cases and subsequent containment measure would further prolong the already subdued economic activity despite the progress made on the vaccination drive. In its April economic review the RBF revealed that the sectoral performances remained mixed up to March. “Visitor arrivals (-97.0 per cent), electricity...

Oil prices slip as pandemic takes toll on India’s fuel sales

SINGAPORE (Reuters) -Oil prices fell on Monday as a catastrophic second wave of a coronavirus epidemic in India cut short a recovery in oil demand there, offsetting optimism about a strong rebound in demand in developed countries and China in the second half of the year. Brent crude futures for July fell 15 cents, or...

3rd May

Vodafone teams up with Google Cloud on data analytics

(Reuters) – Mobile operator Vodafone Group Plc and Alphabet Inc’s Google Cloud entered a strategic partnership to jointly develop data services, Vodafone said on Sunday. About 1,000 workers in Britain, Spain and the United States will be to asked by both companies to create “Nucleus”, a new cloud-based storage and analytics portal which will host...

Contraction erased several years of growth

After declining by 0.4 per cent in 2019, Fiji’s economy contracted further by an unprecedented 19.0 per cent in 2020, erasing several years of economic gains. This was according to the Asian Development Outlook for 2021 which stated visitor arrivals plunged by 83.6 per cent in 2020 to the lowest since 1970. “The resulting drop...

Shift in consumer buying behaviour

COVID-19 has caused a major shift with consumer buying behaviour as more businesses were opting to offer their products online. According to Vodafone (Fiji) this trend was catching up to the country as local businesses were finding new and innovative ways to engage with their customers. Vodafone Fiji regional chief executive officer Pradeep Lal said:...

Potential for growth

Being recognised as one of the world’s leading international express service providers, DHL Express plans to partner with relevant institutions to give further insights into how it can assist SME businesses. The newly appointed country manager for Fiji and the Pacific Islands, Sarvesh Devan said DHL Express had the ability to connect Fijian businesses to...

1st May

Company records $710,387 profit

SIGNIFICANT cost reduction strategies implemented by Free Bird Institute Ltd (FBL) enabled the company to record a net profit of $710,387 in its 2020 financial year compared with $639,055 in 2019. The company’s 2020 annual report showed that their net current asset as at December 31, 2020 was $3.9 million. According to the annual report...

$60k support for families during the lockdown

ANZ Bank will be partnering with grassroots organisations across Fiji in order to provide support for individuals and families during the COVID-19 lockdown. According to a statement from the bank it has committed to give $60,000 over the next three weeks. This financial assistance will be funded through the ANZ Staff Foundation and matched dollar-for-dollar...

Fund pays out $48,180 in relief

THE Fiji National Provident Fund will provide additional relief for its members as Phase 4 Round 2 would now be extended to drivers of taxis or minibuses and hire vehicles as well as members operating small and medium enterprises (SMEs) businesses. According to the fund from Wednesday May 5 these members would be able to...

Growth projection – Economy to grow by 7.3 per cent in 2022

Fiji’s growth is expected to return in 2021 after two years of contraction, raising inflation and gradually narrowing the current account deficit. This was according to the Asian Development Outlook (ADO) 2021 which stated the country’s economy had suffered its deepest contraction on record in 2020 under COVID-19 which saw the collapse of tourism industry....

COVID-19: Two American sailors first to arrive in Savusavu under Blue Lane initiative

The Blue Lane initiative has been described as a great move by the Government which has allowed sailors to visit other countries such as Fiji. Two American sailors William Rollison and Marc Romano were the first to arrive in Savusavu under this initiative after officials released them from quarantine. Mr Rollison said the decision by...

COVID-19 Fiji: Savusavu expects to receive 15 yachts under Blue Lane initiative

Savusavu on Vanua Levu in northern Fiji is expected to receive about 15 yachts within the next two weeks under the Blue Lane initiative. Copra Shed Marina director Jeff Taylor said this was the best news  considering devastating impacts of the global COVID-19 pandemic. “We are expecting more yachts and every day we receive emails...

30th April

Ford to decide on India investment plan in second half of 2021

NEW DELHI (Reuters) – Ford Motor Co expects to firm up capital allocation plans for India in the second half of 2021, a senior executive said in an email to staff, as the automaker overhauls its strategy in a loss-making market. Dearborn, Michigan-based Ford has tasked senior executive Steven Armstrong with evaluating investment plans for...

COVID-19: Australia announces $55m support package for Fiji

An additional general budget support package of $55million to assist the Fijian Government in their continued management of the impacts of COVID-19 was announced today by the Australian government. This was after the signing of the agreement in Suva today by  Fiji’s Minister for Economy, Aiyaz Sayed-Khaiyum, and Australian High Commissioner to Fiji, John Feakes,...

COVID-19: FNPF receives 8000-plus names for one-time lockdown relief assistance

The Fiji National Provident Fund had received a total of 8163 members’ names from 366 employers for the one-time lockdown relief so far. According to Fund Acting Chief Executive Officer Viliame Vodonaivalu, applications were still trickling in. “Of these members, 518 have submitted their applications,” Mr Vodonaivalu said. “A total of $48,180 has been paid...

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