Business

24th July

Bank injects funds to improve growth

The $70 million investment by the BRED Bank (Fiji) through the BRED Group will accelerate the development of its international network in the country and boost its growth in all market segments, including corporate and...

$70m investment a sign of confidence, says A-G

Minister for Economy and Attorney-General Aiyaz Sayed-Khaiyum says BRED Bank had injected $70 million capital into their Fijian bank from Paris. While speaking virtually during a ground breaking ceremony in Nadi, the Minister for Economy explained the significant impact on Fiji’s economy. “The vaccination numbers are increasing significantly every day and so far we’ve had...

Understanding the special death benefit

Every year on July 1, an amount of Special Death Benefit (SDB) premium declared by the Fiji National Provident Fund board is deducted from all active FNPF member accounts that meet the eligibility criteria. This is the annual premium for the special death benefit (SDB) cover – which is a benefit paid to the nominated...

$54.6m allocation for Communications Ministry

The Ministry of Communications has been provided an increased funding of $54.6 million in the 2021-2022 National Budget announced last week. According to the Minister for Economy, Aiyaz Sayed-Khaiyum, this included $15.5m to Walesi, which included $4.5m for the FM project, providing robust and reliable communication services nationwide. “Walesi has changed the game for mobile...

Project to give 200 jobs

Close to 200 Fijians will be employed during the development of Asco Motors’ $15 million car dealership premises at the new Legalega Industrial Subdivision in Nadi. Asco Motors outgoing CEO Craig Sims explained the construction phase of the project would result in the employment of more than 100 construction workers. “As you can imagine, there...

State to review fees, charges

The Fijian Government in conjunction with the Biosecurity Authority of Fiji is reviewing the fees and charges under the regulation to directly address the ease of doing business for services provided by BAF. This was announced by the Minister for Economy Aiyaz Sayed-Khaiyum during the national budget address last week Friday. He said a change...

$304m response package

In response to the COVID crisis in the Pacific, the Australian government will deliver a package of $304 million as a Pacific Response Package over two years. Australian Minister for International Development and the Pacific Zed Seselja said this package would support the Pacific and Timor-Leste to maintain essential services and increase social spending to...

Samoa’s superannuation fund and unit trust executes co-investment agreement with ATH and ADB for PNG mobile project

The Samoan National Provident Fund (SNPF) and the Unit Trust of Samoa (UTOS) have executed a co-investment agreement so it jointly invests alongside Amalgamated Telecom Holdings (ATH) and the Asian Development Bank (ADB) in the PNG mobile project. The Asian Development Bank (ADB) and Amalgamated Telecom Holdings Limited (ATH) yesterday executed the Subscription and Shareholders...

23rd July

Oil slips but heads for steady week on supply tightness

MELBOURNE (Reuters) – Oil prices trimmed overnight gains on Friday but were poised to end the week largely steady after rebounding from a sharp drop, underpinned by expectations supply will remain tight as demand recovers. Brent crude futures fell 7 cents, or 0.1%, to $73.72 a barrel at 0147 GMT, after jumping 2.2% on Thursday....

Virus takes toll on eatery business

This pandemic has impacted a lot of businesses – large and smallscale operators – with most struggling to make any profit that they can. While experts say this situation has greatly affected small businesses, there are some very old and well-established businesses that have experienced the drastic impact and have reinvented to operate in this challenging environment. The Great Wok of China is a popular restaurant...

FDB clarifies top job selection process

The Fiji Development Bank (FDB) board based the selection of its CEO on the strategic requirements of this all-important role at one of Fiji’s most important financial institutions, not on ethnicity. This statement was in response to the statement by SODELPA member of Parliament Aseri Radrodro regarding the appointment of Saud Minam as CEO. The FDB board confirmed in a statement on Tuesday that the objectives were to appoint an experienced leader...

FCEF works to stop child labour

Businesses in Fiji were urged to continue to support the work towards eradicating all forms of Child Labour by the Fiji Commerce and Employers Federation (FCEF) CEO Kameli Batiweti. He stressed the importance of businesses to know the legislative provisions which relate to child labour and the kinds of work children of different ages could carry out and under what conditions. Mr Kameli also said the...

22nd July

E-commerce can help MSMEs pull through crisis; payment solutions pose challenge – Minister

While e-commerce may offer a platform for micro, small and medium enterprises (MSMEs) to pull through this global crisis, the main challenge, however, is payment solutions with financial institutions. This is because MSMEs with limited capital are not able to afford fees required by commercial banks. Fiji’s Minister for Commerce, Trade, Tourism and Transport Faiyaz...

Do what you can

Last week saw the announcement of the much-anticipated Fijian National Budget for 2021/2022. That evening every concerned citizen was attentively glued to their TV and phone, trying to work out how each new measure and initiative being announced was going to affect them, their business, community, industry and eventually how this was all going to...

Koya: Regional effort needed for recovery

Agritourism requires a collaborative approach from the industry, farmers and development partners. These were the sentiments shared by the Minister for Commerce, Trade, Tourism and Transport, Faiyaz Koya, who delivered his remarks at the From Farm to Table – An Oceania Pasifika Experience Webinar yesterday. He said tourism and agriculture were two critical sectors for...

VAT exemption decision lauded

The Fijian Government’s decision to grant a value added tax (VAT) exemption for premiums on climate and disaster risk parametric insurance products will provide financial relief to low-income households and small businesses at a time of economic distress because of the COVID-19 pandemic. According to a statement from the United Nations Capital Development Fund (UNCDF),...

21st July

Oil rebounds as market seizes on discounted prices

NEW YORK (Reuters) -Crude oil futures rebounded on Tuesday as market participants vied to take advantage of oil’s two-month low touched in the previous session. Monday’s selloff, spurred by demand destruction fears amid rising COVID-19 cases, pushed oil about 7% lower and hit other riskier assets. The oil market was also lower on news that...

Sign up for the Taxpayer Online Services

As Fiji Revenue and Customs Service (FRCS) prepares to fully implement all processes on the Taxpayer Online Services (TPOS), we encourage all taxpayers to sign up for the FRCS online services. There are many benefits of the Taxpayer Online Services including: Accessibility The taxpayers are able to access their tax information at any time and...

FCEF’s Green Recovery Guide

COVID-19 has caused disruption to the global supply chain resulting in loss of jobs for many people. There is an opportunity for Government, business and society to recover from the COVID-19. A green recovery is the key to ensuring a sustainable and resilient return to growth and development after COVID-19. Global examples show how climate...

Janif: Incentives to boost investment

The 2021-2022 National Budget has incentives which could boost investment in the business process outsourcing (BPO) sector which would allow for a more diverse range of employment opportunities for people in Fiji. This was shared by the Business Process Outsourcing Council executive director Sagufta Janif. “We have a thriving and resilient BPO industry, access to...

Potential in BPO sector highlighted

Major players in the business process outsourcing (BPO) market, like the Philippines and India, had been greatly affected by the COVID-19 crisis and were facing some serious down times. However, Fiji was well placed for both outsourcing customers and investors. This, according to the Business Process Outsourcing Council which stated clients and investors were now...

Minam: Budget fit-for-purpose

The Fiji Development Bank (FDB) has welcomed the 2021-2022 National Budget, according to chief executive officer Saud Minam. He said the budget was courageous, echoed compassion and was fit-for-purpose. “It is a much-needed boost to support FDB’s own efforts in fitting in the existing support framework for its customers affected by the pandemic by providing...

20th July

DHL aims to deploy longer distance drones to beat stretched supply lines

LONDON (Reuters) – Logistics giant DHL is working with Bulgarian aircraft developer Dronamics on rolling out cross-border and inter-city drones aimed at overcoming strained supply chains, executives involved say. Global disruptions due to COVID, reduced air activity and major congestion at ports due in part to backed up container ships have upended logistics networks over...

Each challenge is a chance to be a champion

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...

CEO: Budget fair for private sector

The 2021/2022 National Budget is fair, taking into account almost all aspects which need to be covered to keep the private sector running during these difficult times. These were the sentiments shared by the Fiji Commerce and Employers Federation CEO Kameli Batiweti. Responding to questions from this newspaper, the CEO said what was equally important...

Consumer body praises budget initiatives

The 2021-2022 National Budget will create an enabling environment to foster a financially strong and resilient economy which would ultimately benefit all Fijian consumers. This, according to Consumer Council of Fiji CEO Seema Shandil who said the budget was a holistic one which would ensure businesses, consumers and vulnerable Fijians were not left behind during...

PwC: All eyes on State

The 2021-2022 National Budget seeks to revitalise the country and the economy after the severe impacts of the first and second waves of COVID-19. These were the sentiments shared by PricewaterhouseCoopers (PwC) Fiji senior partner Nitin Gandhi in the 2021-2022 PwC Fiji National Budget Report. He said the budget built on the strategy from last...

FDB defends Minam’s appointment as CEO

The Board of the Fiji Development Bank (FDB) has defended its appointment of Saud Minam as its chief executive officer and said the selection was based on the strategic requirement of the role in one of the country’s important financial institutions and not based on ethnicity. The Board’s statement is in response to comments made by...

Zoom to buy cloud-based call center operator Five9 in $15 billion deal

(Reuters) -Zoom Video Communications Inc announced a $14.7 billion all-stock deal to buy cloud-based call center operator Five9 Inc in its largest-ever acquisition, as competition intensifies in its core videoconferencing sector. The teleconferencing services provider has become a household name and investor favorite in the year since the coronavirus pandemic, as businesses and schools adopted...

No jab, no benefits: $1440 and $7200 payments for households

Households with four eligible individuals will receive $1440 in unemployment benefits and homes with 10 eligible Fijians will pocket $7200 directly from Government under a new initiative. Attorney-General Aiyaz Sayed-Khaiyum announced the new scheme while delivering the 2021/2022 National Budget in Parliament last Friday. However, he said to be eligible Fijians had at least three...

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