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Financial institution’s decision to remain in Fiji welcomed
The Fiji Government has welcomed the recent announcement by the Westpac Group to end the sale process of its Pacific banking businesses and retain Westpac operations in Fiji. In a Government statement, Deputy Prime Minister...
4th October
FHL Tower completion moved to 2024
Disruption caused by global economic and political continues to plague the construction of FHL Tower, with completion now expected in April next year. Described by Fijian Holdings Ltd Group (FHL) as its “single largest investment”, the 17-storey $65 million investment at the corner of Gordon and Gorrie Streets in Suva is currently under construction. “FHL...
State support to help FSC
The Fiji Sugar Corporation’s board of directors believe that with government support, the corporation will be able to continue operating for at least 12 months from May 31, 2023. According to the FSC’s 2023 annual report which was released last week at its AGM, the corporation has been incurring significant losses in recent years. “During...
Boost for cane farmers | Government will pay one third of the lease premium – Singh
Government will pay one third of the lease premium for cane farmers interested in renewing their leases, says Sugar Minister Charan Jeath Singh. This new program, he said was designed to assist farmers pay high premiums as many had raised concerns over the amount given by the iTaukei Land Trust Board. “So if a farmer...
IMF says private sector needs to shoulder most of climate investment burden
WASHINGTON (Reuters) – Most of the $2 trillion in annual climate investments in developing countries needed by 2030 will have to come from the private sector, the IMF said, warning that governments risk high debts if they try to reach net-zero goals with public funds. THE TAKE Climate finance will be one of the dominant...
FHL Group records notable increase in profits post-pandemic
Publicly-listed investment company Fijian Holdings Ltd (FHL) Group recorded a consolidated profit before tax of $63.2million for the financial year ending June 30, 2023. That represents a notable increase from $18.6m recorded in the 2022 financial year. The company’s annual report also highlighted the holding company’s $13.0m net profit before tax, surpassing the previous year’s...
$2.4 billion liquidity in the banking system
Liquidity levels in the banking system remained adequate at $2.4 billion as at September, keeping interest rates low. The Reserve Bank of Fiji noted that the sufficient banking system liquidity and persistently low-interest-rate environment are expected to support growth in private-sector credit and drive economic activity in the months ahead. Foreign reserves also remain comfortable...
South Africa gives go-ahead for TotalEnergies to drill offshore
CAPE TOWN (Reuters) -South Africa’s environment ministry has given the go-ahead for TotalEnergies to drill offshore for gas and oil, after rejecting an appeal from more than a dozen individuals and lobby groups who intend challenging the decision. The appeal to stop TotalEnergies from drilling in Block 5/6/7 off the Cape coast was the latest...
3rd October
Improved labour market conditions
The Reserve Bank of Fiji recorded improvements in labour market conditions with wages paid surpassing 2019 levels – possibly because of wage bargaining amid labour migration. According to the RBF the strong growth in Job advertisements in the year to August suggests strong demand for labour. In its September Economic Review released last week the...
Various sectors contribute to group’s profits
The tourism sector of the Fijian Holdings Ltd (FHL) accounted for 29 per cent of the total group profit attributable to the substantial influx of tourists following the reopening of our borders in 2022. FHL Group chief executive officer Jaoji Koroi said the retail sector of the group also continued its growth trajectory, posting an...
37 per cent revenue growth
Fijian Holdings Ltd (FHL) Group recorded a growth of 37 per cent in revenue and a substantial 239 per cent surge in net profit tax this financial year, attributed to the first full year of operation following the COVID19 pandemic. According to the group chief executive officer Jaoji Koroi the Group reported a consolidated profit...
2nd October
Enhancing tax systems in the Pacific
For Pacific Island Countries (PICs) to reform and enhance their tax systems, it is imperative to incorporate innovative approaches and collaborate with local, regional and international partners. This was the sentiment shared by the outgoing chair of the Pacific Island Tax Administrators Association (PITAA) Executive Committee and proxy to the chief executive officer of Fiji...
Fiji open arms as Australians spend on travel
A recent household income survey in Australia has found that Australians are still spending big on travel despite the rise in cost of living. And Fiji is well positioned to benefit from the trend, said Tourism Fiji chief executive officer Brent Hill. “The interesting thing is we’ve seen a lot of data around the resilience,...
Global cultivation of kava a reminder to protect the commodity
The successful cultivation of kava in other parts of the world is a reminder of the pressing need to protect kava as a commodity associated with countries in the Pacific region, said the Ministry of Trade permanent secretary, Shaheen Ali. In his address at the inception meeting in Suva this week for the “Scoping Study...
Lamb chops for deals
Sugar Minister Charan Jeath Singh has warned contractors of the sugar industry to be honest in their dealings or face termination of contracts. This follows the contract termination of a Fiji Sugar Corporation (FSC) employee who asked contractors for lamb chops and other personal gains in return for a contract. He told farmers during a...
Boost for Yau Bula project
Sabeto-based Living Wealth Pte Ltd has received a $100,000 boost for their Yau Bula project aimed at strengthening economic development in rural areas. While handing over the financial assistance, Minister for External Trade Manoa Kamikamica said these were the types of projects the Government was willing to partner with local businesses in order to boost...
FSC undergoes intensive railway network upgrade
The Fiji Sugar Corporation (FSC) is undergoing an intensive upgrade of its railway network to revitalise this crucial transportation infrastructure. FSC board chairman Pradeep Lal said this upgrade was needed because of the loss that the corporation incurred. “In the past, the railway network was the primary conduit for delivering 70 per cent of the...
$102m mill project a waste of money – Reddy
The $102 million project awarded to an Indian-based company to upgrade sugar mills during the FijiFirst government’s term was a waste of money as some machines installed were not in use. Fiji Sugar Corporation (FSC) board director Nitya Reddy, who was also a chief accountant of the company before migrating to New Zealand, said out...
30th September
Branch renovation a testament of bank’s commitment
Renovation of the Fiji Development Bank’s branch in Labasa is testament of its commitment to providing cutting-edge financial services to the people, says deputy Prime Minister Professor Biman Prasad. In opening the renovated office on Thursday, Mr Prasad said Fiji had ushered in a new era of banking that was aligned with the demands and...
Empowering businesses up north
Landowners of Labasa Town will be included in business ventures if they are willing to, says Labasa Chamber of Commerce & Industries president Vinesh Dayal. In a press conference, Mr Dayal said iTaukei business empowerment was imperative. “I’ve said this many times and I’ll say it again that for decades with reasons best known to...
Viljoen shares strategy to survive and thrive
If you want to change the culture of an organisation, you have to start with the leaders, said Fiji Airways managing director and chief executive officer, Andre Viljoen. He made the comments while speaking at the Airline Passenger Experience Association (APEX) and International Flight Services Association (IFSA) Expo at Long Beach Convention and Entertainment Center...
On track for growth | Inflation outlook stands at 6 per cent
The Fijian economy grew by 20.0 per cent in 2022, surpassing the Macroeconomic Committee’s earlier estimate of 18.6 per cent with growth mainly driven by a strong services sector and net indirect taxes. Reserve Bank of Fiji (RBF) governor and board chairman Ariff Ali said while the economy was on track for an 8 per...
Labour migration a two-sided coin – economist
When what may benefit the individual could disadvantage the nation, timely decisions from leaders and policymakers become equal parts complicated and crucial. Labour migration as an area of concern for Fiji was among the key points of discussion at the 2023 ADB Asian Think Tank Development Forum. “I think labour shortage is a two-sided coin,”...
Highest sugar sale in past nine years
The Fiji Sugar Corporation (FSC) sold $209.7 million worth of sugar for the 2023 financial year. FSC chairman Pradeep Lal said this was the highest sale made by the corporation over the past nine years. “This achievement reflects a meticulous review by the board and management, who diligently scrutinised potential export markets for sugar,” said...
Plans in place for new sugar mill
A loan will be taken out to build a new sugar mill in Rakiraki, Minister for Sugar Charan Jeath Singh said at a farmer’s consultation meeting in Rakiraki on Thursday. The Penang Mill in Rakiraki was closed in 2016 after it sustained severe damage during Severe Tropical Cyclone Winston. Mr Singh, accompanied by Fiji Sugar...
Drop in number of cane growers
The number of active sugarcane growers reduced from 20,524 to 10,872 over the past 25 years. Fiji Sugar Corporation (FSC) chairman Pradeep Lal said this was a decrease of more than 47 per cent. “Over the course of the past 25 years, it is worth noting that only on four occasions did the yield exceed...
Efforts to optimise operations ‘sweet’
Over the past 20 years, the Fiji Sugar Corporation (FSC) has only encountered a handful of years when it recorded net profits, says chairman Pradeep Lal. Mr Lal said these were about four or five years. “It is worth noting that among these profitable years, three were marked by the reversal of impairments and in...
FSC to slash debt to $285million
The Fiji Sugar Corporation (FSC) is expecting to reduce its debt from $485.9 million to $285 million. FSC chairman Pradeep Lal said this was the result of the corporation’s revival efforts. Mr Lal explained the revival efforts were guided by five pillars of transformation, which included a detailed balance sheet restructure. “A comprehensive balance sheet...
Plans for new sugar mill
Plans are afoot to build a new sugar mill in Rakiraki, the Minister for Sugar Charan Jeath Singh has confirmed to farmers in the town. Projected to cost about $100 million, the new mill will either be a refinery or ethanol plant. Meanwhile, the plight of the sugar industry was brought to the fore during...
FSC: $70m-plus spent on upkeep of ageing mills
The Fiji Sugar Corporation spent more than $70million towards the upkeep of its ageing mills in the past five years. The Corporation stated that that commitment to excellence extended to targeted investments in the sugar mills to enhance reliability and optimise throughput. It stated that with a legacy of more than 130 years old of...
