The financial year ended 30 June 2006 saw the turnover for Atlantic Packaging Company Limited, a company listed on the South Pacific Stock Exchange, fall to F$5.3 million from over F$6.1 million recorded in the preceding financial year. Likewise, profits fell from F$0.31 million to F$0.15 million over the same period.
The fall in turnover and profits have been attributed to a continued deterioration in demand from the garment industry, although this has been countered by an increase in supply to the Biscuit Company of Fiji.
Note from GV : Individuals and groups that need investment advice can use our company, Gilbert & Samuels Company Limited. Our principal, Gilbert Veisamasama Jr, is a licensed investment adviser and has over 17 years experience in the financial sector in Fiji. Our company has now consulted to two major financial institutions and has provided legal advice to a subsidiary of the Fiji National Provident Fund. To contact us, you can e-mail gilbert@connect.com.fj or call telephones +679 3396427 or +679 9921427.
Monday, October 30, 2006
Fiji investment laws relaxed
Foreign investors will be allowed to enter restricted activities without local shareholding. However, approvals will be at the discretion of the Minister responsible for investment.
The Foreign Investment Act defined "reserved" and "restricted" activities. Agriculture is listed as a "restricted" activity and a foreign investor that wishes to do business in the agricultural sector must have at least a 40% equity held by Fiji citizens.
The amendment now provides the Minister responsible for investment discretionary authority to allow a foreign investor to invest in "restricted" activities without local equity participation.
The Minister's evaluation and approval will consider issues such as " the business history of the foreign investor; history of the foreign investor; the financial ability and capacity of the foreign investor; the management systems being brought in; the expertise and level of technology to be introduced; the type of capital intensive agro-businesses coming in; the need for such investment; and any other relevant matters.
The 40% local equity participation will remain for activities such as market gardening, cane farming and less capital intensive forms of farming.
Note from GV : Foreign investors that need assistance to invest or set up business in Fiji can use our company, Gilbert & Samuels Company Limited, to facilitate all necessary approvals, licences and permits. To contact us, you can e-mail gilbert@connect.com.fj or call telephones +679 3396427 or +679 9921427.
The Foreign Investment Act defined "reserved" and "restricted" activities. Agriculture is listed as a "restricted" activity and a foreign investor that wishes to do business in the agricultural sector must have at least a 40% equity held by Fiji citizens.
The amendment now provides the Minister responsible for investment discretionary authority to allow a foreign investor to invest in "restricted" activities without local equity participation.
The Minister's evaluation and approval will consider issues such as " the business history of the foreign investor; history of the foreign investor; the financial ability and capacity of the foreign investor; the management systems being brought in; the expertise and level of technology to be introduced; the type of capital intensive agro-businesses coming in; the need for such investment; and any other relevant matters.
The 40% local equity participation will remain for activities such as market gardening, cane farming and less capital intensive forms of farming.
Note from GV : Foreign investors that need assistance to invest or set up business in Fiji can use our company, Gilbert & Samuels Company Limited, to facilitate all necessary approvals, licences and permits. To contact us, you can e-mail gilbert@connect.com.fj or call telephones +679 3396427 or +679 9921427.
Colonial National Bank makes F$8.89 million after tax profit
Colonial National Bank has made F$8.89 million after tax profit for the financial year ended 30 June, 2006. The bank's key disclosure statement published in the Fiji Times of 31 October 2006, stated that the bank's return on assets was 1.64% with a total assets growth of 20.9% from the preceding financial year. The bank's capital adequacy ratio was 10.9% compared to a minimum of 8% required by the Reserve Bank of Fiji. No comparative figures were given for the bank's performance over the preceding financial year. Note from GV : Business travellers to Suva who need accommodation can try out our two bedroom home. The home has a Personal Computer and Broadband Internet access provided for guests' use as is going at a promotional rate of F$112.00 per night (for the entire home). Check out links at the right hand side of this blog for details on amenities and view photos of the home. To contact us, you can e-mail gilbert@connect.com.fj or call telephones +679 3396427 or +679 9921427.
Friday, October 27, 2006
HFC Finance achieves record profits
HFC Finance announced a record profit after tax of F$1.926 million for the year ended 30 June 2006. Out of the profits, shareholders have announced a total dividend of F$1.7 million for the period. Highlights for the period included :
- strong growth in Gross Loans & Advances offset by lower margins;
- total operating expenses maintained within 58.9% of total revenue;
- steady decline in total impaired assets during the year;
- general and specific provisions maintained at 150.8% of total impaired assets;
- capital adequacy ratio at 15% within the Reserve Bank of Fiji's requirement of 10% for credit institutions.
During the second half of the last financial year, the company concentrated on completing its new premises in Suva and has just moved into it. The new premises is on top of the old premises in the old Velop House in Suva.
The company is building up its commercial lending area and is also in the process of applying for a full banking licence from the Reserve Bank of Fiji.
HFC Finance is wholy owned by the Fiji National Provident Fund (75%) and Unit Trust of Fiji (25%). As such profits made by the company is ploughed back to members through to Fiji National Provident Fund and to investors with the Unit Trust of Fiji.
To view more of what the company has to offer, please visit the company's website on www.hfc.com.fj.
Government looking for investors to develop Batiri (Citrus) Farm
Government is looking for investors who can commercial develop the 845 acre Batiri (Citrus) Farm. The farm was a government commercial company leased out to Food Processors (Fiji) Limited. Government will provide the investor with technical assistance. The Agriculture Ministry says that the land is ideal for farming sheep, citrus, sugar cane and other crops. Applicants who have a proven track history and experience in commercial agriculture farming will be looked at. Other conditions required is that they will provide jobs to locals and will provide new training and skills to local growers. The investor is required to introduce new technology, expertise and ideologies in commercial agriculture farming that could be hived off to local farmers.
Pacific Plan okayed
Pacific Island leaders have considered the Regional Institutional Framework Review and agreed to establish a taskforce to work through identified issues and report back to the leaders at next year’s Forum Meeting in Tonga.
Leaders tasked the Forum Secretariat to proceed with an exercise aimed at refining its core priorities and to progress the recommendations relating to the establishment of regional offices or the placement of staff members in each member country.
The report, Pacific Plan Action Committee (PPAC), on a new regional institutional framework was commissioned by a project team that proposes significant changes to existing regional institutional arrangements.
Through these changes, it envisages the creation of a framework to facilitate further development, implementation and monitoring of the Pacific Plan.
Regional organizations under discussion are agencies represented on the Council of Regional Organizations in the Pacific (CROP) and include the Fiji School of Medicine, Forum Fisheries Agency, Pacific Islands Forum Secretariat, Pacific Islands Development Programme, and the Secretariat of the Pacific Community.
Note from GV : For consultancy on financial sector related aspects of the Pacific Plan, you can contact our company, Gilbert & Samuels Company Limited, for assistance. Our contacts are : e-mail gilbert@connect.com.fj or telephones +679 3396427 or +679 9921427.
Leaders tasked the Forum Secretariat to proceed with an exercise aimed at refining its core priorities and to progress the recommendations relating to the establishment of regional offices or the placement of staff members in each member country.
The report, Pacific Plan Action Committee (PPAC), on a new regional institutional framework was commissioned by a project team that proposes significant changes to existing regional institutional arrangements.
Through these changes, it envisages the creation of a framework to facilitate further development, implementation and monitoring of the Pacific Plan.
Regional organizations under discussion are agencies represented on the Council of Regional Organizations in the Pacific (CROP) and include the Fiji School of Medicine, Forum Fisheries Agency, Pacific Islands Forum Secretariat, Pacific Islands Development Programme, and the Secretariat of the Pacific Community.
Note from GV : For consultancy on financial sector related aspects of the Pacific Plan, you can contact our company, Gilbert & Samuels Company Limited, for assistance. Our contacts are : e-mail gilbert@connect.com.fj or telephones +679 3396427 or +679 9921427.
Thursday, October 26, 2006
Post Budget Forum Breakfast
To be held on Saturday, 4 November 2006, from 8.15am to 10.30am, Lali Room, Holiday Inn, Suva. The forum offers the opportunity for the Prime Minister and several of his key Cabinet ministers to espouse key strategies and features of the 2007 national budget. It also enabled stakeholders in the private and public sectors to present the Government instant feedback on its national budget.
Limited seats available at F$550.00. For bookings, call Talica on telephone +679 3314333 or e-mail ceo@fbcl.com.fj.
Note from GV : If you need accommodation in Suva, try out our two bedroom rental home. The home has seaviews and is equipped with a Personal Computer and Broadband Internet access for guests. Check out details through links at the right hand side of this blog. To contact us, you can e-mail gilbert@connect.com.fj or call telephones +679 3396427 or +679 9921427.
Limited seats available at F$550.00. For bookings, call Talica on telephone +679 3314333 or e-mail ceo@fbcl.com.fj.
Note from GV : If you need accommodation in Suva, try out our two bedroom rental home. The home has seaviews and is equipped with a Personal Computer and Broadband Internet access for guests. Check out details through links at the right hand side of this blog. To contact us, you can e-mail gilbert@connect.com.fj or call telephones +679 3396427 or +679 9921427.
ANZ nets A$113 million profit from Pacific Banking
ANZ has recorded an annual profit of A$113 million for the year ended 30 September 2006 from its Pacific Banking business. The profit was a 26% increase on results of the previous year.
The bank said the result indicated the underlying strength of Pacific economies and market share gains in a number of countries including Fiji, Papua New Guinea and American Samoa.
The bank said it had improved its services by opening more branches, refurbishing existing branches, installing more ATMs and introducing Internet banking to a number of Pacific countries.
It has also expanded its rural banking program to Tonga, Vanuatu and Solomon Islands.
ANZ said that its’ financial performance would enable it to make further investments in the coming years for the benefit of customers, staff and communities throughout the Pacific.
Note from GV : For banking and finance related advice for your company or business, contact our company, Gilbert & Samuels Company Limited. Our contacts are : e-mail gilbert@connect.com.fj or telephones +679 3396427 and +679 9921427.
The bank said the result indicated the underlying strength of Pacific economies and market share gains in a number of countries including Fiji, Papua New Guinea and American Samoa.
The bank said it had improved its services by opening more branches, refurbishing existing branches, installing more ATMs and introducing Internet banking to a number of Pacific countries.
It has also expanded its rural banking program to Tonga, Vanuatu and Solomon Islands.
ANZ said that its’ financial performance would enable it to make further investments in the coming years for the benefit of customers, staff and communities throughout the Pacific.
Note from GV : For banking and finance related advice for your company or business, contact our company, Gilbert & Samuels Company Limited. Our contacts are : e-mail gilbert@connect.com.fj or telephones +679 3396427 and +679 9921427.
Minister puts pressure on public enterprises
Public enterprises have been told to increase profitability, become investment-oriented and not depend on government funding.
The Minister for Public Enterprises said that because of the pressure on the national budget caused by the high cost of borrowing, expenditure needed to be curtailed.
There has been much concerns recently about Government debt. Some feel that Government is crowding out the other likely borrowers who could put debt to more better use that would benefit the economy.
Check out our other entry on the Post-Budget Forum next week to get an opportunity to ask Government questions regarding its 2007 National Budget which will be delivered next week.
The Minister for Public Enterprises said that because of the pressure on the national budget caused by the high cost of borrowing, expenditure needed to be curtailed.
There has been much concerns recently about Government debt. Some feel that Government is crowding out the other likely borrowers who could put debt to more better use that would benefit the economy.
Check out our other entry on the Post-Budget Forum next week to get an opportunity to ask Government questions regarding its 2007 National Budget which will be delivered next week.
Kontiki invests in Yaqara venture
Yaqara Group Limited (YGL), a company listed on the South Pacific Stock Exchange, and Kontiki Capital have reached an agreement on raising capital for Yaqara.
The agreement will cover Kontiki’s ongoing involved with YGL in the management, corporate advisory and financing of YGL’s Yaqara Studio City development.
Kontiki Capital is to manage and participate in the underwriting of a redeemable convertible note issue for YGL of up to F$4.5 million at a price of F$0.50 per note.
The issue would be via a rights issue to existing shareholders and underwritten through Kontiki Capital and a syndicate of investor groups. The notes will be convertible to shares at a significant discount to the current share price to encourage maximum shareholder and local institutional participation.
Note from GV : Individuals and groups that need investment advice can use our company, Gilbert & Samuels Company Limited, for assistance. Our principal, Gilbert Veisamasama Jr, is an Investment Advisor licensed by the Capital Markets Development Authority (of Fiji). To contact us, you can e-mail gilbert@connect.com.fj or call telephones +679 3396427 or +679 9921427.
The agreement will cover Kontiki’s ongoing involved with YGL in the management, corporate advisory and financing of YGL’s Yaqara Studio City development.
Kontiki Capital is to manage and participate in the underwriting of a redeemable convertible note issue for YGL of up to F$4.5 million at a price of F$0.50 per note.
The issue would be via a rights issue to existing shareholders and underwritten through Kontiki Capital and a syndicate of investor groups. The notes will be convertible to shares at a significant discount to the current share price to encourage maximum shareholder and local institutional participation.
Note from GV : Individuals and groups that need investment advice can use our company, Gilbert & Samuels Company Limited, for assistance. Our principal, Gilbert Veisamasama Jr, is an Investment Advisor licensed by the Capital Markets Development Authority (of Fiji). To contact us, you can e-mail gilbert@connect.com.fj or call telephones +679 3396427 or +679 9921427.
Wednesday, October 25, 2006
Rules-based trade is best for small states
A rules-based trading system is critical for the survival of small developing countries in the global economy, says Commonwealth Secretary-General, Don McKinnon, at the Commonwealth Parliamentary Association and World Trade Organisation regional workshop being held at the Warwick Hotel at the Coral Coast in Fiji.
Mr McKinnon said such a system was needed for small developing nations in the face of competition from larger developed states with greater economic and political clout.
He said that the successful completion of WTO's Doha Development negotiations would pave the way for developing countries to benefit from globalisation.
Mr McKinnon said special and differential treatment of products from developing countries and aid for trade would develop national capacities for economic growth and sustainable development.
The Commonwealth Secretariat is working closely with the European Union to improve the trade policies and negotiating capacity of African, Caribbean and Pacific nations.
The Secretariat does this through a $20 million project which involves the establishment of a network of senior ACP advisers based in the secretariats of regional organisations who coordinate networks of analysts attached to trade ministries in individual countries.
The technical assistance is vital to enable small island developing states, including those in the Pacific, to overcome their inherent vulnerabilities.
Note from GV : Our firm, Gilbert & Samuels Company Limited, provides consultancy services on banking, finance and financial sector issues. We have consulted to two major financial institutions in Fiji and provided legal advice to the subsidiary of the largest financial institution and pensions provider in Fiji. Our principal has over 15 years experience as a central bank regulator and policy maker and over 1 and a half years experience as a consultant. To contact us, e-mail gilbert@connect.com.fj or call telephones +679 3396427 or +679 9921427.
Mr McKinnon said such a system was needed for small developing nations in the face of competition from larger developed states with greater economic and political clout.
He said that the successful completion of WTO's Doha Development negotiations would pave the way for developing countries to benefit from globalisation.
Mr McKinnon said special and differential treatment of products from developing countries and aid for trade would develop national capacities for economic growth and sustainable development.
The Commonwealth Secretariat is working closely with the European Union to improve the trade policies and negotiating capacity of African, Caribbean and Pacific nations.
The Secretariat does this through a $20 million project which involves the establishment of a network of senior ACP advisers based in the secretariats of regional organisations who coordinate networks of analysts attached to trade ministries in individual countries.
The technical assistance is vital to enable small island developing states, including those in the Pacific, to overcome their inherent vulnerabilities.
Note from GV : Our firm, Gilbert & Samuels Company Limited, provides consultancy services on banking, finance and financial sector issues. We have consulted to two major financial institutions in Fiji and provided legal advice to the subsidiary of the largest financial institution and pensions provider in Fiji. Our principal has over 15 years experience as a central bank regulator and policy maker and over 1 and a half years experience as a consultant. To contact us, e-mail gilbert@connect.com.fj or call telephones +679 3396427 or +679 9921427.
Fiji Government 2007 Budget Address next Thursday
The Fiji Government's 2007 National Budget will be presented next Thursday, 2 November 2006, in Parliament. For foreign investors, it will be interesting to see what incentives will be offered by Government to attract them as well as whether there will be further enhancements to the foreign investment approval process which has been a source of frustration for foreign investors and their local counterparts/consultants in recent years. Government has been working on its incentives scheme and on improving the approvals process in recent years to facilitate investment by foreign investors in Fiji. Check out this blog next Friday, 3 November 2006 to see what is on offer. Note from GV : Foreign investors that need assistance with setting up business in Fiji can use our company, Gilbert & Samuels Company Limited, as their local consultants. Our contacts are : e-mail gilbert@connect.com.fj or telephones +679 3396427 or +679 9921427.
Sunday, October 22, 2006
Recipients of remittances urged to use them wisely
The Fiji Chamber of Commerce has urged recipients of remittances to use the money wisely. Remittances are funds sent by Fiji residents or former residents working or living abroad. Remittances now contribute about 7% of Fiji's Gross Domestic Product.
The Chamber referred to Tonga and Samoa where remittances contributed 40% and 30% of GDP respectives and where people relied of their relatives overseas to pay for utility bills.
The Chamber said that Fiji should take steps to avoid such a trend and should now educate and build the capacity of recipients of remittances to invest their money in income-generating activity.
Note from GV : Remittances from Fiji residents or former residents working or living abroad is expected to top F$500 million this year. Our company, Gilbert & Samuels Company Limited, provides investment and business advisory services which can be of benefit to recipients of such remittances. To contact us for advice, you can e-mail gilbert@connect.com.fj or call telephones +679 3396427 or +679 9921427.
The Chamber referred to Tonga and Samoa where remittances contributed 40% and 30% of GDP respectives and where people relied of their relatives overseas to pay for utility bills.
The Chamber said that Fiji should take steps to avoid such a trend and should now educate and build the capacity of recipients of remittances to invest their money in income-generating activity.
Note from GV : Remittances from Fiji residents or former residents working or living abroad is expected to top F$500 million this year. Our company, Gilbert & Samuels Company Limited, provides investment and business advisory services which can be of benefit to recipients of such remittances. To contact us for advice, you can e-mail gilbert@connect.com.fj or call telephones +679 3396427 or +679 9921427.
Fiji to benefit from Pacific Leaders Forum Meeting
Fiji stands to benefit from the Pacific Leaders which begins in Nadi today.
The Foreign Affairs Minister said the people of Fiji would benefit from all issued discussed by the 16 heads of government attending the week-long meeting.
He said, firstly, being the hosts, paved the way for a new age in regionalism, regional cooperation and regional economic integration after Fiji came in to host the meeting when Tonga could not as a result of the death of their King.
The Minister said that depending on the different issues whether it be marine, trade, HIV/AIDS, medical and social issues, benefits would accrue to Fiji.
He said Fiji had resources and expertise to fill in positions that would be created by the Regional Institutional Framework Review outlined under the Pacific Plan.
The Minister said that apart from the Pacific Plan, discussions on issues like security, ocean policies for Fiji, fisheries and disease would benefit the nation.
Note from GV : Read our other blog, http://promotingsuva.blogspot.com/, which provides information on what is happening in and around Suva and provides an alternative for accommodation for visitors in a two bedroom rental home with a Personal Computer and Broadband Internet access provided complimentary for guests' use.
The Foreign Affairs Minister said the people of Fiji would benefit from all issued discussed by the 16 heads of government attending the week-long meeting.
He said, firstly, being the hosts, paved the way for a new age in regionalism, regional cooperation and regional economic integration after Fiji came in to host the meeting when Tonga could not as a result of the death of their King.
The Minister said that depending on the different issues whether it be marine, trade, HIV/AIDS, medical and social issues, benefits would accrue to Fiji.
He said Fiji had resources and expertise to fill in positions that would be created by the Regional Institutional Framework Review outlined under the Pacific Plan.
The Minister said that apart from the Pacific Plan, discussions on issues like security, ocean policies for Fiji, fisheries and disease would benefit the nation.
Note from GV : Read our other blog, http://promotingsuva.blogspot.com/, which provides information on what is happening in and around Suva and provides an alternative for accommodation for visitors in a two bedroom rental home with a Personal Computer and Broadband Internet access provided complimentary for guests' use.
Saturday, October 21, 2006
187 soldiers ready for Iraq duty
A Fiji Military Forces contingent is due to leave for Iraq on Friday, 27 October 2006, to take on peacekeeping duties there. The 187-member contingent will replace another group there that returns home.
Note from GV : Remittances from Fiji residents or former residents working or living abroad has been increasing phenomenally. This year, it is expected to top F$500 million. Our company, Gilbert & Samuels Company Limited, provides investment and business advisory services which can be of benefit to recipients of such remittances. To contact us for advice, you can e-mail gilbert@connect.com.fj or call telephones +679 3396427 or +679 9921427.
Note from GV : Remittances from Fiji residents or former residents working or living abroad has been increasing phenomenally. This year, it is expected to top F$500 million. Our company, Gilbert & Samuels Company Limited, provides investment and business advisory services which can be of benefit to recipients of such remittances. To contact us for advice, you can e-mail gilbert@connect.com.fj or call telephones +679 3396427 or +679 9921427.
Fiji Sugar Corporation records F$1.7 million profit
The Fiji Sugar Corporation, a company listed on the South Pacific Stock Exchange, has recorded a F$1.7 million profit in its latest financial year, after a F$5 million loss the previous year. The turnaround was despite a reduction in revenue and before equity accounting of investments, impairment charge and income tax.
The Corporations' operating revenue fell to F$235.2 million compared to F$242.7 million last year. This was primarily due to a fall in sugar production that was a result of lower cane production.
This is a pivotal year for the Corporation as it begins its reform program instituted by Government with aid from the European Union.
Note from GV : Individuals or companies that require investment advice can use our company, Gilbert & Samuels Company Limited. Our principal, Gilbert Veisamasama Jr, is an investment advisor licensed by the Capital Markets Development Authority (of Fiji). To contact us, you can e-mail gilbert@connect.com.fj or call telephones +679 3396427 or +679 9921427.
The Corporations' operating revenue fell to F$235.2 million compared to F$242.7 million last year. This was primarily due to a fall in sugar production that was a result of lower cane production.
This is a pivotal year for the Corporation as it begins its reform program instituted by Government with aid from the European Union.
Note from GV : Individuals or companies that require investment advice can use our company, Gilbert & Samuels Company Limited. Our principal, Gilbert Veisamasama Jr, is an investment advisor licensed by the Capital Markets Development Authority (of Fiji). To contact us, you can e-mail gilbert@connect.com.fj or call telephones +679 3396427 or +679 9921427.
Pacific Islands Forum Meeting in Fiji next week
The 37th Pacific Islands Forum Meeting will be held in Fiji next week. Trade and security matters will top the agenda at the meeting, according to Fiji's Foreign Affairs Ministry.
The Ministry said that the issues were part of the Pacific Plan program which is the main issue to be discussed.
Other issues will include :
The Ministry said that the issues were part of the Pacific Plan program which is the main issue to be discussed.
Other issues will include :
- the Oceans policy;
- other social issues;
- SPARTECA (South Pacific Regional Trade & Economic Agreement);
- RAMSI (Regional Assistance Mission to the Solomon Islands); and
- technology.
Thursday, October 19, 2006
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Wednesday, October 18, 2006
Yaqara lease to boost cattle farming
Cattle farming for local consumption is expected to get a boost once paperwork for lease of Yaqara is complete by the end of the year.
California-based cattle ranch operator, Rolls International/Harris Ranch, won the bid ahead of three other tenders earlier this year to take over Yaqara Pastoral Company Limited, a company listed on the Suva Stock Exchange.
The two American companies would lease the Yaqara farm as part of a private and public partnership in an effort to boost cattle farming for local consumption.
Yaqara Pastoral Company yesterday issued its first dividend cheque of F$245,000.00 to Government. The dividend payout was possible due to favourable weather conditions and an increase in royalty from Fiji Water which drills for water on Yaqara land.
The dividend payout was 50% of the company's after tax profits.
With the input expected from the American companies, investors in this company should look forward to good returns as the company benefits from the lessee' expertise.
California-based cattle ranch operator, Rolls International/Harris Ranch, won the bid ahead of three other tenders earlier this year to take over Yaqara Pastoral Company Limited, a company listed on the Suva Stock Exchange.
The two American companies would lease the Yaqara farm as part of a private and public partnership in an effort to boost cattle farming for local consumption.
Yaqara Pastoral Company yesterday issued its first dividend cheque of F$245,000.00 to Government. The dividend payout was possible due to favourable weather conditions and an increase in royalty from Fiji Water which drills for water on Yaqara land.
The dividend payout was 50% of the company's after tax profits.
With the input expected from the American companies, investors in this company should look forward to good returns as the company benefits from the lessee' expertise.
Monday, October 16, 2006
MoneyGram money transfer services opens in Fiji
Westpac Banking Corporation and Carpenters Fiji Limited have teamed up to provide MoneyGram money transfer services at Morris Hedstrom's supermarkets throughout Fiji.
Westpac said that the bank constantly tried to find ways to develop its products and services. The new venture, it said, extends the banks product portfolio while meeting the needs in the market.
Carpenters Group said MoneyGram was a good choice for the company. He said the service would be available at 12 MH supermarkets over the next few weeks with MH Superfresh, Tamavua, Suva, being the first to make it available yesterday.
MoneyGram will also be available through every Westpac branch Fiji wide.
MoneyGram said customers would not need a bank account or credit card to use the service. Only an identification card would be required.
The services will allow money transfer locally and abroad and will benefit Fiji residents or ex-Fiji residents working overseas who wish to send money to Fiji.
Note from GV : Fijians working abroad can use our company, Gilbert & Samuels Company Limited, for assistance and advice with regard to setting up business or investing in Fiji. We can carry out due diligence work and also arrange all the necessary approvals, licences and permits to be able to set up business in Fiji. Our principal, Gilbert Veisamasama Jr, is an Investment Advisor licensed by the Capital Markets Development Authority in Fiji. To contact us, you can e-mail gilbert@connect.com.fj or call telephone numbers (679) 3396427 or (679) 9921427.
Westpac said that the bank constantly tried to find ways to develop its products and services. The new venture, it said, extends the banks product portfolio while meeting the needs in the market.
Carpenters Group said MoneyGram was a good choice for the company. He said the service would be available at 12 MH supermarkets over the next few weeks with MH Superfresh, Tamavua, Suva, being the first to make it available yesterday.
MoneyGram will also be available through every Westpac branch Fiji wide.
MoneyGram said customers would not need a bank account or credit card to use the service. Only an identification card would be required.
The services will allow money transfer locally and abroad and will benefit Fiji residents or ex-Fiji residents working overseas who wish to send money to Fiji.
Note from GV : Fijians working abroad can use our company, Gilbert & Samuels Company Limited, for assistance and advice with regard to setting up business or investing in Fiji. We can carry out due diligence work and also arrange all the necessary approvals, licences and permits to be able to set up business in Fiji. Our principal, Gilbert Veisamasama Jr, is an Investment Advisor licensed by the Capital Markets Development Authority in Fiji. To contact us, you can e-mail gilbert@connect.com.fj or call telephone numbers (679) 3396427 or (679) 9921427.
Survivor Series to inject F$6 million into community
Popular TV Series, Survivor, will inject F$6 million direct into the community by creating at least 230 jobs and hosting 250-production crew at Vunivutu in the interior of Labasa.
Government said welcomed the production team saying that the "Look North Policy" of Government was slowly taking shape and Vanua Levu will receive international recognition through the country's expanding movie industry.
Government said income would be generated through lease money, employment and purchase of goods and services including local produce.
It is expected that when the Fiji Survivor program goes on air, the country will attract invaluable international publicity, particularly for tourism.
Up to 230 local people are employed in administrative and office work, catering, security and land clearance. These workers will expect to earn a total of approximately half a million dollars in wages over 3 months.
Landowners will receive significant income from the temporary leasing of their land with infrastructure build (including a boat landing at Wainikoro, Labasa) to remain for use by locals after the production.
Government said that 7 overseas productions were completed in the country so far. This is expected to rise to 13 by the end of the year. It estimates that more than F$150 million worth of economic activity was created through these projects.
Note from GV : Fiji provides incentives to businesses that wish to operate in the area of audio visual production. Foreign investors that wish to get more information on this with the intention of getting a licence to operate in the area or to shoot a movie or TV series in Fiji can contact our company, Gilbert & Samuels Company Limited, by e-mail on gilbert@connect.com.fj or telephone +679 3396427 or +679 9921427.
Government said welcomed the production team saying that the "Look North Policy" of Government was slowly taking shape and Vanua Levu will receive international recognition through the country's expanding movie industry.
Government said income would be generated through lease money, employment and purchase of goods and services including local produce.
It is expected that when the Fiji Survivor program goes on air, the country will attract invaluable international publicity, particularly for tourism.
Up to 230 local people are employed in administrative and office work, catering, security and land clearance. These workers will expect to earn a total of approximately half a million dollars in wages over 3 months.
Landowners will receive significant income from the temporary leasing of their land with infrastructure build (including a boat landing at Wainikoro, Labasa) to remain for use by locals after the production.
Government said that 7 overseas productions were completed in the country so far. This is expected to rise to 13 by the end of the year. It estimates that more than F$150 million worth of economic activity was created through these projects.
Note from GV : Fiji provides incentives to businesses that wish to operate in the area of audio visual production. Foreign investors that wish to get more information on this with the intention of getting a licence to operate in the area or to shoot a movie or TV series in Fiji can contact our company, Gilbert & Samuels Company Limited, by e-mail on gilbert@connect.com.fj or telephone +679 3396427 or +679 9921427.
Free Unit Trust Investment Seminar
A seminar, "Getting Started in Unit Trust Investments", organised by the Capital Markets Development Authority (CMDA) will be held on Wednesday, 18 October 2006, at the Tanoa Plaza in Suva. The seminar runs from 5.15pm to 6.45pm. Admission is free. Participants will receive a free CMDA educational pack including the CMDA Personal Wealth Calculator CD. Register now by calling telephone +679 3304944 or e-mail info@cmda.com.fj.
Note from GV : Individuals and groups that need investment advice can use our company, Gilbert & Samuels Company Limited. Our contacts are : telephone +679 3396427, +679 9921427 or e-mail gilbert@connect.com.fj.
Note from GV : Individuals and groups that need investment advice can use our company, Gilbert & Samuels Company Limited. Our contacts are : telephone +679 3396427, +679 9921427 or e-mail gilbert@connect.com.fj.
Saturday, October 14, 2006
Bureau sees export potential of agriculture, fisheries and forestry sectors
The agriculture, fisheries and forestry sectors have the potential to raise Fiji's level of exports and fill the vacuum created by the decline in sugar and garment exports, says the Fiji Trade and Investment Bureau (FTIB).
The Bureau made the comment while announcing that the commendation awards for the three sectors at the 2006 DHL Prime Minister's Exporter of the Year Award, had been upgraded to full awards. This was after FTIB recognised the export potential of the three sectors.
This year's event to be held at the Sofitel Resort and Spa, Nadi, next month will have the theme, "Export Competitiveness : Our Key to Growth".
Note from GV : Business travellers who travel with their families can rent our two bedroom home with sea views in Suva. The home is fully furnished and has a Personal Computer and Broadband Internet access provided complimentary for guests' use. A 20% discount on the rate per night is being offered as a promotion until 31 March 2007. The applicable rate per night is F$112.00. To check out more details of amenities provided and photos of the home, pls click on the appropriate links at the right hand side of this blog. To contact us, you can e-mail gilbert@connect.com.fj or call telephones +679 3396427 or +679 9921427.
The Bureau made the comment while announcing that the commendation awards for the three sectors at the 2006 DHL Prime Minister's Exporter of the Year Award, had been upgraded to full awards. This was after FTIB recognised the export potential of the three sectors.
This year's event to be held at the Sofitel Resort and Spa, Nadi, next month will have the theme, "Export Competitiveness : Our Key to Growth".
Note from GV : Business travellers who travel with their families can rent our two bedroom home with sea views in Suva. The home is fully furnished and has a Personal Computer and Broadband Internet access provided complimentary for guests' use. A 20% discount on the rate per night is being offered as a promotion until 31 March 2007. The applicable rate per night is F$112.00. To check out more details of amenities provided and photos of the home, pls click on the appropriate links at the right hand side of this blog. To contact us, you can e-mail gilbert@connect.com.fj or call telephones +679 3396427 or +679 9921427.
F$23 million energy project launched
A cogeneration project between Tropik Wood Limited and its overseas partners has been launched as the future for fuel and energy consumptions during the groundbreaking ceremony for the company's F$23 million upgrade.
The project is expected to provide an annual revenue of about F$9 million per annum, providing an increased 72 million units of electricity to the Fiji Electricity Authority's national grid.
The project is a clear example that alternative sources for power need to be pursued given current high international oil prices and the increase in electricity production costs for the Fiji Electricity Authority.
Tropik Wood currently generates 3,000 kilowatts with FEA buying 600 of that from the company. With the expansion of cogeneration, Tropik Wood would be in a position to generate 12,300 kilowatts and supply up to 72 million units of electricity to the FEA national grid.
The project will provide additional employment to about 30 people during construction and an additional 10 people to operate and maintain the plant.
The project is the first of several bio-fuel electricity projects for Tropik Wood who aims to be a serious electricity producer.
The partnership formed between Tropik Wood and its overseas business partners include Siemens Limited providing the steam turbine generators, RCR5 Easteel Energy Systems providing the boiler, water cooling towers from Cooling Towers New Zealand Limited and civil and structural works will be done by Engineering Design Fiji Limited. The project development and management partner for Tropik Wood is Ajynk New Zealand Limited with Westpac Banking Corporation providing the loan required in purchasing the equipment as well as the payment for other services associated with the cogeneration project.
Note from GV : Fiji provides incentives to businesses that wish to operate in the area of alternative and bio-fuel production. Foreign investors that wish to get more information on this with the intention of getting a licence to operate in the area can contact our company, Gilbert & Samuels Company Limited, by e-mail on gilbert@connect.com.fj or telephone +679 3396427 or +679 9921427.
The project is expected to provide an annual revenue of about F$9 million per annum, providing an increased 72 million units of electricity to the Fiji Electricity Authority's national grid.
The project is a clear example that alternative sources for power need to be pursued given current high international oil prices and the increase in electricity production costs for the Fiji Electricity Authority.
Tropik Wood currently generates 3,000 kilowatts with FEA buying 600 of that from the company. With the expansion of cogeneration, Tropik Wood would be in a position to generate 12,300 kilowatts and supply up to 72 million units of electricity to the FEA national grid.
The project will provide additional employment to about 30 people during construction and an additional 10 people to operate and maintain the plant.
The project is the first of several bio-fuel electricity projects for Tropik Wood who aims to be a serious electricity producer.
The partnership formed between Tropik Wood and its overseas business partners include Siemens Limited providing the steam turbine generators, RCR5 Easteel Energy Systems providing the boiler, water cooling towers from Cooling Towers New Zealand Limited and civil and structural works will be done by Engineering Design Fiji Limited. The project development and management partner for Tropik Wood is Ajynk New Zealand Limited with Westpac Banking Corporation providing the loan required in purchasing the equipment as well as the payment for other services associated with the cogeneration project.
Note from GV : Fiji provides incentives to businesses that wish to operate in the area of alternative and bio-fuel production. Foreign investors that wish to get more information on this with the intention of getting a licence to operate in the area can contact our company, Gilbert & Samuels Company Limited, by e-mail on gilbert@connect.com.fj or telephone +679 3396427 or +679 9921427.
Plan to revamp water management approved
The reorganisation of the Water and Sewerage Department has been endorsed by Government, paving the way for hte establishment of a Fiji Water Authority (FWA).
The FWA will be established under the Public Enterprise Act of 1996 and would allow the newly-formed body to manage and oversee all water supply operations.
Problems facd by the current Water and Sewerage Department is to be resolved through extension and improvement in infrastructure and reforms through implementation of the Water Supply Department Reorganisation Charter.
The primary purpose of the reorganisation has been given as to improve the efficiency of the entity and give it clear commercial and social objectives.
The FWA will be managed by a Board of Directors who will appointed by the Minister of Public Enterprises.
The FWA will be established under the Public Enterprise Act of 1996 and would allow the newly-formed body to manage and oversee all water supply operations.
Problems facd by the current Water and Sewerage Department is to be resolved through extension and improvement in infrastructure and reforms through implementation of the Water Supply Department Reorganisation Charter.
The primary purpose of the reorganisation has been given as to improve the efficiency of the entity and give it clear commercial and social objectives.
The FWA will be managed by a Board of Directors who will appointed by the Minister of Public Enterprises.
Tuesday, October 10, 2006
Fijians living in Austrlia encouraged to invest in Fiji
Fijians living in Australia have been encouraged to invest in Fiji by the Prime Minister, Mr Laisenia Qarase.
The PM made the invitation while speaking at the Fiji Day celebrations in Brisbane, Australia, last Saturday.
The PM noted that remittances to Fiji from locals living and/or working abroad was more than F$300 million last year and said that this was expected to be higher this year.
He then invited Fijians living in Australia to invest in Fiji. "Some of you may also be interested in joining former residents who have decided to invest in commercial projects in Fiji," the PM said.
Note from GV : Fijians working abroad can use our company, Gilbert & Samuels Company Limited, for assistance and advice with regard to setting up business or investing in Fiji. We can carry out due diligence work and also arrange all the necessary approvals, licences and permits to be able to set up business in Fiji. Our principal, Gilbert Veisamasama Jr, is an Investment Advisor licensed by the Capital Markets Development Authority in Fiji. To contact us, you can e-mail gilbert@connect.com.fj or call telephone numbers (679) 3396427 or (679) 9921427.
The PM made the invitation while speaking at the Fiji Day celebrations in Brisbane, Australia, last Saturday.
The PM noted that remittances to Fiji from locals living and/or working abroad was more than F$300 million last year and said that this was expected to be higher this year.
He then invited Fijians living in Australia to invest in Fiji. "Some of you may also be interested in joining former residents who have decided to invest in commercial projects in Fiji," the PM said.
Note from GV : Fijians working abroad can use our company, Gilbert & Samuels Company Limited, for assistance and advice with regard to setting up business or investing in Fiji. We can carry out due diligence work and also arrange all the necessary approvals, licences and permits to be able to set up business in Fiji. Our principal, Gilbert Veisamasama Jr, is an Investment Advisor licensed by the Capital Markets Development Authority in Fiji. To contact us, you can e-mail gilbert@connect.com.fj or call telephone numbers (679) 3396427 or (679) 9921427.
Sunday, October 8, 2006
Fiji troops set for Iraq
One hundred and thirty four soldiers are expected to leave for Iraq next month. The contingent will be part of the rotation group to Baghdad. The soldiers will march into camp this week for a three-week training program after which they would take a week's break before leaving for Iraq.
Note from GV : Fiji citizens working abroad has grown over the years with remittances to Fiji from wages earned by them working abroad set to top F$500 million this year, a record for the country. How this money is being spent is not clearly ascertained.
For this reason, our company, Gilbert & Samuels Company Limited, provides services that include giving investment advice to clients that need assistance on how to invest surplus funds. With the high interest rate environment currently existing in Fiji, it is a good time for investors to invest. Other trading partner countries such as Australia, New Zealand and the United States of America also have high interest rates at present. However, before one considers investing in those countries, it would be best that they seek professional advice. To contact our company, you can call (679) 3396427 or e-mail gilbert@connect.com.fj.
Note from GV : Fiji citizens working abroad has grown over the years with remittances to Fiji from wages earned by them working abroad set to top F$500 million this year, a record for the country. How this money is being spent is not clearly ascertained.
For this reason, our company, Gilbert & Samuels Company Limited, provides services that include giving investment advice to clients that need assistance on how to invest surplus funds. With the high interest rate environment currently existing in Fiji, it is a good time for investors to invest. Other trading partner countries such as Australia, New Zealand and the United States of America also have high interest rates at present. However, before one considers investing in those countries, it would be best that they seek professional advice. To contact our company, you can call (679) 3396427 or e-mail gilbert@connect.com.fj.
Singapore tops trade with Fiji
Singapore became Fiji's main source of imports ahead of Australia, New Zealand and the United States last year, according to the Minister for Foreign Affairs.
The Minister said Fiji exported more to the US than it imported from there - a trend that was barely applicable to most of Fiji's other trading partners.
The comment was made after the Government was criticised for introducing a Bill to amend the Value Added Tax Decree to exempt chanceries built in Fiji from VAT, including a proposed F$60 million American Embassy complex at Princes Road in Suva.
"We have a trade surplus with the US. Trade figures for 2004 and 2005 showed some decline in our exports because of the expiry of the garment quota, but it was still substantial for 2004 exports to the US at F$184 million. We import from the US only F$102 million so we have a trade surplus for 2005", the Minister said.
The US is ranked 5th among Fiji's import markets. Exports to the US consists of taro, tuna loins, Fiji Water, knitted garments, sugar and molasses, fish, mahogany, cassava, vegetables, coral, noni, vanilla, biscuits and coconut furniture.
Import from Singapore being top of the list of Fiji's imports may also be attributed to the fact that Fiji imports fuel from there.
Note from GV : Check out our two bedroom rental home in Suva with seaviews. The home has a Personal Computer and Broadband Internet access provided complimentary for guests' use. A promotion now being offered sees a 20% discount given for all bookings up to 31 March 2007. Details are available through links at the right hand side of this blog. To contact us to enquire or book the rental home, you can e-mail gilbert@connect.com.fj or call (679) 3396427 or (679) 9921427. Christmas 2006 and New Year 2007 is currently available for rent.
The Minister said Fiji exported more to the US than it imported from there - a trend that was barely applicable to most of Fiji's other trading partners.
The comment was made after the Government was criticised for introducing a Bill to amend the Value Added Tax Decree to exempt chanceries built in Fiji from VAT, including a proposed F$60 million American Embassy complex at Princes Road in Suva.
"We have a trade surplus with the US. Trade figures for 2004 and 2005 showed some decline in our exports because of the expiry of the garment quota, but it was still substantial for 2004 exports to the US at F$184 million. We import from the US only F$102 million so we have a trade surplus for 2005", the Minister said.
The US is ranked 5th among Fiji's import markets. Exports to the US consists of taro, tuna loins, Fiji Water, knitted garments, sugar and molasses, fish, mahogany, cassava, vegetables, coral, noni, vanilla, biscuits and coconut furniture.
Import from Singapore being top of the list of Fiji's imports may also be attributed to the fact that Fiji imports fuel from there.
Note from GV : Check out our two bedroom rental home in Suva with seaviews. The home has a Personal Computer and Broadband Internet access provided complimentary for guests' use. A promotion now being offered sees a 20% discount given for all bookings up to 31 March 2007. Details are available through links at the right hand side of this blog. To contact us to enquire or book the rental home, you can e-mail gilbert@connect.com.fj or call (679) 3396427 or (679) 9921427. Christmas 2006 and New Year 2007 is currently available for rent.