Telecommunications rates fall from today

Telecommunication rates fall with effect from today, 1 October 2007. Here is information mobile telecommunications rates for Postpay customers :

• Mobile to Mobile, 16 cents per minute from 18 cents per minute;
• Mobile to Fixed Line, 41 cents per minute from 46 cents per minute;
• Voicemail, remains at 9 cents per minute;
• TXT messages, remains at 20 cents per message;
• Mobile to International, 41 cents per minute + IDD rate, from 46 cents per minute + IDD rate.

New Telecom Fiji international call rates are as follows :

• calls to Zone Z (e.g. Australia, NZ) - 60.03 cents per minute from 75.04 cents per minute;
• calls to Zone V (to toehr South Pacific countries) - 75.23 cents per minute from 94.04 cents per minute;
• calls to Zone Y (e.g. China, France, Japan) - 75.23 cents per minute from 94.04 cents per minute;
• calls to Zone M (e.g. Australia, NZ mobiles) - 83.59 cents per minute from $1.0449 per minute;
• calls to Zone X (e.g. Bahamas, India, Turkey) - $1.1399 per minute from $1.4248 per minute;
• calls to Zone W (e.g. Kenya, Palau, Vietnam) - $1.5122 per minute from $1.8902 per minute;
• calls to Zone I (Inmarsat) - $13.50 per minute from $16.8750 per minute.

Figures are provided in Fijian Dollars and cents. For more information, pls visit the two companies' respective websites on http://www.vodafone.com.fj/ and http://www.tfl.com.fj/.

2007 DHL Exporters of the Year Award

The Fiji Islands Trade and Investment Board (FTIB) has begun preparations for the 2007 DHL Exporters of the Year Award. Applications are being sought from businesses that export products and services from Fiji.

The relevant application forms can be downloaded from the FTIB website, http://www.ftib.org.fj/.

Tickets to the Awards Night are also selling at F$150.00 per entry.

For more information, please contact Ms Jogina Yang on telephone (679) 3315988 or email jogina@ftib.org.fj.

Fiji ranked 36th best in terms of ease of doing business

Fiji has been ranked 36th in a list of 178 countries around the world in terms of ease of doing business. The rankings were done by the World Bank and is published in its report - Doing Business 2008.

Fiji's ranking has fallen slightly from 31st, however, it remains as the best in the Pacific region.

The rankings are based on 10 indicators of business regulation that tracked the time and cost of meeting government requirements in business start-up, operation, trade, taxation and closure. These indicators include both economic and social factors.

The World Bank report also found that equity returns are highest in countries that are reforming the most.

The rankings do not reflect such areas as macroeconomic policy, quality of infrastructure, currency volatility, investor perceptions or crime rates.

For information on obtaining licences for setting up business in Fiji, pls refer to the Fiji Islands Trade and Investment Bureau website on http://www.ftib.org.fj/.

Colonial National Bank Interest Rates (Updated 1.10.07)

Schedule of interest rates released by Colonial National Bank are as follows :

• Business Banking Base Rate - 10.70%;
• Residential Property Loan : Variable Rate - 11.00%, 1 Year Fixed Rate - 9.00%;
• Investment Loan : Variable Rate - 11.00%, 1 Year Fixed Rate - 9.00%;
• Retail Term Deposits : 9 months - 3.50%, 1 year - 3.50%, 1.5 Years - 3.50%, 2 Years - 3.50%, 3 Years - 3.50%.

Interest rates are on a per annum basis and may be varied by the bank without prior notice.

Westpac Interest Rates (Updated 1.10.07)

Schedule of interest rates released by Westpac Fiji are as follows :

• Business Lending Rate - 10.49%;
• Residential Property Loan : Variable Rate - 10.25%, 1 year Fixed Rate - 8.50%;
• Investment Loan : Variable Rate - 10.25%, , 1 year Fixed Rate - 8.50%;
• Retail Term Deposits : 6 to less than 9 months - 1.25%, 9 months to less than 1 year - 1.75%, 1 year to less than 1.5 Years - 1.75%, 1.5 years to less than 2 Years - 1.75%, 2 years to less than 3 Years - 1.75%.

Interest rates are on a per annum basis and may be varied by the bank without prior notice.

Home Finance Company reduces term deposit rates

Home Finance Company Limited, a deposit taking institution licensed by the Reserve Bank of Fiji, has reduced its 1 year term deposit rates to 4.5% from 5.5%, with effect from 1 October 2007. This rate is presently more than what the banks offer for the same term. For more information, pls contact your nearest Home Finance Company branch or check interest rates charged by other banks on this blog.

ANZ Interest Rates (Updated 1.9.07)

Schedule of interest rates released by ANZ Fiji are as follows :

• Business Index Rate - 11.00%;
• Residential Property Loan : Standard Variable Rate - 10.50%, 1 Year Fixed Rate - 9.00%;
• Investment Loan : Standard Variable Rate - 10.50%, 1 Year Fixed Rate - 9.00%;
• Personal Loans : Secured - 12.20%, Unsecured - 14.20%;
• Small Loans : Unsecured - 19.00%;
• Retail Term Deposits : 9 months to 1 year - 2.75%, 1 to 2 Years - 3.00%, 2 Years to 3 Years - 3.00%.

Interest rates are on a per annum basis and may be varied by ANZ without prior notice.

ANZ reduces rates further

ANZ Banking Group Limited will reduce its interest rates further by 0.5% from Monday, 1 October 2007.

The bank said that it is reducing interest rates to ease pressure on its loyal customers most of whom have felt the effect of a downturn in the economy and reduction in consumer confidence.

Secondly, the bank is reducing interest rates to encourage investment. ANZ said that there is no doubt that investment has slowed and that the reduction will encourage some businesses who are contemplating investment to go ahead with their projects.

See our next post for more information on the rates.

Strategic Planning for Unit Trust of Fiji

We are currently completing some work for the Unit Trust of Fiji wherein we conducted Strategic Planning workshops for managers and staff of the Trust using a strategic planning model that we designed.

During the workshops, together with the managers and staff of the Trust we reviewed various scenarios in which the Trust would be expected to operate in over the period 2008 to 2010, we helped develop new Vision and Mission statements, identified SWOT factors that would have a play in the Trust's ability to get to where it wants to be, determined strategies for the Trust and related Key Performance Indicators.

In this project, we were assisted by Mr Nacanieli Rika, Accounting and Finance lecturer, University of the South Pacific.

For more information on our model and related processes that we take clients through, pls e-mail gilbert@connect.com.fj or call telephones (679) 3396427 or (679) 9921427.

Corporate Governance in Fiji's Capital Markets Industry

We have just completed assisting some New Zealand consultants working on developing Corporate Governance Principles for the capital markets industry in Fiji.

In the first leg of the consultancy that has just been completed, we conducted interviews with players in the capital markets industry to get an appreciation of the state of corporate governance in the various entities.

A report on this leg of the consultancy has been prepared and submitted to the Capital Markets Development Authority which provided some recommendations on potential areas that can be covered in the Principles to be drawn up for the industry.

A follow up Conference at the end of September 2007 will be focused towards identifying and putting together appropriate Principles for the industry.

For this assignment, we provided the local expertise on technical capital markets issues to the lead New Zealand consultants who had more specific experience in corporate governance.

Please read my profile on the right hand side of this webpage for information on some of our other clients.

For potential consulting work, pls contact us on telephones (679) 3396427 or (679) 9921427 or e-mail gilbertv2@connect.com.fj.

Telecommunications charges fall further

The Commerce Commission has announced further reductions in call charges from land lines, mobile phones and Internet charges.

More details on this will be provided later. In the meantime, here is a copy of the news coverage of it on Fiji Television tonight, 3 September 2007.


"Reduction in call charges: Commerce Commission 3 Sep 2007 01:52:43

The Commerce Commission has announced further reductions in call charges from land lines, mobile phones, along with Internet charges.

The Commission says the new prices were ordered, as there is still room for consumers to benefit.

The Commerce Commission believes it has come as far as it can in reducing telecom prices for the benefit of consumers.

Three seperate determinations over the years have seen reductions of up to 70% in land lines, mobiles and internet usage.

However, the Commission has now indicated it wants to step aside, and let the market regulate itself.

The Chairman says even if the market is opened up, the Commission will monitor operations and anyone who steps out of line, will be taken to task.

The Commission has confirmed any new players will have to abide by the tariffs which come into effect from October 1st."

Colonial National Bank Interest Rates (Updated 1.9.07)

Schedule of interest rates released by Colonial National Bank are as follows :

• Business Banking Base Rate - 10.70%;
• Residential Property Loan : Variable Rate - 11.00%, 1 Year Fixed Rate - 9.00%;
• Investment Loan : Variable Rate - 11.00%, 1 Year Fixed Rate - 9.00%;
• Retail Term Deposits : 9 months - 3.50%, 1 year - 3.50%, 1.5 Years - 3.50%, 2 Years - 3.50%, 3 Years - 3.50%.

Interest rates are on a per annum basis and may be varied by the bank without prior notice.

Westpac Interest Rates (Updated 1.9.07)

Schedule of interest rates released by Westpac Fiji are as follows :

• Business Lending Rate - 10.99%;
• Residential Property Loan : Variable Rate - 10.75%, 1 year Fixed Rate - 9.00%;
• Investment Loan : Variable Rate - 10.75%, , 1 year Fixed Rate - 9.00%;
• Retail Term Deposits : 6 to less than 9 months - 1.50%, 9 months to less than 1 year - 3.00%, 1 year to less than 1.5 Years - 3.00%, 1.5 years to less than 2 Years - 3.00%, 2 years to less than 3 Years - 3.00%.

Interest rates are on a per annum basis and may be varied by the bank without prior notice.