Suva Chamber of Commerce & Industry : 2007 Budget Discussion

The Suva Chamber of Commerce is organising a discussion on the 2007 National Budget on Thursday, 9 November 2006, 6.30pm to 8.30pm at the Lali Room, Holiday Inn, Suva. The discussion will include cocktails. Entry fees are : F$30.00 for members and F$50.00 for non-members. Limited seating. Contact Ms Bibiana Marama on telephone +679 3314044 for details.

What's in the 2007 National Budget for Foreign Investors

Government has announced its Budget for 2007. The Budget has some features which might be of assistance to foreign investors who wish to invest or set up business in Fiji. One of the major features have been an increase in Value Added Tax (except on essential food items) to 15% from the current 12.5%. We will be reviewing and summarising those features and putting it up on this blog. For any particular queries, you can e-mail us on gilbert@connect.com.fj.

Fiji TV expands to Tokelau

Fiji TV will be providing Sky Pacific services to Tokelau in a two-year deal signed with Teletok Corporation. This would bring to 6 the number of licensed Sky Pacific distributors in the Pacific region.

Teletok Corporation, Tokelau's governmental telecommunications company, is the sole provider of telecommunications on the island nation.

Sky Pacific will provide for the first time, 100% television coverage to Tokelau.

Note from GV : Check out our two bedroom rental home in Suva through links at the right hand side of this blog.

Leaders to discuss and resolve land issue in 2007

The Prime Minister and the Leader of the Labour Party will discuss and resolve the land issue early 2007.

The PM said that Government would form a tripartite forum to discuss the land issue. He added that the chances for land issues to be resolved were good as they had been having discussions with the Fijian Affairs Board and the Native Land Trust Board while discussions with the Labour Party have also been good.

One of the main sticking points in trying to resolve the issue is whether to use the Agriculture and Landlord Tenants Act (ALTA) or the Native Lands Trust Act (NLTA) as the main law to govern land use and tenure. About 84% of the land in Fiji is owned by indigenous Fijians and cannot be alienated. The lands are administered on behalf of village groups by the Native Land Trust Board.

PM calls for smaller civil service

The Prime Minister has called for a reorganised and cost effective civil service in order to achieve a stronger economy, more employment and to reduce poverty. The comment was made at the annual civil service awards function at the FMF Dome on Friday night, 3 November 2006.

The PM said the civil service consumed far too much of government funding in its operating expenditure but that this would now be controlled to allow for an increase in Government's capital investment expenditure.

This, the PM said, would permit Government to spend more money on education, health, agriculture, rural development, and law and order.

The PM said there was also a need to stop laxity and abuse in spending public funds, considering the instances of corruption that continued to surface.

In the meantime, the Chairman of the Public Service Commission had to ward off criticism of providing annual civil service awards in a service which is still not productive and efficient enough.

The Chairman said that major improvements in the service will not take place until the reform process begins, adding that they have been given 2 years to do that.

Shell Fiji's operations bought by french company

Shell Fiji's operations have been bought by a french based company. Now known as Total Fiji, Shell Fiji's operations was bought by the french company together with operations in Samoa and Tonga. Shell's operations at New Caledonia, Vanuatu and French Polynesia have been bought by Albert Moux and Partners.

The takeover completes months of negotiations between all companies.

Fijian Holdings Limited sets record profit

Fijian Holdings Limited (FHL) has recorded its highest profit after tax of F$16.9 million for its financial year ended 30 June 2006. This compares with F$12.4 million made for the 2005 financial year.

The result this year was driven by revenue growth of 26% which was mainly attributed to good performance by Fiji Industries Limited and Basic Industries Limited - two subsidiaries of FHL which operate in the booming construction sector.

Basic Industries was the key performer for the group and contributed its highest profit after tax to date of F$5.5 million.

Fiji Industries Limited enjoyed its first full year of operation under a new production process which helped the company achieve a 12% growth in cement production.

The group's investment portfolio also grew (by 114%).

Fijian Holdings shares are traded on the South Pacific Stock Exchange.