The Fiji Government pays a substantial sum each year for renting commercial space to house its various Ministries and Departments. This year, the sum expected to be paid by Government in rent will be in the vicinity of F$19 million.
Perhaps a study should be done on whether there would be more long-term benefits for Government to construct more office space and compare it to how much it would pay out in rent in the long term.
Read more on how much Government pays in rent for its offices in an article on the Fiji Times, Wednesday, 6 June 2007, here.
Tuesday, June 5, 2007
Fiji Television Unit and Audio Visual Commission to merge?
The Interim Government will soon be conducting a viability analysis of the possible merger of the Film and Television Unit and the Fiji Audio Visual Commission.
The review will ascertain whether merging the two organisations would be the preferred alternative to setting up a corporatised Film and TV unit.
Currently, the Film and Television Unit is part of the Ministry of Information. It prepares and airs television programs (on Fiji TV) that provides information on government policies, developments and events of national significance. The Unit was was established in the early 1940s.
The scoping study will review the roles and functions of the Fiji Audio Visual Commission, the Film and Television Unit and in-house production units of the ministry as well as review the budget of the unit and ministries to determine the cost of providing production services.
It will also identify new business opportunities and ascertain the level of government assistance that should be provided to any new body.
The study will also determine an organisational structure and key position descriptions for the new body.
Government will be commissioning independent consultants to carry out the scoping study.
The review will ascertain whether merging the two organisations would be the preferred alternative to setting up a corporatised Film and TV unit.
Currently, the Film and Television Unit is part of the Ministry of Information. It prepares and airs television programs (on Fiji TV) that provides information on government policies, developments and events of national significance. The Unit was was established in the early 1940s.
The scoping study will review the roles and functions of the Fiji Audio Visual Commission, the Film and Television Unit and in-house production units of the ministry as well as review the budget of the unit and ministries to determine the cost of providing production services.
It will also identify new business opportunities and ascertain the level of government assistance that should be provided to any new body.
The study will also determine an organisational structure and key position descriptions for the new body.
Government will be commissioning independent consultants to carry out the scoping study.
Asian Development Bank to continue with Fiji projects
The Asian Development Bank has said that it will continue with its projects in Fiji. The commitment by the President of the Asian Development Bank was made to a delegation from Fiji who visited the Bank in May 2007.
The Fiji delegation briefed the Bank on recent political events in Fiji including actions to be taken to take Fiji to democracy.
The Bank then said that it would continue with its existing projects in Fiji but would hold off any new projects until it made further assessments of the country.
The delegation also made presentations to potential investors and had meetings with asset and fund managers to provide an update on the Fiji economy, particularly for holders of Fiji's international bonds.
Investors have expressed their interest in providing finance for Fiji projects as well as marketing Fiji to a wide ranger of investors abroad.
Fund managers expressed their interest to manage external financing for Fiji projects.
The Fiji Government will now be pursuing those avenues to secure development financing for projects in Fiji.
The Fiji delegation briefed the Bank on recent political events in Fiji including actions to be taken to take Fiji to democracy.
The Bank then said that it would continue with its existing projects in Fiji but would hold off any new projects until it made further assessments of the country.
The delegation also made presentations to potential investors and had meetings with asset and fund managers to provide an update on the Fiji economy, particularly for holders of Fiji's international bonds.
Investors have expressed their interest in providing finance for Fiji projects as well as marketing Fiji to a wide ranger of investors abroad.
Fund managers expressed their interest to manage external financing for Fiji projects.
The Fiji Government will now be pursuing those avenues to secure development financing for projects in Fiji.
Monday, June 4, 2007
Commercial rental rates in Suva to go down?
With the abundance of office and commercial space coming up over the next few months, and the downturn in demand for them (given the economic slowdown that Fiji faces), one would expect commercial rental rates in Suva to go down over the next few months.
One of the multi-storey buildings to be completed, Kadavu House, does not have its occupancy plans confirmed as yet, although there were commitments to have the Public Service Commission occupy the building.
With the Morris Hedstroms Tower and the Tappoo City complex coming up over the next few months to a year, there will be an oversupply of commercial and office space in the capital.
With the oversupply and inadequate demand, we should expect prices (commercial and office rental rates) to go down over the next few months.
One of the multi-storey buildings to be completed, Kadavu House, does not have its occupancy plans confirmed as yet, although there were commitments to have the Public Service Commission occupy the building.
With the Morris Hedstroms Tower and the Tappoo City complex coming up over the next few months to a year, there will be an oversupply of commercial and office space in the capital.
With the oversupply and inadequate demand, we should expect prices (commercial and office rental rates) to go down over the next few months.
Saturday, June 2, 2007
Westpac to reduce lending rates further
Westpac will reduce its lending rates further in June by a total of 0.5%. The first of these to come into effect on 11 June 2007 will be a reduction of 0.25% while the second reduction of another 0.25% will take effect on 25 June 2007.
Westpac says that the reduction of its business and consumer base lending rates indicates the improved liquidity position that the bank has experienced since the recent reduction of statutory reserve deposits requirements (i.e. deposits required to be held with the Reserve Bank of Fiji) in May.
The bank said that it would continue to monitor liquidity in the banking system and will review its interest rates accordingly.
Westpac says that the reduction of its business and consumer base lending rates indicates the improved liquidity position that the bank has experienced since the recent reduction of statutory reserve deposits requirements (i.e. deposits required to be held with the Reserve Bank of Fiji) in May.
The bank said that it would continue to monitor liquidity in the banking system and will review its interest rates accordingly.
Friday, June 1, 2007
Yatu Lau Company raises F$2 million
Kontiki Capital has raised F$2 million for Lauan investment company, Yatu Lau Company Limited. The funds were raised through a private placement of 1.3 million Class B Yatu Lau shares at F$1.50 each with a syndicate of investors put together by Kontiki Capital.
The issue was managed by Kontiki Capital and underwritten by Kontiki Stockbroking.
The transaction followed a restructure of Yatu Lau's share capital to allow non-Lauan participation in the company.
A second phase of fund raising will involve a public offering to raise an between F$1 million F$1.5 million for the company.
Some of the company's directors are children of former President and Prime Minister of Fiji and Tui Nayau, Ratu Sir Kamisese Mara.
The issue was managed by Kontiki Capital and underwritten by Kontiki Stockbroking.
The transaction followed a restructure of Yatu Lau's share capital to allow non-Lauan participation in the company.
A second phase of fund raising will involve a public offering to raise an between F$1 million F$1.5 million for the company.
Some of the company's directors are children of former President and Prime Minister of Fiji and Tui Nayau, Ratu Sir Kamisese Mara.
The Mid City Complex - a make over for some older parts of Suva
Given the current depressed state of the economy, some developers are pushing ahead with their developments in Suva. One of these new developments saw the opening in recent weeks of the new Mid City Complex at the corner of Cumming Street and Waimanu Road. Read the article in the Fiji Times, Saturday, 2 June 2007, on the new complex in the centre of Suva here. Other buildings coming up include the Morris Hedstroms/Carpenters Fiji complex (where the old MH used to be) and the Tappoos City Complex (running from in front of the old Metropole Hotel to where the current Tappoos building is).
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