The new Chief Executive Officer of the Capital Markets Development Authority, Mrs Mereia Volavola, has emphasised that good corporate governance is essential to improve accountability for companies operating in the capital markets.
Read more on her comments in an article from the Fiji Times below.
"Good governance key, Monday, July 16, 2007
Good corporate governance is essential to help companies and financial intermediaries improve accountability, says the new chief executive officer of the Capital Markets Development Authority, Mereia Volavola.
Speaking at her welcoming ceremony on Friday, she said financial intermediaries were essential in fostering financial stability and healthy economic growth.
Good corporate governance enabled more efficient use of capital and attracts quality and long-term investors at lower costs.
In the long run, the country's competitiveness and development will improve if good corporate governance is exercised.
Good governance is one area the CMDAwill focus on in the years ahead, Ms Volavola said.
She said many companies in Fiji were yet to fully appreciate how the stock and bond market works and how companies can benefit from it through enhanced company value and flexibility.
There are 16 companies listed on the Suva-based South Pacific Stock Exchange compared to six in 2000.
Market capitalisation, said Ms Volavola, rose from $243million in 2000 to $897million this year, representing a 269 per cent increase.
The CMDA she said, would continue its education program on the significance of the stock exchange.
"More companies need to be listed on the South Pacific Stock Exchange. Some large companies the insurance companies, the commercial banks and tourism companies remain unlisted," Ms Volavola said.
"Experience to date shows that most companies continue to satisfy their capital needs predominantly by using retained earning, bank-funded debt or through private equity deals with associates and friends."
With the review of the CMDA legislation, Ms Volavola said there was a need for a balance between a regulatory framework that guides peoples actions and economic freedom that allows them to innovate, experiment and take risk.
"One of the most important factors in determining how much material progress a society made was its ability to maintain a vigorous capital market," she said.
"Creating prosperity had largely been a matter of bringing together people who are prepared to invest capital with people who are able to use it to create wealth.""
Sunday, July 15, 2007
Friday, July 13, 2007
More trade and investment missions abroad
Further to missions to China and United Arab Emirates, Fiji will be going to Venezuela in August to further discuss areas of trade and investment where both countries can benefit from. This follows earlier discussions Fiji has had with Venezuela and Cuba.
Tuesday, July 10, 2007
Mining exploration invitation
The Fiji Government is seeking expressions of interest from companies for the Tuvatu Exploration Project located at Nadi. The area covered totals 3,265 hectares. Written expressions of interest should be marked 'Confidential' and sent by Friday, 20 July 2007, to the following address :
- Expression of Interest
- The Director of Mines
- Mineral Resources Department
- Private Mail Bag
- SUVA
For more information, pls call Venasio Nasara on telephone (679) 3381611 extension 433.
WHO Study reveals kava is safe
A World Health Organisation (WHO) Study has said that kava is safe.
In the study the WHO has recommended that all kava products be available on prescription and not over the counter. It has also said that kava should not be used in patients with liver disease or a history of such or in patients that take excessive alcohol.
The news has been welcomed by the Fiji Kava Council that has been fighting recently against sanctions placed on exports placed on kava exports from Fiji to certain overseas countries.
Countries that had banned the import of kava included Germany, UK, France, USA, Canada, Japan, Australia and New Zealand.
Australia recently banned the import for commercial purposes of kava and only allowed small quantities to be brought in by individuals for "ceremonial" purpose.
The WHO study should now provide more openings for the export of kava overseas from Fiji.
In the study the WHO has recommended that all kava products be available on prescription and not over the counter. It has also said that kava should not be used in patients with liver disease or a history of such or in patients that take excessive alcohol.
The news has been welcomed by the Fiji Kava Council that has been fighting recently against sanctions placed on exports placed on kava exports from Fiji to certain overseas countries.
Countries that had banned the import of kava included Germany, UK, France, USA, Canada, Japan, Australia and New Zealand.
Australia recently banned the import for commercial purposes of kava and only allowed small quantities to be brought in by individuals for "ceremonial" purpose.
The WHO study should now provide more openings for the export of kava overseas from Fiji.
Dubai Company interested in oil refinery
A Dubai based company is interested in setting up an oil refinery in Fiji and is conducting a feasibility study on the issue.
The interest was advised during a recent Fiji exploratory mission on trade and investment to Dubai, United Arab Emirates.
In addition another Dubai company is also interested in setting up a financial institution in Fiji to provide the full range of merchant banking services. This company will be visiting Fiji soon to pursue the matter.
Meetings between Fiji representatives and those from Dubai revealed that there was an interest from Dubai for Fiji products such as fresh fish and fisheries products, processed and sawn timber, halal meat including poultry, beef and goat meat, fresh fruits and vegetables.
To facilitate market access into the United Arab Emirates, Dubai companies are also interested in assisting Fiji companies with infrastructure development, technical expertise and capital required to set up operations intended to provide consistent and timely supply of quality products.
The interest was advised during a recent Fiji exploratory mission on trade and investment to Dubai, United Arab Emirates.
In addition another Dubai company is also interested in setting up a financial institution in Fiji to provide the full range of merchant banking services. This company will be visiting Fiji soon to pursue the matter.
Meetings between Fiji representatives and those from Dubai revealed that there was an interest from Dubai for Fiji products such as fresh fish and fisheries products, processed and sawn timber, halal meat including poultry, beef and goat meat, fresh fruits and vegetables.
To facilitate market access into the United Arab Emirates, Dubai companies are also interested in assisting Fiji companies with infrastructure development, technical expertise and capital required to set up operations intended to provide consistent and timely supply of quality products.
Sunday, July 8, 2007
Korean investors interested in bio-fuel
Korean investors are interested to explore opportunities of power supply through bio-fuels in Fiji, according to the Fiji Islands Trade and Investment Bureau (FTIB).
The feedback followed a delegation led by the Interim Commerce Minister to Seoul, Korea, last week to attend a seminar.
Investors from the tourism, information, communications technology, banking and finance, ship building and repairs and infrastructure development including airport and seaport development, attended the seminar.
There is demand for Fiji-made products in Korea for products such as mineral water, sugar, fish products and sawn timber.
The Fiji delegation has since moved onto Dubai, United Arab Emirates, for similar discussions.
The feedback followed a delegation led by the Interim Commerce Minister to Seoul, Korea, last week to attend a seminar.
Investors from the tourism, information, communications technology, banking and finance, ship building and repairs and infrastructure development including airport and seaport development, attended the seminar.
There is demand for Fiji-made products in Korea for products such as mineral water, sugar, fish products and sawn timber.
The Fiji delegation has since moved onto Dubai, United Arab Emirates, for similar discussions.
Federated States of Micronesia and Palau trade mission to Fiji
The Federated States of Micronesia and Palau will have a trade mission to Fiji from 6 to 15 August 2007. The mission will coincide with the inaugural Pacific Islands Business Forum organised by the Pacific Islands Private Sector Organisation.
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