Please read an article taken from the Solomon Star News on what Solomon Islands Prime Minister said. Article can be found at http://solomonstarnews.com/index.php?option=com_content&task=view&id=1390&change=103&changeown=87&Itemid=45.
The article provides good food for thought for the many of us that love our country - Fiji. There are many ways in which we can work to build this country to something we will all be proud of.
I am posting this article for the sake of generating discussions and thinking to help us build this country. It is not of personal spite or to lay blame on anyone's door. It is to help build a cohesion of ideas and strategies that will help drive this country forward. A land of our dreams and hopes and a place where we are proud to have our roots and links.
"WHAT a contrast.
Compare our prime minister, Dr Derek Sikua, with Fiji’s military dictator Voreqe “Frank” Bainimarama.
You will see how well off we are in Solomon Islands these days in contrast to Fiji.
Fiji was once a regional leader in many things, a nation we often looked to for inspiration. Sadly, no more.
With four coups in just over 20 years Fiji is rapidly forfeiting its right to be a home to regional institutions. It definitely is no longer a regional leader of good.
Take the celebration of World Press Freedom Day in Honiara this week. It provides just one example of how much things have changed. But it’s a significant example.
This Saturday World Press Freedom Day is celebrated in Honiara by Media Association of Solomon Islands (MASI) with Dr Sikua giving the keynote address. He and his office are also supporting MASI’s efforts to mark the day with fundraising for further media development activities.
Why is World Press Freedom Day so important to everyone here? you might ask. Isn’t it just a day about the news media?
If you thought that you would be well off the mark. World Press Freedom Day is really about the rights of you and all Solomon Islanders to freedom of expression and information.
It is about your right to speak out and express your views. It is about robust public debate on matters on public interest. It is about your right to get all the information which enables you to make your own informed decisions.
These are important fundamental human rights essential for any democracy to flourish.
What World Press Freedom Day really celebrates is Article 19 of the Universal Declaration of Human Rights adopted by the United Nations.
This says: “Everyone has the right to freedom of opinion and expression; this right includes freedom to hold opinions without interference and to seek, receive and impart information and ideas through any media and regardless of frontiers.”
Compare the attitude of Dr Sikua and his Government to respecting that with how Mr Bainimarama’s unelected military regime ignores this.
The erratic Mr Bainimarama marked World Press Freedom Day in Fiji with another of his rants against the news media.
His goons meantime forcibly expelled from Fiji the publisher of The Fiji Times, Australian Evan Hannah. This just weeks after doing the same to Russell Hunter, the publisher of Fiji’s other main daily newspaper, The Fiji Sun.
Mr Bainimarama’s men showed their contempt for the rule of law by both times ignoring Fiji High Court orders not to expel the newspapermen.
What was the so-called crime of Mr Hunter and Mr Hannah, both vastly experienced and respected journalists who’ve spent many years in the Pacific Islands?
Their newspapers did what they should do. Despite constant military pressure, they tried to keep the people of Fiji informed. They defied the pressure and published information and opinions Mr Bainimarama and his collaborators wanted to suppress.
The Fiji Times and Fiji Sun also tried to allow all Fiji’s people to express their views. Not just those who support the regime. But also the many who oppose it.
So why do the Bainimarama regime fear newspapers and target them? Because newspapers are the most powerful form of news media. They publish the printed word. They provide the permanence and impact that only the print media can.
Dictators like Mr Bainimarama fear newspapers publishing the opinions of the people. They fear independent journalism. Such as The Fiji Times and Fiji Sun telling Fiji’s people of strange tax affairs and offshore bank accounts of Mr Bainimarama’s Finance Minister Mahendra Chaudhry.
Mr Bainimarama’s approach is similar to that of despots like Robert Mugabe in Zimbabwe. Mr Bainimarama’s military goons attack and intimidate and his so-called government expels people like Mr Hunter and Mr Hannah.
True democratic leaders like Dr Sikua respect and embrace the right of all people to freedom of expression and information.
Dr Sikua’s approach is much closer to that of the legendary French philosopher and writer Voltaire. Voltaire famously said: “I disapprove of what you say, but I will defend to the death your right to say it.”
Be thankful everyone that you live in Solomon Islands under enlightened leadership and not in the sad Fiji of today. This week celebrate World Press Freedom Day and all it means to all our Solomon Islands people."
Monday, May 5, 2008
Monday, April 28, 2008
ANZ Interest Rates (Updated 29.4.08)
Schedule of interest rates released by ANZ Fiji are as follows :
- Business Index Rate - 10.25%;
- Residential Property Loan : Standard Variable Rate - 9.75%, 1 Year Fixed Rate - 7.75%;
- Investment Loan : Standard Variable Rate - 9.75%, 1 Year Fixed Rate - 7.75%;
- Personal Loans : Secured - 11.50%, Unsecured - 14.20%;
- Small Loans : Unsecured - 19.00%;
- Retail Term Deposits : 9 months to 1 year - 1.25%, 1 to 2 Years - 1.75%, 2 Years to 3 Years - 1.75%.
Monday, April 21, 2008
Revised Economic Projections for Fiji
The following is a copy of a statement released today, Monday, 21 April 2008, by the Governor of the Reserve Bank of Fiji on revised economic projections for Fiji.
"STATEMENT BY THE CHAIRMAN OF THE MACROECONOMIC POLICY COMMITTEE AND GOVERNOR OF THE RESERVE BANK OF FIJI - REVISED ECONOMIC PROJECTIONS
The Chairman of the Macroeconomic Policy Committee and Governor of the Reserve Bank of Fiji, Mr Savenaca Narube, today announced that “economic growth for 2008 is now projected at
1.7 percent, down from the 2.2 percent announced in October last year”.
The downward revision is mainly due to lower projections for the community, social and personal services sector. Lower forecasts of crop, cane and sugar output, partly due to the
effects of Cyclone Gene, also led to lower revisions for the manufacturing and agriculture,
forestry, fishing & subsistence sectors. These downward revisions could not offset the higher projection in the mining sector as gold output is now included in the new 2008 forecasts after a lapse of mining operations for most of 2007. The new 2008 forecasts also took into account higher projected visitor arrivals which is expected to have a positive impact on the hotels & restaurants and transport industries.
Speaking on last year’s growth, the Governor said that, “Fiji’s economy is estimated to have
contracted by 4.4 percent in 2007, compared to the 3.9 percent decline forecasted in October last year. The downward revision was mainly a result of lower than expected cane and sugar output which was affected by adverse weather conditions and mill interruptions. The performance of the building & construction sector was also weaker than earlier envisaged.
Last year’s contraction was almost broad-based with electricity & water the only sector estimated to have grown. Leading the decline in the economy were the building & construction and community, personal & social services and manufacturing sectors. The absence of mining in 2007 reduced economic growth by around half a percentage point.
The Chairman added that, “while economic recovery is still expected in the next 2 years, it will
be lower than earlier projected. We now expect the economy to grow by 1.1 percent in 2009,
and by 1.6 percent in 2010”.
With regard to trade, Mr Narube explained that, “exports are projected to expand by 7.7 percent this year while imports are expected to grow by 4.6 percent. The growth in exports is
encouraging. However, in absolute dollar terms, the growth in imports is expected to outpace exports. This will lead to a slightly higher trade deficit in 2008. Higher payments for mineral fuels continue to contribute to strong import growth. We therefore need to grow exports at a much higher rate.”
Mr Narube stated that, “official foreign reserves at the end of March were at adequate levels of
$909 million, equivalent to around 4.0 months of imports of goods”. Mr Narube also highlighted that “inflation at the end of the first quarter was 7.5 percent, and while the year-end inflation is currently projected at 5.0 percent, there are upside risks to this assessment.”
"STATEMENT BY THE CHAIRMAN OF THE MACROECONOMIC POLICY COMMITTEE AND GOVERNOR OF THE RESERVE BANK OF FIJI - REVISED ECONOMIC PROJECTIONS
The Chairman of the Macroeconomic Policy Committee and Governor of the Reserve Bank of Fiji, Mr Savenaca Narube, today announced that “economic growth for 2008 is now projected at
1.7 percent, down from the 2.2 percent announced in October last year”.
The downward revision is mainly due to lower projections for the community, social and personal services sector. Lower forecasts of crop, cane and sugar output, partly due to the
effects of Cyclone Gene, also led to lower revisions for the manufacturing and agriculture,
forestry, fishing & subsistence sectors. These downward revisions could not offset the higher projection in the mining sector as gold output is now included in the new 2008 forecasts after a lapse of mining operations for most of 2007. The new 2008 forecasts also took into account higher projected visitor arrivals which is expected to have a positive impact on the hotels & restaurants and transport industries.
Speaking on last year’s growth, the Governor said that, “Fiji’s economy is estimated to have
contracted by 4.4 percent in 2007, compared to the 3.9 percent decline forecasted in October last year. The downward revision was mainly a result of lower than expected cane and sugar output which was affected by adverse weather conditions and mill interruptions. The performance of the building & construction sector was also weaker than earlier envisaged.
Last year’s contraction was almost broad-based with electricity & water the only sector estimated to have grown. Leading the decline in the economy were the building & construction and community, personal & social services and manufacturing sectors. The absence of mining in 2007 reduced economic growth by around half a percentage point.
The Chairman added that, “while economic recovery is still expected in the next 2 years, it will
be lower than earlier projected. We now expect the economy to grow by 1.1 percent in 2009,
and by 1.6 percent in 2010”.
With regard to trade, Mr Narube explained that, “exports are projected to expand by 7.7 percent this year while imports are expected to grow by 4.6 percent. The growth in exports is
encouraging. However, in absolute dollar terms, the growth in imports is expected to outpace exports. This will lead to a slightly higher trade deficit in 2008. Higher payments for mineral fuels continue to contribute to strong import growth. We therefore need to grow exports at a much higher rate.”
Mr Narube stated that, “official foreign reserves at the end of March were at adequate levels of
$909 million, equivalent to around 4.0 months of imports of goods”. Mr Narube also highlighted that “inflation at the end of the first quarter was 7.5 percent, and while the year-end inflation is currently projected at 5.0 percent, there are upside risks to this assessment.”
Tuesday, April 1, 2008
Colonial National Bank Interest Rates (Updated 1.4.08)
Schedule of interest rates released by Colonial National Bank are as follows :
- Business Banking Base Rate - 9.70%;
- Residential Property Loan : Variable Rate - 10.00%, 1 Year Fixed Rate - 8.00%;
- Investment Loan : Variable Rate - 10.00%, 1 Year Fixed Rate - 8.00%;
- Retail Term Deposits : 9 months - 2.00%, 1 year - 2.00%, 1.5 Years - 2.00%, 2 Years - 2.00%, 3 Years - 2.00%.
Westpac Interest Rates (Updated 1.4.08)
Schedule of interest rates released by Westpac Fiji are as follows :
- Business Lending Rate - 9.99%;
- Residential Property Loan : 1 year Fixed Rate - 7.75%;
- Investment Loan : Variable Rate - 9.75%, , 1 year Fixed Rate - 8.00%;
- 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%.
Wednesday, March 26, 2008
Colonial Fire and Importance of Contingency Plans
There was a fire at Colonial Fiji's IT and backoffice sections early Tuesday morning, 25 February 2008. Customers have said that the bank's ATMs were not working when they tried to make withdrawals.
Colonial had said that the Group had moved all staff to other locations and was working on assessing the damages caused.
Fires and other catastrophes emphasise the need for businesses to have Contingency Plans in place and if they are in place, to ensure that those plans work in the event of a real contingency.
Regulators will need to ensure that financial institutions have Contingency Plans in place.
It was fortunate that the fire was only confined to one part of a financial institution. Imagine the consequences to the financial sector if the fire had covered the entire central business district where most of our banks operate from?
I had mentioned in my earlier post that our business was working on a Contingency Planning Model which is to be used to develop Contingency and Business Continuity/Resumption Plans for clients. If you are interested, pls send an e-mail to investinfiji@gilbert.com.fj or info@gilbert.com.fj.
Colonial had said that the Group had moved all staff to other locations and was working on assessing the damages caused.
Fires and other catastrophes emphasise the need for businesses to have Contingency Plans in place and if they are in place, to ensure that those plans work in the event of a real contingency.
Regulators will need to ensure that financial institutions have Contingency Plans in place.
It was fortunate that the fire was only confined to one part of a financial institution. Imagine the consequences to the financial sector if the fire had covered the entire central business district where most of our banks operate from?
I had mentioned in my earlier post that our business was working on a Contingency Planning Model which is to be used to develop Contingency and Business Continuity/Resumption Plans for clients. If you are interested, pls send an e-mail to investinfiji@gilbert.com.fj or info@gilbert.com.fj.
Sunday, March 23, 2008
Expansion of our services
We have been busy over the last two months completing Strategic Plans for the Fiji National Provident Fund and Amalgamated Telecom Holdings Limited.
Fiji National Provident Fund is the largest player in Fiji's financial system and has total asset of over F$3 billion, making up around 38% of total financial system assets.
Amalgamated Telecom Holdings Limited is the holding company for Telecom Fiji Limited and owns a part of Vodafone Fiji Limited. It has management rights over FINTEL.
Over February 2008, we were working on preparing a capacity development plan for a UNAIDS project in the South Pacific. The work included preparing for and facilitating a regional workshop held at Denarau, Fiji. That work has also been completed with the Report submitted to UNAIDS.
Currently, we are developing a Contingency Planning or Business Resumption Planning Model. Similar to our Strategic Planning Model, we will use our Contingency Planning Model to develop Contingency Planning/Business Resumption Plans for clients.
For more information on our services, pls e-mail info@gilbert.com.fj or call telephones (679) 3396427 or (679) 9921427.
Fiji National Provident Fund is the largest player in Fiji's financial system and has total asset of over F$3 billion, making up around 38% of total financial system assets.
Amalgamated Telecom Holdings Limited is the holding company for Telecom Fiji Limited and owns a part of Vodafone Fiji Limited. It has management rights over FINTEL.
Over February 2008, we were working on preparing a capacity development plan for a UNAIDS project in the South Pacific. The work included preparing for and facilitating a regional workshop held at Denarau, Fiji. That work has also been completed with the Report submitted to UNAIDS.
Currently, we are developing a Contingency Planning or Business Resumption Planning Model. Similar to our Strategic Planning Model, we will use our Contingency Planning Model to develop Contingency Planning/Business Resumption Plans for clients.
For more information on our services, pls e-mail info@gilbert.com.fj or call telephones (679) 3396427 or (679) 9921427.
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