2008 Fiji National Budget

The 2008 National Budget was delivered by the Minister of Finance on Friday, 23 November 2007. The Budget has some very favourable aspects that help with those running businesses or intending to set up businesses in Fiji. For a copy of the Budget, you can subscribe to our fijisale Yahoo Group and look under the Files section of the Group. A copy of the 2007 Revised Budget is also there for comparison. To subscribe to our Yahoo Group, just enter your e-mail address in the form at the top of this blog and click on the "Join Now!" button.

Fiji-Australia Business Council : 2007 Business Forum

The Fiji-Australia Business Council is holdling its 2007 Business Forum from 2 to 4 December 2007 at the Radisson Resort, Denarau, Nadi. The theme for the Forum is "Business - Driving the Way Forward". Keynote speakers include :

• Murray Proctor, Australia's Ambassador for HIV/AIDS on "HIV/AIDS in the workplace";
• Greg Urwin, Secretary General, Forum Secretariat, on "Regional Trade Agreements";
• Sada Reddy, Deputy Governor, Reserve Bank of Fiji on "Economic State of the Nation";
• Amy Auster, ANZ Head of International Economics, on "Fiji Economic position in the Region"; and
• Jaindra Kumar, Fiji's Trade Commissioner to Australia on "Growing our Exports".

Topics to be covered include :

• The Economy;
• Emerging Opportunities
• Growing our Exports
• Regulatory Issues
• The Knockout Blow
• What would change everything
• Where to from here.

For mroe information and to book a place, pls visit Fiji-Australia Buisness Council's website on http://www.fabc.com.fj/ or call Sonal on telephone (679) 3315988 extension 243.

ANZ Interest Rates (Updated 1.12.07)

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 - 8.50%;
• Investment Loan : Standard Variable Rate - 10.50%, 1 Year Fixed Rate - 8.50%;
• Personal Loans : Secured - 12.20%, 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%.

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

Telecommunications Sector Opens Up : More joy for businesses

It has been a good week for businesses in Fiji with the telecommunications sector opened up this week.

The week has seen all stakeholders including Government and the three sole telecommunications providers agreeing on some formula for compensating providers for cancellation of the monopoly rights that they have over the industry.

During the week, we have also seen two companies given licences to operate Voice-Over-Internet Protocol services in Fiji which will see calls overseas falling substantially. One of these companies, Connect Fiji, says in an advertisement in the Fiji Times, Thursday, 22 November 2007, that international calls will fall by up to 60% when its Broadband customers use its new VoIP service which will be available from Monday, 26 November 2007. To access the service, Connect's Broadband customers can dial 021 + country code + overseas number, using their Telecom Fiji telephone line.

Another company has also been granted mobile telephony licence and will soon be introducing its services. The company, Inkk, from Australia is, however, using Vodafone Fiji's network and will pay a charge for use of the network.

Internet charges by one of the providers, Connect Fiji, has seen speeds and download limits doubled with rates remaining the same making them one of the best in this area.

Over recent days, we have heard of more new products and services being offered, either by the existing companies or by the newly licensed ones. That is basically the effect of competition, when service providers will need to have good and innovative product development areas which will continually test the boundaries of services in terms of quality, range of services, to be on the one-up at all times in relation to one's competitors.

Businesses will benefit more as telecommunication rates reduce, markets will open up, bringing in more business.

For this at least we thank the authorities for taking action on some of the things that we have been hearing for many years.

Fiji National Provident Fund : our new client

We have just secured Fiji's largest financial institution, the Fiji National Provident Fund (FNPF), as a new client. FNPF controls around 40% of total financial system assets in Fiji and is currently the only superannuation provider in Fiji.

For FNPF, we are facilitating workshops for staff and managers and later the executive management and the Board of Directors to develop a new Strategic Plan for the Fund covering the financial years ending June 2009, 2010 and 2011.

We are currently using a Strategic Planning model that we designed for this project.

Mr Nacanieli Rika, lecturer in Accounting and Finance, University of the South Pacific, is assisting us with this project.

Connect to double speed for same price

Connect Fiji, one of Fiji's Internet Services Providers, will double the broadband speeds and data caps for their various packages from 16 November 2007. All rates will remain the same.

This means that a customer that currently enjoys a 128K speed broadband package will now enjoy a 256K speed package at the same rate of F$39.50 a month.

Further reductions will be expected from other Internet Services Providers following Connect's lead.

Government opens up telecommunications sector

Government has opened up the telecommunications sector.

Currently, Government is in the process of negotiating a compensation package for the monopoly provider of telecommunications services in the country, with the assistance of technical experts from the World Bank. This is expected to be completed by 20 November 2007.

Compensation may be in cash or other form.

The three companies that currently hold exclusive licenses in the telecommunications sector in Fiji are FINTEL (international calls), Telecom Fiji (domestic fixed line) and Vodafone (mobile).

The opening of the telecommunications sector will bring in more competition as more players are permitted to set up operations in Fiji.