Business

8th February

Resort hosts appreciation week for customers

A recent cocktail event hosted by the InterContinental Fiji Golf Resort & Spa brought together about 100 partners and industry leaders. A media release from the resort said the event was part of IHG Hotel...

Disaster risk financing

Despite Fiji’s inclusion in Pacific Catastrophe Risk Insurance Company’s (PCRIC) risk pool, the country currently lacks a PCRIC insurance policy. This was highlighted by PCRIC during a meeting with Deputy Prime Minister and Minister for Finance, Strategic Planning, National Development and Statistics, Professor Biman Prasad. A media release from PCRIC said its previous engagements with...

Digital workshop – Program uplifts local businesses

A pilot workshop garnering the attention of more than 100 attendees has done its part in uplifting Fijian businesses into the digital space in safe, effective and environmentally friendly ways. The Australian Information Industry Association’s (AIIA) Pacific Islands Digital Capability Uplift Program has officially closed having been an enlightening and informative success according to many...

Oil rises on supply concerns, China demand outlook brightens

(Reuters) – Oil prices rose for a second day on Tuesday on supply concerns after an earthquake shuttered a major export terminal in Turkey and a field in the North Sea shut unexpectedly, while demand in China, the world’s biggest importer, looks set to increase. Brent crude futures rose 40 cents, or 0.5%, to $81.39...

Philippine Jan annual inflation accelerates to 8.7%

MANILA (Reuters) – Philippine inflation accelerated to a fresh 14-year high in January, the statistics agency said on Tuesday, keeping the pressure on the central bank to tighten monetary policy. The consumer price index (CPI) rose 8.7% in January, way above the 7.7% forecast in a Reuters poll and topping the 8.1% rate in December....

South Korea unveils details of steps to broaden FX market

SEOUL (Reuters) – South Korea unveiled on Tuesday details of a long-touted plan to expand its currency spot and swap markets to offshore players as it strives to make its stock and bond markets more attractive to global investors. The inter-dealer market for the won will be open for an additional 10 hours, and offshore...

In alliance reboot, Nissan to buy up to 15% stake in Renault EV unit

LONDON (Reuters) – Japanese car maker Nissan will buy a stake of up to 15% in Renault’s electric vehicle (EV) unit Ampere, the pair said on Monday, in a reboot of a long and sometimes contentious alliance that will also create more common car platforms. The agreement, which came after months of tense talks, includes...

7th February

Japan Dec real wages rebound on one-off bonuses, household spending falls

TOKYO (Reuters) -Japanese real wages rose for the first time in nine months thanks to robust temporary bonuses, but uncertainty remains on whether pay hikes will continue to sustain Japan’s economic recovery. Separate data showed household spending falling for a second month in December, as rising prices offset otherwise robust private consumption fuelled by the...

Japan Dec real wages post first rise in 9 months on 26-year-high nominal growth

TOKYO (Reuters) – Japan’s real wages rose in December for the first time since March despite rising inflation, as nominal pay grew at the fastest pace in nearly 26 years with robust winter bonuses. The market closely watches wage trends in the world’s third largest economy as high pay growth to counter price increases is...

Trading conditions improve for businesses

Businesses in Fiji continue to experience improved trading conditions with most firms reporting increased revenue, profitability and hiring intentions. According to ANZ’s senior economists Tom Kenny and Dr Kishti Sen, their surveys show that expectations of future sales, revenue and profitability look encouraging with 81 per cent of firms expecting to see increased turnover and...

Council congratulates new government

The Fiji New Zealand Business Council looks forward to working with the Government to further build trusted relationships with its Fiji and New Zealand investment partners. On behalf of the members of FNZBC president Renu Chand, in a letter to Prime Minister Sitiveni Rabuka, congratulated him on his appointment and his Coalition Government. Ms Chand...

Current account deficit to widen

A research by ANZ economists forecasts a worsening of the Current Account Deficit (CAD) through 2023 and 2024. The publication ANZ Research titled “Fiji – Monetary Policy Shift”, authored by Tom Kenny and Dr Kishti Sen states that as tourism demand returned and the economy picked up, import demand for goods and services lifted. “This...

‘Call of Duty’ steers Activision sales in tough quarter for game makers

(Reuters) -Videogame publisher Activision Blizzard beat Wall Street estimates for fourth-quarter adjusted sales on Monday, thanks to the success of the latest game in its “Call of Duty” franchise. A string of launches in October and November, including “Call of Duty: Modern Warfare II”, “Warzone 2.0” and “World of Warcraft: Dragonflight” from the fantastical world...

Pre-emptive move – Time to gradually return policy rate to neutral settings

The policy rates in Fiji have been at emergency low levels for a long time and given our projections of economic activity over the next two years, we believe the time has come to return the policy rate to neutral settings to manage the economy, says ANZ economist Dr Kishti Sen. In the ANZ Research...

Industry support for foundation

Tourism Fiji is the latest partner in the business of recycling offering support to the Pacific Recycling Foundation in garnering attention from industry partners to encourage sustainable waste management practices. Tourism Fiji chief executive officer Brent Hill said it was an important part of their marketing campaign for environmentally friendly tourists. “If you look at...

Pinterest fails to pique Wall Street interest with downbeat forecast 

(Reuters) -Image-sharing platform Pinterest Inc reported lower-than-expected quarterly revenue on Monday joining peers Alphabet Inc and Snap Inc in sounding the alarm on a still-weak ad market. Shares of the company, which projected tepid first-quarter sales growth, pared losses and were down 3% in extended trading after falling 15%. Advertisers have slashed their marketing budgets...

Asia shares skid, dollar gains as yields spike

SYDNEY (Reuters) – Asian shares slipped on Monday after a run of upbeat economic data from the United States and globally lessened the risk of recession, but also suggested interest rates would have to rise further and stay up for longer. Bond markets took a beating in the wake of stunning reports on jobs and...

Dollar on the front foot after robust U.S. jobs data, yen falters

SINGAPORE (Reuters) – The dollar extended its rally on Monday after a strong U.S. jobs report suggested the Federal Reserve could stay hawkish for longer, while the yen was hit by news the Bank of Japan’s Deputy Governor Masayoshi Amamiya was being sounded out to be the next governor. The Nikkei newspaper reported, citing anonymous...

Australia’s biggest state unveils plan for cashless poker machines

SYDNEY (Reuters) – The leader of Australia’s most populous state on Monday unveiled a plan to make all poker machines cashless within five years to fight money laundering and problem gambling, setting up a political battle ahead of a state election next month. New South Wales Premier Dominic Perrottet said his government would make every...

Oil prices edge higher as IEA’s Birol talks up China demand outlook

MELBOURNE (Reuters) – Oil prices inched up in early trade on Monday after falling around 8% last week to more than three-week lows as jitters over major economies outweighed signs of a demand recovery in China, the world’s top oil importer. Brent crude futures crawled up 16 cents, or 0.2%, to $80.10 a barrel at...

6th February

Renault, Nissan to fill in the blanks on their rejiggered alliance

LONDON (Reuters) – Nissan and Renault on Monday are set to unveil details of their redesigned alliance and answer questions about Renault’s electric vehicle (EV) business and how it will sell off most of its stake in the Japanese carmaker. The two companies announced a sweeping remake of their two-decade-old automaking alliance last month, which...

Samsung to help digitise school system

One of the world’s popular android mobile producers, Samsung has been roped in by the Ministry of Education to improve the country’s school system’s digital learning tools. A workshop held in Nadi between Samsung New Zealand and the Ministry of Education focused on the digitisation of Fiji’s school system using the global brand. While closing...

Achari takes up new role

The Marriott Group has appointed a Fijian woman as their new cluster sales manager for the New Zealand market. In a statement, the hotel chain announced University of the South Pacific graduate Lavon Achari had taken the regional post from January 23. Ms Archari has extensive experience in the tourism industry having worked at Novotel...

Tourists conscious of environment – Hill

Tourists are now demanding a level of sustainability in terms of protecting the environment, says Tourism Fiji CEO Brent Hill. He said they needed to step up to these demands. “What I am very conscious of – looking at around the world – you see social media images of other tourism destinations like Fiji where...

Checks, balances – PM: Coalition Government to ensure consistency, transparency

The decision-making machinery to be adopted by the coalition Government will put in place checks and balances and ensure inclusiveness, coordination, consistency, transparency and accountability in decision making. Prime Minister Sitiveni Rabuka highlighted this in a news conference yesterday. He said Cabinet has reviewed the decision-making machinery of Government with the objective to improve co-ordination...

5th February

FCC starts review of sugar products

The Fijian Competition and Consumer Commission (FCCC) has started a review of sugar products produced by the Fiji Sugar Corporation. The FCCC said the review is for the “Bulk Pack Sugar” and “Sugars of Fiji” products in Fiji. According the to the last price determination in July 2022, price for 1kg sugar was set at...

4th February

$100k payout for rainfall recovery

FijiCare Insurance Ltd has disbursed its first ClimateCare parametric microinsurance payment via digital wallets and bank payments for more than 535 insured members amounting to $100,000. According to FijiCare this was paid out to various smallholder farmers, fishers, market vendors including vulnerable women and persons with disabilities across the Western Division who were affected by...

Online top up service

Telecom Fiji Ltd’s prepay customers can now do data top-up online through the myTelecom app and website using their VISA, MasterCard, BSP Easy Card and MyCash. This has been made possible with the launch of Telecom’s new Online Top Up service. In a media release, Telecom Fiji Ltd chief executive officer Charles Goundar said Telecom...

Growing global interest for kava

Kava in Fiji and the region is expected to grow exponentially in the near future following growing interests from global markets. Agriculture Ministry permanent secretary Dr Vinesh Kumar said the Chinese and Korean markets have showed interests in purchasing kava from the region for pharmaceutical purposes and for social beverage. Mr Kumar described this growth...

Prasad: There will be no mini-budget

“We’re not about that kind of inconsistency and haphazard policy making.” This was the statement made by Minister of Finance Professor Biman Prasad when responding to queries on why there wouldn’t be a mini-budget. He said different people would have a different take on the subject. “The people have to understand that we’ve just come...

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