Business

Why no news may be good news for China-watching investors

By Summer Zhen and Xie Yu HONG KONG (Reuters) – Investors are dialling back risk exposure ahead of China’s Communist Party Congress in October and sticking money in the relative safety of mainland blue chips...

Recovery on track

This year’s World Tourism Day comes at a time when Fiji’s tourism recovery is well on track and exceeding forecasts. Tourism Fiji shared this yesterday as local tourism stakeholders celebrated this significant day and marked Fiji as a safe, wonderful destination to travel to. “We’re so pleased that many tourists have chosen to come to...

New loan facility for cane growers

New and existing cane growers now have an opportunity to take advantage of affordable borrowing with the recent launch of the Fiji Development Bank’s Sugarcane Farmers Special Loan Facility. The launch was facilitated by the Minister for Economy Aiyaz Sayed-Khaiyum in Drasa, Lautoka on Monday. Growers were told that government would pay 6 per cent...

Fast Company’s website shuts after Apple News feed hacked

(Reuters) – U.S. business and media publication Fast Company’s Apple News account was hacked on Tuesday evening, the company said, prompting it to shut down the website. Apple Inc’s Apple News, had also disabled their channel with the Fast Company, the news aggregator app said in a tweet. Hackers sent two “obscene and racist push...

Significant data

Fiji has welcomed 377,503 tourists since borders reopened in December last year. Tourism Fiji shared these exciting figures as local tourism stakeholders reflected on their journey so far in yesterday’s celebration of the World Tourism Day. “That’s really significant for Fiji and we’re now seeing some exciting growth in what’s being offered by our tourism...

Apple drops iPhone production increase plans as demand falters – Bloomberg News

(Reuters) – Apple Inc is dropping plans to increase the production of its new iPhones this year after an anticipated surge in demand failed to materialize, Bloomberg News reported on Tuesday. Apple did not immediately respond to a Reuters request for a comment. (Reporting by Jahnavi Nidumolu in Bengaluru; Editing by Rashmi Aich)

Disney to shutter Florida theme parks as Hurricane Ian draws near

(Reuters) – Walt Disney Co will close its theme and water parks on Wednesday and Thursday as Hurricane Ian nears the coast of Florida, the company said on Tuesday. Residents of Florida’s Gulf Coast headed for higher ground as the hurricane threatens to bring a deadly storm surge and more than a foot of rain...

Ride-hailing firm Lyft freezes U.S. hiring – New York Post

(Reuters) – Ride-hailing company Lyft Inc is freezing all hiring in the United States until the end of the year, the New York Post reported on Tuesday. The company has started notifying job candidates of the freeze, the report said, citing a statement from the company spokesperson. Lyft did not immediately respond to a Reuters...

27th September

Mana’s golden jubilee

Mana Island Resort and Spa is buzzing as it commenced activities to mark its 50th anniversary this year with a number of activities — and the resort has already been a hive of activity. Earlier this month, the Mamanuca-based resort hosted its first ever swimming competition since the global pandemic shut down the entire tourism...

Talks to bring in more tourists

The Suva Retailers Association is in talks with the Suva City Council on new initiatives to encourage the return of tourists to the Capital City. With international travel restrictions being rescinded over the past year, tourists have quickly returned to our shores. The association said business activity in Suva was recovering well since the COVID-19...

Walesi partners with FBC for digital billboard advertising

After a rigorous open tender process, Walesi Pte Ltd has entered into a collaboration agreement with the Fijian Broadcasting Corporation for digital billboard advertising. FBC has been assigned the opportunity to generate new revenues for Walesi by managing and selling advertising packages on leading-edge outdoor digital screens. Walesi has so far deployed five digital outdoor...

‘Agriculture GDP rise 7.9 per cent yearly’

The agriculture sector’s gross domestic product (GDP) increased at an average growth rate of 7.9 per cent every year between 2010 and 2019, says Minister for Agriculture Dr Mahendra Reddy. While officiating at the Mini Agriculture Show and Agriculture Farm Machineries Exhibition held recently at the Nacocolevu Research Station in Sigatoka, he said non-sugar agriculture...

Women entrepreneurs share their testimonies about facility

The Fiji Development Bank’s Loan for Women Entrepreneurs facility was launched about two months ago and so far the bank has processed about 35 per cent of the 1600 applications received so far and 30 per cent of the loans disbursed. FDB chief executive officer Saud Minam said their aim was to make the loan...

Loan helps business

Melaia Adi of Yasawa-i-Rara started her working career as a school teacher and taught in various schools around the country for 21 years until she finally decided to resign from the profession and ventured out to dedicate her full time to her business. Ms Adi started teaching in 1997 and was a devoted teacher but...

McDonald’s hikes prices in Japan on higher input costs, weaker yen

TOKYO (Reuters) – Japan’s McDonald’s fast food restaurants will raise prices on about 60% of offerings to customers, fuelled by rising input costs and exchange-rate fluctuations, the company said on Monday. From Friday, the cost of the signature Big Mac hamburger will increase to 410 yen ($2.85) from 390 yen, McDonald’s Holding Company Japan Ltc...

26th September

$42m profit for central bank

The Reserve Bank of Fiji recorded a net profit of $42 million despite challenging global financial markets. The central bank also revealed that unlike, previous years where interest income from foreign reserves contributed the bulk of the bank’s revenue, the out-turn in the 2021-2022 financial year was underpinned by higher interest income from domestic bonds...

Veteran apiculturist resigns from association

John Caldeira recently resigned as the Fiji Beekeepers Association’s (FBA) secretary and trustee. The veteran apiculturist also served as the association’s secretary and president for seven years. In a statement, Pacific Farmer Organisations said Mr Caldeira was instrumental in designing and establishing the FBA’s mentor program, training program as well as the initiation of Fiji...

$14.9m profit

The Fijian Holdings Ltd (FHL) Tower remains the single largest investment for the FHL Group. In its 2022 Annual Report, FHL Group chief executive officer Jaoji Koroi said work on the $65 million project was expected to be complete in May 2023. Mr Koroi said management had started marketing for tenancy and had seen positive...

$4700 support for diversification

Joseva Tagica is a farmer and has been operating a canteen business for more than 15 years in Natumua Village, Kadavu. The owner of Joseva Tagica Investment has diversified into a bakery business, which according to the Ministry of Commerce, Trade, Tourism and Transport, is the only one in the Tavuki district, serving six surrounding...

25th September

‘Fiji needs business people who think outside the box’

Fiji needs business people who think outside of the box, says Minister for Economy Aiyaz Sayed-Khaiyum. While speaking in Lautoka recently, he explained that global markets have changed significantly after the COVID-19 pandemic which demanded businesses to change their business models. “With the pandemic the globe has changed significantly,” he said. “We know that freight...

24th September

New ATM to benefit more than 10,000 people

BRED Bank’s new ATM at the True Mart complex in Veisari Lami has been described as part of the bank’s strategic objectives to provide banking without distance. Bank’s chief executive officer Thierry Charras-Gillot said the ATM would be available 24/7 and would benefit more than 10,000 within the vicinity together with the commuters along the...

Bank removes surcharge fees

The BSP Financial Group Ltd (BSP) yesterday announced the removal of surcharge fees on all locally issued Visa Debit cards (VDC) transacting on BSP EFTPoS terminals. In a statement yesterday BSP country head Haroon Ali said removal of the surcharge fees would enable their EFTPoS merchants to process transactions from a wider group of local...

More than 1600 applicants for loan facility

The Fiji Development Bank’s Loan for Women Entrepreneurs facility launched two months ago has so far received more than 1600 applications. FDB chief executive officer Saud Minam said the positive feedback had prompted the bank to continue with the product. At a press conference yesterday Mr Minam said the loan facility enabled women entrepreneurs to...

Strong partnership

A memorandum of understanding signed between Fiji and Indonesia seeks stronger partnership in accelerating tourism recovery, strengthening private sector collaboration and capacity building. The MOU was jointly signed by the Indonesian Minister for Tourism and Creative Economy, Sandiaga Salahuddin Uno and the Fijian Minister for Commerce, Trade, Tourism and Transport, Faiyaz Koya in Bali, Indonesia....

Fiji’s central bank records $42m net profit

Fiji’s central bank has reported a record high net profit of $42.0 million for the 2021-2022 financial year despite challenging global financial markets. According to the Reserve Bank of Fiji, the out-turn in the 2021-2022 financial year was underpinned by higher interest income from domestic bonds and increased numismatic sales, unlike previous years where interest...

23rd September

RBF: Positive indicators leads to revised 2022 growth outlook

There are positive economic indicators that have led the Central Bank to revise its earlier domestic growth outlook for 2022. The Reserve Bank of Fiji governor and chairman of the board Ariff Ali said while risks to monetary policy objectives remained from elevated global prices global prices and tighter financial conditions in major trading partner...

Fiji Airways hosts President Ratu Wiliame at aviation academy

The Fiji Airways Aviation Academy in Nadi hosted President Ratu Wiliame Katonivere this afternoon marking his first visit to the academic in his capacity as Head of State since the facility opened in October last year. Fiji Airways managing director and CEO Andre Viljoen briefed Ratu Wiliame on the features of the academy and the...

Divestment of EFL shares: Come clean on sale to a foreign investor – Kamikamica

The People’s Alliance deputy party leader Manoa Kamikamica has quizzed the need for the Government to offload Energy Fiji Ltd (EFL) shares to a foreign investor when it was making profits. In a statement, he called on Economy Minister Aiyaz Sayed-Khaiyum to come clean on the divestment of EFL shares to a foreign investor. He...

22nd September

Believing in ourselves

This week saw the end of an era with the funeral of the Late Monarch of the Commonwealth, Her Majesty Queen Elizabeth II. Regardless of where you stood on the Royal Family, one cannot simply look past the fact that Her Majesty had brought about change to an inherited position, modernising the monarchy, its interaction...

Resort celebrates housekeeping week

Sheraton Fiji Golf & Beach Resort and Sheraton Denarau Villas celebrated their housekeeping staff last week. International Housekeeping Week is celebrated annually on the second week of September. Marriott International Fiji properties took special interest in celebrating their housekeeping staff this year as their work became crucial to guest and staff safety during the COVID-19...

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