Business

15th May

Company helps out

A global hybrid vehicles spare parts company established in Lautoka a year ago is catering for the needs of some families who are in desperate situation during this COVID-19 crisis in the Sugar City. Yuri...

Fund extends contribution payment deadline

In response to the continuous lockdown restrictions the Fiji National Provident Fund has announced the extension of the contribution payment deadline. According to a statement from the fund the deadline for contribution payments has been extended to May 31, 2021. FNPF stated it understood many businesses were shut down to comply with the lockdown and...

$6m dividend for pine landowners

Fiji Pine Ltd has announced it will pay $6 million in early dividends to their pine landowners for this year. The money will be paid out in three instalments starting this month and ending in November. Company chairman Ratu Wiliame Katonivere said they realised many of their landowners had been significantly impacted by COVID-19. “We...

14th May

Oil drops 3% on India’s COVID-19 crisis, U.S. pipeline restart

NEW YORK (Reuters) – Oil prices fell about 3% on Thursday as India’s coronavirus crisis deepened and a key U.S. fuel pipeline resumed operations, halting a rally that had lifted crude to an eight-week high after forecasts for a rebound in global demand later in the year. Brent crude ended the session down $2.27, or...

Fund brings forward payouts

FIJI National Provident Fund (FNPF) teams have been clearing pending COVID-19 applications this week, processing payment for applications that have been approved, specifically for members applying for the lockdown relief, voluntary members relief and Phase 4 Round 2. Fund’s acting chief executive officer Viliame Vodonaivalu said this included the early payment for Phase 2 Round...

Strong resigns, board appoints acting CEO

Investment Fiji chief executive officer Craig Strong has resigned effective from May 14, 2021. This was announced by the Board of Investment Fiji in a statement revealing the manager for Investment and Trade Kamal Chetty was appointed as the acting chief executive officer. According to the Investment Fiji board chair Jenny Seeto, the board will...

942 inspections – Trader compliance pleases commission

The Fijian Competition and Consumer Commission has revealed it has completed a total of 942 inspections across all the major divisions as of Tuesday May 11, 2021. According to a statement from the commission 98 inspections were carried out in the Central Division, 220 inspections in the Western Division and 624 in the Northern Division....

COVID-19: FNPF issues early payments for 37,000 members

The Fiji National Provident Fund (FNPF) has issued early payments for 37,000 Fijians receiving $220 assistance a fortnight under phase 2. In a statement this afternoon, Fiji’s Ministry of Economy stated that this included 31,000 Fijians who received a top-up from the Government. “This payment was due on Tuesday of next week, but Government had...

COVID-19: Minister Kumar advises vendors to wear masks properly

Municipal market vendors around the country need to wear their “face masks” properly and in a correct manner. Minister for Local Government, Housing and Community Development Premila Kumar reiterated this in a statement saying that the ministry was concerned that some market vendors still did not know the correct way of wearing masks. “Market vendors...

COVID-19: Garbage collection will continue during lockdown period; Nausori market now open

The garbage collection will continue in Suva and Nausori during the lockdown period which begins at 11pm tonight. The Ministry of Local Government confirmed this in a statement this afternoon stating that this is to ensure a safe and clean environment during these crucial times. The ministry is again reminding members of the public within...

COVID-19: Makoi market remain closed; Laqere market an option for residents

The Makoi Market remains closed until further advice from the Ministry of Health and Medical Services. Fiji’s Minister for Local Government Premila Kumar is once again reminding members of the public who frequently visit this market that they an option to buy their produce from the Laqere Market. “The vendors, consumers and ratepayers must exercise...

Colonial Pipeline slowly restarts as Southeast U.S. scrambles for fuel

(Reuters) -Colonial Pipeline began to slowly restart the nation’s largest fuel pipeline network on Wednesday after a ransomware attack shut the line, triggering fuel shortages and panic buying in the southeastern United States. It will take several days for the 5,500 mile (8,850 km) pipeline to return to normal operations, Colonial said, even as motorists...

13th May

Making ends meet

As restrictions on movements continue with non-essential businesses remaining closed until further notice, there are people who are coming up with plans to take care of the welfare of their family members. Shanil Chandra of Makoi, Nasinu, was in Suva city yesterday, trying to sell face masks made by his mother. “I used to work...

Taxidriver happy with rush hour

As people rushed to the supermarkets to stock up on much needed supplies yesterday and the day before, some taxi drivers managed to earn some income as well. Sushil Chand of Makoi is a taxi driver and said business had been really affected since the lockdowns and restrictions started. “I have been driving a taxi...

Getting our people back to work

Besides the obvious loss of revenue to their bottom line, many would not be aware of the other missing factor that tourism operators consistently fret about losing during this pandemic and the subsequent border closures. Their loyal and skilled staff. Many of them as familiar and close to them as family. The famous tourism workers...

FNPF makes early payments for pensioners; waives renewal certificates

The Fiji National Provident Fund has made an early payment for pensioners whose payments were due tomorrow – Friday, May 14. FNPF acting chief executive officer Viliame Vodonaivalu said the payment was made yesterday, amounting to $1.6million for the 5502 pensioners. He said the Fund had also extended the waiver of pension renewal certificates due...

COVID-19: Agriculture teams harvest rice for farmers in non-containment areas

The Ministry of Agriculture says agriculture teams in non-containment areas from the Western and Northern divisions have started assisting rice farmers to harvest mature rice. This particularly for farmers who are not able to harvest rice from their farms because of the lockdown in containment areas. “It’s business as usual for the agriculture team operating...

U.S. safety agency opens probe of Tesla fatal crash in California

WASHINGTON (Reuters) -The National Highway Traffic Safety Agency (NHTSA) said on Wednesday it is opening a safety probe into a fatal May 5 Tesla crash in California amid growing concerns about the automaker’s driver assistance systems. A Tesla crashed into an overturned truck on a highway near Fontana, California, killing the Tesla’s driver and injuring...

COVID-19: Early relief assistance payment for members

The teams at the Fiji National Provident Fund are clearing out pending COVID-19 applications this week and are processing payment for applications that have been approved. FNPF acting chief executive officer Viliame Vodonaivalu said this was specifically for members applying for the lockdown relief, voluntary members relief and phase 4 round 2. “This includes the...

Nadi’s Aquarius On The Beach hotel win Travellers’ Choice award

Despite the challenging past two years for the tourism industry in Fiji, a Nadi-based hotel has been recognised as a 2021 Travellers’ Choice award winner for Nadi hotels. This award marks the third win for Aquarius On The Beach, situated at Wailoaloa Beach, over its 10-year history. According to TripAdvisor, this award celebrates businesses that...

COVID-19: FCCC urges consumers to refrain from panic buying

Fijian consumers are urged to refrain from panic buying during this time and rely solely on credible news sources to make decisions for their households. This follows reports of thousands of people flooding supermarkets earlier this week, particularly after the closure of three supermarkets for disinfection, and people acting on misinformation of a nationwide lockdown...

COVID-19: New World Supermarket in Nausori closed for disinfection

The New World Supermarket outlet in Nausori is closed to today for the purpose of screening and disinfection. This was confirmed by the Ministry of Health and Medical Services on its social media Twitter post this morning. It stated that members of the public would be advised when services resume. Yesterday, the neighbouring Nausori market...

Pipeline outage causes U.S. gasoline supply crunch, panic buying

(Reuters) -Gas stations from Florida to Virginia began running dry and prices at the pump rose on Tuesday, as the shutdown of the biggest U.S. fuel pipeline by hackers extended into a fifth day and sparked panic buying by motorists. The administration of U.S. President Joe Biden projected that the Colonial Pipeline, source of nearly...

COVID-19: Navua taxi drivers struggle to make ends meet

Taxi drivers in Navua are struggling to make ends meet. Taxi drivers spokesperson Jiten Sharma said their daily income had come to an all-time low of approximately $25 a day. Mr Sharma said normally, they would be earning around $80 on a daily basis. “From this, drivers would take out contract money, fuel expenses and...

12th May

Oil prices rise on nagging fears of fuel shortages

NEW YORK (Reuters) -Oil prices settled higher on Tuesday, as lingering fears of gasoline shortages due to an outage at the largest U.S. fuel pipeline system after a cyber attack brought futures back from an early drop of more than 1%. Brent crude futures rose 23 cents, or 0.3%, to settle at $68.55 a barrel...

Business deductions

Business deductions are deductions that are allowed for any expenses which are wholly and exclusively incurred for the purposes of trade, business of the taxpayer. This deduction is covered under Section 21 of the Income Tax Act 2015. Section 21 of the Income Tax Act 2015 allows businesses to claim business related deductions against their...

Bank monitors PNG situation

The BSP Financial Group Ltd (BSP) continues to actively monitor the situation in Papua New Guinea and will inform the market of any material impact on its earnings, says Sir Kostas Constantinou, BSP chairman. In a market announcement, Sir Kostas said since BSP released its 2020 financial results and accompanying investor presentation to the market,...

Company structure

In any business there will always be a business plan. This is clearly amplified when one registers his or her business. The objects of the organisation needs to be articulated in the application form and shall and is reflected in the certificate of registration. The object becomes the core function of the organisation or the...

Net asset backing

Kinetic Growth Fund Ltd (KGF) yesterday announced that the unaudited net asset backing per share of the KGF was $1.11 as at April 30, 2021. During the month of April, it was stated the Fiji Kava Ltd (FIJ) share price (AUD) increased by 1 cent to $0.14. This primarily accounted for the increase in NAV...

Temporary halt in production and sales for brewer

The country’s largest alcoholic beverage manufacturer, Paradise Beverages (Fiji) Ltd (PBF) has been significantly affected by the restrictions in place and remains closed both in terms of production and sales. PBF general manager Mike Spencer said this was an unprecedented time for the community and the country. “It’s an extremely challenging period for everyone and...

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