With the ongoing global and economic challenges, it is critical that the Fiji Revenue and Customs Authority continues to fulfill its roles and responsibilities for the benefit of the economy, FRCA Chairman, Mr Ajith Kodagoda said.
“FRCA delivered a significantly improved performance in 2012 due largely to the increased economic activity which was created as a result of the lowering of corporate and personal income taxes and improved enforcement and debt collection,” Mr Kodagoda said.
“While the year 2012 had its own challenges, the Board of Directors ensured that the Authority achieved its key deliverables.
“The Board was committed to its vision of having a customer focused organisation with a positive image.
“The Board believed that changes had to be implemented to enable the institution to meet the expectations of the Government, customers and public at large, whilst adhering to the various legislations that the organisation administers.
“FRCA remains supportive of the Government of the day in the deficit reduction path seen in the past few years, and we will further progress in 2014 and 2015 to bring the deficit to below $219.0m or 2.8% of GDP,” Mr Kodagoda said.
The Chairman added that tax dodging through evasion, avoidance and the use of so called tax planning may undermine the envisaged improvements in taxation.
“The Authority will ensure that such breaches are prosecuted and charged with maximum penalties applicable under the law,” Mr Kodagoda said.
––– FRCA

Fiji Revenue and Customs Authority Chief Executive Officer Jitoko Tikolevu (left), with Professor Lee Burns of the International Monetary Fund Pacific Financial Technical Assistance Centre (PFTAC) during a press conference yesterday. Photo: RONALD KUMAR

The 2013 revenue target of $1.852billion will be a challenge for the Fiji Revenue and Customs Authority.
However, while announcing the release of the Authority’s 2012 Annual Report today, Chief Executive Officer, Jitoko Tikolevu said they would focus on compliance, debt collection, public awareness, and more targeted audit activities.
“We collected a total of $1.74 billion, which exceeded the 2012 Budget forecast by $6m. The collections accounted for 88.5% of total 2012 Budget, signifying the continuous reliance on tax revenue,” Mr Tikolevu said.
“Our revenue growth was 9.4%, which was higher than that of the last decade average of 8.5.
“The growth was achieved despite the massive tax cuts, which had resulted in a direct loss of revenue of over $100m.
“It therefore reflects the success of the 2012 tax policy reforms and FRCA’s efforts of recouping revenue losses through better revenue administration as well as the imposition of new efficient and equitable taxes.”
A number of tax concessions or incentives were announced in the 2012 Budget. The total value of tax concessions approved by FRCA in 2012 was $633m against the $354m approved in 2011. The rise in the value of concessions had been consistent with the increased economic growth seen in 2012.
Mr Tikolevu said that Value Added Tax (VAT) had remained the dominant source of tax revenue and it has accounted for about 39.0% of total tax take in 2012.
“This pattern of relying on VAT is not new, as similar revenue mixes were noticed 10 years ago (between the 2003-2012 period).
“In absolute terms however, VAT revenue in 2012 is significantly higher than that of 2003 by 82.8%.
“This remarkable increase reflects the growing taxpayer base as well as the impact of the increased VAT rate from 10% to 12.5% and then to 15% in 2011. The tax cuts announced in 2012 will boost VAT collections in 2013 through increased consumption.
“The VAT collections in 2012 were higher than that of the previous year by $58.1m or 9.4%.
“Since Fiji’s independence, income and trade taxes do not constitute a large percentage of total tax revenue owing to policies towards investment promotion and trade liberalisation respectively.
“The revenue mix has changed in favour of VAT and has remained the same way over the last 10 years.”
In 2012, the receipts from PAYE and Corporate taxes accounted for about 74% of income tax revenue with the remaining being collected from sole traders, withholding and other taxes.
A massive $42.1m income tax refunds was also made in 2012. Most of the income tax refunds were in relation to individual taxpayers and the amount refunded has positively correlated with the number of returns received from taxpayers. ––– FRCA

Fiji Revenue and Customs Authority, Jitoko Tikolevu at the FRCA 2012 Annual Report press conference yesterday. Photo: RONALD KUMAAR

By RANOBA BAOA

The South Pacific Stock Exchange is hoping to link up more potential investors with the licensed stockbrokers and investment advisers through its lunch-hour seminars.
The stock exchange once again held this popular seminar on Thursday at the De Vos on the Park in Suva.
This seminar targeted the working class people and other potential investors wanting to have shares as part of their overall investment portfolio.
Chief executive, Jinita Prasad, said the people could assist the potential investors to help them decide which securities to buy shares in depending on their investment objectives.
Over 60 people attended the session from corporate organisations, listed companies and students as well as potential and existing investors.
To date SPSE has 18-listed securities and a market capitalisation of $808.9 million while its Total Return Index (STRI) stands 1921.30.

Preparing, diversifying
Ms Prasad stressed with the cost of living gradually increasing, which no doubt will continue to increase in future, the purchasing power of one’s money cannot be guaranteed in future.
“In doing so, people need to consider saving and investing from now to meet their financial goals for the future,” she said.
Ms Prasad also added that people need to diversify their investments so that a loss in one investment can be covered by a gain in another.
“SPSE listed securities are from various sectors of the economy which gives investors a choice to have a balanced portfolio,” she said.
Ms Prasad said investment in the stock market is suited for long-term so that investors can realise capital gains as well as enjoy regular income inform of dividends.

Returns from investing
Additionally, during the seminar, average rate of returns from the stock market was discussed which Ms Prasad labelled ‘quite attractive’ compared to other investment options.
“So if people are very serious about making their money grow, then they should consider investing in the stock market,” she said.
Meanwhile, the stock market is eyeing new listed companies but prefers to keep further details confidential and will disclose as and when it comes up.
“We are working on new companies to list as well and hopefully some listings will start coming,” Ms Prasad said.
“We’re hoping to get one new listing this year but nothing can be said right now.”

South Pacific Stock Exchange chief executive, Jinita Prasad. Photo: RONALD KUMAR

OPINION

By DR TK JAYARAMAN

(Dr Jayaraman is a Professor at the Fiji National University’s School of Economics, Banking and Finance, Nasinu Campus.)

Most of the floating currencies of the world are depreciating against the US dollar. Changes in supply and demand determine a currency’s worth in terms of the US dollar.
Chinese currency is under a fixed exchange rate regime. So, too are Fiji dollar, Samoan tala, Solomon and Tongan currencies and Vanuatu’s vatu. Only PNG’s kina is a floating currency.
When values of currencies under fixed exchange rates are changed by authorities, it is known as devaluation.
On the other hand, fall in currency due to result of free interplay of market forces without official intervention is called depreciation.
If a country’s total external payments for imports of goods and services are more than receipts from exports of goods and services including inward remittances and tourism earnings, the deficit arises.
Known as current account deficit (CAD), it results in more demand for foreign currency (say, the US dollar). Automatically, the value of domestic currency goes down against US dollar.
The CADs are not worrisome.  They can be financed by capital inflows. A country with a good policy framework and investor friendly environment attracts capital inflows: foreign direct investment (FDI), or loans of long term nature.
The CADs are then sustained without much pressure on exchange rate.
Countries without any track record of reforms, but with higher interest rates can still attract capital flows of short term maturity.
These are known as hot money. They seek higher return and are quickly reversible.

Jitters in currency markets
Uncertainties were caused by a remark by US Federal Reserve Chairman Bernanke on May 22. He made a hawkish statement: “In the next few meetings, we could take a step down in our pace of purchases.”
That was the hint about the beginning of the end of the Fed’s unconventional monetary stimulus of pumping money.
Known as quantitative easing (QE), the Fed has been buying bonds for increasing money supply for keeping interest rate as low as zero percent for encouraging investment and growth.
The QE has been going on since 2009. Though no date has been set, it is clear it will end soon, as signs of recovery in US are visible.
Global investors were seeking countries in Asia and elsewhere with higher interest rates. The countries benefitted by rise in capital inflows, included Brazil, Russia, India, Indonesia and South Africa.
Investors were happy to pour in money in several ways. Countries with friendlier and less bureaucratic hurdles, received long term FDI; and others, not so reform minded, but with still higher interest rates received hot money flows.
The remark of May 22 triggered a vicious global correction in stocks, in bonds and currencies of all economies.
Global investors were looking forward to US recovery, as it has been a safe haven in normal times.
The hot money guys were the first one to pull out funds from Asia and are now turning to US. The reversal of funds thus exposed the countries which are lagging behind in reforms.
The currencies of the countries which were hit hard are those with poor reform record and high CADs.
They have been obviously living on borrowed moneys. Some of them relied more on hot money rather than long term durable FDI inflows which cannot be easily pulled out.

Free fall of Indian Rupee
The US dollar was worth 55.45 Indian rupees (INR) on May 23. There has been a fall all along and on August 22 it was INR 65.30. That was a record fall. The depreciation was 18 percent.
Indian Finance Minister readily blamed it on the US Fed’s remark.
There were clear symptoms of a growing cancer. India’s mounting CADs were well known ever since 2008.
They were fed by annual budget deficits. As budget deficits spill over into external sector, resulting in CAD, they are called twin deficits.
India’s budget deficit has been growing over a five year period. It is 5 percent of GDP in fiscal year ending March 2013.
It is the highest amongst emerging economies: South Africa (4.8 percent) and Indonesia (2.2 per cent). The CAD is 5 percent of GDP, also the highest.
India’s budget deficit is financed by domestic and external debt, most of which is hot money inflows. The CAD was US$ 8 billion in 2008.
It is now US$90 billion. India’s reforms were delayed. As a result, FDI inflows have dried up. In 2008, FDI was US$48 billion; and today is US$27 billion.
It is obvious Indian economy is not doing well.
As India was growing at an average rate of 8 percent over the last ten years, no corrective actions were taken when twin deficits were mounting.
Professor Dornbusch, whose textbook is a staple for students, wrote long time ago “A crisis takes longer than anticipated to arrive, but moves faster than expected when it does”.
Instead of the cosmetic palliative measures, serious steps are needed. One is to call off the US$23 billion food security subsidy program, which was introduced on August 19, when the falling rupee was creating a record.
That will send out a clear message to overseas investors that India means business of putting the house in order.

By RACHNA LAL

In a bid to discuss diary industry reform progress, the Permanent Secretary for Industry and Trade, Shaheen Ali, this week met the chief executive of Fiji Dairy Limited, Vishwa Sharma.
Mr Ali recognised Fiji Dairy’s commitment to the Government and recognised efforts in the past 11 months.
“Fiji Dairy has not only taken steps to improve the quality of the milk supplied to the market, but also has provided infrastructure and other services to enable more farmers to supply milk in greater volume,” he said.
The Bainimarama Government implemented reforms to revitalise the dairy industry and to ensure self-sufficiency in dairy production and sustained livelihood for dairy farmers.
This was done by removing corruption and introducing commercial practices to boost productivity and efficiency in this vital Industry.
Southern Cross Foods Limited became the new owners of Fiji Dairy in August last year.

Response and plans ahead
Mr Sharma said with the opening of the Ba chilling centre, 47 farmers are contributing approximately 4.6 per cent towards the national milk pool and approximately $350,000 has been injected into the Ba commerce.
He said the second chilling centre will be operational in Lautoka in the next few months, which will service the Lautoka and Sabeto farmers.
“Fiji Diary’s future plans include the expansion of its operation and diversifying in production of bottled fresh milk and other dairy-related products,” Mr Sharma said.

Growth potential
Mr Ali acknowledged Fiji Diary’s effort, which currently supplies 86 per cent of the total liquid milk demand of the Fijian market.
He noted there is potential for growth and to make Fiji self-sufficient and secure in terms of its milk and dairy needs.
Mr Ali said there are growing opportunities in the regional market to export Fijian liquid and powdered milk.
“However, in order to take advantage of these opportunities, there is need for a constant supply of milk,” he said.

Fiji Dairy Limited chief executive Vishwa Sharma (second from left) with the Permanent Secretary for Industry and Trade, Shaheen Ali (Third from left).

By JYOTI PRATIBHA

Opportunities are always present- in good and bad times but it is up to individuals to make the most of it.
These were the remarks by CPA Australia Fiji branch president, Ravendran Achari, as the two-day CPA Congress Fiji started yesterday on Denarau Island in Nadi with the theme ‘A World of Opportunity.
Quoting Winston Churchill, Mr Achari said: ‘A pessimist sees the difficulty in every opportunity; an optimist sees the opportunity in every difficulty’.
“Let me say that opportunities are always there, they are synonymous to both the good times and the not so good times, one only has to be ready, willing and able to capitalise on such opportunities.”
“I reflect on the fact that the ability to effectively transform entire organisations and to achieve ambitious goals comes not from any inherent set of personality traits but from the mastery of a specific set of leadership skills.
“However the moment these leadership skills are connected with an “opportunity”, they create something even more powerful.
“They can turn winless teams into renowned champions, unmotivated departments into engines of creativity, and money losers into market leaders.”
The theme acknowledges and recognises the fact that the increasingly inter-connected global market place presents both a wide range of possibilities and challenges for today’s business and business leaders to navigate.
This is on the backdrop of the phenomenon we term globalisation.

Prime Minister Commodore Voreqe Bainimarama (middle) with CPA Australia-Fiji branch treasurer, Neil Underhill (left) and CPA Australia-Fiji branch president, Revendran Achari at the opening of the 2013 CPA congress at the Sheraton Fiji Resort. Photo: SHEIK DEAN

Source: SPSE

In aggregate, 6551 shares exchanged hands in 13 transactions accumulating $21,457 in consideration on the South Pacific Stock Exchange e-trading platform this week.
The securities witnessing trades were; Fijian Holdings Limited, Fiji Television, Amalgamated ATH, BSP Convertible Notes Limited and Toyota Tsusho (South Sea) Limited.
All the securities prices remained unchanged except for ATH and BCN.
ATH witnessed a drop of $0.01 while BCN recorded a $0.05 share price fall during the week under review.
These price falls resulted in the overall capitalisation of the market to descend as well.
The market capitalisation at close of trading yesterday stood at $804,710,990, a 0.54 per cent fall for the week.
The SPSE Total Return Index (STRI) concluded the week at 1911.28, a 0.17 per cent decline for the week.
The negative share price returns from ATH and BCN led to the market capitalisation weighted total return index to fall.

By RANOBA BAOA

Paradise Beverages (Fiji) Limited has once again signed a contract with Digicel Fiji to be the provider of its telecommunication services.
The contract will be for three years and was first signed in 2009 when Paradise Beverages was then under the operations and brand name, Foster’s Group Pacific Limited.
Digicel chief executive, Maurice McCarthy, said they acknowledged the beverage company’s ‘faith’ back then and now which showed confidence they had for Digicel.
“This resigning proves to me that the team at Paradise Beverages are once again putting their faith in us and I would hope that’s a testament on what we said we would deliver upon,” he said.
“There’s nothing that makes us more proud when major organisations like Paradise Beverages place their faith in us again because it is certainly a critical part of every business.”
Paradise Beverages managing director, Tony Scanlan, said: “We went through an extensive process where we looked at what were the best providers for our communication and communication is a critical part of business anywhere.
“Every time we asked Digicel to help us out, they’ve gone above and proven to be very reliable and trustworthy.”
Meanwhile, business for Digicel since January to date has proven to be successful.
Mr McCarthy said a further boost was after acquiring of lots spectrum in the LTE spectrum auction last month.
“We will continue to show our commitment to the Fiji market in the years to come,” he said.

Digicel Fiji chief executive, Maurice McCarthy (second left) shakes hands with Paradise Beverages (Fiji) Limited, managing director, Tony Scanlan (second right) accompanied by staff on Thursday. Photo: RAMA

By RACHNA LAL

Coca-Cola Amatil has indicated that it’s Fijian alcoholic beverage business, Paradise Beverages (previously known as Foster’s Group Pacific), is performing ahead of plan.
The soft drink giant acquired majority shares in the alcoholic beverages company last year.
Coca-Cola Amatil in its half yearly report released this week, said Paradise Beverages has established an export business for the beer and Fiji rum portfolio.
“We are well advanced in the development of a portfolio of Australian premium and craft beers,” the company said.

Overall business performance
Coca-Cola Amatil is an Australian Stock Exchange-listed company, and its business in Fiji includes Coca-Cola Amatil (Fiji) Limited and majority shares in Paradise Beverages.
Meanwhile, the half financial year ended June 30, 2013, noted the Fijian business delivered strong volumes and earnings growth as it cycles the impact of major floods last year.
It stated the business continues to benefit from the successful launch of Minute Maid Pulpy in July 2012.
The report jointly took the Fiji and New Zealand operations into account and indicated a 10.4 per cent earning growth driven by improved performances from the countries.

Investment facilities
Coca-Cola Amatil started investing to upgrade and expand the brewery and distillery facilities of Paradise Beverages.
This was in attempts to enhance the capability of the plants to continue to improve their beers and spirits as well as create export opportunities.
Coca-Cola Amatil’s constraint period of selling, manufacturing or distributing beer in the Australian market ends on December 16 this year.
This was part of the agreement when Coca-Cola Amatil purchased the Foster’s Group Pacific Limited shares from brewery giants, SABMiller.

About Coca-Cola Amatil

• One of the largest bottlers of non-alcoholic ready-to-drink beverages in the Asia-Pacific.
• Also sells and distributes the premium spirits portfolio of Beam Global Spirits & Wines.
• Major shareholder – The Coca-Cola Company – owns 30 per cent of CCA’s shares and has two directors on CCA’s eight member Board of Directors
• Sells world-leading brands: Coca-Cola, diet Coke, Coke Zero , Fanta , Sprite, Powerade

Wyndham’s confidence in Fiji growing

Compiled by RACHNA LAL

Welcome to Hard Talk, where we pose questions to both top executives and budding entrepreneurs on some of the major issues involving business.

Our tourism industry is booming and there are no two ways about this.
This is not only being indicated through the visitor arrival figures, but also the confidence demonstrated by property owners through investments.
Wyndham Vacation Resorts Asia Pacific’s multi-million-dollar phase III refurbishment and expansion project at Wyndham Resort Denarau Island is just one example of this.
Over FJ$50 million has been invested by the resort in the past two years in developments at the resort including the phase III refurbishment and expansion project.
But Wyndham Vacation Resorts Asia Pacific has indicated it will keep its doors open to further developments in the future depending on the demand.
Currently, accommodation at Wyndham Resorts Denarau Island is mostly exclusive to WorldMark South Pacific Club by Wyndham vacation owners and their guests.
But there are plans to have some rooms open for the general public.
This phase III project underway since late 2011, will be unveiled on October 21 by the Prime Minister Commodore Voreqe Bainimarama.
The extensive 22-month long expansion project is one of the biggest tourism developments to be undertaken in Fiji in recent years.
Wyndham Vacation Resorts Asia Pacific chief executive and managing director, Barry Robinson, said it is also the largest development ever to be carried out by Wyndham Vacation Resorts Asia Pacific’s property development team.
Not only has this project injected over $50 million into our economy, but the extensive project has further provided substantial employment boost.
Mr Robinson revealed that to date, over 1.14 million man-hours have gone into the project over approximately 22 months.
“In excess of 250 local workers and subcontractors have been employed during the expansion works in a variety of roles since September 2011,” he said.
“Also, an extra 40 full-time resort positions have been created as a result of the expansion.”

Questions for Wyndham Vacation Resorts Asia Pacific chief executive and managing director, Barry Robinson:

1. Is this the final stage of development for Wyndham?
The Stage III development is the final stage of works and the realisation of the original development proposal, which was first implemented in 2000.
We will be keeping the door open to further developments in the future if demand continues to grow, as it has done in the past.

2. I understand accommodation at Wyndham Resort Denarau Island is available for Vacation Club Owners only. Will people not members of the WorldMark South Pacific Club be allowed to stay?
Accommodation at Wyndham Resorts Denarau Island is mostly exclusive to WorldMark South Pacific Club by Wyndham vacation owners and their guests.
However, not all of the rooms will be going into the vacation club straight away. There will be some rooms open to the general public, because we want people to be able to experience what vacation ownership is all about.
Karma Beach Fiji, our new beachfront restaurant, café and bar and Mamacita Mexican Bar and Restaurant are also open to the general public.

3. Why did you decide to go ahead with this Stage III development?
There are over 46,000 Owners in the WorldMark South Pacific Club and Wyndham Resort Denarau Island is a firm favourite among Club Owners and their guests. It was one of the first resorts we acquired for the Club in 2000 and it has been running at very high occupancies ever since.
In the past three years it has consistently remained at over 90 per cent occupancy. We have found that owners stay on average around six days in Fiji choosing longer length stays over shorter stays. The demand is so high; we actually have a waiting list of vacation owners who are trying to stay at the resort.
The vision has always been to enhance the holiday experiences of WorldMark South Pacific Club owners and resort guests and provide more opportunity for owners to holiday in Fiji.

4. How is occupancy for Wyndham Resort Denarau Island at the moment?
Even throughout this extensive redevelopment, occupancy has remained over 90 per cent.
Exceptional holiday experiences for vacation owners and guests have remained paramount.
The resort team has worked very hard to ensure any possible disturbance to vacation owners and guests has been kept to an absolute minimum.

5. How would visitors benefit from the newest addition?
The project includes the construction of 63 new apartments, which will deliver a whole new level of accommodation to vacation owners and resort guests.  In addition to 138 existing apartments, Wyndham Resort Denarau Island will soon feature one and two-bedroom deluxe apartments, spacious three-bedroom Grand Suites and well-appointed three and four-bedroom oceanfront Presidential Suites, which boast private plunge pools and entertainment decks.
Wyndham Vacation Resorts Asia Pacific and Karma Royal Group’s subsidiary, Beach Clubs International, recently announced the opening of Karma Beach Fiji, a restaurant, bar and beach club, positioned absolute beachfront at Wyndham Resort Denarau Island.
Beach Clubs International is renowned for its beachfront bars and restaurants set in breathtaking locations around the world.
All three bars at Wyndham Resort Denarau Island now feature the Karma Beach cocktails, food and beverage offerings and music.
Phase III has also included upgrades to the resort’s main oceanfront swimming pool, a new reception area, boardwalks and the opening of Mamacita Mexican Bar and Restaurant.

Quicks facts about Wyndham Vacation Resorts Asia Pacific

• Part of the Wyndham Worldwide group of companies.
• Region’s largest vacation ownership business with a network
• 24 resorts across Australia, New Zealand and Fiji, and more than 46,000 Owners in the WorldMark South Pacific Club
• Broad range of accommodation options for WorldMark owners and guests in a joint partnership with Wyndham Hotel Group in the South Pacific

NOTE

We are always looking for promising and successful business stories to tell our readers.
If you know someone who has something interesting to tell readers through HARD TALK, do send an email to:
sunbiz@fijisun.com.fj

Barry Robinson

By RACHNA LAL and RANOBA BAOA

The Amalgamated Telecom Holdings (ATH) Group has revealed there are a number of other countries “keenly interested” to secure goods and international telecommunication connectivity via Fiji.
This is after Tonga, this week, successfully launched its first-ever high speed internet through Fiji’s Southern Cross Cable connectivity.
ATH general manager, Ivan Fong, has assured more business dealings will be made in the future.
Therefore, ATH’s purchase of the remaining 51 per cent shareholding in FINTEL from the Fijian Government can be seen as a sound decision.
“Now this becomes a lot easier too. You will see also some opportunities in the Pacific we were looking at,” Mr Fong said.
“So in the future, we expect a few more cables and that’s part of ATH is looking at is now try and secure more business in the region as well.”

The acquisition
The $9-million transaction has been funded through a loan from the Fiji National Provident Fund.
The Permanent Secretary for Finance, Filimone Waqabaca, said: “Proceeds from the sale will benefit Government in undertaking infrastructural development for the nation.”
ATH says this essentially brings to a conclusion an objective that has always been in alignment with the Government’s intention from the very beginning when ATH was formed.
ATH, in a statement said it was important for them to ensure that such a strategic asset which provides critical access continues to facilitate the improvement of delivery of end-to-end telecommunication services in Fiji so that the benefits to end users are improved.
“Already internet access in Fiji is amongst the cheapest in the Pacific, even when compared to other more developed economies but we are not going to test on our laurels,” ATH said.
ATH chairman, Ajith Kodagoda, said as an investor, “ATH, makes no apology for trying to improve profits as it is very important for the future sustainability of both the company and the nation.”

Economic growth
ATH sees broadband communication as the platform for the future economic growth of the country.
It says international telecommunications connectivity is a key element.
“We view it especially critical that modern international telecommunications connectivity remains a commercially-viable undertaking not just for now, but for the future generations of this nation,” the statement said.

By RACHNA LAL and RANOBA BAOA

After being out of service for almost two years, Venue Shipping’s MV Suilven will start providing services from next week Friday.
Venue Shipping owner, Ben Naidu, confirmed this to the Fiji Sun yesterday.
Mr Naidu said a “significant” amount had been invested in the refurbishment of the vessel to get it up-to-speed and start servicing.
MV Suilven’s route will be Suva-Savusavu-Taveuni-Savusavu-Suva route.
Those interested to buy tickets can do so at Venu Shipping’s office in Laucala Beach or call 3395000.
Venu Shipping will also be soon establishing its own office in Savusavu, Labasa and Taveuni.
The reentry of MV Suilven is expected to therefore create up to 60 full-time employment.

Sea trial success
Mr Naidu said the Maritime Safety Authority of Fiji (MSAF) successfully conducted MV Suilven’s sea trial this week.
“The sea trial was conducted this week with three MSAF surveyors where they took us through a very stringent test. They took this boat to its max and she performed well,” he said.
Mr Naidu said following the survey, MV Suilven has been given a 48-month survey system on a six monthly service basis.

Milestone achieved
Mr Naidu said a milestone was created when they successfully docked MV Suilven on the IMEL Naiqasiqasi dock a few weeks ago.
This was the first time a vessel of such a size had been put up on IMEL’s floating dry dock.
“The high integrity of this vessel is in excellent condition; we never did any hard work in the bottom of this boat,” he said.
“Her thickness is genuinely maintained, too good to believe.
“We did overalls on the main engine and we did a lot of works on the electronics of the engine.
“This boat is run in operation by three systems: the pneumatics, electronics and hydraulics. We had to work and rectify and install new parts.”

Adhering to public demand
Mr Naidu said they would be servicing the Savusavu and Taveuni route as there had been an outcry from the public on the services for this route.
“This had been going on for the last six months but my hands and legs have been tied up and I could not do much because we hadn’t surveyed this vessel,” he said.
“Once we surveyed this vessel, we’ve got her out of the waters, we did whatever works that was needed to be done then I knew we were set to go.”
After Consort Shipping’s MV SOFI went out of service after running aground a reef in Koro, Goundar Shipping’s MV Lomaiviti Princess I was the only vessel servicing this route.
Venu Shipping already has Sinu-i-Wasa Tolu which does Suva-Levuka direct and Sinu-i-Wasa does Suva-Vunisea-Kavala-Suva once a week.

Venu Shipping owner, Ben Naidu (right) with his son, Ben Naidu Junior, on board MV Suilven’s economy class yesterday. Photo: RACHNA LAL

By  SHEIK DEAN

The Lautoka Chamber of Commerce and Industry (LCCI) have applauded the move from the Bainimarama Government and Fiji Sugar Corporation in reviving the industry.
Chamber administrator Mohammed Salim said the added man power of corrections inmates during the 2013 harvesting season will definitely give the sugar industry and farmers a fruitful outcome.
“There has been shortage of cane cutters previously and this initiative is a positive move,” Mr Salim said.
Mr Salim says farmers need to reap the benefits of their hard work and for that matured sugar canes need to be harvested and delivered to mills on time.
“The Western Division plays a major role in the development of Fiji with our sugar industry benefiting every Fijian.
“Sugar industry employs a tremendous workforce directly and indirectly from such as cane growers, cane cutters, lorry drivers and mill workers.
“The current Government is not only reviving our sugar industry but the whole Agriculture Industry,’’ he said.

Shortage an issue
Meanwhile, an earlier statement by Sugar Cane Growers Council acting chief executive Sundresh Chetty said shortage of cane cutters was a major issue.
“The Council wishes to see harvested sugar cane delivered to the mills on time. We do not want to see sugar cane still left at the fields which is matured for harvesting,’’ Mr Chetty said.
Fiji Corrections Service has boosted the harvesting efforts with their assistance for the sugar industry with inmates seen harvesting in the Western Division as well as Labasa.

Lautoka Chamber of Commerce and Industry welcomes sugar revival plans. Photo: RAMA

Elevating the economic status of marginalised women through equipping them with income generating skills is one of the key programs administered by the Ministry of Social Welfare, Women and Poverty Alleviation.
In order to deliver this programme, the ministry has partnered with business organisations for the success of the programme.
This include Courts Fiji Limited, South Pacific Business Development (SPBD) and Home Finance Company to open up microfinance and small business opportunities in Fiji.
Last week, the Ministry teamed up with Courts to facilitate a two-day hands-on training in creative tailoring women living in Housing Assistance and Relief Trust (HART).
This is designed for 30 women from Wainibuku, Nakasi and Narere Hart Homes in Suva.
The training started on Tuesday and was held at Wainibuku Hart Hall in Nausori.

First time
Meredani Matiavi, president of Wainibuku HART home women’s club said, this was the first time for them to be provided with any training opportunity.
“We consider this as a blessing for us women, as those living in Hart Homes are single mothers, widows and some of them have children attending schools,” Ms Matiavi said.
“Most of us make things like jams, pickles, honey and even do tailoring to earn income. The Hart Home managers help us to take our products and sell it around towns.”
“We are grateful to the Ministry of Women and Courts, some of us never knew how to sew but now we have the skills to sew clothes like shirts, pants, women’s dresses and even school uniforms.
“Now we can make school uniforms for our children without having to travel to Nausori town.

Financing
“Some of us are also assisted through the social welfare monthly allowances, the income earned through tailoring will further help us to support the educational needs of our children,” she said.

The Minister for Social Welfare, Women and Poverty Alleviation Dr Jiko Luveni said that the long-term vision of her Ministry is to ensure that these women are able to venture into small businesses.
She said these women will also be provided with trainings in financial literacy to build their confidence and knowledge, further helping them to walk out of poverty.

Partnership
The Courts director Marketing Anil Senewiratne reiterated that similar trainings will also be done to many more women’s groups around Fiji.
“The partnership began in April last year, when Courts and Ministry of Women came together with a common vision of economically empowering women as a means of alleviating poverty,” Mr Senewiratne said.
“Since then we have engaged local and overseas trainers to train members of these women’s groups in basic sewing.
“This is helping to up skill them to acquire creative tailoring skills and also sewing machine maintenance skills.
“So far we have conducted a total of 33 workshops, thereby reaching out to 942 women in Fiji.”
– Ministry of Social Welfare, Women and Poverty Alleviatio

Minister for Social Welfare, Women and Poverty Alleviation, Dr Jiko Luveni (second from left) next to Courst Fiji Limited director Marketing, Anil Senewiratne (second right), handing over the sewing machines to the women of Kalabu recently. Photo: Ministry for Social Welfare, Women and Poverty Alleviation

By JYOTI PRATIBHA

Leading tourism and civic operators are looking at short-term and long-term plans to boost the tourist town of Nadi.
This after their meeting with Attorney-General and Minister for Tourism, Aiyaz Sayed-Khaiyum was held last week. Mr Sayed-Khaiyum is also the Acting Minister for Local Government.
The group came together at the request of the Mr Sayed-Khaiyum in the hope to better the performance and the look of the tourist town.
The group which have made up a board consists of former banker and current chair of Fiji Development Bank, Bob Lyon,  Rosie Group managing director, Tony Whitton, former Nadi Councilor,  Dr Raymond Fong.
Also on the board are architect Hemant Masuria, Tappoo Group executive director Krishna Murti and former Nadi Mayor Dilip Khatri with the Special Administrator Robin Ali.
Mr Lyon said they were pleased to be able to help Nadi to reach its full potential.
“Nadi being the gateway to tourism, we believe a lot can be done to improve things,” he said.
“It’s early days, we have only met today and we are looking forward to moving ahead,” Mr Lyon said after the meeting.
Mr Whitton echoed the same adding that they are looking at the various short and long term goals on how to best get the Jetset Town move ahead.

Discussion points
Mr Sayed-Khaiyum said the meeting was an effort to get Nadi residents and ratepayers involved in the working of the municipality.
“As part of involving members of the community-of Nadi in providing their assistance in expediting some of the reforms that is very much needed in Nadi,” Mr Sayed-Khaiyum said
“We are happy to announce that we have had the volunteering by these gentlemen to assist the Special Administrator with some of the matters.
“These include matters that would arise in terms of improving the infrastructure, in terms of the general outlook of Nadi.
“And some of the long term that needs to be put in place to ensure that people get more involved and ratepayers of Nadi get better services provided to them,” he added.

Attorney-General and Acting Minister for Local Government, Aiyaz Sayed-Khaiyum (third left) with major tourism and civic stakeholders in Nadi last week. Photo: MINFO NEWS

Source: MINISTRY OF INFORMATION

In a clear sign of the remarkable turnaround in the fortunes of Fiji Pine, the state-owned enterprise has paid off a loan it recently secured from Government to clear a 28 year debt.

Just three months ago, Fiji Pine borrowed $2.4-million dollars from Government to finally settle a loan it obtained from the European Investment Bank in 1985.

Its recent financial performance has been such that the Executive Chairman of Fiji Pine, Faiz Khan, was able to hand the money back on Tuesday when he presented a cheque for $2.4-million to the Prime Minister Commodore Voreqe Bainimarama.

The Prime Minister commended Fiji Pine for the prompt repayment. “I can’t recall another occasion when a state-owned enterprise has paid off an outstanding amount to Government so quickly. It’s a great credit to the Board, management and workers and a clear sign of the success of our reform programme at Fiji Pine,” he said.

For his part, Mr Khan thanked the Prime Minister for the Government’s support, describing the repayment as a significant milestone.

Full details in Wednesday’s Fiji Sun newspaper.

Fiji Pine Executive Chairman, Faiz Khan presenting the cheque for $2.4million to the Prime Minister Voreqe Bainimarama

Source: MINISTRY OF INFORMATION

The 2014 Budget Strategy will prioritise its policies on reducing fiscal deficits, maintain capital budget at 32 per cent of Gross Domestic Product and improve revenue compliance and economic activity to drive revenue for the 2014 financial year.

Ministry of Finance, Acting Deputy Secretary (Budget), Sinate Muelaulau presented the 2014 Budget Strategy and Prioritised Sectors of Government to donor agencies, development partners, regional organisations and key government ministries today at the Annual Donor and Development Partners Forum Holiday Inn.

For revenue polices, the budget strategy is set to assist private sector investments and support export development in resource-based sectors and value adding such as in Forestry sector.

“Cabinet has approved the 2014 Budget Strategy in early July and preparations will focus on raising economic growth within sustainable fiscal parameters, promote growth friendly policies in areas of taxation and expenditure and gradual reduction in deficits,” Ms Muelaulau said.

The forum was intended to lock-in donor and development partners’ commitment and support in channelling Official Development Assistance to the key priority programmes for the 2014 financial year.

The timeline set for the budget was consultations with ministries on the strategy on  August 2, Cabinet Sub-Committee (CSB) budget consultation with ministries to take place from September 12-20, CSB meetings to finalise budget estimates from October 1-18 and budget announcement on November 8, 2013.

Right: Tate & Lyle Sugars Limited Internationa Relations Officer, Simon Gibbons unveils a plaque to signify the tie between the two companies. Photo: RAEVENN BREEN

By RAEVENN BREEN

The Fiji Sugar Corporation held a short yet detailed ceremony to commemorate the strong bonds between the company and Tate & Lyle Sugars Ltd, based in England.
The event saw the International Relations Officer of Tate and Lyle Sugars, Simon Gibbons, planting a rare Dakua tree.
In light of this, a plaque set in stone, was laid on the landmark signifying the hopeful permanent relationship between the two companies.
“The crop has started very well, and you [FSC] are performing to very high standards,” Mr Gibbons said.
“Things are starting to happen for the industry and we are grateful to the Fijian Government, the FSC and the sugar industry to be present here.
“We are buying sugar from Fiji at a 40 per cent higher price than the international price for sugar, which is really something.
“We hope our ties can continue longer than the lives of these trees which will remain a symbol of our partnership, and friendship”.
The trees had been kindly donated by the Ministry for Agriculture, as the Dakua and Sandalwood trees that were given are a rare species of tree on the island.

Amalgamated Telecom Holdings chairman, Ajith Kodagoda (third right) and general manager, Ivan Fong (third left) and the rest the holdings directors at Holiday Inn yesterday. Photo: MARAIA VULA

By MARAIA VULA

Tough decisions are needed if we are to be kind in the long run.
These were the words of the Amalgamated Telecom Holdings Limited General Manager Ivan Fong at the ATH Annual General meeting at Holiday Inn yesterday.
The last four years saw ATH concentrate on consolidating parts of the Group to keep focus on core strengths and businesses in order to pull through the economic challenges posed globally and locally.
“At the same time we have kept focus on improving end to end quality of service and customer service,” Mr Fong said.
The ATH board believes such practical business decisions have enabled ATH to keep on top of tough times.
“An unprecedented growth in data and broadband internet has translated into significant returns for our companies, most significantly in Vodafone Fiji and TFL but it also represents a shift away from our core business revenues,” he said.
According to General Managers’ report the company has improved overall sales performance generally with standouts in data communications growth.
And also international business opportunities while core revenues stabilized.
ATH chairman Mr Ajith Kodagoda said, future plans for ATH is to bring value to shareholders values and increase profitability.

Recent Developments
Mr Kodagoda stated that recently over the past few years is  that  the companies have competed against each other without working together as well as working in their specific area.
Now with the recent acquisition of FINTEL, ATH has an arm to look after the International affairs of the business.
“We have Vodafone which is looking after mobile affairs and Telecom concentrating on the landline, data, so that we don’t compete with each other,” Mr Kodagoda said.
“We will also remove the Chinese wall so to speak and we will start looking at hiring one financial controller, one legal officer and one Chief Executive officer hopefully so we can work together so that all the shares are owned by ATH it’s simpler,” he said.

TFL Appointment
The appointment of Sri Lankan national Mothilal De Silva as the new chief executive officer is nothing new to the ATH board members as it was a decision finalised by the Telecom Fiji Limited board.
Mr Fong said, “De Silva’s qualification speaks for itself, he has vast experience in the telecommunications field.”
He formerly held a position of Group strategy officer and Group chief corporate officer of Dialog Axiata PLC, Sri Lanka, a Quadruple Play telecommunications company.
“The board selected someone   who will operate in a pace not just in traditional telecommunication but    in terms of the new media and new technologies   that will take the group forward soon  on the basis the appointment was made,” he said.

Biosecurity Authority of Fiji (BAF) officers have found foreign snails on a container that arrived on our shores on Sunday.
Officers stationed at the Queens Wharf in Suva discovered two large snails last Sunday and another ten last night.
The container was onboard the Capitaine Tasman which arrived from Vanuatu’s capital, Port Villa.
The snails were discovered mostly on the bottom of containers carrying cargo on the ship.
FBC News was allowed access to the Queens Wharf this morning where containers were still being unloaded, undergoing fumigation before they touched Fijian soil.
BAF officials told FBC News, there’s a possibility that more snails are in the remaining containers.
The officials have put bait around the perimeters of the Queens wharf, as a precautionary measure to stop the snails from getting out of the premises.
The snails will be sent to the laboratory for further tests.
–FBC News