The Fiji Times » Business

China’s industrial profits drop further as COVID woes take toll on economy

BEIJING (Reuters) -China’s industrial firms saw overall profits decline further in the January-October period as COVID-19 outbreaks flared up and cities imposed new virus curbs, including targeted lockdowns, dampening economic activity. Industrial profits fell 3.0% in the first 10 months of 2022 from a year earlier. That compares with a 2.3% drop for January-September, National...

Twitter CEO Musk says user signups at all-time high, touts features of “everything app”

(Reuters) – Twitter Inc Chief Executive Elon Musk has said that new user signups to the social media platform are at an “all-time high”, as he struggles with a mass exodus of advertisers and users fleeing to other platforms over concerns about verification and hate speech. Signups were averaging over two million per day in...

BOJ to conduct annual survey on climate finance to nurture ESG market

TOKYO (Reuters) – Bank of Japan (BOJ) Deputy Governor Masayoshi Amamiya said on Sunday the central bank will conduct a survey annually of financial institutions and companies, seeking ways to nurture the country’s growing climate finance market. An initial survey in August showed “strong demand” in Japan for “green” bonds and other environmental, social and...

China Jan-Oct industrial profits fall 3.0% y/y

BEIJING (Reuters) – Profits at China’s industrial firms fell 3.0% in January-October from a year earlier, after a 2.3% slump in the first nine months, according to data from the National Bureau of Statistics (NBS) released on Sunday. The bureau did not report standalone figures for October. With new COVID-19 cases in China hitting record...

Fiji Airways begin flights to Vancouver

National airline Fiji Airways’ inaugural flight to Vancouver had an 88 per cent capacity of passengers taking advantage of Fiji’s direct link to Canada. Fiji Airways managing director Andre Viljoen said this created a good number for a first flight. “The inaugural return flight from Vancouver to Nadi has a seat load factor of 88...

Macau’s 6 casino operators get new licences, Malaysia’s Genting out

(Reuters) -Macau’s government said on Saturday its six incumbent casino operators would be given new licences to operate in the world’s biggest gambling hub from January, with Malaysian operator Genting missing out on a spot. The highly anticipated announcement signals stability and continuity for the Macau operators who have invested more than $50 billion in...

Ali: No industry in particular to replace tourism; but work on other potential sectors

There isn’t any industry in particular that can replace the tourism industry, however, we could start working on other sectors that have potential to contribute to economic growth. Reserve Bank of Fiji (RBF) governor Ariff Ali made the comment during his presentation on macroeconomic outlook and living with global shocks at the TOPEX 2022 yesterday....

‘Work-ready people needed’

The private sector moves at a speed which is faster than changes that are taking place to close the gaps in the industry and its need for work-ready people. While sharing his views on the topic “Future of Fiji workforce – Global Perspective, Fiji Commerce and Employers Federation president Vinay Narsey said it was important...

RBF governor: Fijian economy projected to expand

The Reserve Bank of Fiji (RBF) board has agreed to maintain the Overnight Policy Rate at 0.25 per cent in its monthly meeting held November 24. The RBF has also projected economic growth and the receding of inflation. The governor and chairman of the board, Ariff Ali, stated that “domestic economic activity continues to be...

Many shoppers can’t find Apple’s latest iPhones on Black Friday

BETHESDA, Md./NEW YORK (Reuters) – Many shoppers looking for Apple’s latest high-end phones returned empty handed from its stores this Black Friday as the technology company struggles with production snafus in China. Among them were Sally Gannon and her son Michael, who were visiting an Apple store in Bethesda, where they found no iPhone Pros...

National carrier launches inaugural service to Vancouver

Canadians have been encouraged to take advantage of the twice-weekly flights of the new exotic Fijian getaway with the launch of the Fiji Airways commercial flight to and from Vancouver. Shaenaz Voss, Fiji Airways Executive General Corporate Affairs while launching the national carrier inaugural flight to and from Vancouver at the Nadi International Airport said...

FNPF announces new retirement product

The Fiji National Provident Fund has announced the upcoming launch of a new retirement product that will offer members flexibility and earn an interest. Chief executive officer Viliame Vodonaivalu said the new product, called the DrawDown Account (DDA) will allow members to receive a monthly income, access withdrawal and earn interest on their balances. “Our...

70,152 tourists recorded in Fiji last month

A total of 70,152 tourists arrived in the county in October, compared with 72,657 in September. The Fiji Bureau of Statistics (FBOS) said out of the 70,152 visitors, 69,052 came by air while 1100 came by sea. The sea arrivals were mostly seamen on fishing vessels (1031) and 69 arrivals by yachts. Australia, New Zealand,...

Manufacturer renews support for TOPEX

With its renewed support for the Fiji Commerce and Employers Federation (FCEF) annual TOPEX this year, Paradise Beverages looks forward to engaging with other leaders and share ideas that will benefit businesses and the economy. Paradise Beverages general manager Mike Spencer said they were proud to support FCEF on the national stage and were excited...

Landowning units receive $4.1m

Two landowning units in Nacula, Yasawa yesterday received $4.1 million in premium for the lease of their land for a high end tourism project. A statement from the iTaukei Land Trust Board (TLTB) said the landowners would also receive an annual rental of $1.6 million when the tourism project commences operation. The landowners belong to...

Operators: Give base taxis priority

Taxi operators in Suva claim business was running smoothly until Government introduced the Open Rank Taxi System in April this year. Cabbies who spoke to The Fiji Times said they wanted to revert to the previous system where only those who paid base fees were allowed to operate from a specific stand. They were unanimous...

Fijian economist wary of Fiji’s debt servicing scenario

Thirty-two cents in every dollar that government collects in revenue is going towards servicing debt and the State should be very concerned about this scenario, says University of the South Pacific senior economics lecturer Dr Neelesh Gounder. “Now, debt in itself is not a bad thing,” he said. “Economies everywhere borrow to spend on infrastructure...

TOPEX agenda

With just two days for the TOPEX Conference 2022, final preparations are in progress by the Fiji Commerce and Employers Federation’s Organising Committee. The conference will start with a cocktail function on Thursday evening to welcome delegates to the TOPEX 2022 at the Shangri-La Yanuca Island. Chief guest – President Ratu Wiliame Katonivere will officially...

Surf, science, and sustainable tourism

Two of the most critical topics for Fiji today, tourism and environmental protection have momentarily merged to bring hope thanks to the visit of a team of marine scientists from the multiscale environmental graphical analysis (MEGA) lab in Hilo, Hawai’i. MEGA lab aims to develop innovative technologies and provide them to communities like ours that...

6013 properties sold in the past three years

The real estate industry has expanded steadily over the years and continues to grow, according to the Real Estate Agents Licensing Board (REALB). It said the first three months of the year recorded more property sales compared with the same period in the past two years. In response to questions sent to the REALB, it...

IHG thanks loyal customers

Three local IHG Hotels & Resorts properties hosted Suva-based partners and customers at an appreciation event at Grand Pacific Hotel, Suva as part of IHG’s Global Customer Appreciation Week. IHG Area General – South Pacific Lachlan Walker said, “This is a very important event for us as we celebrate our customers for their trust in...

Bid to raise $30m

Fijian Holdings Ltd (FHL) intends to raise up to $30 million in its Wholesale Corporate Bond offer. FHL acting chairman Yogesh Karan said the funds raised would be used to assist in financing of the FHL Tower construction – the 18-storey office complex on the corner of Gordon St and Thurston Rd and to repay...

Shazleen scoops top award

For the first time the award for Human Resource Leader of the Year at the Marriott International APEC (Asia Pacific Excluding China) Annual HR Awards has been won by a HR leader from Fiji. Cluster director of Human Resources Fiji Farrah Shazleen was announced as the recipient of the award at the Annual HR Awards...

Organic focus

Marriott Fiji International Resorts currently has a five and a half acre farm at the Denarau Golf & Racket Club specifically dedicated to organic farming. Speaking during the group’s Global Customer Appreciation Week (GCAW) cocktail function at the Paradiso Restaurant in Suva, Marriott International Pacific Islands vice president Neeraj Chadha said the farm has been...

Business

Besieged by COVID: Downturn in economic activities had a huge impact on MSMEs – Saxsena