Business Briefs
Business Briefs
PAFCO's $50m slipway put on hold
The Fiji Government-controlled Pacific Fishing Company (PAFCO) says it has put a F$50 million (US$25 million) slipway and fish processing project to be located at Lautoka on indefinite hold because of failure to win government approval for the tax concessions it wants. Sources said the government regards the concessions sought as being too generous. PAFCO, with a Taiwanese fishing company partner, proposed to build a slipway with six 750 to 3000-ton berths, a fresh fish processing plant, cold stores and gear repair and maintenance facilities, with the aim of making Lautoka a major regional fishing fleet servicing centre.
Meanwhile, fresh tuna exports out of Lae for the lucrative Japanese sashimi market have been given a boost. A direct charter service between Lae and Brisbane in Australia has been arranged by the Lae-based fishing firm, MAPS Tuna. This will allow for fresh tuna caught in Morobe waters to be air freighted to Brisbane for connections on other airlines to Japan within 48 hours. Morobe governor, Luther Wenge says the freight service including the return leg is open for other companies to use.
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Palau's tax revenues decline
The government of Palau says it will continue its economic drive in order to cope with a shortfall in revenues. Government revenues from tax collection suffered a six percent shortfall in the eight months to May. Finance Minister Elbuchel Sadang says the government will trim down "unnecessary expenditures" until the end of the financial year.
Cooks' conservative budget
Cook Islands' Finance Minister Dr Terepai Maoate has published what commentators described as a conservative budget, spending cuts and promising a "new era of responsibility". Maoate said the budget reflected improved planning and financial management to return the country to do the best it could with what it had. The budget contains a national plan to be supported by the Asian Development Bank and for which the government hopes to win broad community and political support. It initiates a reserve trust fund begun with a $319,000 (US$185,000) allocation. More money will be allocated annually under a formal mechanism. Spending will be cut by $6.6 million (US$3.8 million) and income tax cut by $1.6 million (US$927,000) by raising the tax-free income threshold. The total appropriation is for $82,747,181 (US$47,968,999).
Former NPF chair returns
Papua New Guinea's former National Provident Fund chair, Jimmy Maladina returned to Papua New Guinea in July after months of being holed up in Australia where he owns properties to face allegations that he defrauded the fund of more than 2.65 million Kina. On arrival, he said, he had returned voluntarily to clear his name. He was due later to be taken to the police fraud squad to be interviewed and charged.
Aviation ministers endorse PIASA
Pacific Islands Forum Aviation Ministers, meeting at Port Vila endorsed the Pacific Islands Air Services Agreement (PIASA) and approved plans for improving the region's air traffic control system, an airline safety regime and a plan for developing regional air cargo services. PIASA, approved for acceptance by the Auckland Pacific Islands Forum summit meeting in August, is to liberalise airline traffic rights in the region by creating a free civil aviation market. It is opposed by Fiji, which says it will continue to negotiate traffic rights bilaterally, not multilaterally, as envisaged by PIASA.
GPH bought and sold again
After buying the derelict Grand Pacific Hotel in Suva from Nauru for F$4.7 million (US$2.5 million), the Fiji Government has sold the property to a government-owned investment company, the Fiji Investment Corporation. The corporation says it will soon announce details of the restoration and enlargement of the hotel as a joint venture with a private investor.
French banks interested in Port Vila
Several French banks have inquired about opening shop in Port Vila after the removal of Vanuatu from the OECD blacklist of offshore finance centre countries, according to the Vanuatu Trading Post. Vanuatu's finance ministry said one bank it was in discussion with was Caisse d'Epargne, with a network of 31 savings and loan banking entities and 26 million customers.
Samoa's exports reduced
Samoa's trade minister, Hans Joachim Keil, says the country's exports have been reduced to exporting fish and some other products to only American Samoa. Imports were received by Australia, New Zealand and Japan but nothing was being exported to them.
Comalco signs 20-year deal
Comalco, an Australian oil company, has signed a 20-year agreement to take gas for a refinery it has in Queensland from the planned A$6000-million Papua New Guinea pipeline.
USP's future under review
A review of the future of the University of the South Pacific is due for publication in December. The review was requested by the USP 12-member governments after the main USP campus at Suva was affected by local political unrest after a May 2000 coup. The USP owners want to minimise political interference, accelerate the development of its satellite communications network, and expand its distance learning organisation.
