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| Tongans... could
be hit badly by a squash glut in its Japanese market. |
Squash glut to hit growers
Tonga's economy, dependent on annual remittances of F$70-80 million pa'anga
a year from expatriate Tongans abroad and squash exports to Japan, could
be hit badly by a glut in its Japanese market. Up to the middle of the
year, squash growers and exporters had anticipated a near record crop
of about 20,000 tons and a price in the vicinity of 50 seniti (cents)
per kilogramme. By October, a glut in the Japanese market caused by supplies
from Japan's own growers and Russia had driven prices down alarmingly
to between 15-20 seniti. Financiers of the Tonga crop, primarily the Tonga
Development, Bank are alarmed about the growers' ability to repay their
loans.
Vanuatu's new luxury hotel
Australian and local investors have announced a plan to transform the
nine bungalows and nine-hole golf course of the small Whitesands golf
resort near Port Vila into a major luxury resort, golf and country club
and a spa. Site preparation began in November and is due to be completed
by the end of 2004.
Shipping registry up
Vanuatu's shipping registry rose to 546 vessels in the June quarter, compared
to 526 and 510 in the first quarter of 2003 and corresponding 2002 quarter.
Net registry fees grew by 13.7% to 39.7 million Vatu in the quarter compared
to the corresponding 2002 quarter. The increase came from the registration
of offshore supply ships, fishing vessels, conventional ships and one
mobile offshore drilling rig. The registry's New York office said reciprocal
port tax treaties, fishing legislation and regulations, regional fishing
oversight bodies and the sanitary certification of fishing vessels were
matters that needed to be resolved for the registry to grow.
More new hotels for Samoa
The Samoa government's tourism taskforce has received a proposal for a
S$42.8 million resort to be built at Taumeasina Island, near Apia, by
a New Zealander who hopes to begin constructing it within a few months.
Local investors plan a separate 140-room resort while a German investor
has asked for government support for what would be a five-star project.
The Mormon Church announced a S$15.5 million replacement for a large temple
destroyed by a fire in July
Record profit for Samoa Breweries
Samoa Breweries Ltd, ultimately controlled by the Foster's Brewing Group
of Australia, reported a record S$5.7 million annual profit for 2002/2003.
It said it would invest S$1.3 million in plant to improve output. Beer
sales earn S$50 million, with 15% of revenue derived from exports.
PNG's payroll robbery
Eight heavily armed men wearing police uniforms fired shots and took two
hostages during the November payroll robbery of a Port Moresby business.
They took a woman secretary and a male driver hostage, and drove off with
thousands in cash and later freeing the hostages unharmed. Papua New Guinea
said some of the gang could have been policemen.
EPA fines Mobil and BP
Fines of US$548,000 had been imposed by the United States Environmental
Protection Agency on Mobil and British Petroleum for supplying substandard
petrol to American Samoa. The agency said Mobil Australia shipped at least
23 barges of petrol that lacked a federally required additive. BP Pacific,
operator of the American Samoa tank farm, accepted fuel and mixed it with
its own petrol, the agency said.
More hotel rooms for Fiji
An Australian developer announced a F$70 million, 250-room resort to open
in 2006 under the management of the Marriott chain. The resort, which
will also feature villa sites and a small marina, will be located at Momi
Bay, half way between Nadi and Sigatoka. The Accor group is preparing
to build a 300-room property in a joint venture with the national airline,
Air Pacific, at Denarau Island, near Nadi.
A New Zealand operator of three retirement villages plans a 250 retirement
villas at Saweni Beach, near Nadi Airport. The government is nearing completion
of a 12-kilometre highway to give access to Natadola Beach; about 45 kilometres
from Nadi, where construction of resorts for management by Four Seasons
and the Intercontinental hotel chain is expected to begin next year.
EGM anticipates higher gold prices
Emperor Gold Mines Ltd, controlled by South African, American and Australian
investors, in November began work on the F$90 million extension, over
three years, to its Vatukoula mine. Increased production and higher prices
are expected to push gold export receipts from around F$86 million in
2003 to around F$134 million in 2005. A United States company opened a
call centre, to employ 350 people, in Suva in October having moved it
from Mexico. Fiji Water, owned by a Canadian company and now a serious
competitor for Perrier in the United States, said it would invest F$20
million to enlarge a bottling factory near Rakiraki, in north-eastern
Viti Levu, that is already exporting more than F$30 million annually.
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