Business Briefs
Business Briefs
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The Fiji government-controlled sugar company, the Fiji Sugar Corporation, has reported a fourth year of heavy consecutive loss that has pushed accumulated losses up to more than F$58 million (US$33 million). Chairman Hafiz Khan says the 2003 loss of F$13.2 million (US$7.3 million) will exceed F$20 million (US$11.36 million) in 2004 if the restructuring of the industry, due to have begun in April last year and delayed until April this year, is not implemented. Khan says FSC is insolvent and can continue to operate only with the renewal of a F$75 million (US$42.6 million) government guarantee for it. To survive, the 120-year-old industry has to drastically cut production costs in the next five years, the chairman says. Political opposition from sugar cane growers led by Fiji Labour party leader Mahendra Chaudhry, is the main reason for the delay in reforms. The government says implementation of these must begin quickly if vital financial support from the European Investment Bank is to be retained.
OilSearch's $200m investment
OilSearch, Papua New Guinea's largest oil and natural gas exploration and production company, intends to invest US$200 million in exploration and development this year. Managing director Peter Botten says work will include drilling several new exploration wells and the start of the development of the North West Moran and South East Manada fields, estimated to hold about 90 million barrels of recoverable oil. Oil Search has sold its 20% holding in the Porgera Mine for A$73.8 million to a South African miner, Durban Roodepoort Deep (DRD), which already owns the 80,000-ounce a year Tolukuma mine in Papua New Guinea. OilSearch will use the funds from the sale to assist with its A$96.9 million purchase of Chevron Texaco's PNG oil and gas fields.
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Tongan to represent islands at WTO
Ana Fusipala Kessie, a Tongan, has been appointed the Pacific Islands Forum country representative at the World Trade Organisation in Geneva, Switzerland. After working on trade policy, negotiations and trade promotions for Tonga's ministry of commerce and industry, she moved to Geneva in 1998 to work as a specialised legal assistant with the United Nations Compensation Commission in Geneva.
Fiji's tourism on the up
Fiji's tourism industry grew by about four percent in 2003 to a record estimated at 425,000 visitors, despite global travel worries caused by SARS, the Iraq War and terrorism. The previous record in 1999 was 409,000. 2003 tourism earnings were estimated at about F$700 million (US$405 million), Bill Gavoka, chief of the Fiji Visitors Bureau, said. Its forecast for 2004 is 445,000 visitors. Three cut rate airlines, two from New Zealand and one from Australia, are expected to open cheap package holiday flights to Fiji within the next few months. Meanwhile, French Polynesia's tourist arrivals for 2003 reached 195,666 by the end of November to surpass the total for 2002. The total for 2003 was expected to exceed 200,000 arrivals, a level last reached in 1999/2001.
New office to open in Japan
Papua New Guinea's Tourism Promotion Authority will open an office in Japan later this year and will hire tourism promotion representatives in Australia and Britain.
US$600m compensation
Three United States territories‹Guam, Hawaii and the Northern Marianas Islands‹will share US$600 million in United States federal funds over the next 20 years as compensation for the cost of social services they supply to migrants from the Federated States of Micronesia and the Marshall Islands, who are allowed to settle in the United States under an aid agreement their countries have with it.
Lift cocoa output
Papua New Guinea's Cocoa Board hopes to lift its annual cocoa output from 40,000 to 100,000 tonnes over the next 10 years. It says to reach this target, it needs to plant 10 million cocoa seedlings a year. The board has launched research projects to produce new high-yielding varieties and to improve cropping, harvesting and processing methods.
French supermarkets in tuna industry?
French Polynesia hopes to persuade two large French supermarket chains, Intermarche and Casino, to invest in the territory's tuna fishing industry and buy tuna caught in its five million square kilometres exclusive economic zone. Talks have been held in Paris on investment in fishing vessels and the creation of a brand.
