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This blog is brought to you by Gilbert & Samuels Company Limited, a financial advisory services and consulting company based in Suva, Fiji.
To contact the authors of this blog, please call telephones (679) 3342719, (679) 3544897 or e-mail info@gilbert.com.fj.


Thursday, September 27, 2007

ANZ Interest Rates (Updated 1.9.07)

Schedule of interest rates released by ANZ Fiji are as follows :
  • Business Index Rate - 11.00%;
  • Residential Property Loan : Standard Variable Rate - 10.50%, 1 Year Fixed Rate - 9.00%;
  • Investment Loan : Standard Variable Rate - 10.50%, 1 Year Fixed Rate - 9.00%;
  • Personal Loans : Secured - 12.20%, Unsecured - 14.20%;
  • Small Loans : Unsecured - 19.00%;
  • Retail Term Deposits : 9 months to 1 year - 2.75%, 1 to 2 Years - 3.00%, 2 Years to 3 Years - 3.00%.
Interest rates are on a per annum basis and may be varied by ANZ without prior notice.

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ANZ reduces rates further

ANZ Banking Group Limited will reduce its interest rates further by 0.5% from Monday, 1 October 2007.

The bank said that it is reducing interest rates to ease pressure on its loyal customers most of whom have felt the effect of a downturn in the economy and reduction in consumer confidence.

Secondly, the bank is reducing interest rates to encourage investment. ANZ said that there is no doubt that investment has slowed and that the reduction will encourage some businesses who are contemplating investment to go ahead with their projects.

See our next post for more information on the rates.

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Saturday, September 22, 2007

Strategic Planning for Unit Trust of Fiji

We are currently completing some work for the Unit Trust of Fiji wherein we conducted Strategic Planning workshops for managers and staff of the Trust using a strategic planning model that we designed.

During the workshops, together with the managers and staff of the Trust we reviewed various scenarios in which the Trust would be expected to operate in over the period 2008 to 2010, we helped develop new Vision and Mission statements, identified SWOT factors that would have a play in the Trust's ability to get to where it wants to be, determined strategies for the Trust and related Key Performance Indicators.

In this project, we were assisted by Mr Nacanieli Rika, Accounting and Finance lecturer, University of the South Pacific.

For more information on our model and related processes that we take clients through, pls e-mail gilbert@connect.com.fj or call telephones (679) 3396427 or (679) 9921427.

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Wednesday, September 12, 2007

Corporate Governance in Fiji's Capital Markets Industry

We have just completed assisting some New Zealand consultants working on developing Corporate Governance Principles for the capital markets industry in Fiji.

In the first leg of the consultancy that has just been completed, we conducted interviews with players in the capital markets industry to get an appreciation of the state of corporate governance in the various entities.

A report on this leg of the consultancy has been prepared and submitted to the Capital Markets Development Authority which provided some recommendations on potential areas that can be covered in the Principles to be drawn up for the industry.

A follow up Conference at the end of September 2007 will be focused towards identifying and putting together appropriate Principles for the industry.

For this assignment, we provided the local expertise on technical capital markets issues to the lead New Zealand consultants who had more specific experience in corporate governance.

Please read my profile on the right hand side of this webpage for information on some of our other clients.

For potential consulting work, pls contact us on telephones (679) 3396427 or (679) 9921427 or e-mail gilbertv2@connect.com.fj.

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Monday, September 03, 2007

Telecommunications charges fall further

The Commerce Commission has announced further reductions in call charges from land lines, mobile phones and Internet charges.

More details on this will be provided later. In the meantime, here is a copy of the news coverage of it on Fiji Television tonight, 3 September 2007.


"Reduction in call charges: Commerce Commission 3 Sep 2007 01:52:43

The Commerce Commission has announced further reductions in call charges from land lines, mobile phones, along with Internet charges.

The Commission says the new prices were ordered, as there is still room for consumers to benefit.

The Commerce Commission believes it has come as far as it can in reducing telecom prices for the benefit of consumers.

Three seperate determinations over the years have seen reductions of up to 70% in land lines, mobiles and internet usage.

However, the Commission has now indicated it wants to step aside, and let the market regulate itself.

The Chairman says even if the market is opened up, the Commission will monitor operations and anyone who steps out of line, will be taken to task.

The Commission has confirmed any new players will have to abide by the tariffs which come into effect from October 1st."

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Colonial National Bank Interest Rates (Updated 1.9.07)

Schedule of interest rates released by Colonial National Bank are as follows :
  • Business Banking Base Rate - 10.70%;
  • Residential Property Loan : Variable Rate - 11.00%, 1 Year Fixed Rate - 9.00%;
  • Investment Loan : Variable Rate - 11.00%, 1 Year Fixed Rate - 9.00%;
  • Retail Term Deposits : 9 months - 3.50%, 1 year - 3.50%, 1.5 Years - 3.50%, 2 Years - 3.50%, 3 Years - 3.50%.
Interest rates are on a per annum basis and may be varied by the bank without prior notice.

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Westpac Interest Rates (Updated 1.9.07)

Schedule of interest rates released by Westpac Fiji are as follows :
  • Business Lending Rate - 10.99%;
  • Residential Property Loan : Variable Rate - 10.75%, 1 year Fixed Rate - 9.00%;
  • Investment Loan : Variable Rate - 10.75%, , 1 year Fixed Rate - 9.00%;
  • Retail Term Deposits : 6 to less than 9 months - 1.50%, 9 months to less than 1 year - 3.00%, 1 year to less than 1.5 Years - 3.00%, 1.5 years to less than 2 Years - 3.00%, 2 years to less than 3 Years - 3.00%.
Interest rates are on a per annum basis and may be varied by the bank without prior notice.

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Saturday, September 01, 2007

FNPF Board comments on Audit Report

The Fiji National Provident Fund Board is currently evaluating the Ernst & Young Audit Report on the Fund's operations and investments which was commissioned by the Interim Government early 2007.

The following is an excerpt taken from a notice put out by the Fund in the Fiji Times of Thursday, 30 August 2007.

"The major objectives of the audit were to :
  • investigate major investment projects undertaken by the Fund, ascertaining any shortcomings, deficiencies or excessive risks arising from these investments;
  • review the purchasing and procurement processes to ensure that they are in accordance with established policies & procedures and benchmarking to best practices; and
  • identify discrepancies relating to entitlements and benefits for senior management and past Board members.

In relation the Fund's investments, the report identified a number of governance, control, and structural weaknesses that potentially expose FNPF to unnecessary risks."

For more information, pls contact the Fund's Board Secretary on telephone (679) 3307811.

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ANZ Interest Rates (Updated 1.9.07)

Schedule of interest rates released by ANZ Fiji are as follows :
  • Business Index Rate - 11.50%;
  • Residential Property Loan : Standard Variable Rate - 11.00%, 1 Year Fixed Rate - 9.00%;
    Investment Loan : Standard Variable Rate - 11.00%, 1 Year Fixed Rate - 9.00%;
  • Personal Loans : Secured - 12.20%, Unsecured - 14.20%;
  • Small Loans : Unsecured - 19.00%;
  • Retail Term Deposits : 9 months to 1 year - 2.75%, 1 to 2 Years - 3.00%, 2 Years to 3 Years - 3.00%.
Interest rates are on a per annum basis and may be varied by ANZ without prior notice.

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Home Finance Term Deposit Rates

The one year term deposit rates offered by Home Finance Company Limited has been reduced to 5.5% from the current 6.5%. At present this is one of the highest term deposit rates offered by financial institutions in Fiji. The new rate comes into effect from 1 September 2007. For more information, pls call Home Finance Company Limited on telephone (679) 3316555.

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