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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.


Saturday, June 28, 2008

Non-Resident Borrowings Relaxed

The RBF has announced the relaxation of the local borrowing by non-resident companies.
The non-resident controlled companies can now have access to more borrowing from commercial banks and other lending institutions. The relaxation of this policy means that non-resident companies can now borrow up to a certain percent locally based on the debt-to-equity ratio. The guideline to this ratio is 3:1. This ratio is subject to verification by a chartered accountant.

The conditions for the borrowing are as follows:
§ for 51% - 70% non-resident ownership – can borrow up to 85% local financing;
§ for 71% - 90% non-resident ownership – can borrow up to 75% local financing; and
§ for 91% - 100% non-resident ownership – can borrow up to 60% local financing.

The policy is effective immediately.

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Friday, June 20, 2008

Ethanol Project to cost Government F$50 million

The ethanol project should cost the Fiji Government about F$50million, however, regardless of the costs today, it is expected to have good long-term benefits in the days to come.

Ethanol is an alternative fuel which burns more cleaner than normal fuel. Although it may be a new topic of discussion in Fiji, it is not a new thing globally.

It has already been used in States such as Iowa and Minnesota in the U.S.A.

It is also cheaper. Producing ethanol here, could assist with reducing some of our dependence on the rest of the world to meet our fuel and energy needs.

A deal is currently being made between the commercial arm of the NLTB, the Vanua Development Corporation, and the Chinese Government to produce ethanol in Fiji.

The ethanol that is expected to be produced in Fiji will be made from cassava. A massive 500,000 tonnes of cassava is required on a yearly basis to produce 50,000 tonnes of ethanol per year and this equates to about 1,500 tonnes of cassava on a daily basis.

The site of the production plant is still undecided. However, Government’s Department of Energy is looking potential sites at Naitasiri Province on Viti Levu, Fiji.

Another alternative fuel that has not had much development or research in Fiji is solar energy. Wind energy is being developed with the Fiji Electricity Authority opening a wind farm at Butoni, Sigatoka, over the past year.

The Fiji Government provides incentives for businesses that wish to produce alternative forms of energy.

For further information on Government incentives that are in place, please refer to the website of the Fiji Islands Trade and Investment Bureau, www.ftib.org.fj.

Thursday, June 19, 2008

The New Food Unit

Fiji is one of the three Pacific Island Countries who can export fish to the EU. This fish stock includes Tuna.
Fiji’s temporary arrangement with the EU on fish export expired on 31 October, 2007 based on the assessment of legislative requirements by EU’s Food and Veterinary Office (FVO).
In order to help Fiji start fish exports to the EU again, a Food Unit has been set-up by the cabinet that will be coined with the responsibility to facilitate compliance of the fish and the fisheries product ready for export with EU’s regulations.
The Food Unit will be established under the Ministry of Health’s Environmental section.

China's aid in Pacific Islands Countries

China has increased its aid the Pacific countries significantly over the past three years. Research has concluded that China aid increased from $US33 million in 2005 to $US 293 million in 2007.
Most of these funds have been promised to large infrastructure projects which will be built by Chinese companies, using Chinese sourced materials.

Pacific Island Governments will also receive some aid. The aid they will receive can however be used at will to finance any expenses or projects that they think are necessary.

Chinese into the Pacific Islands region has increased substantially in recent years. Such aid has been received with open arms by most Pacific Island countries who are much dependent on aid money. For some island countries, a dependency attitude has evolved over the years making them ever dependent on aid funds.

Some recent analysis showed that an increase in aid funds do not lead to a corresponding increase in economic growth. Please refer to the Forum Secretariat website for some recent analysis done by economists.

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Friday, June 06, 2008

Contact Details for Gilbert & Samuels Company Limited

For those that wish to contact us, our office is located at 19 Rosi Street, Off Nasinu Road, Suva.

Telephone contacts are : (679) 3342719 or (679) 9921427.

Our e-mail address is : info@gilbert.com.fj. Pls do not use investinfiji@gilbert.com.fj. That e-mail address is no longer available.

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