Trade Winds
pp. 40-41 · Read in the full issue
Govt Loan For Tongan Industry
THE TONGA Government gave al most SA2 million to the Tonga Develop ment Bank for loans to the agriculture, manufacturing, tourism and service in dustries. The money was lent to the government under special drawing rights from the World Bank the first such loan since Tonga became a member of the World Bank two years ago. The Develop ment Bank loan agreement was signed by Finance Minister Mr James Cocker and the Deputy Bank Chairman, Baron Vaes of Houma.
Bougainville Profits Down
BOUGAINVILLE Copper Limited announced a half yearly profit of K 17.5 million, a 22 per cent drop in profit com pared with the first half of last year. Di rectors said the lower profit is attributable to reduced sales of copper concentrate.
They said that although metal prices were higher, these were offset by a less favour able exchange rate and by a fall in the gold content of its produced concentrate. In the six months to the end of June, Bougain ville Copper Ltd produced 85,000 tonnes of copper, seven tonnes of gold and 24 tonnes of silver. The company paid KlO million in tax to the Papua New Guinea Government, down from Kl 7 million in the corresponding period last year. The directors declared an interim dividend of four toea per share.
Fiji To Export Beer
FIJI’S ONLY beer manufacturing company, the Carlton Brewery, an nounced it would export beer to New Zea land, Canada, and the US from this month.
Distribution would be handled by the Fiji company’s parent organisation in Aus tralia, Carlton and United Brewers. Fiji’s post-coup economic downturn encour aged the beer company to examine over seas markets to boost its sales.
New Solomons Ventures Named
THE SOLOMON Islands Foreign In vestment Board approved two new ven tures in the Solomon Islands. They are for the Rottan Seashell Button Company to process seashells for the manufacture of clothing buttons, and Arimco (Solomon Islands) to establish a wholly-owned sub sidiary, Arimco (Solomon Islands) Ltd.
The Rottan Seashell Button Manufactur ing Company hopes to set up a factory in Honiara to buy and process seashells for manufacture into buttons and jewellery, aiming for export markets in the US, China, and Japan. Arimco will manage mineral exploration for its parent company.
Customs Conference
REPRESENTATIVES from 11 South Pacific countries attended a meeting in Vanuatu to discuss customs administra tion in the South Pacific. Vanuatu’s Min ister of Finance, Mr Kalpokor Kalsakau, said the customs services of small island states had a vital role in raising substantial government revenue, and that the island economies were heavily dependent on im ports and exports and the development of satisfactory tariffs was important. The conference, funded by the Australian Cus toms Service, was attended by represen tatives from Cook Islands, Fiji, Kiribati, Papua New Guinea, Tonga, Tuvalu, Sol omon Islands, Vanuatu, Western Samoa, Australia and New Zealand.
Air Nz Returns To Fiji
AIR NEW ZEALAND has resumed flights to Fiji. Its twice-weekly services between Los Angeles and Auckland will stop over in Nadi. Air New Zealand sus pended its links with Fiji shortly after the May military coup when a worker at Nadi airport attempted to hijack one of its jets.
Upgrade Costs Millions
AUSTRALIA will spend some S 3 mil lion over the next five years to help Papua New Guinea upgrade its Bureau of Cus toms and Excise. The major aim of the project is to develop Papua New Guinea’s abiliy to collect revenue through customs and excise. The Australian Customs Serv ice has posted two experienced officers to Port Moresby. It will also provide tech nical experts, who will visit Papua New Guinea to provide staff training and development.
More Fiji Fare Bargains
HOLIDAYMAKERS can now fly with Qantas and Air Pacific from Melbourne to Fiji for 5A439. Accommodation packages start at SAIOO for seven nights and the 20 per cent devaluation of the Fijian dollar make a holiday in Fiji excellent value, said Qantas officials. The new fare is available for departures until December 14, includ ing the September-October school holi days. All travel needs to be completed by December 29. The children’s fare is $329 for children under 16 years of age. Infants tickets cost 10 per cent of the adult fare.
The tickets must be booked and paid for within seven days of a traveller’s flight being confirmed. Passengers need to stay between five and 15 days in Fiji.
Soft Opening For Sheraton Fiji
SHERATON FIJI Resort, the first ma jor hotel development in Fiji in the past 10 years and Sheraton’s first in the South Pa cific, will have a soft opening on October 15, followed by a grand opening in early
December. Sheraton Fiji Resort is about 15 minutes from Nadi International Air port at Denarau Beach. About 450 staff will cater to a maximum 550 guests at the 300-room resort hotel, which has four res taurants, three bars and 16 specialty shops including a duty-free store, a fashion bou tique and a Fijian handicrafts outlet. Sher aton Fiji Resort also claims the South Pacific’s most sophisticated conference venue with facilities seating up to 800 people theatre-style.
Nz Food Giant Beats Png Tariffs
NEW ZEALAND food-processing giant Wattie Industries has found a way to beat Papua New Guinea’s tariff barriers.
It has bought a 75 per cent stake in PNG based Tanubada Holdings so that it can continue to sell its Tip Top ice cream there despite new tariff barriers. Wattie subsid iary Tip Top Ice Cream Company has been exporting for years to PNG but a 25 per cent import duty imposed from January reduced the competitiveness of the com pany’s products, especially against Aus tralian exporters. Until January PNG was Tip Top’s main export market with sales worth about SNZI million. Tip Top’s General Manager Mark Cowsill feared that further protective barriers could squeeze out the company’s main product. “We de cided to establish a manufacturing base in PNG now because we are sure in time bar riers will become even higher,” he ex plained. Wattie Industries bought the 75 per cent stake from the New Zealand Dairy Board for an undisclosed sum. As for the Dairy Board, it is seeking alternative dis tribution methods to bypass the barriers.
Png’S Australian Beef Scare
PAPUA NEW Guinea sought an assur ance that all beef imports from Australia would be properly checked for pesticide content. The Agriculture Minister, Mr Gai Duwabane, said he was very concerned to learn about the United States discovery of higher-than-acceptable levels of pesti cides in Australian beef shipped to Amer ica. The problem with the United States has been overcome with Australia prom ising better testing of future beef ship ments. Mr Duwabane said he would be seeking similar assurances from Australia that beef sent to Papua New Guinea would have the same safeguards. More than 80 per cent of PNG’s beef is imported, most of it from Australia.
Singapore-Air Niugini Pact
PAPUA NEW Guinea’s national air line, Air Niugini, and Singapore Airlines signed an agreement for a joint air service.
The agreement allows for two direct flights a week between Singapore and Port Mo resby. The new service will be provided by Air Nuigini using its airbus starting on October 28. Airline officials said the sign ing marked the beginning of commercial co-operation between the two airlines.