Results for Business

Air Chatham will most likely replace Peau Vava'u as Tonga's second domestic air operator starting in April, the Minister of Transport, Hon. Paul Karalus revealed this afternoon.

As Tonga's electricity price goes up by 20.7% to 23% tonight households and small businesses will wake up in the morning to face the fact they will be paying hundreds of pa'anga more for their electricity supply this year, while for larger businesses the new rate will increase their costs by thousands of pa'anga per year.

Tonga will be sending its largest ever trade mission of over 30 businesses to the 2008 Pacific Trade Expo to be held in Auckland on March 5-6.

Tonga needs more remittances and more foreign aid flowing into the country, if it is to maintain a balance of trade with Australia and New Zealand, its main trading partners, Hon. Afu'alo Matoto, the Minister of Information said last week.

The current value of the Tongan Pa‘anga continues to steadily weaken against the Australian and New Zealand dollar at the same it strengthens against the US dollar.

An equity fund agency in Nuku'alofa is being established by the Kula Fund II, a pool of multi-million capital funds.

Tonga's Foreign Reserve in December 2007 increased by $19.8 million, from $94.8 million in November to $114.6 million, an amount equivalent to 5.1 months of imports of goods.

The reconstruction of the Nuku'alofa Central Business District has been rescheduled to start in March, according to Sione Taumoepeau, the Chief Executive Officer for the Ministry of Works.

Rising from the ashes, a new Fung Shing Supermarket was opened for business at Fasi mo e Afi on Wednesday December 19.