Results for Business

Tonga has been rescued from a very serious communications black-out this week by a small tech start-up venture in Nuku'alofa, run by smart, young adventurous Tongans and their partner company in Vanuatu, who have managed to swing some extra satellite capacity to Tonga. By Mary Lyn Fonua

While Tonga Cable Ltd. works on the breakdown of its submarine fibre optic cable that connects Tonga’s internet to the world, many businesses in Tonga are struggling to keep their operations functioning. The tourism industry is hard hit.

Tonga's sudden internet cable black out Sunday night, is now going into its third day after a fault in a fibre optic submarine cable has cut its main connection with the world.

Eight fishing boats were donated to Tonga by China’s sister city to Ha’apai, Dongguan Municipality in Guangdong Province, at a handover ceremony this afternoon, 10 January, at the Ministry of Fisheries in Sopu.

A new national committee to plan Tonga's participation at "Expo 2020 Dubai" held its first introductory meeting today at Consular House, where invited private sector representatives looked at the challenge ahead, of presenting Tonga to the world.

The National Reserve Bank of Tonga aims at securing Tonga’s Foreign Reserves at a level of about $457.3 million, equivalent to more than seven months of imports, with the enforcement of the Foreign Exchange Control Act 2018 on 1 November. The Act requires Tongan exporters to repatriate at least 60% of their export proceeds. And, if the economy fails and the foreign reserves drop below the threshold, - then the Act gives the government the right to try and force Tongans who have invested overseas to repatriate their funds to Tonga. The Act was passed at the time Tonga expected to start repaying its loans to China.

The price of petrol has fallen, while diesel and kerosene prices have increased, as approved by the Tonga Competent Authority (TCA) for November – December, starting on 16 November 2018.

Tonga’s agricultural produce is not only nutritious and healthy but local consumption greatly supports the local economy. “There’s a whole raft of benefits from local products,” said Minoru Nishi Jr, manager of Nishi Trading, on launching their new frozen product line in Nuku'alofa this week.

The Tonga Government will start paying $TOP10.8 million a year during the next ten years, (principal only) of its $TOP119m loan from the Exim Bank of China that was used to fund reconstruction projects after the 2006 riots in Nuku'alofa. The start of the principal repayments has already contributed to a $22.8m decline in Tonga’s foreign reserves in September. Now Tonga is confronting the real cost of the riots.