Results for Business

The Tonga Competent Authority has approved new fuel prices for the month of June – July 2014. The prices of Diesel and Kerosene have been reduced while the price of petrol has been increased.

A foreign fishing vessel boarded by the Tonga Navy’s VOEA Neiafu patrol boat last week, was apprehended after failing to produce its original fishing license in Tonga, was later released on Monday, May 26.

Fuel prices have been lowered, effective from today May 16.

A decision by the Tongan Cabinet on March 29 to lift a moratorium on the harvesting and the exporting of sea cucumber will accelerate the depletion of Tonga's sea cucumber stock and kill the industry, according to fisheries experts.

Putting fresh products onto supermarket shelves in other countries is a major challenge and a lot of things have to come together before Pacific Islands growers can successfully get a particular product over the market access line, said Annalize Struwig, visiting the PHAMA program in Tonga.

A rise in Tonga's Gross Domestic Product in the coming years will be driven primarily by the reconstruction of Ha'apai, according to the IMF 2014 Article IV consultation report on Tonga, which also recommended a broading of the Consumption Tax base.

The revised WTO Agreement on Government Procurement GPA entered into force on 6 April 2014. The parties to the revised GPA will see gains in market access of an estimated US$80 billion to US$100 billion annually for their businesses. – WTO 7 April 2014.

The Tongan economy is expected to rebound during the 2014 Financial Year, according to the Asian Development Bank Economic Outlook for 2014.

The Asian Development Bank (ADB) is weeding out corruption from its development projects, barring any firm or individual it believes is cheating development projects.