Results for Business

An environmental study on seabed mining for “polymetallic nodules” - rocks that contain metals needed to build batteries, is underway in the Clarion Clipperton Zone (CCZ) of the Pacific between Hawaii and Mexico. The aim is to use the metals to power electric cars. The study is being undertaken by DeepGreen Metals Inc., a Canadian-based seafloor mining developer, which acquired Tonga Offshore Mining Limited (TOML) last year, and has sponsorship from the Tonga government for seabed exploration. By Eleanor Gee.

Petrol, kerosene, and diesel prices have increased for February-March starting today, 16 February, as approved by the Tonga Competent Authority.

Tonga's National Reserve Bank is moving to enforce the Moneylenders Act by registering all businesses who are conducting lending services in Tonga. The deadline for registration closed on Friday, January 29 and the NRBT said moneylenders who had not registered in time may face legal action.

The IMF has approved US$9.95 million under its Rapid Credit Facility, to help meet Tonga’s “urgent balance of payments and fiscal needs arising due to the COVID-19 pandemic and Cyclone Harold.” Tonga's early closure of external borders had helped avoid a worse economic outcome. “Nevertheless, an economic contraction is expected in FY2021.”

Tenants at the Small Industries Centre (SIC) who were hit with commercial rent and lease increases before Christmas, sent a petition to the Prime Minister yesterday afternoon, January 7, protesting the massive increases, which they say range from about 70% to over 200%.

Tonga’s aim to reach 50% renewable energy by the end of 2021 may be delayed further as border restrictions due to CoViD-19 continues to hinder projects.

Petroleum and LP gas prices have increased starting today, 16 December, as approved by the Tonga Competent Authority.

Tongans can now ship watermelons to New Zealand after temporary permits were issued to exporters under special conditions, according to Radio New Zealand.

The investment by Tongans in illegal pyramid schemes is concerning the National Reserve Bank of Tonga, which issued a warning to the public against participating.