Results for Business

A large decline in remittances to Tonga is slowing down the economy while the inflation rate is expected to rise continually over the next six months, causing a weak domestic economy, Tonga's Reserve Bank has reported.

In a world that has 1.6 billion people who are overweight, the biggest challenge to mobilizing action against hunger is that hunger is becoming invisible in places, "and in a world exploding with prosperity and possibility we have become morally bankrupt, we have lost the sense of compassion. . .," UN Messenger of Peace HRH Princess Haya Al Hussein said this weekend, appealing to leaders who can make a difference for the rural poor. - By Mary Lyn Fonua

Tonga's Minister for Labour, Commerce and Industries, Hon Lisiate 'Akolo was appointed by Trade Ministers from Pacific members countries of the Africa, Caribbean and Pacific, ACP as their Spokesperson in their continuing negotiation, for an Economic Partnership Agreement (EPA) with the European Union (EU).

A new Agro Building Complex and a renovated Tu'imatamoana Fish Market should be a booster for the enthusiasm of Tongan growers and fishermen to export more of their produces overseas, the Minister of Agriculture and Fisheries, Lord Vaea said at the opening of the complex on the seafront in Nuku'alofa on January 27.

A year after signing hydrocarbons exploration and mining agreements with the Tonga Government, a US-based venture capitalist group announced in Nuku'alofa on January 27 that they aimed to start exploratory drilling for oil in Tonga's seabed in 2014 - and they celebrated the occasion with not only a project presentation but also a guest performance by a Las Vegas singer flown to Tonga.

Tonga's Foreign Reserve for December 2010 that was held by the National Reserve Bank of Tonga, rose by $9.5 million to $177.5 million compared to $168.0 million in November 2010 and $160.4 million in December 2009.

Tonga Power Ltd made a $1 million pa'anga dividend payment to the Government on November 10, the first time ever for a government-owned electricity provider to pay the Tonga government dividend.

A large civic clock on the front of the Tonga Post office in central Nuku'alofa was handed over to the Tongan community on Thursday, October 28 after it was unveiled and accepted by the Prime Minister of Tonga Hon Dr Feleti Sevele.

The Kingdom of Tonga has given notice that it wishes to terminate the joint venture agreement supporting the weekly Air New Zealand service connecting Nuku'alofa and 'Apia with Los Angeles. The service will be suspended at the end of January 2011.