Results for Business

Palu Aviation Services opened a new shed at the Fua'amotu International Airport, marking the fast-growing company's sixth birthday on September 17.

The process of privatising government enterprises in Tonga made two steps forward and one step backward in July. The government sold its remaining 75 per cent shareholding in the Leiola Group Ltd., Tonga's sole Duty Free enterprise, to the Pacific Retail Ltd. for $6.06 million pa'anga; and its 40 per cent shares in the Westpac Bank of Tonga to Westpac for $25 million pa'anga. Then government bought back the national power generation unit from Shoreline Power for $US17.7 million and handed it over to its own company Tonga Power Ltd.

Trade negotiations between the small island states of the Pacific and the developed countries of the world remain very complex and challenging, said Tonga's Paulo Kautoke the new Pacific Trade Representative at the World Trade Organisation office in Geneva, Switzerland.

The Tonga Government has sold its 40 per cent shareholding in Tonga's oldest bank the Westpac Bank of Tonga, giving full ownership to the Westpac Banking Corporation (Westpac) today July 14.

Tonga's future prosperity depends on private sector lead economic growth, and business cannot grow in government's shadow, said Tonga's Minister of Finance, Hon. Afu'alo Matoto in launching his first budget to the community.

The Acting Chairman of the National Economic Development Council (NEDC), Hon. Paul Karalus, allocated $50,000 pa'anga to the Tonga Chamber of Commerce this week for the establishment of a new organisation that can represent the main sectors that contribute to the Tongan economy.

The installation of $1.4 million worth of new computers for Westpac Bank of Tonga, will guarantee that there will be no more stoppage in its EFTPOS services, said the new General Manager for Westpac Bank of Tonga, Ashleigh Matheson.

Tonga's new telecommunications operator, Digicel Tonga Ltd. officially launched its operation in Nuku'alofa this morning, five months after acquiring Tonfon Communications.

Economic activity in Tonga is likely to be contracted markedly in 2007, as the Kingdom's economy suffered following a poor agricultural season, the large-scale reduction in civil service workers and the near-destruction of Nuku'alofa's central business district. Reconstruction is taking a long time with only a few projects underway nearly 18 months following the civil disturbance of November 2006.