Results for Business

The Tonga Trust Fund was created with the Tonga Trust Fund Act on 3 November 1988. At that time there was US$33 million in the account of the TTF with the Bank of America at 2.7% to 3% interest. From Matangi Tonga Magazine, Vol. 16, no. 2, September 2001.

The Millennium wake-up call for Tonga came at the end of 1999 when Crown Prince Tupouto'a announced that he was bidding for a licence to provide a second telephone carrier, and that he was going to introduce wireless technology where, "the customer should be able to buy a computer, plug it in, pull out an aerial and make a phone call. At the same time, he should be able to swipe a card on the computer, establish an account and switch to his favourite TCV channel while he is talking on the phone." A lot of work has been done since then to introduce wireless technology to Tonga, but finally a date has been set for July 2 when the newly formed Tonfön, a trade name owned by Shoreline Communications, will launch its telephone system in Nuku‘alofa. Tonfön also has a fibre optic cable system on the drawing board. Interview with Soane Ramanlal of Tonfön. From Matangi Tonga Magazine, Vol. 16, no. 1, June 2001.

We are used to seeing people queuing up to get money from the bank, and pushing themselves in to buy a loaf of bread from the bakery, but now customers are fighting to buy bricks to build their houses. From Matangi Tonga Magazine, Vol. 16, no. 1, June 2001.

A second Internet Service Provider for Tonga, Kaivai, has yet to go into operation. A licence was issued last year for the new ISP following an invitation from government for applications for licences. It was part of government’s open policy on licences for operators in the mass media, television and FM radio stations, and Internet Service Providers. From Matangi Tonga Magazine, Vol. 16, no. 1, June 2001.

The importation of consumer goods remains a profitable business in Tonga with stiff competition for a share of a market that has risen from over $115 million worth of imported consumer goods in 2000 to over $121 million in 2001. From Matangi Tonga Magazine, Vol. 16, no. 1, June 2001.

A review of the Tongan economy by scholars and economic thinkers at the University of the South Pacific, Tonga campus, on May 29 was a bit like a group of growers assessing the possible yield that they could expect to get from what they perceived to be a well-cultivated plantation. However, their findings also revealed a mixed bag of economic abnormalities. From Matangi Tonga Magazine, Vol. 16, no. 1, June 2001.

Tonga has yet to form an official committee to take care of its National Information Technology policy, a responsibility that will probably go to the newly formed Department of Communications. From Matangi Tonga Magazine, Vol. 16, no. 1, June 2001.

If by July Tonga has not repealed its 1984 Off-Shore Banking Act, the 29 member countries of the Organisation for Economic Co-operation and Development (OECD) will endorse a ‘Defensive Action’ against Tonga and six other Pacific island countries. From Matangi Tonga Magazine, Vol. 16, no. 1, June 2001.

Millions of pa‘anga in private investment money is currently being poured into commercial development along a two kilometres stretch of Taufa‘ahau Road between the Nuku’alofa Post Office and Fanga. From Matangi Tonga Magazine, Vol. 15, no. 4, January 2001.