Results for Business

The Tongan government injected $2 million into the Shoreline Power company to pay its fuel bills and prop it up following the destruction of its head office in the November 16 riots, it was revealed today. The government will now have to raise an estimated $60 million to buy back its power generation facility from Shoreline Power. By Pesi Fonua.

Hope for the reconstruction of the Nuku'alofa Central Business District was given a boost this morning when the Prime Minister, Hon. Dr Feleti Sevele, told a meeting of displaced business people that materials for the reconstruction of the CBD would be exempted from certain taxes, and that all government leases in the area will be renewed for 99 years.

Tonga is unable to fund the reconstruction of its central business district and while it is out looking for international donors to provide finance, the recovery of businesses and the restoration of Law and Order are in slow-motion. By Pesi Fonua

Christmas gift vouchers were awarded today by the Tonga Communication Corporation to its most frequent UCall voice and SMX Text customers for 2006.

Delays in the arrests of the ring leaders of the mob, who destroyed the Nuku'alofa CBD on November 16, means that Tonga's emergency powers and the restricted zone must remain in force, a meeting of displaced business people was told on Tuesday.

Nuku'alofa's devastated business community will be allowed to delay their payments of Consumption Tax and Duty for six weeks.

The Governor of the National Reserve Bank of Tonga Joyce Mafi announced that as of today, November 23, all travellers departing the Kingdom of Tonga are allowed to take out of the country local and foreign currency notes, of not more than TOP$10,000, or its equivalent.

The controversial proposal by the Tonga government to close down all bonded warehouses by the end of March next year as part of an anti-corruption drive has been withdrawn.

Shoreline Power, Tonga's sole power generator signed a "Preliminary Sale Agreement" with Northpower of Whangarei, New Zealand, on October 31, Soane Ramanlal, the Chief Executive Officer for the Shoreline Group of Companies announced this afternoon in Nuku'alofa.