Results for Business

The winners of this year's Quality Service Awards were shining examples for Tonga, "we need you," said Dr Fred Sevele, Minister of Labour, Commerce and Industries, in presenting the awards on the evening of May 31.

After Tonga's squash growers this week became totally confused over how the new Consumption Tax applied to their businesses, the Minister of Finance has come out and promised them exemption from the CT on agricultural imports.

While Tongan consumers were faced with a new 15% Consumption Tax coming into effect today, April 1, Tongan businesses were not amused by the sudden announcement by their Port Authority of a 25% increase in ports tariffs to take effect on April 4. They warn that the increase in shipping tariffs will absorb any savings that were to be made from the Consumption Tax introduction.

The E. M. Jones group of companies, one of Tonga's oldest trading companies is selling out. Keith Harris of Guardian Trust, New Zealand, the legal owner of E. M. Jones Group of companies since 1981 said that they had no other option but to sell E. M. Jones Ltd.

Tongatapu's electric power generation will be boosted by a new 3.0 megawatt diesel generator that Shoreline Group has imported from Germany and expects to be operational by June this year.

Long-time parliamentarian 'Uliti Uata, aims to finish building his downtown office block on Nuku'alofa's main street this year - a project that has taken 24 years.

Tonga's official Foreign Reserves held by the National Reserve Bank increased by $1.9 million in December 2004 to $93.4 million, an amount equivalent to 5.9 months of imports of goods.

The Tonga Communications Corporation has accumulated a loss of $50,000 during the five days that its international, inter-island telephone, and internet services were disrupted last week.

Oil futures prices surged above $49 a barrel Tuesday - their highest levels since the end of November - amid plunging temperatures in the United States and fears of supply cuts. - AP