Fiji Business Briefs: Pine harvesting, Nabouwalu development, Kinetic Growth updates

Photo: PINA

RBF gives insurers time to implement new standards

The Reserve Bank of Fiji (RBF) says licensed insurers will only have to reflect new reporting standards in their prudential reporting from 1 January 2026. This follows the implementation of the International Financial Reporting Standard 17 (IFRS 17) Insurance Controls. The RBF says while IFRS 17 is expected to “improve the usefulness, transparency and crossjurisdictional comparability of insurers’ financial reports, however, as experienced the world over, the standard presents a significant change in the accounting of insurance contracts, the implementation of which poses considerable challenges to insurance companies, including those conducting business in Fiji.” It says insurers need time to implement the changes.

Historic pine harvesting license transfer in Kadavu

Villagers in Muani, Kadavu, are celebrating the transfer of their pine harvesting license. Valued at over $800,000, the license is now with Fiji Pine Trust. The resource owners have also received equipment and transport, marking the beginning of a larger initiative. Fiji Pine Group plans to extend support to other maritime islands, encouraging sustainable pine cultivation. The event also includes the distribution of coconut seedlings.

Pacific Recycling Foundation’s Digital Business Cards Launch

Pacific Recycling Foundation has launched digital e-business cards at Waste Recyclers Fiji Limited. Aligned with the Fijian Government’s digitisation initiative, the eco-friendly cards offer real-time information updates. Deputy Prime Minister Manoa Kamikamica applauded the innovation, emphasising its environmental friendliness and contribution to resource conservation.

Real estate agents regulation amendment approved

Fiji’s Cabinet has approved an amendment to Real Estate Agents regulations. The changes  introduce a 2% cap on commission rates for residential properties valued at $500,000 or less, with government saying this will promote transparency and equity. A working group will monitor the regulations’ effectiveness, ensuring alignment with market dynamics and stakeholder needs.

Nabouwalu new town development begins in Bua

The Minister for Housing and Local Government, Maciu Nalumisa has inaugurated the Nabouwalu New Town Development in Bua, marking the groundbreaking ceremony of a Passenger Bus Terminal. The town aims for eco-friendly urban planning, incorporating green spaces and renewable energy.

Kinetic Growth Fund Lifts Trading Suspension

Kinetic Growth Fund has announced the upliftment of voluntary share suspension on the South Pacific Stock Exchange, effective January 15, 2024. The decision follows progress in negotiations with Kelton, marking a transformative deal for the Fund. KGF Board Chair, Erik Larson, said Kinetic Growth appreciates investors’ patience and highlights the importance of a fair marketplace.

Meanwhile, Kinetic Growth Fund Ltd has announced an unaudited net asset backing of 94 cents per share as of December 31, 2023. Despite a slight decrease in Kontiki Finance Ltd share price, KGF shares continue to trade at $1.12 on the South Pacific Stock Exchange.

Fiji Television appoints independent director

Fiji Television Limited has appointed Navin Raj Shayam as an independent director to the Board. Shayam has past roles in education, corporate management, and board positions.

Westpac Fiji exceeds volunteer work expectations

Westpac Fiji has celebrated its employees’ commitment to community work, surpassing expectations with over 1,664 hours spent volunteering in the last financial year. CEO Shane Smith also launched a ‘Volunteer Look Book‘ to guide future community initiatives.

Land Transport Authority’s digitisation journey

The Land Transport Authority of Fiji has initiated a digitisation journey, inviting public participation in shaping the future of customer service. Public consultations, running until February 15, encourage diverse perspectives for a transformative journey toward a more efficient and customer-centric transportation system.