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Keep up to date with the latest Fiji Real Estate news

Economy forecast to grow by 12.6%: World Bank

The World Bank in its latest East Asia and Pacific Economic Update is estimating that the Fijian economy will grow by 12.6 percent this year.

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Ministry forecast upward growth in GDP

Fiji’s domestic economy is on track with a strong rebound for this year.

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Positive outlook for insurance industry: RBF

The total assets of the Fijian insurance industry recorded a growth of 11.2 percent to $2.3 billion in 2021.

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Numerous opportunities for investors in tourism sector

Fiji’s dynamic and conducive business environment is attracting a number of foreign investors.

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FDB partners with TLTB

The Fiji Development Bank has inked a partnership with the iTaukei Land Trust Board to enhance its customer service delivery, particularly in obtaining clearance for mortgage and consent to the transfer of native leases.

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Fiji is a logical choice for investment: Koya

Fiji remains attractive to investors and as a result, a growing number of innovative businesses are being established here.

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Pacific E-Commerce to boost digital trade

The shift toward E-Commerce underlines the need for businesses to continually innovate to stay competitive.

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Local exporter establishes new deals in Australia

The Australia Trade Mission hosted by Investment Fiji last month has brought successful opportunities for one local company.

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FICL calls for EOI for new investments

The Fiji Investment Corporation Limited is inviting interested locally owned entities to submit an expression of interest for investment.

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26.6% increase in visitor arrival since June

Two hundred and thirty-four Fijians have taken over five years length of absence or permanently moved overseas while the visitor arrivals for July this year stood at a total of 78,638.

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Construction-led investment spending is recuperating but remains subdued relative to 2019 levels – RBF

The March quarter construction activity indicators for Fiji point towards a rebound in activity as the number of building permits, completion certificates issued and value of work put-in-place increased both over the quarter and year.

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Work to develop affordable homes begin

Developers have been invited to register interest in a landmark housing project in the country, which will provide affordable, climate-resilient homes for 3,000 low and middle-income families.

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Fiji begins selection of private sector developer for 3,000 affordable, climate-resilient homes in Viti Levu - IFC

A landmark housing project will get underway in Fiji soon which is expected to mobilise an estimated US$200 million of private investment in the country.

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Tourism industry cautiously optimistic

The Fiji Hotel and Tourism Association has applauded the range of initiatives announced in 2022/2023 National Budget, saying they will continue to enhance and support private sector-led recovery efforts.

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Business Increasing Warehouse Capacity

Supply chain issues and shipment delays has seen some businesses in Fiji increasing storage capacity.

ANZ Country Head for Fiji, Rabih Yazbek says in many cases, businesses have spent working capital to buy excess stock to ensure they don’t run short on supplies

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Increased economic activity buffer domestic inflation

Fiji’s current economic activity has to some extent, countered the harsher impacts of domestic inflation on ordinary consumers.

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Direct tourism value stood at $38.5m

The provisional direct tourism value added for 2020 was $38.5 million, or 0.5 percent of total gross value added.

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Investment market making huge progress: Koya

The Ministry of Commerce and Trade is working with relevant stakeholders to promote Fiji as an investment destination.

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Lending to private sector increases

The RBF has forecast the domestic economy is expected to gain momentum in the coming months

The Reserve Bank of Fiji in its latest economic review says the positive momentum in the domestic economy has bode well for the financial sector.

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New Fiji Airways destinations coming

Fiji Airways is currently exploring new service routes outside of New Zealand, Australia and the USA.

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Land evaluations will be outsourced

The Minister for the Economy has announced that land evaluations by both the Ministry of Land and the Itaukei Land Trust Board will now be outsourced.

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Fiji’s economy continues to expand at a faster pace: Westpac

Westpac Fiji expects the Fijian economy to expand, but now at a faster pace.

This was highlighted in Westpac Fiji’s Quarterly Economic Update.

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New venture creates 60 jobs

A two-million-dollar investment in Port Denarau Nadi has seen Sails Restaurant open.

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Fijian economy projected to grow by 7.1%

The Asian Development Bank in its latest outlook says the Fijian economy is projected to recover, growing by 7.1% in 2022 and 8.5% in 2023.

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Business compliance is critical: Koya

The Ministry of Commerce and Trade has noted a positive response from businesses conforming to the new changes announced by the government in the 2021/2022 national revised budget.

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Tourism Expo receives major boost

The 2022 Fijian Tourism Expo received a major boost ahead of the premier event next month.

Westpac Fiji has signed on to be Gold Sponsors providing a backing of $45,000.

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Real estate agents play a vital role: Koya

For the real estate sector to thrive, Fiji needs to work within the boundaries of the law and bring in the right skills and discipline.

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First home owners’ initiative progressing well: Sayed-Khaiyum

In the 2020–2021 financial year the Ministry paid $7.5m under the first home owners’ initiative to 433 successful applicants.

Minister for Housing Aiyaz Sayed-Khaiyum says this was the highest payout since the program was introduced.

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Fijian economy on path to recovery: Ali

Reserve Bank Governor, Ariff Ali says the domestic economy is on its path to recovery after two years of contractions largely led by the tourism industry which came to a standstill because of COVID-19.

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Middle East Companies Keen To Invest

The Minister for Commerce, Trade, Tourism and Transport, Faiyaz Koya, met with a Kuwait company on his trip to the Annual Investment Meeting being held in Dubai, UAE.

This is on the margins of the Expo 2020 held in Dubai which ended on Thursday.

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Tenancy complaints remain a rising concern

The Consumer Council of Fiji has received 84 complaints pertaining to landlord and tenancy issues this year.

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Businesses show resilience during this third wave

The business sector has shown resilience during this third wave of the COVID-19 pandemic as most have implemented lessons learnt from the last two waves.

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Tourism remains vital for the economy

Tourism will continue to play a major role in our economic growth.

With more states in Australia opening up for international travel, Fiji National University’s College of Business Dean, Professor Arun Elias believes this will augur well for Fiji.

Australians have made up the largest number of arrivals to our country since the international border opened last December.

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Fiji’s trade remains undisrupted during this pandemic

Trade between Fiji and its partners has not faced much disruption during this pandemic.

This is particularly for trade between Australia and New Zealand.

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Abundant liquidity helped keep borrowing rates low

The Reserve Bank in its latest economic reviews has stated that abundant liquidity in the banking system and quantitative easing measures by them have helped keep borrowing rates low.

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Economic activity picks-up

Economic activity started to pick up from the last quarter of 2021 as mobility restrictions were eased and international borders re-opened from December 1st says the Reserve Bank of Fiji.

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Increased confidence in the Fijian market

The resumption of international travel has brought increased confidence in the Fijian market.

Minister for Economy, Aiyaz Sayed-Khaiyum says the past 18 months have been unstable due to the unknowns brought about by the pandemic.

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Professionalism needed in the real estate sector

There is a need for professionalism in the real estate says Minister for Housing Aiyaz Sayed-Khaiyum.

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Businesses improving and people are spending more

Fiji is in a much better position today than it was six months ago.

Presenting at the Fiji Human Resources Institute Convention this morning, Reserve Bank of Fiji Governor Ariff Ali says general business has improved sharply and people are spending more on the back of the economy opening.

Ali says he is optimistic that growth will hit double digits next year.

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REALB works on improving service delivery

The Real Estate Agents Licensing Board has been working on five critical projects to improve service delivery.

Board Chair, Doctor Abdul Hassan says they intend to enhance organizational capacity and foster real estate industry compliance.

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Property prices expected to maintain despite LVR restrictions

The restrictions on the property market are getting tougher as loan to value ratio restrictions come into place.

From today, the amount of lending banks can make to owner-occupiers with small deposits, will be halved to no more than 10 percent.

But despite the tougher lending conditions, one mortgage broker said people shouldn’t expect an immediate cooling down for property.

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Tourism boom coming: ANZ

Fiji’s economy is forecast to grow by 23.2% next year, on the back of a boom in tourism.

ANZ in its Pacific Economic Outlook has stated that closed borders due to the pandemic took a heavy toll on the Fijian economy which relies on free movement of people as international tourism accounts for 40% of the Gross Domestic Product.

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More businesses open in Nadi Town

New ventures continue to spring up in Nadi despite the severe impact of the pandemic on our economy.

The Lales Millennium Group of Company has again invested in a new business, Lales Ocean Collection, signifying the confidence they have in the economy.

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Increased guarantee to assist businesses

Attorney-General, Aiyaz Sayed Khaiyum, says the Opposition is objecting to ordinary Fijians increasing their participation in the economic well-being of the country.

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NZ companies hope to explore opportunities in Fiji

The resumption of international travel from next month will allow interested companies to pursue investment opportunities in Fiji with a specific focus on infrastructure.

New Zealand Trade Commissioner to the Pacific, David Dewar says there have been a lot of inquiries from companies hoping to explore opportunities in Fiji.

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Efforts to attract more Japanese investors

Investment Fiji is working tirelessly to promote Fijian products and services to Japanese companies.

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IMF predicts economic recovery by year end for Fiji

The International Monetary Fund has forecast a gradual recovery in Fiji’s economy late this year.

The IMF team leader Todd Schneider says COVID-19 put Fiji in a tight corner, and the government had to make tough decisions and borrow more.

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Real Estate prices stable

The real estate sector says the pandemic has had little effect on property prices and sales.

Real Estate Association President, Anand Goundar, says the lockdown posed certain challenges as agents were not able to show properties to interested buyers.

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Property prices remain the same

A leading real estate company that has been operating for two decades, says despite the various tumultuous events the country has been through, residential and commercial property prices have remained stable.

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International border to re-open next month

Fiji’s international border will re-open to its travel partner countries from November 11, 2021.

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Businesses take advantage of loan scheme

The Fiji Development Bank has received an overwhelming response from businesses for it COVID-19 Recovery Credit Guarantee Scheme.

The Scheme aims to assist Micro, Small and Medium Enterprises as well as large businesses affected by the pandemic.

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Massive interest for new agriculture programs

Close to 8,600 online applications were received by the Ministry of Agriculture for the new programs.

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Business re-opening signals return to normalcy

As businesses re-open from today, authorities have cautioned that breaches of COVID safe protocols will not be tolerated.

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Banks to extend loan repayment relief

The Association of Banks in Fiji has confirmed COVID-19 financial relief assistance to businesses will be extended to 31st March next year, on a case-by-case basis.

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Prepare COVID safe workplaces: Dr Fong

The Ministry of Health is advising all workplaces and businesses to establish strategies to ensure personal COVID safe practices continue.

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Fiji Airports ramps up its operation

Fiji Airways, Qantas and Virgin Australia have started taking passenger bookings for December.

Fiji Airports acting Chief Executive, Isei Tudreu says they are working with these airlines to ensure a seamless and safe airport experience when borders re-open.

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Post Fiji business operations slowly bouncing back

Post Fiji Limited chief executive, Dr Anirudha Bansod says business is slowly bouncing back following the drastic impact of the COVID-19 pandemic.

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$50m in loans disbursed

Around $50m worth of loans have been approved under the $200m scheme announced in the 2021/2022 budget.

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Cruise companies preparing for visitor arrival

Two cruise companies in Nadi are already counting down the days, as they prepare to welcome guests.

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FDB holds virtual discussions with farmers and businesses

The Fiji Development Bank has been holding virtual meetings with various community leaders including farmers and small businesses.

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RBF announces further relief for businesses

The Reserve Bank of Fiji Board has announced further enhancements to its Disaster Rehabilitation and Containment Facility.

The changes include an additional funding allocation of $200million, a limited and tiered guarantee targeting MSMEs, streamlined debt recovery processes and the removal of related fees and charges by participating financial institutions for two years.

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Women leaders at the Helm of HFC Bank Corporate Banking

HFC Bank has announced an all-women leadership at the Bank’s Corporate Banking division.

The Bank is the first in Fiji to have an “All Women” corporate leader, which is the most prestigious segment in the banking environment.

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Some pick-up noted from June as more businesses and citizens adapted to the COVID-19 environment – RBF

Economic activity slowed significantly in late April and May as the spread of the Delta variant intensified in the country, worsening Fiji’s socio-economic situation however some pick-up has been noted from June as more businesses and citizens adapted to the COVID-19 environment.

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BRED Group doubles capital for BRED Bank Fiji to $70 million to boost its growth in the Fijian market

BRED Group is carrying out capital increases of nearly $70 million for its subsidiary BRED Bank Fiji to accelerate the development which will boost its growth in all market segments, including corporate and institutional financing.

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Investment Fiji continues to plan

Investment Fiji’s Trade and Investment Advisors are in constant contact with existing investors and exporters in a bid to maintain supply chains as well as seeking new markets.

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RBF: Liquidity level increase

Liquidity levels in the banking system increased to $1.7 billion at the end of May, mainly as a result of an increase in foreign reserves.

According to the Reserve Bank of Fiji (RBF), foreign reserves increased to $3.1b – sufficient to cover 11 months of retained imports.

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RBF drops lending rates, banks to pass on to consumers

The Reserve Bank of Fiji has reduced its interest rates for financial institutions that borrow under its Import Substitution and Export Finance Facility, Disaster Rehabilitation and Containment Facility and the Housing Facility.

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Fiji-China Trade Expo creates opportunities

Investment Fiji in partnership with the Pacific Trade Invest (PTI) China and the Chinese Embassy launched the Fiji-China Trade Expo series.

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New Caledonia businesses show interest in Fiji

The Fiji and New Caledonia e-trade expo has received a positive response since its launch last month.

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PRB completes its first internal audit

The Public Rental Board has managed to complete its first-ever internal audit to find out where and how it can improve.

PRB Manager Properties Maloni Daurewa says they have been liaising with the Board and committee in terms of implementing the recommendations of the audit.

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FNPF expected to make announcement on home loan assistance

The Fiji National Provident Fund is expected to make an announcement soon on the home loan assistance passed in parliament in December.

The COVID-19 Response Home Loan Act, allows FNPF members to dip into 50% of their retirement savings to pay off home loans if they have been financially affected by the pandemic.

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Investment Fiji Annual Reports reveals successful journey

The performance of Investment Fiji has been successful from the year 2016 to 2019.

This was revealed in their Annual Reports for the same years that was submitted to the Parliamentary Standing Committee on Economic Affairs this morning.

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Bank liquidity close to $1B

Liquidity in the banking sector is close to hitting the billion-dollar mark.

The Reserve Bank of Fiji confirms as of 14th March, banks had accumulated $953 million in cash deposits.

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Mount Sophia Group Introduces TOORAK CENTRAL, Suva’s Newest Inner-City Development

TOORAK CENTRAL is scheduled to officially open in September 2021.

About TOORAK CENTRAL
It is a comprehensive refurbishment of a landmark two-level commercial building, located in Suva’s Toorak district.

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152 applications for First Home Grant

The Ministry of Housing has a further 152 applications for the First Home Grant Assistance Programme.

Speaking in the parliament, Minister for Housing, Premila Kumar said that the demand for the grant has been overwhelming.

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Three multi-million dollar projects approved

Three major building applications worth $28.4 million were approved by the Department of Town and Country Planning last November.

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Different market trend has been developed: Dr Hassan

The property valuers are not that active in the market as they used to be in previous years.

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Agents urged to re-look at their cost

Real Estate agents have been urged to re-look at their costs due to a decrease in commissions from sales.

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Drop in property prices: Khan

Property prices have dropped in the country and consumer confidence is at a very low level say Real Estate agents.

Bayshore Real Estate Director Arif Khan says most people are making offers much lower than the valuation price.

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Payment system implemented to recover rates owed

Majority of municipal councils have implemented the payment system to recover the amount of rates owed.

Local Government Minister, Premila Kumar says it’s been noted that a lot of businesses and people with properties are trying to take advantage of the payment system.

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Banks announce new measures

Days after confirmation that banks are considering interest rates reductions, a number of them have announced new measures.

ANZ has removed loan approval fees for new customers while HFC no longer charges administration fees on first home loans.

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2022 will bring economic boom

2022 will be Fiji’s year of growth once COVID-19 is managed and vaccines made available.

Economist, Dr Rohit Kishore says people in Fiji and around the world want to get out of their confined spaces, meaning tourists will return once borders open.

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Banks increase provisions for high-risk loans

Commercial Banks have increased their provisions for high-risk loans given the mounting deferment of payments due to COVID-19.

Association of Banks Chair Rakesh Ram says, as of September banks have provisioned $100 million as bad or doubtful debts.

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Deferment of loan repayments on cases-by-case basis

Commercial banks are extending COVID-19 hardship assistance on a case-by-case basis until March 2021.

Association of Banks Chair Rakesh Ram says Fijians who have loans must be able to prove that they are having difficulties making re-payments due to financial constraints brought on by COVID-19.

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14.3m trade project for the Pacific

The European Union has signed a new trade project worth 14.3 million Fijian Dollars with the Pacific Island Forum Secretariat.

It aims to increase trade opportunities in the Pacific by strengthening institutional and human capacity in the region.

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Banks ready to slash interest rates in 2021

Commercial banks have for the first time come out to say they are ready to slash interest rates in 2021.

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Deferment of loan repayments on cases-by-case basis

Commercial banks are extending COVID-19 hardship assistance on a case-by-case basis until March 2021.

Association of Banks Chair Rakesh Ram says Fijians who have loans must be able to prove that they are having difficulties making re-payments due to financial constraints brought on by COVID-19.

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Banks increase provisions for high-risk loans

Commercial Banks have increased their provisions for high-risk loans given the mounting deferment of payments due to COVID-19.

Association of Banks Chair Rakesh Ram says, as of September banks have provisioned $100 million as bad or doubtful debts.

Ram adds this figure will increase because COVID-19 isn’t over yet, and will eventually hit the bank’s bottom line.

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2022 will bring economic boom

2022 will be Fiji’s year of growth once COVID-19 is managed and vaccines made available.

Economist, Dr Rohit Kishore says people in Fiji and around the world want to get out of their confined spaces, meaning tourists will return once borders open.

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Banks announce new measures

Days after confirmation that banks are considering interest rates reductions, a number of them have announced new measures.

ANZ has removed loan approval fees for new customers while HFC no longer charges administration fees on first home loans.

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Economic output drops due to COVID-19

Various sectors performed well below expectations in 2020 due to the effects of COVID-19.

The Reserve Bank of Fiji in its annual Economic Review states sectoral performances of various industries continued to be subdued well into the end of the year.

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Consumption spending noted weak outcomes in 2020 while personal remittance inflows have been strong – RBF

The Reserve Bank of Fiji says partial indicators for consumption spending have noted weak outcomes in 2020 and cumulative to November, VAT collections fell by an annual 38.6 %.

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As at 31st Dec, liquidity in the banking system stood at $836.8 million – RBF

The Reserve Bank of Fiji says as at 31st December, total liquidity in the banking system stood at $836.8 million.

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Rent freeze extension welcomed

The extension of the rent freeze to 31st December is solely to help Fijians during this difficult economic situation.

The Fijian Competition and Consumer Commission say they understand that many Fijians have either lost their job or working on reduced hours which is impacting their ability to pay rent.

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More landowning units should subdivide and lease land that does not currently have any productive use – PM

Prime Minister Voreqe Bainimarama says with more pandemic-driven population movement to more rural regions of the country, more landowning units should subdivide and eventually lease land that does not currently have any productive use.

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Largest economic contraction on record projected for 2020

The Reserve Bank of Fiji has projected that 2020 would note the largest economic contraction on records at -19 percent.

RBF Governor Ariff Ali says the recovery forecast next year is dependent on the reopening of borders and resumption of international travel.

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Families to bear the full cost of the removal or relocation of their homes under the new Informal Lot Allocation Policy

An informal settler will need to bear the full cost if their homes are required to be removed or relocated under the new Informal Lot Allocation Policy.

The Ministry of Housing and Community Development will be carrying out public consultations on the new policy that will look at how lots are allocated in developed informal settlements.

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FNPF members can access their General Account to pay their home loan

The CEO of the Fiji National Provident Fund, Jaoji Koroi says under their existing housing withdrawal policy, members can access their General Account to reduce or pay off their home loan, provided their funds will reduce the debt by at least 15%.

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$7.5m Investment Development Plans For Uduya Point

Castle Properties is looking at investing $7.5Million on a 16 unit development.

This was confirmed by the company owner and managing director, Vijay Sharma, who said the development, would be next to the Marina Apartment at Uduya Point on Suva Harbour

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$1.5m paid out in housing grant

Permanent Secretary Sanjeeva Perera says 121 applications have already been approved.

The Ministry has been receiving a lot of positive response since the announcement of the Programe in the 2020/21 national budget.

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Informal settlers not allowed to profiteer from subsidized lots

Fijians living in informal settlements who will soon be receiving their 99-year leases will not be allowed to profiteer from the subsidized lots.

Housing Minister Premila Kumar reveals there have been several cases where people who were given subsidized lots have either sold the property, the land is still vacant and in some cases rented out.

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Hunt on for investors

Local Government Minister Premila Kumar says the Suva City Council is on the hunt for investors to develop a commercial centre at the old market site in Raiwaqa.

Mrs Kumar said this would be done through a public private partnership (PPP).

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Government considers FNPF relief for home loans

The Ministry of Economy is now in talks with the Fiji National Provident Fund to provide home loan re-payment relief for FNFP members.

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Kumar and Bo talk about low-cost housing

Discussions about the development of low-cost housing have been held between the Minister for Housing and Local government Premila Kumar and China’s Ambassador to Fiji Qian Bo.

At that meeting, Bo was joined with a representative of construction company – China Railway 1.

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Master plan for the Greater Suva and Nadi-Lautoka area will be completed in mid-2021 – Kumar

The Singapore Cooperation Enterprise’s work on the Master Plan for the Greater Suva area and Nadi-Lautoka will be completed in mid-2021.

Minister for Local Government Premila Kumar says it will add significantly to the strategic planning that is needed to successfully plan for future generations.

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New ways of planning cities must be adopted says Kumar

There is a need for increased flexibility to accommodate high-density developments.

Local Government Minister Premila Kumar highlighted this during the World Town Planning Day to recognize and promote the role of town planning.

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Revised Act will end buying, selling & renting of houses in informal settlements – Kumar

Minister for Housing, Premila Kumar says people staying in informal settlements cannot be landlords as they themselves are staying illegally on that land.

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Arbitrary eviction is unconstitutional says Raj

The Human Rights and Anti-Discrimination Commission is pleading with residential landlords to refrain from arbitrarily evicting tenants.

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Reward employees: Akbar

Rewarding your employees is the key. The message from the Minister for Education, Heritage and Arts, Rosy Akbar, was announced during the One Agency Bayshore Fiji Pty Ltd awards night at Tanoa International Hotel, Nadi, past Friday.

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Banks tighten up on loans

Banks are being more stringent with their loans according to the Reserve Bank of Fiji Board following its meeting earlier today.

RBF governor Ariff Ali says credit conditions have tightened given the current elevated risk levels and depressed economic environment.

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Blue Lane initiative receives positive response

More than three hundred people have come to Fiji under the Blue Lane initiative in the last few months, opening up some job opportunities.

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Survey to gain a better understanding of the financial situations of different segments of Fiji begins

The Reserve Bank of Fiji in partnership with the Fiji Bureau of Statistics, the United Nations Capital Development Fund managed by the Pacific Financial Inclusion Programme and the Alliance for Financial Inclusion has commenced a second national Financial Services Demand Side Survey.

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PRB flats not permanent homes: Kumar

Public Rental Flats are not permanent homes.

Local Government Minister Premila Kumar stressed this while visiting the Vunimoli PRB flats in Labasa.

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Lyndhurst plans to develop a business park

The Lyndhurst Group of Companies is working on developing a business park at the Kalabu Tax-Free Zone.

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Pandey Invests More In Fiji

Pandey Investments Fiji PTE Limited is now the major shareholder for the owning entity of the Sheraton Resort and Spa on Tokoriki Island, in the Mamanucas.

Pandey Investments Fiji PTE Limited, a subsidiary of New Zealand based CP Group, has completed settlement to become the major shareholder after negotiations with the former majority shareholder the Meghji Group of companies.

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FRCS to launch four new online services next month

The Fiji Revenue and Customs Services will be launching four new services on the 3rd of next month.

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Housing Authority extends COVID-19 relief package assistance

As the country continues to face the economic effects of the COVID-19 pandemic, the Housing Authority will extend its assistance package to affected customers up to 31st December 2020.

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RBF Governor says Fijian economy is resilient

Fiji’s economy has been resilient in the face of adversities over the past 50-years.

Reserve Bank of Fiji Governor Arif Ali, while launching the commemorative notes and coins for our 50th Independence anniversary says Fiji has been able to stand on its own because of the spirit of unity.

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Real estate agents not conforming to code of conduct: Khan

There has been an increase in unethical practices by licensed real estate agents not conforming to the professional code of conduct.

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Fijians in maritime and rural areas can now get plans for a 2 bedroom house for free from Ministry of Housing

People living in rural and maritime areas can now get an engineer certified plan for a 2 bedroom house from the Ministry of Housing at no cost to them.

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Housing Ministry launches new house plan

With climate change expected to increase the intensity of Tropical Cyclones, there’s a need to build houses that can withstand such natural disasters.

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Valuers to be aware of the market trend: Dr Hassan

Valuers Registration Board is calling on the valuers to be aware of the market trend that is being developed because of the COVID-19 pandemic.

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Liquidity reaches historic high: RBF

Excess liquidity in the banking system reached a historical high of $1.1 billion last month says the Reserve Bank of Fiji.

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ANZ Records 60 Percent Drop In Cash-Over-Counter Transactions

ANz has noted a drop in over the counter cash transactions, as customers move to digital payments, said country head Saud Minam.

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Young people encouraged to start their own business

Youth are game changers and influencers with the capability and potential to lead the new normal in this current COVID-19 era.

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Building Permits For The 2nd Quarter Dropped 22.1%: New Statistics Report

The construction industry was set to kick off work valued at $54.3 million for the second quarter of 2020, the Fiji Bureau of Statistics said in its September Report.

The value of construction was however lower than the first quarter of the year, the bureau said.

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Businesses in Levuka defaulting on rates

The Ministry for Local Government has identified local and international companies in Levuka that have defaulted on their rates.

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Businesses in Levuka defaulting on rates

The Ministry for Local Government has identified local and international companies in Levuka that have defaulted on their rates

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Now is the time to invest in construction – Construction Industry Council

Construction Industry Council President Gordon Jenkins says now is the best time to construct because prices of material and labour costs are down and people should take advantage of this and get their projects completed.

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Investment Fiji banks on staff to boost productivity

Investment Fiji has pledged to ensure its staff are equipped with one-standard commercial and technical knowledge.

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Housing Authority changing policies to speed up lot allocation work but they do not have many lots available

Housing Authority of Fiji CEO Robert Sen agrees that a lot of time was previously taken for lot allotment but some policies have changed and clear communication is being initiated with the customers in regards to their complaints.

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Total export of services declines

There was a decrease of over ninety percent or more than eight hundred and twenty million dollars in the total export of services in June when compared to a year earlier.

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FNPF to process 66 First Home Buyers Programme applications

The Fiji National Provident Fund will continue to process the sixty-six applications approved for the 2019 First Home Buyers Programme.

The fund had earlier announced that the scheme had ceased and will not be available anymore.

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FNPF clarifies housing assistance eligibility

The Fiji National Provident Fund says there are five pre-retirement grounds that are still open despite the rollout of the COVID-19 Withdrawal scheme.

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Non-performing loans could impact economy

Reserve Bank Governor Ariff Ali has stressed that non-performing loans are the most significant source of credit risk to a bank.

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Bank workers union supports interest rate drop

The union representing bank sector workers has weighed in on discussions around lending rates.

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Emergence of a new market in the real estate sector

With the COVID-19 impact being felt by all the sectors in the country, the Real Estate industry has seen the emergence of a new market.

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Pressure on HA to provide affordable housing

More Fijians want to own flats in urban areas which has increased the pressure on the Housing Authority to provide affordable homes.

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HA Board appoints members of Public Inquiry Committee

The Housing Authority Board has appointed members of its Public Inquiry Committee.

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THINK OUTSIDE THE BOX – OWN A HOME

Attorney-General Aiyaz Sayed-Khaiyum encouraged those present at the post-budget discussion; “Fiji’s Economic Recovery Plan” to ‘think outside the box’.

Encouraging Fijians to not wait for too long before owning a home, the Minister for Economy, while speaking at the discussion organised by the Fiji Chamber of Commerce and Industry on 25 July 2020, made this remark about home-ownership which in Fiji is extremely low.

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Real estate market uncertain of future

The real estate market is clueless as to where it’s heading as the COVID-19 pandemic continues to take a toll.

Real Estate Licensing Board chair Abdul Hassan says with potential buyers economically affected, people are now not able to invest in property, directly affecting agents and the industry.

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Criteria set for special purpose audit on Housing Authority lot allocation for past 10 years

The Housing Authority of Fiji has confirmed that there is a criteria for the special purpose audit on lot allocation for the past 10 years that will be carried out by the Office of the Auditor-General in Fiji.

Some of the criteria that the audit will focus include review of any lots allotted to current or ex Housing Authority staff, their families during the period and to review such transactions to assess the transparency and appropriate declaration of conflicting interests by relevant staff including the board.

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Fiji should continue to focus on growing sectors like Agriculture even after tourism picks up - Chauhan Drop tourism related taxes and support local companies

Fiji Commerce and Employers Federation President, Sandeep Chauhan says the country should continue to focus on growing sectors like Agriculture even after tourism picks up and also focus on new sectors like call centres, Business Process Outsourcing, repacking of goods for exports and increasing food processing activities.

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Landlords taking extreme steps to evict tenants amidst pandemic

It has been revealed that some landlords are going to great lengths to evict their tenants following minor disputes.

The Fijian Competition and Consumer Commission has recorded an increase in conflicts between landlords and tenants during the pandemic.

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2020/2021 National budget to focus on creating more economic activity

The Permanent Secretary for Economy Makereta Konrote says the 2020/2021 National Budget will be focused on creating more economic activity.

Konrote says one of the important aspects of a budget is to create an enabling environment for the private sector to be able to lead economic recovery after COVID-19.

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Housing Authority receives 334 applications

The Housing Authority has received 334 applications for COVID-19 assistance. 220 applications are from the Central and 114 from the Western Division.

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RBF says labour market conditions worsen while consumption and VAT collections continue to contract

The Reserve Bank of Fiji states that overall labour market conditions have worsened due to the weakening domestic economy.

The RBF says a total of 85,959 FNPF members received around $54.2 million under the COVID-19 withdrawal scheme in phase one, while 15,920 members will be paid around $17.5 million in phase two over a period of 10 weeks.

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PRB has not evicted anyone from any of their flats during the COVID-19 period – Patrict Veu

Public Rental Board Acting General Manager, Patrick Veu confirms that no one has been evicted from any of their flats during the COVID-19 period, however people who were earning more than $16,500 and have lost their jobs or are on reduced hours have been reconsidered to stay in their flats.

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Housing Authority and Public Rental Board appoint new Board members

Lorraine Seeto, Senikavika Jiuta, Roveen Permal, Anabel Ali and Mohit Raj have been appointed as the new board members of the Public Rental Board and Housing Authority.

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112 PRB tenants handed eviction notices

Housing Minister Premila Kumar highlighted this while visiting the Natokowaqa PRB flats in Lautoka earlier this week.

Kumar says they have found out that these tenants’ income threshold is higher and they do not qualify to stay in these flats.

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RISE programme hopes to improve well-being of other settlements

The Revitalization of Informal Settlements and the Environment programme hopes to expand its current operations across the country.

Coordinator Isoa Vakarewa says the programme begins its operations in identifying the need for proper sanitation, waste management and hygiene at informal settlements last year.

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Housing ‘Scam’: Eight Employees From Housing Authority Sacked

The Housing Authority of Fiji is now under the spotlight after eight of its employees were sacked for allegations of corrupt practices earlier this year.

The eight employees had allegedly set up a company, bearing the same address as the Housing Authority, and were making money to develop plans and land on behalf of its clients.

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Court cases await Housing Authority frauds

Fijians who acquired Housing Authority lots through dishonest means will now face legal action.

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New Board members for PRB and HAF

The Minister for Housing welcomed the newly appointed board members of the Public Rental Board and Housing Authority of Fiji.

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More people vacating rental properties: Dr Hassan

The occupation of rental spaces in the country is taking a dip due to the impact of the Coronavirus pandemic.

The Real Estate Agents Licensing Board has been monitoring the market whereby lots of rental properties are now vacant due to the tight budget of Fijians.

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Ideal time to invest in stock market: SPX

Chief executive Krishika Narayan says while the overall statistics indicate the market is low, if an investor has extra savings and is thinking of buying shares, this is the right time.

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Beware Of ‘Illegal’ Home Sales In Squatter Settlements Ministry Warns

Homebuyers are being warned to be cautious about the sale of homes located at sqatter settlements.

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Businesses face toughest financial crisis

Large and small businesses are facing their toughest financial crisis with no apparent end in sight.

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Let us all work together to build confidence and encourage construction activity to boost employment and revenue opportunities – AG

Minister for Economy, Aiyaz Sayed-Khaiyum says all efforts should be focused on building confidence domestically to encourage more construction activity that can result in the creation of jobs.

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Town Planning Act and Subdivision of Lands Act’s Revision To Address Illegal Development

Illegal developments are rife in Fiji, however, the penalties are low and do not effectively deter people, says Minister for Local Government, Housing and Community Development Permila Kumar.

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Bankruptcy looms for 512 businesses: Survey

More than five hundred local businesses have indicated they may face bankruptcy if the COVID-19 pandemic continues for another six months.

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‘Housing Help Available For Loan Clients’

More than 1600 households are occupying Public Rental Board (PRB) flats and 832 households are being assisted by the Housing Assistance Relief Trust (HART), Premila Kumar said.

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Sixty-six businesses closed due to COVID-19 crisis

Sixty-six businesses have closed down due the impacts of the COVID-19 crisis.

Minister for Local Government Premila Kumar says the survey conducted by municipalities highlights the virus has had an adverse effect on Fijian businesses who suffered the consequences of the economic fallout.

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More job lay offs expected in the coming weeks in the tourism industry

As the tourism and hotel business transitions into the next phase of survival, operators involved in the tourism industry will be considering extended Leave Without Pay options, terminations and redundancies in the coming weeks.

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FCCC assists 252 tenants

The Fijian Competition and Consumer Commission has assisted 252 tenants who have been impacted due to the COVID-19 crisis.

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ANZ not in a business of repossessing customers’ properties, will continue to work with their customers – Minam BSP says it is too early to make a comment

ANZ Fiji Country Head Saud Minam says they are not in the business of repossessing their customers’ properties and will continue to work with their customers till the last resort and this could be through three months, six months or nine months principal and interest deferment.

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Residents claim no freeze, reduction on weekly rent

Residents in Housing Assistance Relief Trust (HART) villages say a recent statement issued by Government of a rent freeze since March and that rent has been reduced by about 50 per cent is “not true”.

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Budget to consider more support for emerging SMEs

Economy Minister Aiyaz Sayed-Khaiyum says against the backdrop of the COVID-19 pandemic, this year’s budget purse strings will be tight.

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Fijian economy is expected to decline more sharply than -4.3%

The Reserve Bank of Fiji has stated that the national economy is now expected to decline more sharply than the earlier estimate of -4.3% on account of the catastrophic impact of COVID-19.

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Increase in property listings: Khan

The real estate agents have seen a tremendous increase in the listing of the rental properties.

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The market has become very challenging: Bayshore Director

The real estate sector has not been spared by the impacts of the Corona-virus that has affected almost every other sector of the economy.

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Housing Authority gets real estate agents to sell high-end residential, civic and commercial lots

Housing Authority confirms that real estate agents will be marketing, and selling 27 high-end residential, civic and commercial lots, on behalf of the Authority.

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Foreign Reserves Sufficient For Next 6 Months

The Reserve Bank of Fiji says foreign reserves are sufficient to retain imports for the next six months. In its April economic review, RBF said foreign reserves were $2.2 billion and enough to sustain imports for the next 6.9 months.

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Foreign Reserves Sufficient For Next 6 Months

The Reserve Bank of Fiji says foreign reserves are sufficient to retain imports for the next six months. In its April economic review, RBF said foreign reserves were $2.2 billion and enough to sustain imports for the next 6.9 months.

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Landlords Can Evict Tenants Upon Proper Notice Issued By High Court

Eviction of tenants is only legal if proper notice is provided by the High Court, said the Fijian Competition and Consumer Commission (FCCC) chief executive officer Joel Abraham.

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Article of the Week

Amidst the COVID-19 crisis there is some hope for people with bank loans.

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Prime Minister:Financial Opportunities For Squatters

Frank Bainimarama made the remark at the Fifth Urban Forum at the Tanoa International Hotel in Nadi yesterday .

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Veivauceva Settlement residents a step closer to obtaining land lease

Residents of Veivauceva Settlement in Tacirua are now a step closer to gaining titles for the land they currently occupy.

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Some major Budget announcements

The 2019/2020 National Budget has been announced with many initiatives focusing on protecting our environment, expansion of ECAL or the Environmental and Climate Adaptation Levy on goods including vehicles, increased duty on new and used hybrid and non-hybrid vehicles, targeted assistance for people, reduced government expenditure and a target of economic growth for straight 11 years.

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Ministry of Housing to increase supply of housing lots and low cost housing units

Everyone is eagerly awaiting the 2019 National Budget which will be announced tonight at 7.30pm.

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