News and Comments Thursday 17 October 2013
FUEL PRICE INCREASES WERE UNAVOIDABLE according to Commerce Commission Chairman, Dr Mahendra Reddy and have to be seen in the context of big price falls for all products in the last quarter.“ This quarter there is winter in the euro zone and winter drives up demand substantially...[there is also increased ] economic activity in Indonesia in the Asian region as well as the conflict in the Middle East which is affecting supply, so demand and supply have both contributed to the prices of petroleum products”.
Dr Reddy attributed the Fiji rise to increased world market prices, the strengthening of the US dollar, and an increase in the retail margin for diesel and motor spirit from 2½ to 3%. -- FBC.
Motor Spirit increased by 5% to $2.62 a litre from the old price of $2.49, diesel from $2.21 to $2.37, and kerosene from $1,76 to $1.90. -- FijiLive.
LAUTOKA TO GET $30 MILLION. New developments taking place in the sugar city under a $30m expansion plan will be announced by Special Administrator Praveen Bala who says the developments take place before the year ends.
Meanwhile, Australian-based international Sportswear manufacturer Kooga recently opened its new plant in Tavakubu, Lautoka employing about 120 local people.
MORE FOREIGN INVESTMENT. Some 159 foreign investment projects worth about $822 million have been registered since January. Investment CEO Ravuni Uluilakeba said another seven proposals with a proposed value of about $75 million are currently being processed. The projects are expected to employ 3,246 people in the tourism, services, wholesale, retail, manufacturing and agriculture sectors.
ELECTION OBSERVERS. An EU technical team is expected next week and the EU probably agree to the PM's invitation to send observers but this is still being discussed. The two EU technicians will be joined by four others from Australia and NZ.