Economy
Govt announces budget surplus
Friday 16 November 2012 | Published in Economy
Finance minister Mark Brown yesterday announced an unexpected budget surplus of $1.7 million for the first quarter of the 2012-13 financial year.
GDP up 1% to $367m
Friday 16 November 2012 | Published in Economy
Wholesale and retail trade is driving up Gross Domestic Product (GDP) figures.
Tourism 'overspending' a problem
Thursday 15 November 2012 | Published in Economy
Cook Islands Tourism Corporation’s overspending has been condemned in an audit office management report on the financial transactions of the agency.
Bill and Hillary Clinton visit mooted
Saturday 10 November 2012 | Published in Economy
Prime Minister Henry Puna indicated in Parliament yesterday that a holiday in the Cook islands is a possibility for Bill and Hillary Clinton.
Public account up for tender
Thursday 8 November 2012 | Published in Economy
Government is tendering the Crown’s banking services.
'Best is yet to come'
Thursday 8 November 2012 | Published in Economy
The Cook Islands will send a congratulatory message to re-elected President Barack Obama when Prime Minister Henry Puna gets back into the country this morning.
Public toilets in for tidy-up and upgrade
Tuesday 6 November 2012 | Published in Economy
Complaints about the ‘disgraceful’ state of the downtown Avarua public toilets have made their mark.
New market stage formally opened
Tuesday 6 November 2012 | Published in Economy
Punanga Nui Market committee chairman Kiriau Turepu says the new stage has created a positive shift for the Saturday market after it was formally opened on Saturday.
Travel ban for unpaid tax
Monday 29 October 2012 | Published in Economy
A number of people living in the Cooks have been banned from travelling out of the country for not paying their taxes.
PNG protests deep sea mining
Monday 29 October 2012 | Published in Economy
Landowners in Papua New Guinea have petitioned the government to halt a controversial seabed mining project along the nation’s coast.
ISPS compliance crucial
Monday 29 October 2012 | Published in Economy
Increasing global awareness of the threat of terrorism means Pacific Island countries and territories must ensure they comply with the International Ship and Ports Facility Security (ISPS) Code.
Lynch talks on seabed minerals in China
Saturday 27 October 2012 | Published in Economy
The seabed minerals commissioner flew back from China on Tuesday – only to go to Belgium today.
Bad debts the big problem
Tuesday 23 October 2012 | Published in Economy
For the third time in about five years our banking system has been reviewed by yet another externally sourced “expert”. The final report identifies the major problem of the Cook Islands banking system as $45-60 million dollars of non-performing loans (NPLs). These loans, on which the borrower has stopped making payment, comprise 16 percent of all lending. Bad loans are said to constitute the primary reason for raising the risk profile and cost of lending in the Cook Islands (three percent of the five percent difference between Cook Islands bank rates and those of Australia and New Zealand).
Time for terminal tax
Tuesday 23 October 2012 | Published in Economy
It’s that time of year again – terminal tax is due at the start of next month for all individuals, companies and trusts.
'Steady-as-she-goes approach' to mining
Saturday 20 October 2012 | Published in Economy
Seabed mining is a new frontier which should be treated with caution and optimism, says Prime Minister Henry Puna.
Stage completion a few days away
Wednesday 17 October 2012 | Published in Economy
The Punanga Nui market stage is due to be completed by the end of next week.
Local bread price increases 10c
Wednesday 17 October 2012 | Published in Economy
The retail price of bread has increased by 10 cents in the latest bread price order, which came into effect October 12.
Brown: Avoid snakes and ladders
Tuesday 16 October 2012 | Published in Economy
Finance Minister Mark Brown told delegates at the Pacific States Seminar in Tokyo that the Cooks wanted to avoid a game of snakes and ladders in trying to achieve a higher income status level.
New book celebrates founding leaders
Tuesday 16 October 2012 | Published in Economy
The Cook Islands’ own Sir Tom Davis and John Henry Webb feature in a book recording conversations with some of the founding Pacific Islands Forum Leaders launched at the Pacific Islands Forum Secretariat in Suva.