Neu: 2001-09-22
Contents of this issue:
1. Profit From Funding
2. Talent Scout
3. Hotel Saga
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September 22nd, 2001
1. Profit From Funding:
The Niue Development Bank recorded a net profit from operations of
$NZ246,340 in 1999 compared with $290,162 in the previous year, reports
the Audit NZ controller and auditor general David Mcdonald in a report
to the Legislative Assembly.
In an unqualified audit opinion the auditor general said the 1999 result
almost equalled NZODA funding of $249,963 but also reflected budgetary
assistance from the Government of Niue which totalled $55,000.
"However the net profit is also arrived at after a charge for increasing
the provisions for doubtful debts by $82,490 - reversing the trend of
decreasing provision over the previous three years," stated the report.
The auditor genral said as at June 30 1999 doubtful debts for business
loans were higher that 1998 by $99,000 and doubtful debts for housing
loans lower by almost $20,000.
2. Talent Scout:
Top Oceania weightlifting coach Paul Coffa MBE is visiting Niue to hand
out tips on the sport and spot potential talent in the code.
Coach Coffa heads Nauru Sports Committee and is renowned for developing
the sport in Australia over the past 20 years..
Niueans plan to enter a weightlifting team in next year's Commonwealth
Games in Manchester England in July 2002. Coffa who is also
general-secretary of the Oceania Weightlifting Federation is encouraging
Niuean talent to concentrate on weightlifting rather than powerlifting.
"Weightlifting is recognised as an Olympic and Commonwealth Games code -
powerlifting is not," he said during a TV Niue News interview. "There is
value in both sports but weightlifting will get you international
recognition."
During his four day stay on Niue Coffa is holding workshops and seminars
and hopes to spot talent for training at a new Oceania Weightlifting
Institute in Fiji.He has been unable to coach Niuean weightlifters
because of the lack of equipment.
3. Hotel Saga:
Only hours after signing an agreement with a group of local investors
and the Government of Niue controversy surrounds the lease of the 32
room Niue Hotel.
According to TV Niue News the government hastily withdrew the lease
saying it wanted to seek legal advice on the wording used in several
clauses. Secretary to Government Sisilia Talagi said it is hoped to have
the document re-signed before the end of the month.
But according to TV news reports shareholder Toke Talagi, a common roll
politician, was unaware of the government's action and said a working
bee had been planned for the hotel today. The investors say they hope to
have 15 rooms open for the self-government celebrations on October 16.
Sources say an original investment group was counting on 100
shareholders in New Zealand and Niue paying $1000 each to raise enough
to get the 27 year old hotel up and running. However investors have
been cautious to put cash up front and the group is reported to have
received less than half the amount sought. A second attempt at a share
float closed on September 20. Previous attempts to lease the hotel have
failed -an Auckland publican heading a group of NZ investors withdrew
due to equity requirements stipulated by the island's development bank.
It has been estimated that refurbishing the hotel will cost $350,000
over two years. To bring the property up to occupancy standard would
cost around $180,000.
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