Foreign workers in Australia send around $4.5 billion each year to friends and family living in Asia and the Pacific, with banks and money transfer companies pocketing around $450 million.
Money sent home to relatives often helps the poorest people to access food, education for their children and medical treatment.
via Calls for Australia to use G20 presidency to cut remittance costs – Yahoo!7.
A Tongan pastor at the centre of a Aus$21 million financial scandal that brought his church in Sydney to its knees has been accused of passing bad cheques.
The Reverend Sione Pinomi of the Free Wesleyan Church of Tonga has been accused of issuing three cheques worth Aus$140,000 as donations to fundraising dinners for the Tokaikolo Church in Sydney.
via Aus$140,000 worth of fundraising cheques written out to Tokaikolo Church bounced – New Zealand Kaniva Pacific | New Zealand Kaniva Pacific.
A new commercial bank, the Pacific International Commercial Bank, has been awarded a license to operate in Tonga, according to Matangi Tonga.The bank, the fifth in Tonga, is expected to open its doors in about six months.Chairman of the National Reserve Bank Board of Directors Steve Edwards told Matangi Tonga that the main shareholder is a Chinese businessman residing in China. Princess Pilolevu Tuita is also shareholder while a board of directors will oversee the operation of the bank, including Tongans ‘Aisake Tu‘iono and Mishka Tu’ifua with other Chinese directors, he said. “This is a foreign investment in Tonga and the bank considers there would be a lot of money injected into the economy. The most important issue I am concerned with is the fact that there is no economic activity and we need foreign investment since the economy now is stagnant and stale.”
via New bank for Tonga – Tonga – News – Islands Business magazine.
The project proposal being developed will help address priority climate change risks in Tonga.
NUKU’ALOFA, TONGA – A consultation workshop held today will help develop a project proposal to address climate change risk priorities identified in the Joint National Action Plan on Climate Change Adaptation and Disaster Risk Management.
via ADB – Asian Development Bank : ADB to Help Reduce Climate Change Risks in Tonga.