Tuvalu News


FUNAFUTI, Tuvalu (April 24, 2001 Radio Australia)---Tuvalu is investing more of its own money in the company that is marketing its Internet suffix -- .tv.

Radio Australia correspondent Sean Dorney reports that Tuvalu is acquiring another US$ 3 million worth of stock in the DotTV corporation of California.

"Tuvalu's Finance Minister Lagitupu Tuilimu told the parliament in Funafuti that under the stewardship of the DotTV corporation in Los Angeles, .tv has become the fastest growing top-level domain name in Internet history.

"He said the corporation now employs more than 100 people around the world and new offices have opened in London and Hong Kong.

"It also has hired its first Tuvaluan employee and will take on a second next month.

"The minister said plans to float the company had been put on hold on the advice of the corporation's investment bankers because of the looming recession in the U.S. Nevertheless, Tuvalu is confident of the DotTV corporation's long-term success and is investing another three million U.S. dollars by foregoing three quarterly cash payments for the .tv suffix. He said the quarterly payments would resume in the third quarter of this year.

(Sean Dorney, Radio Australia)

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