investors

New Zealand needs to attract $40 million for a fund that will enable projects targeting climate change, sustainability and covid-19 recovery in the Pacific.

But, Pacific Cooperation Foundation Project Manager David Vaeafe said it's important the Pacific way is acknowledged, and the fund has the potential to do a lot of long term good.

Last week, a native American company, Red Warrior Entertainment, claimed that it had reached an agreement to build a gaming resort in Tonga.

But the government came out to deny this, reaffirming that gambling is illegal in Tonga.

The chief executive of the Ministry of Revenue, 'Anisi Bloomfield, said he suspects the announcement was made to try and garner overseas financial support.

He said the government has responded by setting up a committee that all prospective investors and developers must now go through.

Nine of the 10 industry groups in the Standard and Poor's 500 index gained. Energy and financial stocks rose most. Chipmaker Atmel jumped after accepting a bid from Britain's Dialog Semiconductor.

KEEPING SCORE: The Dow Jones industrial average climbed 90 points, or 0.6 percent, to 16,471 as of 12:24 p.m. Eastern time. The Standard & Poor's 500 index rose seven points, or 0.4 percent, to 1,965 and the Nasdaq composite gained one point, or less than 0.1 percent, to 4,828.

The Dow Jones industrial average fell 207 points, or 1.2 percent, to 16,462 as of 9:35 a.m. Eastern time Friday.

The Standard & Poor's 500 dropped 21 points, or 1.1 percent, to 1,968 and the Nasdaq composite declined 55 points, or 1.1 percent, to 4,838.

Financial stocks, which would benefit from higher interest rates, dropped the most in early trading.