PNG Government approves new bank
The PNG Government has approved the Peoples Micro Bank Limited to be a full-fledged commercial bank, Papua New Guinea State Enterprises Minister William Duma says. “This means the bank and Kumul Consolidated Holdings
Business
Solomons tuna plant to create 5500 jobs
More than 5,500 jobs are set to be created with the construction of a major tuna processing plant in Solomon Islands says the International Finance Corporation (IFC). The Bina Harbour Tuna Processing Plant, to be built
PTI Australia delivers record Pacific investment deals
Pacific Trade Invest (PTI) Australia has recorded more than AUD$27 million (US$12 million) in export deals and a 17 investment deals facilitated in the region, despite the challenging pandemic environment. The Pacific
Fiji: tourism up, but so is inflation
The Reserve Bank of Fiji Governor says despite uncertain prospects for the global economy, the recovery of Fiji’s tourism industry is providing momentum for domestic economic growth. However he has also flagged that
BSP pays K190million extra tax
The Bank South Pacific Financial Group Limited (BSP) has declared a substantially lower net profit of K69 million (US$19 million) from K259 million (US$73 million) due to a controversial levy imposed by the Government.
Skyrocketing prices hit Marshall Islands
Marshall Islands fuel prices hit the US$7.00 per gallon milestone this past week, adding an exclamation point to the prices for imported goods that have skyrocketed since last year. Food, vehicle fuel, transportation
ATH launches new PNG broadband telecommunications network
Vodafone PNG is now live following the rollout of its 4G+ mobile broadband network. Fiji’s Amalgamated Telecom Holdings Limited (ATH) and Vodafone Fiji were the primary investors in the new network construction
PNG’s Wafi-Golpu project talks stall
PNG's Wafi-Golpu project has been stalled over the remaining major issue of the mine waste disposal
Digicel considering legal options after Papua New Guinea tax
Digicel is considering an appeal against a “sudden, bizarre and unprecedented” new tax announced by the Papua New Guinea
Regional e-commerce negotiators training begins
Pacific officials have started a four-week training course to help them engage with negotiations and implementation of e-commerce rules. Currently, many Pacific countries require support to negotiate and implement rules
Fijian businesses sought for U.S. investment Summit
The United States embassy in Suva is recruiting companies to join a Fijian business delegation to the 2022 SelectUSA Investment Summit in June in the Washington, D.C. area. The Investment Summit promotes
Wrong call on PNG tax for goods and services
Papua New Guinea businesses were taken off guard last week following Government’s announcement on the 10% removal of Good and Services Tax on selected basic goods in the country by April. PNG Manufacturer Council CEO
PNG Company tax approved
The contentious PNG company tax or ‘super tax’ on the country’s big players in the banking and telecommunication sectors finally got the green light from Parliament Wednesday, now making it a law. While the tax
Changes proposed to PNG super tax
Papua New Guinea's Parliament may consider some changes to the market concentration levy, or so-called 'super tax' this
Moana Minerals secures Cook Islands exploration licence
Moana Minerals Limited has been awarded an exploration licence by the Cook Islands Seabed Minerals Authority. The exploration license grants Moana with exclusive rights for a period of five years to explore for cobalt-
Fiji cops $500m a year or 5% of GDP from flood and cyclones but Climate Change Act will shock Fiji’s financial system, says RBF
Tropical cyclones and flooding may be costing Fiji $500m (US$250 million) a year but the country’s climate action commitments under its new Climate Change Act, 2021 will expose its financial system to
Local banker Smith is Westpac Fiji CEO
Westpac has announced the appointment of Shane Smith as its new Chief Executive for Fiji. “I’m honoured and humbled by the opportunity to lead this great business and build on the legacy of my predecessors.
FPCL projects to regain momentum with open borders
As we near the end of 2021, Fiji Ports Corporation Limited (FPCL) is preparing to release its results for the year. At the end of 2020 Fiji Ports paid its shareholders a $13.63 million dividend, recording an after-tax
FNPF Builds for the Future
The Fiji National Provident Fund has played a critical role in meeting the immediate needs of Fijians affected by job losses and hardship as a result of the coronavirus pandemic over the past 18 months. While it meets
Unlimited commercial kava export trial to Australia gets nod
Kava exporters from the Pacific Islands can now export an unlimited amount of kava to Australia for commercial purposes, under Phase 2 of Australia’s Kava Pilot program. Launching Phase 2 in Canberra yesterday in
Just drop it!
By Jason Jett The pandemic may have forever changed the way people shop. As COVID-19 caused a sharp economic downturn in travel-related industries, home-delivery services boomed and are continuing to be vital. During
Telstra seals Digicel Pacific deal
Australian telco, Telstra has partnered with the Australian government to buy Digicel’s South Pacific businesses for $US1.6 billion, finalising negotiations that have been underway for some months. Telstra will