PCRIC meets with its reinsurance partners
The CEO of the Pacific Catastrophe Risk Insurance Company(PCRIC), Aholotu Palu, has met with a representative of Hiscox Syndicate at Lloyd’s in London to discuss expansion plans. PCRIC secures the lowest pricing
Air Vanuatu to focus on domestic fleet expansion
Vanuatu’s national carrier Air Vanuatu has decided to cancel its order for Airbus A220s and instead plans to add more regional turboprop aircraft. “Air Vanuatu will not be proceeding with its order for
PNG economic outlook gives businesses hope: BSP
The Standards and Poor (S&P) Global ratings has revised its outlook on Papua New Guinea from negative to stable reaffirming the trajectory of the country’s economic recovery post-Coronavirus (Covid-19). And Bank
Vanuatu government eyes minimum wage increase
The Vanuatu Chamber of Commerce and Industry (VCCI) is against the decision to have private sector employees receive a severance pay at the rate of two months’ salary, against the number of years in service. The
Puma Energy PNG face foreign currency issues
Puma Energy PNG cannot possibly sustain its business if the foreign exchange (FX) issues remain unresolved, its country manager Hulala Tokome warned. “With the cost of crude, we cannot continue to sustain our business
Opinion: What do the stats tell us about the impacts of COVID-19 on Pacific economies – Q4 2021
Key economic indicators from the final quarter of 2021 indicate an uneven recovery for Pacific Island Countries and Territories (PICTs) economies from the COVID-19 pandemic, according to a new paper from the Pacific
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
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.
