BSP and FASU clash over alleged money laundering warning
The Bank South Pacific Financial Group Ltd (BSP) has always complied with its anti-money laundering and counter-terrorist financing (CTF) obligations in Papua New Guinea, says chairman Sir Kostas Constantinou. He made
BSP considers legal options over alleged money laundering warning
Bank South Pacific says it is considering its legal options after the Bank of Papua New Guinea formally cautioned it over what the central bank believes is “contrary conduct under the anti money laundering/counter
Coca Cola Fiji moves to buy Fiji brewer outright
Coca Cola Fiji Limited (CCEP Fiji) has moved to buy brewer Paradise Beverages Fiji outright. This follows CCEP Fiji’s acquisition of 57,323 (equivalent to 0.55%) ordinary shares in PBF from Platinum Insurance
“We have been lagging behind quite poorly”
In 2020 as shops and markets all over the world were forced to close due to the coronavirus, people shopped from home, with e-commerce seeing exponential growth in many markets. And the trend will continue. Online
E-Commerce trailblazer: Banz Kofi
Banz Kofi’s online business was transformed when owner Patrick Killoran negotiated a significant reduction in freight rates. Last year during COVID, while regular sales out of the company’s Mount Hagen coffee
Fast-tracking PICTA
The Pacific Island Countries Trade Agreement (PICTA), having acquired ratification by signatory Pacific Island Countries (PICs), came into force in 2003. However, some 18 years later, the Free Trade Agreement (FTA) is
Probe into Pacific Maritime Industrial Zone project financing
Papua New Guinea Treasurer Ian Ling-Stuckey has announced a new study aimed at resuming work on the long-delayed Pacific Maritime Industrial Zone project in Madang. PMIZ has been a white elephant sitting on the fringes
Solomon Islands Opposition Leader calls for mining moratorium
Solomon Islands leader of Opposition, Matthew Wale has called for a moratorium on all forms of mining in the country until proper management and regulatory policies are put in place to safeguard the people and their
Keeping the bank door open for Pacific peoples
Now is the time for New Zealand banks to act with courage to keep providing banking services, including money remittances, to the Pacific Islands open. The scale and complexity of the challenges facing Pacific Island
PNG economy may recover when second LNG project begins, but debt will rise
Ratings agency, S&P Global Ratings expects the Papua New Guinea to recover when the second LNG project commences next year, but has maintained a Negative outlook for the economy. In its latest review of the South
Uncertain times for Fiji-listed companies
Fiji’s second COVID-19 wave continues to batter the economy, and a series of market updates released by companies listed on the South Pacific Stock Exchange make for sobering reading. None of the listed companies are
Green shipping boost: China Navigation supports Marshall Islands’ carbon tax proposal
(SPLASH)China Navigation is to sign for a revolutionary sail-assisted newbuild this month as part of a package of green measures announced today. The Swire subsidiary has also come out in favour of the proposal put
Fiji’s Reserve Bank cuts select interest rates
The Reserve Bank of Fiji has reduced interest rates in a bid to reduce borrowing costs for businesses and households. Commercial banks and licensed credit institutions operating in Fiji can now access funding from the
Fiji GDP down 9.7%: Reserve Bank
The Reserve Bank of Fiji reports that for the first nine months of the current fiscal year, Fiji’s government recorded a net deficit of F$905.0 million (-9.7% of GDP). Government expenditure ($2,256 million) almost
Delving into digital: Kina finds its sweet spot
The entry of Papua New Guinea’s Kina bank into the fairly competitive Fiji market later this year will bring a range of digital products that should stimulate further innovation in the sector and more choice for
Delving into digital: Kina finds its sweet spot
Kina Bank is set to bring new digital products to Fiji when it acquires Westpac's Fiji
PNG growth may be unstable due to second wave: BSP
Bank South Pacific says while PNG’s 2021 economic growth is projected to recover to 3.5%, growth “may be unstable owing to external and domestic factors and strong headwinds from the COVID-19
World Tuna Day: What does it mean for the Pacific?
Recent years have seen a power shift, with Pacific Islands Nations gaining greater control and revenue returns from their Tuna fisheries. This has been the result of cooperation and hard work. This article will show
Jobs, consumption, investment continue to be subdued:RBF
The Reserve Bank of Fiji says recent locally transmitted cases and containment measures will prolong already subdued economic activity in the country. The RBF’s April statement reports that visitor arrivals were
ADB predicts modest growth for Pacific economies this year
The Asian Development Bank expects Pacific Island economies to return to positive growth this year, although at different rates, and with a great deal riding on successful vaccine roll-outs. Pacific economies contracted
MEET THE MENTOR NEELAM MAHARAJ: BUSINESSWOMAN AND MENTOR
Businesswoman Neelam Maharaj is a mentor with South Pacific Business Developments’ Fiji Bloom program. With her sister Neelma, she has built up three businesses from scratch learning many valuable business lessons
Vale mine in New Caledonia
After months of political dispute, the Brazilian corporation Vale has finally sold its Goro nickel smelter and other assets in New Caledonia’s Southern Province. The new owners Prony Resources and Trafigura have
Saving for a rainy day
It is well understood that the Pacific Islands is one of the least insured regions in the world, with some estimates putting the penetration rate at just 3.6%. These figures are particularly sobering given our