Community Bank of American Samoa proposes buying Territorial Bank of Samoa
A local group of investors is proposing they buy the Territorial Bank of American Samoa (TBAS), the government-owned bank that started operating when Bank of Hawaii departed American Samoa four years ago. In a letter to
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
