SPBD Microfinance celebrates US$250 million loan disbursement milestone in the South Pacific
SPBD Microfinance, the leading microfinance network dedicated to empowering women microentrepreneurs across the South Pacific celebrated a major milestone in June, distributing US$250 million in loans in its quest to
Adapting recruitment practices in the post-COVID world
The COVID-19 global pandemic impacted business, and economic and international development across the Pacific Islands and saw organisations pivot focus to respond to the public health national emergencies and
PNG Trade Minister Maru wants Trukai sale probed
The Papua New Guinea Government has directed the Securities Commission of PNG to investigate the sale to an Australian company of a substantial local shareholding in Trukai Industries. International Trade and Investment
Gradual devaluation of kina ‘better’: PNG Chamber of Commerce
A gradual devaluation of the kina will be easier to absorb rather than a sudden one, PNG business houses have told Government. The business houses acknowledged the analysis and recommendations by policy advisers that
PNG Stock Exchange adopts corporate governance code
The National Stock Exchange of PNG (PNGX) has adopted a new Corporate Governance code developed with characteristics of the PNG market in mind. Chairman David Lawrence said this initiative aimed to provide to the boards
PNG logger fined K140million by Internal Revenue Commission
A major logging operator in Papua New Guinea has been charged a whopping K140 million (US$39 million) for tax evasion, Internal Revenue Commission (IRC) boss Sam Koim announced Monday. Koim said IRC has imposed a
PNG National Fisheries Authority clarifies tuna supply issues
Papua New Guinea’s National Fisheries Authority (NFA) says tuna supply issues facing the processors in Lae have nothing to do with the lack of fish stocks in the waters. It added that the issues resulted from supply
Preferred supplier system – one of Solomon Islands government’s wallet-holes
Solomon Islands Government’s preferred supplier system is one which is wrapped in controversy despite its purported creation with good intentions. Not for its initial purpose of bringing about efficient service for
PNG cannery closes, 5000 out of work
Majestic Seafood, makers of canned tuna products in Lae, Papua New Guinea has shut down operations as a result of a shortfall in fish supply. Over 5,000 staff of the company are now redundant. Emmanuel Pari, speaking on
PNG’s Sir Kostas Constantinou passes away
A prominent leader in Papua New Guinea, Sir Kostas Constantinou, passed away in Brisbane on Saturday, after battling heart complications, according to the family. Sir Kostas, 66, is a father of Constantia, George,
US$23 million to strengthen Tuvalu’s aviation sector
Tuvalu will soon receive US$23 million in grant financing to enhance its aviation sector, the World Bank has announced. Through its Tuvalu Safe and Resilient Aviation Project, the Bank says it aims to improve the
New financial entrants ‘pose risk’: Bank of PNG
In a real sense, encouraging new entrants in the financial system can be considered a national risk management strategy, says Bank of PNG acting governor Elizabeth Genia. “In recent years, we have seen internationally
Solomon Islands’ new airport surcharge fee effective June 1st
Solomon Airlines has confirmed the introduction of new airport surcharge fee effective from 1 June 2023 to help cover rising international and domestic airport costs including increased landing and lighting fees at
Samoa’s Fagalii airport re-opens with extended runway
Samoa’s Fagalii airport has reopened with an extended runway, and the Minister of Works Transport and Infrastructure has given his assurance that it is safe. The Minister says the airport has passed all aviation
Economic, geopolitical risks present worldwide: BSP
The world is continuing to present economic and geopolitical risks that impact almost every country, a bank executive says. Bank South Pacific Financial Group Limited (BSP) Chief Executive Officer Mark Robinson said
Six Pacific countries at high risk of debt distress: World Bank
Six Pacific countries are at a high risk of debt distress in part due to government spending to respond to the COVID-19 crisis, the World Bank said in a report on Thursday. The report, titled Raising Pasifika, said
Pacific leaders’ role critical for a more resilient tourism sector
Pacific tourism leaders have a critical role to play for a more resilient future Pacific tourism sector. Tourism in the Pacific is about relationship building, economic development, growth, and connectivity. These
Refine gold here: PNG PM Marape
All gold produced in the country must be sold to the Bank of Papua New Guinea to be refined into bullion, says Prime Minister James Marape. The National reports that he made this comment during the launching of the PNG
Solomon Islands leads the Pacific on SOE profitability: ADB report
Solomon Islands’ robust legal framework for state-owned enterprises (SOEs) has contributed to the financial success of its largest SOEs and generated the highest portfolio returns among nine Pacific island countries,
Expert explains why Special Economic Zone in PNG fails
No one knew what Special Economic Zone (SEZ) were and accordingly, what must be done to enable them to succeed, writes the Post Courier. The Japanese Development Institute (JDI), a think tank with more than 40 years of
New forex strategy promises gradual return to a floating currency in PNG: IMF
An International Monetary Fund (IMF) team will be in Port Moresby over the next few months to help the PNG government develop a jointly-agreed comprehensive reform roadmap for the country’s foreign exchange (FX)
Papua LNG project: potential economic contribution, says ANZ
The ANZ bank says the proposed Papua New Guinea LNG project will deliver PGK18bn (US$5bn) in new spending (in constant prices or in real terms) during its construction phase. This is equivalent to 27.3% of PNG’s
Samoa at high risk debt distress: IMF
A new debt sustainability analysis (DSA) prepared by the International Monetary Fund (IMF) and the World Bank Staff has shown that Samoa remains at high risk of external and overall debt distress, unchanged from the