Thriving stock exchange eyed in PNG
Companies are not currently obliged to list on the Papua New Guinea stock exchange (PNGX), but a thriving stock exchange in the country can act as a catalyst for broader economic growth, says chairman David Lawrence. On
Too little to avert crisis, Puma Energy received US$12.7 million of foreign exchange in PNG
Puma Energy received about US$12.7 million (about K45.8 million) of foreign exchange (FX) on Friday, but this is still not enough to buy fuel needed to address the looming shortage in Papua New Guinea, the company’s
New craft beer brewery Inu Hake, offering different local flavours on Niue
Ihu Hake craft beer in local flavours like honey, vanilla, coconut and pineapple offers a different taste for locals and tourists on Niue. After many years of having only imported beer on the island, a locally owned
PNG PM Marape targets Asian investors
Papua New Guinea Prime Minister James Marape believes that Papua New Guinea is an appealing investment destination for Asian investors – something he plans to stress during a conference in Hong Kong in October. Marape
Fiji budget debate: Rabuka flags possible mini budget
Fiji’s Prime Minister said his government may deliver a mini-budget six months from now in order to ensure close monitoring of the 2023–2024 Budget. Prime Minister Sitiveni Rabuka told parliament yesterday: “This
New partnership to further improve Fiji’s kava production
The Fiji National University and the Pacific Horticultural and Agricultural Market Access Plus Program (PHAMA Plus) have launched a collaborative research initiative to further improve the consistency and reliability of
Employment in Solomon Islands
Solomon Islands has a serious unemployment challenge, with now more than 15,000 job seekers and less than 4,000 new jobs per year being created (based on National Provident Fund data). We have a serious unemployment
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
