The business of bilas
Caleb Jarvis’ passion for Papua New Guinean art and craft started when he lived there as a young child, surrounded by, as he describes them, historical, functional, cultural and spiritual objects. “I lived in an
Business
Survey reveals F$2.09 billion in Fiji tourism earnings in 2022
Fiji’s tourism industry earned a total of $FJ2.09 billion (US$1.045 billion) between April and December last year, according to new survey results released this week. The Fiji 2022 Annual International Visitor Survey
China-backed AIIB secures World Bank deal
The Asian Infrastructure Investment Bank, Beijing’s answer to the World Bank, has approved one of its highest-profile international partnerships, just weeks after it was accused of being infiltrated by China’s
PNG Cannery may generate K1.2 billion
Papua New Guinea Government and corporate partner RD Corporation will start talks on a fish cannery which is expected to generate about K1.2 billion (US$335 million) in annual revenue, says Prime Minister James Marape.
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
