PNG facing downgrade, says Popoitai
Frustrated by the lack of prosecution of financially-motivated crime cases, Bank of PNG has warned that the country’s global standing and cost of banking could be affected as a result. Bank of Papua New Guinea acting
Fisheries important to recover Pacific economies
Pacific Fisheries Ministers have identified maximising value from their fisheries as key to supporting the economic recovery from COVID-19. This was raised by delegates at the annual 19th Forum Fisheries Committee
PNG remain neutral with issues in the APEC region: Marape
Papua New Guineans will not be caught up in the fight between the Eastern and Western countries but will maintain its stand on being friends to all and enemy to none. Prime Minister, James Marape made this known when
Supply chain chaos and cooperation
Pacific Islands Forum Economic Ministers and officials have been advised to consider reviewing export taxes and tax credits to stimulate trade in the region. A review commissioned by the Forum says all sectors,
Kina Bank PNG announced a K45.6 million profit
Papua New Guinea’s Kina Bank has announced a K45.6 million (US$12.9 million) net profit after tax, as of August 29, 2022. The Board said that this is an increase of 15%, compared to the prior corresponding period
The Pacific e-commerce portal: Getting Pacific businesses online
A new Pacific e-commerce portal has been launched to help businesses transition from purely physical operation to online trading. The portal was launched by the Pacific Islands Forum yesterday, and includes
More Pacific collaboration to address tax challenges: PITAA
Gender inclusion, climate change and little capacity to digitalise processes are some emerging tax challenges faced in the Asia-Pacific region, heads of tax administrations have heard. Delegates to the Pacific Islands
ANZ expects Fiji’s “high” liquidity to ease from next year
Liquidity in Fiji’s banking system shattered the F$2.5 billion mark at the end of July, notching another historic high and maintaining a trend that began in January this year. And the word from a major bank
Ocean Link upgrades 4G networks in Kiribati
A mobile phone company, Ocean Link Limited (OLL) has started a major mobile network 4G upgrade and coverage improvement on South Tarawa. A statement from Ocean-Link said the mobile network 4G upgrade started early this
Humboldt cable to connect Oceania to Latin America
Desarrollo País and H2 Cable has announced they have issued a request for proposals to begin construction of the estimated 15,000 km Humboldt Cable, the first to connect Latin America, the Asia Pacific and
Fiji software firm earns US$50k for fintech devt
Fiji software services provider IT Galax was one of five winning fintech companies in a competition to improve fintech infrastructure in the Pacific Islands, in Singapore last week. The Pacific Islands Fintech
VNPF receives VT15M in dividend from Unit Trust of Fiji
The Vanuatu National Provident Fund (VNPF) has received around VT15 million(US$127,299) in dividend from the Unit Trust of Fiji (UTOF) Tuesday. Chief Executive Officer (CEO) of UTOF, Vilash Chand, presented the cheque
Palau’s new tax law to cause ‘substantial impact’: Kyota
The Palau Public Utilities Corporation (PPUC) has expressed concerns on the country’s new tax law on goods and services. PPUC says the Palau Goods and Services Tax (PGST), going into effect on January 1, 2023,
PNG price rises
The prices of goods and services in Papua New Guinea have continued to increase since the second quarter of 2021, according to the Bank South Pacific (BSP) Financial Group Ltd. The consumer price index (CPI) rating is
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