Opinion: As Western banks leave the Pacific, a new player emerges
Australian banks are gradually withdrawing from the Pacific Islands, leaving the region at risk of being totally disconnected from the global banking system. Bendigo Bank is exiting Nauru, while Westpac has floated
BPNG to continue Kina intervention
The Bank of PNG says to ensure a gradual and stable adjustment of the nominal exchange rate over time, it will continue to intervene to support the crawl-rate and reduce outstanding orders in the foreign exchange
Arkansas lawmakers approve emergency rule to grant SNAP benefits to Marshallese migrants
A legislative subcommittee on Thursday approved an emergency rule to comply with a new U.S federal law that extends certain public assistance programme benefits to migrants from the Marshall Islands. Arkansas is home to
Kiribati, Niue and Tuvalu struggle to keep up with high cost of living
Purchasing basic commodities, such as food, has been a big challenge for residents of Kiribati, Niue and Tuvalu, which are most affected by global inflation, according to the Asian Development Bank’s latest economic
Opinion: Free(r) movement at the Forum
The annual Pacific Islands Forum Economic Ministers Meeting (FEMM) always has a wide-ranging agenda. This year the FEMM, which was held at the start of August in Suva, endorsed the now-finalised but yet-to-be-released
Fiji Cabinet removes duties on EU goods under iEPA
Fiji’s cabinet has approved the implementation of the Interim Economic Partnership Agreement (iEPA) with the European Union (EU) and decided to remove duties on certain goods from EU countries. This move is part of
Jet fuel import facility to be online by 2025: Kumul Petroleum Holdings
Kumul Petroleum Holdings (KPHL) expects its new jet fuel import facility at Motukea Port to come into operation by the first quarter of 2025, KPHL Managing Director Wapu Sonk told the 2024 Business Advantage PNG
Migrant workers feeling the impact of New Zealand’s economic crisis
Hundreds of jobs in the New Zealand meat sector have been “discreetly” lost over the last 18 months and this is due to a decline in livestock breeding numbers, industry officials say. In January last year, the
More gold to be mined, says PM Marape
Papua New Guinea has an estimated 100 million ounces of gold that is yet to be mined, says Prime Minister James Marape. Marape said this when closing the three-day Geoscience, Exploration and Extraction Conference 2024
Economic diplomacy: Banking on the Pacific
Rebuilding regional banking is unlikely to pay dividends without an underlying business revival. Australia’s oldest bank changed its name from the Bank of New South Wales to Westpac in 1982, reflecting apparent
Key UN report lends weight to Pacific plan for shipping emissions levy
Pacific governments say an official UN report shows their push for a levy on all shipping emissions – with the revenues redistributed to poorer nations – is fairer, cheaper and more effective than other green
Pacific resilience fund needs US$380m in two years’ to reach half-billion goal
Tonga has the backing of Pacific economic ministers to host the regional community resilience financing facility. The Pacific Resilience Facility (PRF) was endorsed by the Pacific Islands Forum (PIF) leaders to
Financial crisis looms over OACPS, SG Chikoti urges immediate action
The Organisation of African, Caribbean, and Pacific States (OACPS) faces significant financial challenges that threaten its operations, said Secretary-General Georges Rebelo Pinto Chikoti at the 117th Session of the
PM Salwai reaffirms Government’s commitment to resolving Air Vanuatu’s future
Vanuatu Prime Minister Charlot Salwai reaffirmed the government’s commitment to securing the future of Air Vanuatu and its employees on Independence Day, acknowledging the challenges and criticism along the way. He
Indonesia starts exporting electricity to Papua New Guinea
Indonesian President Joko Widodo and Papua New Guinea Prime Minister James Marape met at the Bogor Palace on Monday to discuss cooperation in various fields, including electricity exports to the border region.
Winston Peters says he wants more rational debate on deep sea mining, not ‘virtue signalling’
New Zealand’s Deputy Prime Minister, Winston Peters, says mining is critical to transition away from fossil fuels, but the call for a moratorium in international waters by the previous government still stands.
PNG’s Economic Outlook remains positive, says IMF report
Papua New Guinea Prime Minister James Marape has welcomed an International Monetary Fund (IMF) report indicating that Papua New Guinea’s economic outlook remains positive. The IMF report, released Saturday,
Palau’s President proposes $3.4M Supplemental Budget to address healthcare shortfall
Palau President Surangel Whipps Jr has submitted a US$3.4 million supplemental budget proposal to Olbiil era Kelulau for consideration. The proposal allocates US$3.4 million and appropriates US$2.7 million. In his
Fiji positioned for growth in Asia Pacific real estate market
Fiji is on the brink of significant growth in the Asia Pacific real estate market, according to Nick Thompson, Hotels and Hospitality Director at JLL New Zealand. Speaking at a recent tourism investment conference,
Luxury tourism operator Vanua Ranch aims for 2026 opening
Vanua Ranch has revealed plans to open Fiji’s first boutique villa resort, blending farm-based experiences with high-end luxury, by 2026. Located in Uciwai, Vanua Ranch will feature 17 exclusive boutique villas
The perils of underinsurance
Underinsurance and the unawareness of insurance remain significant challenges say insurance providers in Fiji and the Pacific. Chief Executive Officer of Capital Insurance in Fiji, Tonga, and Vanuatu, David Ariff Chan,
Parametric insurance industry off to a rough start in Vanuatu
Two insurance companies have exited Vanuatu, impacting beneficiaries and the burgeoning parametric insurance industry. Noeline W. Viro of the Insurance Supervision Unit of the Reserve Bank of Vanuatu, says that while
Pacific islands are being ‘debanked’. What does it mean – and why are Australia, NZ and the U.S concerned?
The withdrawal of major banks from Pacific islands poses significant socio-economic risks to the region, prompting intervention by Australia, the U.S and New Zealand. The so-called debanking of the Pacific – when
