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,
Economy
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
ANZ says in talks with Australian govt about shoring up Pacific Islands business
ANZ bank is in talks with the Australian government about ways to make its business in the Pacific Islands more viable as an exodus of Western financial services fuels concern about rising Chinese influence, its CEO
Funding injection to help keep banks in Pacific
An extra $6.3 million (US$4.24 million) in Commonwealth funds will go toward bolstering banking infrastructure in the Pacific, the federal treasurer will announce at a forum in Brisbane. The talks are focused on banking
Opinion: The political risk of a failed census in Papua New Guinea
The last reliable national census for Papua New Guinea (PNG) was conducted 24 years ago, therefore the 2024 census is critical. But early signs suggest the latest attempt to count the country’s population will not be
Superannuation is sitting in Australia as PALM workers report barriers, delays in claiming their money
Tevita Kofutu’a has plans for the $10,000 in superannuation he earned over five years of seasonal work in Australia. He’ll use it to buy a vehicle and pay a deposit on some land in Tonga where he and his
‘Very early stages’ of talks on viability of Nauru Airlines’ direct Australia-Guam route
Visiting Nauru Airline officials on Tuesday met with Guam Governor Lou Leon Guerrero and other local officials on the possibility of adding Guam to Nauru Airlines’ route, as it once did in the 1990s and early 2000s.
Pacific export revenue returns to pre-pandemic levels
The Pacific island region’s export industry has recovered its pre-pandemic-level performance, posting a 49 percent revenue increase in 2023, which was twice the growth rate recorded in 2022, according to the 2024
Samoa minimum wage increases to $4 per hour
There will be more money to take home for those on minimum wage as the Samoa cabinet has approved an increase in the minimum wage rate. The Ministry of Commerce, Industry, and Labour announced that, following Cabinet
PNG fuel crisis fixed: State Entreprise Minister Duma
Papua New Guinea State Enterprises Minister William Duma says passengers on Air Niugini flights will no longer be “inconvenienced” by the lack of JetA1 fuel. He made the announcement following an arrangement between
80,000 persons face starvation in PNG’s Porgera Valley
About 80,000 persons in Papua New Guinea Porgera Valley would soon be running out of food supplies and other goods and services, according to Enga Governor Sir Peter Ipatas. Ipatas said this after the main road from
Palau minimum wage to increase to US$4.25 in October
Palau’s minimum wage will rise from US$3.50 to US$4.25 per hour, effective 01 October 2024. The increase was passed as part of the Fiscal Year (FY) 2024 Supplemental Budget bill, signed into law by President
Budget should target Fijian diaspora, says investment body CEO
As Fiji launches a strategic initiative this week designed to showcase its outsourcing sector to potential investors offshore, the head of Fiji’s investment agency has called for the Fijian government to focus on
Opinion: The real cost of mining in Solomon Islands
The Rennell landowners are questioning the government again about the status of their royalty payments for the 33 bauxite shipments worth millions and their compensation claims for the Kangava Bay oil spill in 2018.
Air Vanuatu to lose 170 staff as liquidators try to save embattled airline
Nearly 200 people have lost their jobs as liquidators restructure Air Vanuatu to reduce the embattled airline’s operating costs. Approximately 170 staff members have been made redundant as liquidators try to
Opinion: A turnstile of bad debt
Buried beneath the big-ticket items in the Australian Government’s latest budget statement, a relatively small outlay to Papua New Guinea (PNG) barely rates a mention. But, while the commentariat hones in on Stage
Tourism Fiji calls for increase in government budget allocation
Tourism Fiji Chief Executive Officer has called for an increase in government spending towards the tourism sector as it aims to “keep its momentum going”. With the Fiji government’s budget announcement a month
NZ commits $20m to Cook Islands budget, $10.5m for public service
Cook Islands has secured $20 million (US$12.30 million) in Core Sector Budget Support and an additional $10.5 million (US$6.45 million) for continued public sector strengthening during the 8th Cook Islands-New Zealand
Tongan appropriation Bill 2024 for $899.2 million budget passes first reading
The Legislative Assembly of Tonga passed the first reading of the 2024/2025 Appropriation Bill 2024 today. They are planning for expenditure of $899.2 million (US$ 380.24 million) with $452.3 million (US$191.37 million)
Telstra says PNG workforce will not be impacted by job cuts
Telstra announced measures to begin the reset of its Enterprise business, simplify its operations and improve productivity. Some of the proposed measures, which require consultation with employees and unions, would
Opinion: PNG’s gold bill implications for the central bank
PNG’s proposed National Gold Corporation Bill 2023 has attracted lots of debate, objections, and protests. Just last week, the government agreed to amend the immensely long bill (currently over 500 pages!) and consult
BSP budgeting K345m in capital expenditure
BSP Financial Group Limited is budgeting K345 million (US$90 million) in capital expenditure over two years starting this year, says Group Chief Executive Officer, Mark Robinson. Speaking during the bank’s 2024 annual
