PNG Power broke
Papua New Guinea State Enterprises Minister William Duma says PNG Power Limited has reached a critical point where all financial indications show that it is in danger of insolvency. “Major contributing factors over
Economy
FEMM endorsed re-designed Pacific Resilience Facility
The Pacific Islands Forum Leaders Meeting later this year in Rarotonga is expected to adopt and approve the redesigned Pacific Resilience Facility (PRF) after it was endorsed by the Forum Economic Ministers Meeting
Forum Chair calls for urgent rethinking of sustainable growth worries
The Chair of the Pacific Islands Forum and Prime Minister of the Cook Islands, Mark Brown, says there is an urgent need for Pacific leaders to relook at how they have been handling sustainable growth in their
Minimum wage rise increases private sector burden: Vanuatu Opposition
The newly introduced VT300 (US$2.49) minimum wage has increased the burden of the private sector, especially the small medium sized enterprises. This is one of the arguments that the Opposition bloc has cited in the
Nautilus to return to PNG
Papua New Guinea Mining Minister Sir Ano Pala told Parliament Nautilus was coming back to Papua New Guinea but under a different entity to operate as they had three exploration licenses still valid. Sir Ano said the
Fiji government launches ‘Citizen’s budget’
Orgs call for action on price gouging Fiji’s Deputy Prime Minister and Minister for Finance, Professor Biman Prasad, says the new budget has been meticulously constructed to lay the groundwork for long-term progress.
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
Guam census: One in five live below poverty line
About one in five people surveyed in the 2020 Island Area Census of Guam were living below the poverty line, according to newly released data from the U.S. Census Bureau. Of the 145,453 people for whom poverty status
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
Porgera gold mine reopening date set
Barrick Gold Corporation and the Papua New Guinea Government expect the Porgera gold mine to reopen in September, according to Barrick chief executive officer Mark Bristow. Bristow met with Prime Minister James Marape
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
Fiji Budget Debate: TELs change ‘selling out’ students
Fiji opposition parliamentarian, Parveen Bala says the government’s new scholarship system is “selling out of the principle of equal access to higher education, just to keep a badly thought-out election
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
Devaluation plan unfounded: Bank of PNG
The Bank of Papua New Guinea has poured cold water on speculation about a Kina devaluation, with acting governor Elizabeth Genia calling it unfounded. “There has been a lot of speculation recently on a devaluation of
Fiji Budget Debate: Bainivalu says tourism will be supported
“While the coalition government is making efforts to diversify the economy, we will still take care of tourism,” was the word from Assistant Minister for Tourism and Civil Aviation, Alitia Bainivalu in
Fiji Budget Debate: Seruiratu concerned over government debt
The Leader of the Opposition in Fiji’s Parliament says the government’s budget will increase national debt from FJ$9.9 billion to $10.5 billion. Seruiratu said, “The government debt had been on the decline
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
PNG Kina overvalued
Papua New Guinea foreign exchange (FX) shortages have repeatedly been identified by business leaders in PNG as the most serious impediment to private sector development in the country, according to the International
We Say: Fiji’s budget a test of unity
In the leadup to the coalition government’s 2023-2024 budget, citizens were warned by Prime Minister Sitiveni Rabuka, Finance Minister Biman Prasad, the Fiscal Review Committee and international financial institutions
Tourism recovery is going to be harder for Palau
Tourism recovery after the COVID-19 pandemic for Palau will be harder than before due to significant policy changes in some of Palau’s key tourism markets and a more competitive global tourism market. Director Kristy