COP29: Pacific climate finance needs top $2billion
Economic modelling released at the COP29 climate conference on Thursday revealed Pacific nations need at least US$1.5 billion (AUD$2.3 billion) per year in climate
Finance
Pacific nations don’t want ‘boomerang aid’ for climate
Pacific Island experts are demanding their experience, and history is better understood to inform local and global climate
TISABANK launched, opens its doors today
The Papua New Guinea commercial banking industry will see its newest member open its doors in the country as
Tonga Supreme Court orders millions to be paid out in judgement over reports of banking dispute
The Tonga Supreme Court has ordered a multi-million pa’anga payout in a case involving the Tonga Development Bank and the Reserve
K1billion in foreign exchange backlog in PNG banks, forum told
Papua New Guinea foreign exchange backlog among commercial banks has increased to more than K1 billion (US$255 million) in the past six
Griffith experts guide Marshall Islands towards a new Monetary Authority
The Republic of the Marshall Islands (RMI) is a step closer to establishing a new banking regulatory system with Griffith University academics playing a key part in the move towards a Monetary Authority for the North
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
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
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
Solomon Islands Finance Minister Sogavare identifies revenue leakages
Solomon Islands Minister of Finance and Treasury, Manasseh Sogavare, has emphasised the ministry’s commitment to addressing significant revenue leakages within various government departments. Sogavare candidly
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
Opinion: The Climate Crises & High Debt-Levels in the Pacific: Who will pay?
As Fiji and neighbouring Pacific Island Countries face the daunting prospect of dealing with unprecedented national debt levels and the effects of climate change, the issue of how climate action will be financed becomes
BPNG survey confirms decline in business confidence
A survey conducted by the Bank of Papua New Guinea (BPNG) indicates a decline in business confidence in the country. Bank of PNG Governor Elizabeth Genia revealed this recently when presenting the March 2024 BPNG
Prioritise cyber risk management: ANZ
A cybersecurity expert with the ANZ bank says many organisations fail to keep their systems up to date, and as a result, they expose themselves and their customers to cyberattacks. Eli Hirschauge, ANZ’s Head of
Bank boss paints positive picture of PNG prospects
Kina Bank plans to invest over K30 million (US$7.9 million) this year to expand and refine its services with a focus on improving Papua New Guinea customer service, says Managing Director and Chief Executive Officer,
Winston Peters and Shane Reti make Cook Islands climate change announcement
Tackling the impacts of climate change is a key focus for New Zealand, with a total of $16.5 million (US$10 million) to go to the Cook Islands to help fight the crisis. Deputy Prime Minister and Foreign Affairs
Fiji Business Briefs: Fiji Airways charter, Kontiki results
Fiji Airways defends Israel charter flight arrangements Fiji Airways says it has adhered to ethical business practices in the running of last year’s charter flights to Israel, but has admitted the charterer has missed
Fiji Business Briefs: Pine harvesting, Nabouwalu development, Kinetic Growth updates
RBF gives insurers time to implement new standards The Reserve Bank of Fiji (RBF) says licensed insurers will only have to reflect new reporting standards in their prudential reporting from 1 January 2026. This follows
Westpac stays, so what’s next?
Westpac’s October announcement that it no longer planned to sell its remaining businesses in Papua New Guinea and Fiji, and its statement to the Australian Stock Exchange that it would increase investment in its
The long, hard road to climate finance
It’s the classic Catch-22. Pacific and other small island developing states desperately need to access climate finance to survive the growing impacts of climate change. That much is well known. And the
PNG Climate Change General Manager Alfred Rungol reinstated
The Papua New Guinea Climate Change Development Authority (CCDA) general manager for Measuring, Reporting, Verification and National Communication Alfred Rungol has been reinstated to his substantive position. After a