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
Commonwealth Finance Ministers meet in Marrakesh to tackle overlapping global crises
Commonwealth Finance Ministers met this week in Marrakesh, Morocco to discuss the reform of the global financial architecture, with particular attention to two pivotal areas, scaling up development finance and
Pacific region vastly underserved by climate finance: Coral Pasisi
The Pacific region remains vastly underserved by access to climate finance, according to the Pacific Community’s (SPC) director of climate change and sustainability, Coral Pasisi. By her estimation, the region
BSP facing more system issues than expected
Bank South Pacific (BSP) has come out with an apology and explanation on the current technical difficulties experienced in Papua New Guinea since the implementation of the new Information Technology core banking system
Palau Finance Minister welcomes audit of stablecoin project
Palau’s Minister of Finance Kaleb Udui Jr said he welcomes the audit by the Public Auditor of Palau’s stablecoin project as requested by the Senate. “We have nothing to hide. We have been working with
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
‘Terrible’ rules starve climate-hit islands of finance, inquiry told
Development assistance rules are denying “vulnerable” small island developing states, or SIDS, of the help they need to combat the climate emergency and must be rewritten, a UK inquiry has been told. Multiple
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.
BSP cuts ties with PNG fuel supplier Puma
BSP Financial Group Limited (BSP) has cut ties with Puma Energy, according to Papua New Guinea Petroleum and Energy Minister Kerenga Kua. According to Minister Kua, the action by BSP is independent of the Government and
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
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
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
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
Gradual devaluation of kina ‘better’: PNG Chamber of Commerce
A gradual devaluation of the kina will be easier to absorb rather than a sudden one, PNG business houses have told Government. The business houses acknowledged the analysis and recommendations by policy advisers that
Mark Robinson joins as new CEO of Bank South Pacific
Bank South Pacific Financial Group Limited has announced the appointment of Mark T. Robinson as Group Chief Executive Officer. Robinson is a senior financial services executive and globally experienced banking Chief
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
Access to finance ocean projects ‘very challenging’: Solomons MP Manele
While there are huge commitments being made and offered to assist countries to conserve, protect and manage their ocean resources, accessing finance for ocean projects is still a major obstacle for many Small Island
Oceans emergency declared
Updates from the UN Oceans conference The United Nations Secretary General has declared an “ocean emergency” at the 2022 UN Oceans Conference co-hosted by Portugal and Kenya in Lisbon. Addressing delegates attending
Data, skills and a ‘shared vision’ needed to better manage risk
The Deputy Secretary General of the Pacific Islands Forum Secretariat says to better manage risk, access to robust and contextualised data that can be used to make decisions is needed. Speaking at this week’s