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
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