Business

December 2014

PNG aims for balance budget

Sam Vulum

Papua New Guinea Government has handed down yet again another historic budget – a record K16.2 billion (US$6.19b) in comparison with three previous biggest budgets of US$5.7b in 2014, US$4.9b in 2013, and US$4.01b in 2012. The 2015 Budget has been framed against a backdrop of moderate, albeit strengthening global ...

November 2014

Crime restricts PNG’s economic growth

Rowan Callick

Crime is costing Papua New Guinea severely despite its rapid economic growth - due to reach 20 per cent next year- according to a series of new World Bank reports. The bank says that 81 per cent of businesses in PNG are restricting their investments due to crime concerns -with ...

October 2014

Vulnerable states qualify for special privileges

Samisoni Pareti

Graduation of least developed countries is no conspiracy by bigger and wealthier developed states to absolve them from helping countries that are in need of special assistance, says the United Nations Under-Secretary General Gyan Chandra Acharya (pictured). Agreeing that small island developing states (SIDS) which fall under the LDC classification ...

World Bank leads charge for reform

Davendra Sharma

Imagine a region where mobile phones and internet access are as common as public buses. Also for a moment picture a region where words like obesity, poverty, illiteracy and gender inequality do not get a mention in government annual budget platforms or development plans. Then think of social issues like ...

September 2014

Time runs out for Samoan airline’s Fiji domestic bid

Samisoni Pareti

Fiji’s Air Transport Licensing Board has made a startling revelation surrounding American Samoa based airline Inter Island Airways’ much awaited entry into Fiji’s domestic air transport market. ATLB Chairman Ernest Dutta says the airline was granted a one year provisional licence in November 2012 to operate domestic flights in Fiji. ...

Bank report identifies political interference in state companies

Samisoni Pareti In Apia, Samoa.
Sat 30 Aug 2014 -

The Asian Development Bank today released a damming report on the poor performance of state owned enterprises in a number of Pacific Island economies, singling out political interference as a major contributing factor.

August 2014

Fiji fears force deal with EU to save sugar industry

Samisoni Pareti

Fears of the collapse of Fiji’s multi-million dollar sugar industry prompted its government late last month to opt for an Interim Economic Partnership Agreement (IEPA) with the European Union. Investigations by Islands Business magazine had shown that once Fiji’s sugar exports to the EU market are taxed, Fiji sugar will ...

More US immigration woes for the Northern Marianas

Haidee Eugenio

the Commonwealth of the Northern Mariana Islands has received a five-year extension of a critical programme allowing it continued access to some 10,000 foreign workers up to 2019 for its recovering economy. But it still faces other key immigration issues, most of which are waiting United States Congress actions. Among ...

July 2014

Japan’s Abe spurs PNG interest

Davendra Sharma

TWO new Japanese-initiated petrochemical plants – one each in Papua New Guinea and West Papua, Indonesia are set to pick up green lights as feasibility studies open new hopes for creating local petrol sufficiency in parts of the region. To bolster Japanese interest in PNG, a reciprocal visit to Port ...

Marshall Islands move into commercial fish farming

Giff Johnson

The history of the Marshall Islands is littered with so many failed attempts to turn aquaculture and fish farming ideas into commercially viable businesses that it is a wonder Rongelap Mayor James Matayoshi even considered starting a fish farming operation in Majuro. But for once, all of the ingredients are ...

June 2014

Big construction project in Chuuk in limbo

Giff Johnson

After huge cost overruns, major delays and problems with faulty designs, the largest construction project ever undertaken in the Federated States of Micronesia is now at a standstill with multiple lawsuits looming.

Selling the Pacific to the world under one roof

Samisoni Pareti

Pacific’s national tourism offices have given thumbs up to efforts by the South Pacific Tourism Organisation (SPTO) to organise a regional tourism buyer and seller market.

LNG project absorbs skilled workers in PNG

Davendra Sharma

Operators of Papua New Guinea’s new liquefied natural gas export company have trained nearly 10,000 locals for production and delivery roles as the region’s biggest commercial project rolls off the ground next month.

May 2014

Data holds the key, says SPTO

Robert Matau

Regional tourism body, the South Pacific Tourism Organisation (SPTO) wants tourism data to be accurate and made available on a timely basis.

Chinese yuan, PNG kina open new market of riches

Davendra Sharma

A new wave of splurge spending by Chinese in the Pacific and Papua New Guinea’s incredible leap into high economic drive with a mid-year opening of LNG project will open roads to a phenomenal growth in Asia/Pacific in the very near future, the region’s leading bank, Australia & New Zealand ...

Banking woes continue to plague Nauru

Robert Matau

Uncertainties in initial assessments on Nauru Island were behind the Bendigo and Adelaide Bank’s decision not to establish full commercial operations or a community bank as planned. The bank had proposed to open a community bank on the island last year and sent a team to carry out due diligence ...

‘Cowboy’ operators worry registered firms

Alfred Sasako

In a world that’s becoming increasingly environmentally-friendly, logging is a dirty word. So much so that even commercial banks, conscious of the growing influence of the green economy, are refusing to have anything to do with loggers. That awareness has driven the logging industry in Solomon Islands to lift its ...

April 2014

Total Oil joins Oil Search for PNG’s LNG # 2

Davendra Sharma

With less than three months of wait left before Papua New Guinea rolls out exports from its US419.12 billion (Kina 52.16 billion) LNG project, Peter O’Neill’s Government has given thumps up for a second such plant involving Australian and French interests. Australia’s Oil Search and Paris-based Total Oil sealed a ...

BSP posts US$147m profit

Sam Vulum

Bank South Pacific, the largest bank in Papua New Guinea and the South Pacific has announced more than K400 million (USD147m) in net profit for the 2013 financial year. The BSP Group achieved a consolidated operating profit before tax of US$223.5m for the 2013 financial year an 11.3% increase on ...

Closing down loopholes, G20 targets tax havens

Davendra Sharma

Pacific island countries with legitimate tax-haven status like the Cook Islands and Vanuatu risk being isolated and dealt with under new radical plan to force governments and their agencies to reveal details of non-residents hiding stashes of cash in their countries.

PNA decisions painful but necessary

Giff Johnson
Mon 17 Mar 2014 -

We should be so lucky to have the Parties to the Nauru Agreement (PNA) having such problems like this—what to do with US$93 million and how to distribute this pot of money resulting from last year’s successful conclusion of negotiations with the U.S. government and its tuna industry? This is ...

February 2014

Yazaki Samoa cuts working hours

Merita Huch

The weekly 40 working hours for some 800 Yazaki Samoa factory workers will be reduced starting February to 32 hours.

PM confident Samoa will do well after LDC

Merita Huch

New Year’s Day 2014 will be remembered as the day that Samoa left the group of countries considered the least developed in the world.

Low copra prices prompts Karkar’s bio-fuel diesel

Sam Vulum

The plummeting world copra prices has forced copra plantation owners to look for other avenues to raise the value of their copra.

Good news for the Pacific in terms of EU funding

Robert Matau

The Pacific should consider itself lucky. It is not amongst the 19 countries that will suffer aid cuts under the European Union’s new international aid initiatives.