If the planned takeover of Westpac's Pacific company is authorised, Kina Bank said the new bank would have a new name and would be independent of Kina to increase banking sector competitiveness and consumer preference. Kina's plan, according to Chief Executive Officer Greg Pawson, is to establish a new-branded bank for the nation that is independent an...

If COVID-19 cases continue to rise, the government is considering a lockdown from the new Isolation Strategy. People are not listening or complying with the Niupla Pasin policies, according to Rainbo Paita, the Leader of Government Business. As a result, Cabinet has had to take drastic measures to save lives. “Another main factor is because people a...

Treasurer Ian Ling-Stuckey has started talks with the Asian Development Bank (ADB) on the goals for the ADB's $US2.2 billion in funding over the next four years. After a virtual meeting with ADB country director David Hill, the treasurer said the Marape Government needed to continue its emphasis on the war on coronavirus while also developing the found...

With the outstanding amount of government debt owed to the sector, pending landowner fees, and rising law and order woes, businesses are concerned about 2022. According to Chey Scovell, chief executive officer of the PNG Manufacturers Board, conversations within the business community revealed that the government owed companies more than K2 billion. ...

The Papua New Guinea Securities Commission has placed a new levy for all trades on the PNG Stock Exchange, the country's stock market (PNGX). The Securities Commission adopted the new levy on February 8 and it went into effect on March 8, according to PNGX chairman David Lawrence. Each buyer and seller are expected to pay an extra 0.75 per cent of the ...

The United Kingdom is the main contributor to the United Nations Peacebuilding Fund, which funds programs in Bougainville and the Highlands region of Papua New Guinea. Last week, British High Commissioner to Papua New Guinea Keith Scott said that the United Kingdom, as a Permanent Member of the United Nations Security Council, regularly engages in nego...

According to the Japanese Embassy, Japan is allocating more than K32 million to support Papua New Guinea (PNG) in fighting the transmission of the coronavirus (Covid-19). The embassy said in a statement last week that its government will give international organizations in PNG K32,484,368 to introduce projects to combat Covid-19 infections. The Worl...

The Investment Promotion Authority (IPA) is committed to ensuring that the Investment Promotion Act is properly reviewed in order to carry out its mandated duties and obligations. This is to ensure that all international and domestic investments are encouraged and facilitated. In its second issue of the Opportunity Newsletter for 2021, the IPA said ...

By the end of the year, the much-anticipated national demographic estimates and common roll update will be available. The National Statistics Office (NSO) gave this assurance when confirming that 95% of institutional listing has been achieved. Despite the COVID-19 pandemic, Acting National Statistician John Igitoi stated that the NSO was committed t...

The effect of the COVID-19 pandemic on the prices of seasonal produce and medical services pushed annual inflation higher in the second half of 2020. Loi Bakani, the Governor of the Bank of PNG, said annual headline inflation was 5.1% in the December quarter of 2020. The annual key indexes of inflation, he said, had also risen. According to Bakan...

COVID-19 had a major impact on Papua New Guinea's exports and port movement, but the PNG Ports Corporation had taken political decisions to handle the situation. In recent months, the world has seen and continues to see a significant shift in everyday lives, which has had significant implications for industry, commerce, and transportation. The pande...

BSP Financial Group has replaced Bank South Pacific Limited as the company's name. Sir Kostas Constantinou, Chairman of the BSP, revealed this last week. The shareholders approved the name change, as well as other legislative amendments, according to Sir Kostas. BSP will now proceed with the filing of its application for listing on the Australian...

Information and Communications Technology (ICT) Minister Timothy Masiu said a third network service run by Digitec Communications Ltd will begin before the end of the year. Masiu made the remarks during a recent visit to Digitec's headquarters in Waigani, Port Moresby. The building of over 1,100 towers is expected to be completed, according to Digit...

Kina Securities Ltd (KSL) has sent an application to the Independent Consumer Competition Commission (ICCC) for approval of its proposed acquisition of Westpac's Pacific company. Through the authorisation process, ICCC will determine the acquisition's competition consequences and public gains, according to Commissioner and Chief Executive Officer Paulu...

The government has requested a loan extension for two World Bank projects in the Gulf and Madang provinces to maintain and rehabilitate roads. The extension will allow procurement and construction on the Bogia-Awar section of the Coastal Highway and the Epo-Kerema section of the Hiritano Highway to be completed by April 28, 2023. “These projects are...

Australia has sent 8,000 COVID-19 vaccines to Port Moresby's Jacksons Airport as part of its continuing assistance to PNG to contain and combat the spread of COVID-19 in the region. Prime Minister James Marape expressed gratitude to the Australian Government at the airport where the vaccinations were sent, saying that Australia continues to assist PNG ...