Banks and finance firms are rolling out digital products to take advantage of increased connectivity across Papua New Guinea, where about 75 per cent of the population remain unbanked. Business Advantage PNG talks to the key players find out what’s coming.
What does the 2024 PNG 100 CEO Survey tell us? [analysis]
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21 Mar 2024 by Leave a Comment
While business confidence is largely sustained in this year’s PNG 100 CEO Survey, there are rising concerns about several business impediments. Westpac Senior Economist Justin Smirk provides his analysis of this year’s survey results.
Papua New Guinea’s currency flagged to continue ‘gentle’ fall
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5 Jul 2023 by Leave a Comment
The Papua New Guinea kina is starting to experience a very gradual erosion against its key trading currency, the US dollar.
What does the 2023 PNG 100 CEO Survey tell us about business confidence in Papua New Guinea? [analysis]
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14 Mar 2023 by Leave a Comment
The results of the 2023 PNG 100 CEO Survey, Papua New Guinea’s annual business confidence survey, have been released. Westpac’s Senior Economist, Justin Smirk, draws on 12 years of survey results to highlight the changes in business conditions and the issues faced by business.
In brief: Wafi-Golpu agreement to contain risk funding provisions and other business stories
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27 Sep 2022 by Leave a Comment
Morobe Governor says Wafi-Golpu agreement will contain risk funding provisions, internet cable breakages set to take months to fix, and superannuation fund puts pressure on government over rent arrears. The business news you need today.
The 2022 PNG 100 CEO Survey: the return of optimism
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4 May 2022 by Leave a Comment
The PNG 100 CEO Survey captured the depth of the COVID crisis through 2021, and is now charting a return of some optimism in 2022, according to analysis provided by Westpac’s Senior Economist, Justin Smirk.
Regulator rejects Kina Bank’s acquisition of Westpac’s Papua New Guinea assets
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14 Sep 2021 by 6 Comments
It is back to the drawing board for Kina Bank and Westpac, as Papua New Guinea’s Independent Consumer and Competition Commission has issued a ‘final determination’ declining authorisation of Kina’s proposed acquisition of Westpac Papua New Guinea.
Kina Bank presents its vision for Westpac to Papua New Guinea’s regulator
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16 Aug 2021 by 1 Comment
If Kina Bank’s acquisition of Westpac’s Pacific operation proceeds, it will be rebranded East West Commercial Bank, a stand-alone ‘Pan-Pacific’ bank to compete against its new parent. That’s according to a presentation made by Kina last week as it tries to convince Papua New Guinea’s Independent Consumer and Competition Commission of the deal’s merits.
ICCC proposes to disallow Kina Bank’s acquisition of Westpac’s Pacific assets
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27 Jul 2021 by Leave a Comment
In an interim determination, Papua New Guinea’s Independent Consumer and Competition Commission (ICCC) says it may not allow Kina Bank to buy Westpac’s remaining assets in the Pacific.
Gradual devaluation of Papua New Guinea’s currency would be ‘helpful’, says banker
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9 Jun 2021 by 7 Comments
Papua New Guinea’s currency, the kina, has been steady this year after weakening against a number of major currencies in late 2020. Should it be devalued further? We asked Jonathan Prince, Treasurer at Westpac PNG, to consider the consequences.
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