Bank South Pacific has just announced its 2020 financial results amid tough trading conditions. CEO Robin Fleming talks to us about the bank’s plans for 2021, foreign exchange shortages, and the need for greater competition.
News
The recent spike in COVID-19 cases in Papua New Guinea has emphasized the need for COVID-19 vaccines in the country – and the first shipment of AstraZeneca (Oxford) vaccines is expected as early as this month.
Ok Tedi Mining suspends flight to Australia after three miners tested positive to COVID-19, Papua New Guinea continues to battle surge in COVID cases and National Fisheries Authority signs agreement for Daru fishery.
Former Pacific Island Forum Secretary General joins Nambawan Board.
Given the delicate state of Papua New Guinea’s economy, as indicated by recent World Bank and Asian Development Bank forecasts, the news last month that the final legislative hurdle for the Papua LNG project had been delivered is welcome.
Papua New Guinea is ranked as the tenth worst destination for investment in mining, according to the Fraser Institute’s Survey of Mining Companies 2020. Infrastructure and security were nominated as areas of particular concern.
Two weeks of national mourning declared after Papua New Guinea’s longest-serving Prime Minister Michael Somare passed away, Ihu Special Economic Zone enters second phase of development and PNG’s exports to China.
Papua New Guinea has been dealing with a ’triple crisis’, according to Ilyas Sarsenov, Country Economist for the World Bank in PNG. Speaking at a Business Advantage PNG online briefing, he said that the economy has fallen well below previous growth forecasts.
New director joins Oil Search board.
The Acting Chairman of the Securities Commission Alex Tongayu has issued an order that a new levy will be applied to all transactions on the PNGX, Papua New Guinea’s stock market. It has raised concerns that it will impede the growth of the country’s capital markets.