Kina Bank has consolidated its position as Papua New Guinea’s second largest bank, and also taken a first step towards becoming a regional bank, by acquiring the assets of Westpac in Papua New Guinea and Fiji.
Sections
Finding a safe and reliable taxi service in Port Moresby can be an issue, but entrepreneur Isaac Jipsy has developed ODESH, an online solution that is changing the way taxi services operate in Papua New Guinea’s capital.
Most successful organisations have one thing in common: a clear strategy plan. Wayne Osterberg, Director, Advisory Services at KPMG Papua New Guinea, shares with us his tips for defining and implementing a strategy plan for any organisation.
JMP Securities has acquired Bank South Pacific’s stockbroking business in Papua New Guinea. Co-founder and Managing Director Lars Mortensen tells Business Advantage PNG he sees great opportunity for growth.
There were few tax surprises in the 2020-21 Budget. However, what was not there was just as significant as what was, according to KPMG’s Tax Partner in Papua New Guinea, Karen McEntee.
The global economy is recovering faster that expected, according to Douglas Porter, Chief Economist and Managing Director of Canadian investment bank, BMO Financial Group.
Despite initial concerns about the impact of COVID-19, Swire Shipping’s data shows only a marginal reduction in freight volumes. Alistair Skingley, the company’s Country Manager for Papua New Guinea and the Solomon Islands, tells Business Advantage PNG that the company is upgrading its offerings in the expectation of solid growth in 2021.
Oil Search has announced in a recent strategy update that it will continue to reduce costs and pull back on exploration. However, the company says it intends to make the Papua LNG project a priority.
The current economic conditions are the most ‘challenging in our lifetime’, according to Justin Smirk, Senior Economist at Westpac. He told a Business Advantage PNG briefing that the success of the 2021 National Budget depended on getting Papua New Guinea’s non-resources economy firing.
Tourism has been one of the biggest hit sectors in the current pandemic taking a global hit worth over $460 billion across the world. The 2020 National Tourism Industry Forum aims to help the troubled industry.