Regulator rejects Kina Bank’s acquisition of Westpac’s Papua New Guinea assets

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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.

Papua New Guinea Investment Conference gets off to a flying start

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The three day Business Advantage Papua New Guinea Investment Conference got off to a flying start on Tuesday 7 September, with no less than two prime ministers and a host of other expert speakers addressing the digital forum. The tone was more upbeat than could have been expected 18 months into the COVID-19 pandemic. The […]

In brief: BSP Financial Group announces half year results and other business stories

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BSP Financial Group and Oil Search present half year results, Papua New Guinea signs agreement with the Organisation for Economic Co-operation and Development. The business news you need today.

ICCC proposes to disallow Kina Bank’s acquisition of Westpac’s Pacific assets

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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.

In brief: Kina Bank’s new loan for SMEs in Papua New Guinea and other business stories

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Kina Bank announces K50 million for small and medium-sized businesses, Prime Minister Marape’s update on mining projects, and BSP Financial Group cautiously optimistic about Papua New Guinea’s post-COVID recover. The business news you need today. Ports Atlas Steel PNG has been awarded a contract under the PNG Ports Safety and Security Upgrades Program to supply […]

BSP denies regulator’s anti-money laundering allegations

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BSP Financial Group (BFL) has responded to allegations made by the Bank of Papua New Guinea’s Financial Analysis and Supervision Unit (FASU) that it was in breach of the country’s anti-money laundering laws. Meanwhile, the Bank of PNG’s Governor has distanced the central bank from the allegations made by its own unit.

In brief: Freeport to acquire assets in Papua New Guinea and other business stories

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Potential new owner for the Yandera copper project, proposed levy for balsa wood and BSP Financial Group halts trading on the ASX amidst accusations of breaches to anti-money laundering laws. The business news in brief.

Waking up the giant: how banks can help unlock the potential of Papua New Guinea’s SMEs

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Small and medium-sized businesses have the capacity to create jobs and propel Papua New Guinea’s economy, but how can this best be achieved? Business Advantage PNG looks at how banks are supporting the sector.

In brief: Bank of Papua New Guinea to undergo review and other business stories

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The Bank of Papua New Guinea to be reviewed, Porgera jobs plan, and new strategic plan for women in coffee. The business news in brief.

In brief: Shopsmart PNG signs deal with Steamships and other business stories

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Steamships partners with Emstret Holdings to help SMEs deliver its products, NDB still to loan out to SMEs, and K1 million for the honey sector. The business news in brief.