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.
Westpac
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.
Small businesses could be up and running with an ecommerce site in as little as a month, if they follow the advice of Robert Webber and Kaye Iling, the brains behind Food Pro PNG’s recent ecommerce launch.
Marape shakes-up his cabinet, environmental studies to be conducted in four mine sites and the National Development Bank signs agreement to help fund SMEs. The business news you need to kickstart your week.
The Asian Development Bank approves a multi-million kina investment in telecommunications in Papua New Guinea, Investment Promotion Authority looks to make doing business easier, and Fortescue Metal Group announces plans for hydropower projects in PNG. The business news you need to kickstart your week.
Nambawan Super elects a new Chairman, Westpac announces a Chief Executive, Specialist Business, Chairman of Kumul Telikom Holdings resigns, and CEO confirmed at Capital Insurance.
Papua New Guinea is facing a debt crisis according to new reports from the Asian Development Bank and the World Bank, and the country will need the cash injection of new major investments to avoid ‘lacklustre’ future growth.
Papua New Guinean lawyer Sharon Kupp-Tengdui is leading by example and helping to change the all-male landscape usually seen in PNG boards.
Foreign exchange has gone from being a big business problem to becoming a major impediment for all businesses in Papua New Guinea. What does the future hold for this and other challenges facing business?
Westpac Bank’s Senior Economist Justin Smirk identifies five key highlights from Business Advantage’s PNG 100 CEO Survey of chief executives in the country’s biggest companies.