The annual Business Advantage/Westpac PNG 100 CEO Survey has captured the depth of the COVID-19 crisis and the sense of uncertainty that exists among businesses in Papua New Guinea. Westpac’s Senior Economist Justin Smirk takes a closer look.
Westpac
Papua New Guinea’s Tourism Promotion Authority reveals bleak outcome for 2020, Kumul Petroleum Holdings gets three petroleum retention licenses and new equity holders for PNG LNG. The business news in brief.
Communications Minister confident in a new telco by year-end, the ICCC initiates review of Kina’s takeover of Westpac, and Ok Tedi Mining pledges K10 million in COVID-19 relief. Your business news in brief.
Kina Bank will adopt a ‘multi-brand’ strategy after acquiring Westpac PNG, according to Lesieli Taviri, Executive General Manager for Banking. She believes fears about a duopoly are unfounded.
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.
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.