Tag Archives: International

BSP opens branch in Cambodia

By: Cedric Patjole – 26 May 2017
Bank South Pacific will be creating history when it enters the Asian market following the announcement of its new new branch in Cambodia.
This was revealed today during the announcing of the final dividend to shareholders for 2016 today.
The decision to enter Cambodia was settled on May 2nd this year.

BSP owns 50 per cent of an asset finance company called RMA Finance, which is now in the process of being rebranded to BSP Finance Cambodia Proprietary Limited.
“It’s already operating. We now own 50 per cent and the formal rebranding, hopefully by the end of July we’ll have the BSP colours proudly in Cambodia,” said BSP CEO Robin Fleming.

The new branch in Cambodia is part of BSP strategy to enter the Asian market following its successful penetration in the Pacific which it has successfully covered following its acquisition of Westpac’s assets in the region.
BSP Board Chairman Sir Kostas said other countries in BSP’s sights include Lao’s, Myanmar, and Vietnam which they hope to enter between 18 months to two years.
“We’re starting to do feasibility on these Laos, Myanmar, I mean these things don’t happen overnight. There’s a timeframe, we make sure we have all the ticks in the boxes first. Make sure all the regulatory requirements are satisfied and we proceed. 
But there is opportunity in these countries. That’s the main thing,” said Sir Kostas.

BSP is the largest business in PNG outside of companies in the resources sector.
The banking chain has seen remarkable growth, particularly over the last three years despite a tough economic environment.
The growth and performance is attributed to the management team and staff of the company.

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Air Niugini Cup Launch

MEDIA RELEASE – AIR NIUGINI

This Sunday May 28th, 2017 will see SP PNG Hunters take on Townsville Blackhawks in Round 12 of the Queensland Intrust Super Cup competition at the National Football Stadium in Port Moresby.

And to commemorate the recently launched direct flights between Port Moresby and Townsville, Air Niugini has put up the perpetual Air Niugini Cup to be played for between the SP Hunters and Townsville Blackhawks.

“The inaugural Air Niugini Cup will be played for by the two teams in Port Moresby this weekend,” Air Niugini CEO Simon Foo said.
“The Cup will be played for on an annual basis and will encourage our fellow country folk living in and around Townsville, supporters of the Blackhawks as well the business and corporate community. Not only will the focus be for this annual tournament, but the opportunity will be provided to travel on our direct flight on Friday, visit friends and families or do business on Saturday, watch the game on Sunday and return direct on Monday ,” he said.

Foo said this year’s Air Niugini Cup will pay tribute to the 75th Anniversary of the battle of Kokoda.

“Next year’s game and ensuing games will pay tribute to notable observances and causes so the Air Niugini Cup played for between these two teams will be special.”

Air Cup

PNGRFL CEO Reatau Rau was grateful for Air Niugini’s support to the SP Hunters as well as rugby league throughout the country.

“The curtain raiser on Sunday will see Digicel Cup teams Hela Wigmen and Rabaul Agmark Gurias go head to head and we thank Air Niugini for the special discount fares for supporters of these two teams to travel to Port Moresby. This is in addition to the support given for the Port Moresby – Townsville return fares and we are really appreciative and grateful for the support Air Niugini is giving,” Rau said.

He also expressed gratitude to the Chairman and CEO of the QRL for giving their blessing of the Air Niugini Cup.

The SP Hunters vs Townsville Blackhawks game is expected to be kicked off by Air Niugini Board chairman Sir Fredrick Reiher or CEO Simon Foo at 3pm on Sunday at the National Football Stadium in Port Moresby.

The gates will be opened at 12pm for the curtain racer to start at 12:45pm. Tickets are going for K20 (behind goal posts), K25 (Northern/Southern Stand), K30(Western / Eastern stand) and K50 for the grand stand. They can be purchased at Brian Bell Plaza, Brian Bell Home Centre, Vision City, Naked Fish, Big Rooster at Koki and Erima, Stop and Shop Waigani and Gerehu. Games day tickets can be purchased at the stadium.

O’Neill Condemns Terror Attack

May 24, 2017 – Post Courier 
Prime Minister Peter O’Neill, has expressed deep concern and outrage following multiple deaths and injuries in the British city of Manchester overnight.

Following the terror attack, the Prime Minister said the resources of the international community must be utilised to bring those behind the attack to justice.

“The cowards who would perpetrate such a sickening attack cannot claim to represent any religion or any legitimate cause,” the Prime Minister said.

“Many of the victims were children, with their full lives ahead of them, who have been murdered in such a disgusting and brutal act.


“The people of Papua New Guinea offer our prayers, and our hopes of survival for those injured. “We extend our sincere sympathies and condolences to the families of those who were killed, particularly the families of the young children.

“Papua New Guinea stands with our partners in the international community to strengthen action to deal with and prevent terrorist acts around the world, and to hunt down the people who take part in or sponsor terrorist activities.”

The Prime Minister said the Papua New Guinea Department of Foreign Affairs is working with counterparts in the British Government to confirm that no Papua New Guinean citizens were affected by the attack.

We Borrow To Build – O’Neill

By MALUM NALU
22th May 2017

BORROWING is needed to boost economic growth, and the country has the ability to repay all the loans it takes out, Prime Minister Peter O’Neill says.

He told heads of Government departments during their meeting at the coastal village of Keapara in Rigo, Central, on Friday that the economy continued to grow.

“Because our GDP has grown, our ability to repay those loans has also grown. That is why we are able to borrow a little bit more money to build infrastructure,” he said.

“Borrowing is not a curse. It is our ability to manage that borrowing, making sure that we invest in the right sector.

“Infrastructure is nation-building.

“It is the right sector to invest.

“It builds the economy of the nation.

“That is why we must continue to invest in it.”

Borrow

He said the Asian Development Bank, International Monetary Fund and World Bank lent money to PNG at concessional rates such as two per cent because they had “confidence in our economy”.

“Every country each year had a limit on how much they can borrow from these institutions,” O’Neill said.

“PNG’s limit is always being upgraded every year.

“That’s because they do an independent assessment of our economy, and they have confidence in our economy.”

He said the debt-to-gross domestic product level had decreased from 70 per cent in 2000 to about 35 per cent currently.

MANAGEMENT OF ECONOMY PRIORITY – O’NEILL

Australia-PNG Business Council
16th May 2017

PRIME MINISTER Peter O’Neill during his address at opening of the Australian-PNG Business Council in Port Moresby said it was important PNG and Australia continued its long-standing relationship, especially the bilateral trade relations between them.

He said in the past few years both countries faced challenging times whilst working to manage the impacts of the current downturn in the global economy described his government in making tough decisions to address the issue.

“We identified ways and deferred non-priority items. We also reformed many practises, both in government and SOE to manage our economy during the course of the global economic downturn,” He said.

Despite the current economic situation faced by Papua New Guinea, the national government continued its commitment through the delivery of essential government services and also the completion of vital national projects nationwide.

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“The theme of this forum ‘navigating the cycle and creating opportunities in challenging times’ is relevant for both countries. But in Papua New Guinea, the lessons of the recent drop in commodity price should deliver some tough lessons for us to learn from.”

Mr O’Neill compared PNG’s economy to many parts in Australia that have always been held at ransom by the ‘boom and bust cycle’ in the resource sector.

Despite the unfriendly economic climate, the national government was on task in helping to reshape the economy whilst broadening its economic base.

He said we needed to manage our economy and move away from the ‘boom and bust cycle’ since we could not afford to rely on the resource sector forever.

“At the height of the boom energy prices, our government received revenue over K2 billion per annum. However at the bust in energy prices our revenue declined to a mere K200 million per annum,” Mr O’Neill said.