Vanuatu’s Reserve Bank rejects sale of Westpac Vanuatu to BSP, Airlines PNG invited to fly into Samoa and ‘show cause’ notice issued over slow progress of new Lae highway. Your weekly digest of the latest business news.

The Reserve Bank of Vanuatu has rejected the Bank of South Pacific’s bid to purchase Westpac Vanuatu. A Westpac Group media release attributed the decision to continue operations in Vanuatu to timing: ‘Given the impact of cyclone Pam, now is not the time for a change of operators in the country’s banking sector.’ Vanuatu’s Daily Post says it understands that there are no obstacles to BSP re-applying at any time in the future.

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Samoan Prime Minister Tuilaepa Sailele Malielegaoi has invited Airlines PNG to fly into Faleolo Airport, connecting Samoa to Los Angeles and Hong Kong.

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Works Minister, Francis Awesa

Works Minister Francis Awesa says contractor China Railway International has been given a ‘show cause’ letter regarding the construction of the Lae–Nadzab Highway. It follows Prime Minister Peter O’Neill’s disappointment with the slow progress of the work on the K560 million four-lane highway.

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The operators of the Ok Tedi mine are making big cuts to their workforce and have ordered a shut down because of weak copper prices and a prolonged period of dry weather.

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The National Fisheries Authority has made a dividend payment of almost K33 million to the national government. Fisheries Minister Mao Zeming said the dividend stems from surplus funds in statutory and access fees that the NFA collects from the fishing industry.

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The total funding spent by the Government in the first quarter of this year stands at K914.17 million against a total appropriation of KK4.499 billion in the 2015 Development Budget, according to the Prime Minister’s office.

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PM Peter O’Neill has opened a new gravel and vertical pipe plant run by Monier at the Nebiri and Rouna Quarries near Port Moresby. O’Neill said the construction sector will continue to grow and employ thousands more Papua New Guineans as the economy expands.

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Sir Hubert Murray Stadium

PNG will host the 2016 FIFA Under 20 Women’s World Cup at the Sir Hubert Murray Stadium in Port Moresby, with games to be played in Lae, Rabaul and perhaps Kimbe. Sports Minister Justin Tkatchenko said the stadium, which is a private-public partnership between Curtain Brothers and the national government, will be completed by April next year, in time to host the event.

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Miner Niuminco Group reports it has produced 5116.8 grams (164.5 ounces) of gold and 4181.7g (134.5oz) of silver from its Edie Creek mine in Morobe Province for the June quarter.

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An overhead footbridge costing K6 million will be built over Waigani Drive from near City Hall to Vision City in Port Moresby. Governor Powes Parkop says Phoenix Builders have been contracted to build the bridge and he expects more will be built.

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The International Seabed Authority has granted China Minmetals Group permission to explore 73,000 square kilometres in the east Pacific Ocean.

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Former Vanuatu PM, Edward Natapei. Credit: ABC

Former Vanuatu Prime Minister, Edward Natapei has died suddenly. He was reportedly been chronically ill for some time, and is thought to have succumbed to an asthma attack.

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And finally, the Australian mining industry is bracing for more job losses and mine closures next year as coal and iron ore prices remain depressed. Almost 80 per cent of mining leaders are reducing capital expenditure, up from 44 per cent last year, a report by Newport Consulting has found.