Trade Minister Richard Maru wants trade issues with Fiji resolved this month, UBS buys into Kina Securities, and ANZ offers debit cards in PNG. Your weekly digest of the latest business news.

Trade Minister Richard Maru says he wants all trade issues with Fiji resolved by the end of September, reports the Fiji Times. Maru has also welcomed a Fiji decision to send two officials from the Biosecurity Authority of Fiji to PNG to meet with officials from the National Agriculture Quarantine Inspection Authority. It follows a dispute over whether or not Fiji has banned Ox & Palm corned beef, snack biscuits and Trukai rice from PNG.

***

Swiss bank UBS has bought 5 per cent of Kina Securities, which is dual-listed on the PNG and Australian stock exchanges. The bank announced that it has purchased 8.218 million shares. Kina is trading at A$1.05 (K2.42).

***

The ANZ’s Mark Baker

ANZ customers in Papua New Guinea can now own visa debit cards, according to EMTV. The Chief Executive of ANZ PNG Mark Baker reportedly said the key feature of the card is added security which ‘really helps with preventing electronic fraud which is a global issue.’

***

Nambawan Super has recorded half-year gross revenue of K272 million with a net profit after tax of K193 million for the first six months of 2016 according to the Post Courier. Chairman Anthony Smare reportedly said the first half result was similar to the previous corresponding period before the revaluation of properties and unlisted equities was taken into account.

***

Malaysia’s Sime Darby Berhad expects to raise around US$590 million in a share raising move and will use around half of the proceeds to repay its bank borrowings. Standard and Poor’s reports Sime Darby’s debt level stems from its purchase of PNG’s New Britain Palm Oil in March 2015 for US$1.74 billion (K4.23 billion).

***

The Asian Development Bank will more than double its loan and grant funding to the Pacific over the next five years according to ABC News. It is reported that funding from 2016 to 2020 will rise to US$2.5 billion (K7.9 billion), up from the $1.1 billion (K3.5 billion) spent in the previous five years.

***

The Mineral Resource Authority’s Philip Samar

The Mineral Resource Authority is claiming it will take at least a year to complete the technical assessments of the mining lease applications for Frieda in East Sepik and Wafi-Golpu in Morobe, according to The National. Managing Director Philip Samar said both mines provided their own development plans, it is reported.

***

Lihir will soon benefit from a major road upgrade, including sealing, with work commencing this month, Loop PNG reports. The upgrade will be made to the 18 kilometre Put Put–to–Palie section of the main ring road, circling Aniolam, the largest island in the Lihir group and home to Newcrest’s Lihir gold mine.

***

The Chinese government has overtaken New Zealand and Japan and is on the verge of overtaking the United States in terms of total aid delivered to the Pacific Islands region according to the Lowy Institute. China will soon be the second largest aid donor, behind Australia, to the Pacific Islands. ‘The overwhelming majority of new Chinese development funds coming online are flowing to Papua New Guinea,’ the Lowy Institute reports.

***

Chinese-Australian property developer AXF is now preparing to buy the Solomon Islands’ Gold Ridge mine, reports SBS News.

***

The 47th Pacific Islands Forum is being hosted in the Federated States of Micronesia. It will consider the economic returns of regional fisheries, the effects of climate change and issues relating to disaster risk management.

***

Wilson Security says it will not renew its contract to run Australia’s offshore detention centres in PNG and Nauru. In a statement, the Australian company said it would provide services until its contract expires in October 2017. The announcement leaves the Australian government without a service provider or security firm for its offshore detention regime.

***

Australian Customs boarding a foreign vessel last weekend. Credit: Border Force

And finally, new figures from the Australian Fisheries Management Authority (AFMA) show 20 foreign fishing boats were apprehended in Australian waters 2015-2016, compared with six in 2014-2015. AFMA said increased prices for seafood such as sea cucumbers was driving the increase in poaching. But tensions in the South China Sea had also played a part, according to Professor Colin Simpfendorfer at James Cook University.