May 2013

Australia’s aid program will increase by 10 per cent or about A$500 million in the 2013-14 budget to a record AUD$5.7 billion—the equivalent of 0.37 per cent of gross national income (GNI).

There’s been plenty of international media coverage of last week’s visit by the Australian Prime Minister Julia Gillard to PNG … this and other international stories

Although gross domestic product (GDP) growth halved last year in the Solomon Islands, the Central Bank of the Solomon Islands’ (CBSI) 2012 annual report, released last week, makes encouraging reading.

After five years as ‘boss bilong BSP’, Ian B Clyne completes his five-year appointment as the CEO of PNG’s largest bank at the end of this month. Business Advantage PNG caught up with him for one final chat.

Kina Assets Management Limited (KAML), Papua New Guinea’s first and only listed investment company, has announced a return of 7.2% for the first quarter of 2013.

Registrations have now opened for the 2013 Papua New Guinea Advantage investment summit, to be held at The Gateway Hotel, Port Moresby, on 9 and 10 September.

Gold miners Newcrest Mining and Harmony Gold report are reviewing capital expenditure at their two joint venture projects in Papua New Guinea because of weak gold prices.

Late last month, Hong Kong-based satellite communications company Speedcast bought Australian satellite company Pactel International, and in a little-publicised deal, Digicel PNG purchased the country’s home-grown satellite company, Remington Communications, from the larger Remington group.

The global media revolution has arrived in Papua New Guinea, with local television company EMTV transforming from a traditional broadcaster into one in step with the digital age.

Sri Lanka praises PNG for not criticising CHOGM venue, PNG’s PM to raise visa issue with Gillard later this week, a 3rd Malaysian company considers investing in PNG’s palm oil industry, a call for Woodside to take over Oil Search and what on earth are ‘disruptive technologies’?