Economic conditions in Papua New Guinea may be challenging but Michael Kingston, Chief Executive of diversified manufacturer K K Kingston, tells Business Advantage PNG that the company’s diversified operations give it some strategic options. He also says a weaker exchange rate may also open up opportunities.
During May, forums were run in Port Moresby, Lae, Mt Hagen and Kokopo to solicit public responses to the Papua New Guinea government’s new land bill. The intent of the new bill is to protect the rights of customary landowners, by extinguishing any State leases, mortgages or sub-leases held by non-citizens. But the consequences for PNG industry and the economy could be dire, some observers are saying.
Kina Petroleum’s Australian based secretarial responsibilities will be assumed by Alex Mitchell, the company’s Chief Financial Officer.
Shortage of foreign exchange hindering investment, concerns about Customs procedures and the Crowne Plaza Port Moresby hotel up for sale. Your weekly digest of the latest business news.
The minimum wage in PNG will rise to K3.50 an hour from 1 July, from the current rate of K3.36.
Difficult economic conditions can be a time for committed companies to expand market share and establish themselves for the long term. Mikael Ruben, Managing Director of paint manufacturer AkzoNobel tells Business Advantage PNG his company sees the need to remain aggressive in Papua New Guinea.
Businesses routinely cite law and order as their single most important challenge in Papua New Guinea. John Bellinger, CEO of PNG’s largest security firm, Guard Dog Group, provides five tips that can help any business manage its exposure to security risk in PNG.
New Chief Executives for Advance Cairns
Finance minister Marape says PNG economy ‘doing well’, European Investment Bank invests in PNG for first time in 21 years and Memorandum of Agreements to be presented for seven copper and gold mines. Your weekly digest of the latest business news.
The Bank of Papua New Guinea recently released its December 2015 Quarterly Economic Bulletin, which provides a snapshot of the nation’s economic and financial performance over 2015. Business Advantage PNG provides five key insights.