While the legal and political repercussions arising from Papua New Guinea’s ‘Parakagate’ anti-corruption enquiry are still being worked out in Port Moresby, social order appears to have been maintained so far. However, the controversy may indirectly affect the progress of some significant new legislation, including that required to establish the country’s Sovereign Wealth Fund.
The Papua New Guinea Government has endorsed an increase in the country’s minimum wage of 91 toea to K3.20 per hour.
The signing of the first major backer for a new Papua New Guinea television drama series paves the way to develop a local TV production industry, according to the show’s producers.
A new MD for St Barbara, and a new Transport Minister.
Banks trading ‘well and above’ preferred kina rate, minister wants business contracts under K10 million to be reserved for Papua New Guineans, and Bakani says reserves will last seven months. Your weekly digest of the latest business news.
InterOil Corporation has finalised a US$300 million loan, which it will use to explore the Eastern Papua Basin of Papua New Guinea.
Prime Minister Peter O’Neill refuses to step aside after corruption claims, courts approve UBS loan repayments and Papua New Guinea’s financial system is worth nearly K40 billion. Your weekly digest of the latest business news.
The Managing Director of St Barbara steps down and a new Attorney-General.
While Papua New Guinea-related businesses are divided on the impact of a stronger kina, all agree it will have some effect on their business, according to Business Advantage PNG’s poll.
The Bank of Papua New Guinea’s move to strengthen the value of the Papua New Guinea kina against the US dollar has taken business by surprise, with some business leaders saying it will impact on primary industry producers.