The ratings agency Moody’s has cut Newcrest Mining Ltd’s credit rating, declaring its outlook as negative, after the gold miner announced a AUD$6 billion (K12.6 billion) in asset writedowns in June.
Posts by Business Advantage PNG
New forex and asset finance heads for Moni Plus, while Ok Tedi Mining loses its corporate communications head.
The international spotlight falls on the asylum-seeker deal between Australia and PNG while RAMSI’s troops depart Solomon Islands.
Papua New Guinea’s Prime Minister Peter O’Neill is adamant that businesses on Manus Island ‘will directly benefit’ from the asylum-seeker deal signed last week by himself and Australian counterpart Kevin Rudd. But some business leaders are sceptical.
Three years ago, ‘Airport Economist’ Tim Harcourt came to Papua New Guinea to see how it was coping after the global financial crisis. In this excerpt from his forthcoming book, Trading Places – The Airport Economist’s Guide to International Business, he reflects on what he found.
Oil Search has reported that while it has discovered only ‘modest’ quantities of natural gas during a new exploration campaign in the Gulf of Papua, it will continue drilling in the area.
Harmony Gold has become the latest gold miner to write-down its Papua New Guinea assets, as a sharp drops in bullion prices force mining companies globally to reassess the profitability of their mines.
The Cairns Chamber of Commerce has opened a branch office in Papua New Guinea’s capital city, Port Moresby.
The luxury cruise line Carnival Australia has signed a three-year deal with AusAID to boost local business tourism opportunities in Papua New Guinea and Vanuatu.
The Bank of Papua New Guinea argues that the government should fund its spending plans from the domestic banking system. Meanwhile, the government is ramping up its borrowing from foreign sources. Who is right?