Two weeks of national mourning declared after Papua New Guinea’s longest-serving Prime Minister Michael Somare passed away, Ihu Special Economic Zone enters second phase of development and PNG’s exports to China.
In brief
The week’s business news in summary. In Brief is sourced from a variety of Papua New Guinea and international media outlets as a service to our readers. Business Advantage PNG makes no claim for the veracity of third party sources.
A surge of COVID-19 cases in Papua New Guinea, Oil Search posts major loss and NEC endorses the National Energy Authority Bill 2020. The midweek business news, curated for you by Business Advantage PNG.
A submission to Cabinet is being prepared to clean up the Sinivit mine, 6-Mile market to open next month and Ela Beach opens its Beachside Precinct.
Mineral Resources Authority to decentralise functions, new hotel in Port Moresby, and Papua New Guinea says goodbye to the submarine cable that connected it to the world for over 15 years.
Bank South Pacific executive says Papua New Guinea’s economy will recover by 2.5 per cent, Marape launches seven projects in Kainantu including the Ramu Hydro Power Station 2 and K1 million allocated for communication towers in Gulf Province.
Micronesian nations leave the Pacific Island Forum, Kumul Submarine Cable yet to be completed and Daru Island becomes centre of political tension. The latest business news in a nutshell.
Foreign exchange pressures continue to escalate, the Executive Director of the Institute of National Affairs talks about the ‘restorative effect’ reopening Porgera could have, and Oil Search back on track.
Japan helps Papua New Guinea with a generous loan, the Internal Revenue Commission launches its annual work plan and Prime Minister Marape visits Jiwaka Province.
President Ishmael Toroama says Bougainville is not ‘colluding’ with third parties to reopen Panguna, new project to increase regional and international trade in the Pacific, and potential date for the launch of ISEZ’s project program.
The Bank of Papua New Guinea has released its Quarterly Economic Bulletin for the March and June 2020 Quarters. It shows that the economy and government finances came under great pressure because of the COVID-19 lockdowns, but that the impact was uneven.