A budget deficit for Papua New Guinea but the ADB forecasts massive growth in 2015. Meanwhile, nickel production looks set to rise. The week’s business news in brief.
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The latest business news from Papua New Guinea and the region
InterOil says it will strongly defend the recent deal it signed with French oil company Total SA involving the Elk-Antelope gas fields Gulf Province.
Business Advantage PNG’s exclusive annual survey of PNG’s major companies indicates that the Papua New Guinea economy is undergoing a contraction, although there is still significant confidence in its future.
A new national air traffic management system, Koim declares victory after jailing of MP on corruption charges and Tekikom and Digicel boost remote services. Your weekly digest of the latest business news.
O’Neill appoints Pruaitch as Treasurer, Somare appointed to PNGSDP and three new directors of Bank of PNG.
Officials reveal loan share deal signed two weeks ago, Abbott/O’Neill sign a new trade treaty and Bank PNG board happy with economy. Your weekly digest of the latest business and economic news.
Kina Group has launched Papua New Guinea’s first non-bank EFTPOS cash card.
Hundreds of millions of dollars is being spent in Papua New Guinea on road repairs and new roads, from Port Moresby to the Highlands and coastal provinces. Business Advantage PNG surveys what the country will get for its money, and considers what is still needed.
O’Neill defends loan to buy into Oil Search, economy vulnerable unless security boosted, Manus Detention Centre focus of Abbott/O’Neill talks. Your weekly digest of the latest business news.
2013 was a mixed year for PNG stocks. The Kina Securities Index fell by 14.9% over the year, but was largely influenced by the massive fall in value of the dual-listed Newcrest Mining, the largest company on the Port Moresby Stock Exchange (POMSoX). The Kina Securities Home Index, which excludes overseas stocks, fell only 2%.