Latest news

The Papua New Guinea Government is promising to improve the law and order situation in PNG, with new laws covering white collar crime, rape and murder, while Australia will assist with police training.

Australian Prime Minister Julia Gillard launched the Pacific Women in Business initiative during her visit to Papua New Guinea, which establishes a mentoring program to assist women to access management positions and tackle violence against women.

Australia’s aid program will increase by 10 per cent or about A$500 million in the 2013-14 budget to a record AUD$5.7 billion—the equivalent of 0.37 per cent of gross national income (GNI).

Although gross domestic product (GDP) growth halved last year in the Solomon Islands, the Central Bank of the Solomon Islands’ (CBSI) 2012 annual report, released last week, makes encouraging reading.

Kina Assets Management Limited (KAML), Papua New Guinea’s first and only listed investment company, has announced a return of 7.2% for the first quarter of 2013.

Registrations have now opened for the 2013 Papua New Guinea Advantage investment summit, to be held at The Gateway Hotel, Port Moresby, on 9 and 10 September.

Gold miners Newcrest Mining and Harmony Gold report are reviewing capital expenditure at their two joint venture projects in Papua New Guinea because of weak gold prices.

Late last month, Hong Kong-based satellite communications company Speedcast bought Australian satellite company Pactel International, and in a little-publicised deal, Digicel PNG purchased the country’s home-grown satellite company, Remington Communications, from the larger Remington group.

Interest in Papua New Guinea among businesses in far north Queensland, Australia, has never been higher. Business Advantage PNG dropped in on a regular PNG networking event in Cairns last week to learn more.

The PNG LNG project has reached another milestone with the opening of the 3.2km-long Komo Airfield in the southern Highlands, according to Oil Search Managing Director, Peter Botten.