The latest business news from Papua New Guinea and the region
A completely redeveloped Loloata Island Resort, just out of Port Moresby, is scheduled to open in February or March of 2019, according to Lew Nielsen, Director of the resort. The signature tourism project is a joint venture of Lamana Development and NASFUND.
Foreign exchange inflows improving, Moni Plus opens in Lae, and changes to boards of government-owned businesses. Your weekly digest of the latest business news.
LNG prices have jumped sharply and the cocoa price has been volatile. Business Advantage PNG’s monthly review of Papua New Guinea commodity and financial markets.
The Government’s Mid-year Economic and Fiscal Outlook (MYEFO) statement has indicated that it is in the ‘advanced stages’ of negotiating the country’s first sovereign bond later this year. The strategy is being adopted to solve the nation’s foreign exchange shortages, but it does carry risks.
Milne Bay’s Woodlark Gold Project is likely to get the go ahead within the next three months, after developer Geopacific Resources assesses the definitive feasibility study which will be completed in Q3 this year. Managing Director, Ron Heeks, told Business Advantage PNG, if it goes ahead, production should commence in early 2020.
Companies are reducing the size of the businesses, now using excess capital to acquire domestically but may be switching to starting up operations next year. They were some of the observations in a round table discussion on Papua New Guinea’s investment environment at the Business Advantage Invest Forum in Brisbane.
PNG Biomass will reach a final investment decision in the fourth quarter of 2018 for its proposed power plant located in the Markham Valley, Project Director Michael Henson tells Business Advantage PNG.
The co-founder of Port Moresby based software company Crysan, Crystal Krewe said a partnership with Google, the APEC Secretariats in PNG and Singapore, and the San Francisco-based Asia Foundation will aim to sell bilums on-line. Called the Digital Bilum Project, the aim will be to create an international presence.
A PPP agricultural venture mooted for Hela Province, first rice harvest from Morobe farm, and Rami Nicu leading the industry in red laterite development. Your weekly digest of the latest news.
In a slow economy getting jobs in the formal sector can prove difficult. But Rohan Fox, a Researcher at the Australian National University’s Crawford Policy Centre, says his research suggests that graduates of the University of Papua New Guinea do find employment.