The latest business news from Papua New Guinea and the region
Hausples.com.pg has released its Real Estate Survey 2018, which shows that the biggest challenge for the market is supply side factors such as land titles, infrastructure and private sector investment. But it says these issues ‘are slowly being addressed’ and that there is ‘unequivocal market demand for housing at various price points.
Paint company Akzo Nobel is taking a new strategic direction in Papua New Guinea, according to Chief Executive Officer, Navin Raju. He tells Business Advantage PNG that the prospects for growth are sound.
Production resumes at the LNG plant as more reserves found, BHP Billiton to be sued over alleged environmental damage, and talks with China over a free trade agreement. Your weekly digest of the latest business news.
Eminent scientist Professor Tim Flannery will be one of the key speakers at this year’s Business Advantage Papua New Guinea Investment Conference at the Sofitel Brisbane Central on 6 and 7 August this year.
Commerce and Industry Minister, Wera Mori, says the government is focusing on new laws to open up Papua New Guinea’s capital markets to attract foreign investment. He also told business in Port Moresby this week that the government alone cannot rebuild the country’s economy and has called for a new bond between the state and the business community.
Rise in foreign exchange reserves expected, K1.3 billion required annually for road maintenance work, and Ramu nickel project to have 35 year life. Your weekly digest of the latest business news.
The Extractive Industries Transparency Initiative Report for 2016 has found that improvements are being made to registry and payment systems, but more needs to be done. It notes that budgeting to government revenues remains difficult because of the industry’s volatility and the relatively small number of companies paying full tax.
New Port Moresby power plant to be online during early 2019, US equity firm bids A$13.5 billion for Santos, and PNG Post keen to diversify. Your weekly digest of the latest business news.
The Governor of the Bank of Papua New Guinea has called for a national plan to make the country self-sufficient in food production, with capacity for export. Loi Bakani outlined his proposal at last month’s National Planning Consultative Summit in Lae.
The ratings agency Moody’s has affirmed Papua New Guinea’s B2 rating, but downgraded it from ‘negative from stable’, citing higher government liquidity risks, increased gross borrowing requirements and limited funding sources. It points to a growing reliance on short-term debt.