The Papua New Guinea government has set up a new authority to oversee the restoration of services and infrastructure, following the February 26 earthquake. As humanitarian relief work continues, analysts expect GDP to fall slightly.
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The latest business news from Papua New Guinea and the region
Prime Minister O’Neill working on loan to ease foreign exchange pressure, domestic market obligation for future LNG projects, and Western LNG project likely to be stand-alone. Your weekly digest of the latest business news.
LNG prices have shown continued weakness and the cocoa price has also dropped. Business Advantage PNG’s monthly review of Papua New Guinea commodities and financial markets.
Work at the Misima gold project has commenced, with Kingston Resources planning to extend the current resource and develop new mining areas. Kingston Resources Managing Director, Andrew Corbett, tells Business Advantage PNG he expects drilling programs to commence in April.
Newcrest plans larger development at Wafi-Golpu, O’Neill confident Papua New Guinea will recover from quake and loan to cover government superannuation debt. Your weekly digest of the latest business news.
Papua New Guinea businesses have donated at least K80 million in cash and equipment to aid February’s earthquake relief program.
For more than 40 years, ABC journalist Sean Dorney has been reporting on Papua New Guinea and the Pacific. After he was diagnosed with motor neurone disease last year, friends and colleagues gathered in Brisbane to pay tribute to his life and work.
Nambawan Super profit of K406 million, Bank South Pacific reports net profit of K1.99 billion, government agencies locked out of offices for allegedly non-payment of rents. Your weekly digest of the latest business news.
Last month’s earthquake in Papua New Guinea will have a ‘huge impact’ on the economy, says Prime Minister Peter O’Neill. The death toll is rising, the extent of the destruction and disruption to services and businesses is still being assessed, and the damage to the PNG LNG project is expected to affect government revenues.
The Bank of Papua New Guinea’s latest Quarterly Economic Bulletin points to a ‘slight improvement’ in economic activity in the September quarter driven by higher government expenditure and a marginal increase in private sector lending. It records an improvement in exports and commodity prices and a slowing in the increase of inflation, but lower employment levels.