Latest news

Trade Minister Richard Maru wants trade issues with Fiji resolved this month, UBS buys into Kina Securities, and ANZ offers debit cards in PNG.

The effect of the government’s proposed rice policy will basically ‘shut us down’, says Greg Worthington-Eyre, CEO of the country’s main rice importer and producer, Trukai Industries. His warning follows a prediction of price rises by the Independent Consumer and Competition Commission, and a warning by the Australian government the policy could breach WTO rules.

The greatest challenge facing Papua New Guinea’s financial system and businesses is to establish saving in the country’s mostly unbanked population. That is the message from three of the country’s top bankers.

The Papua New Guinea government has released its Supplementary Budget to adjust to ‘tough’ economic conditions. It assumes lower economic growth, a weaker exchange rate and higher inflation.

Trade Minister Maru says he will recommend the government abandon its proposed rice policy, Bougainville landowners want government to hold its BCL shares, and Fiji says there are no bans on PNG imports. Your weekly digest of the latest business news.

Air Niugini has assured Cairns businesspeople that it will continue to cater to the business and tourism community, after Qantas confirmed that it will no longer fly the Cairns-Port Moresby route, according to Cairns business leader, Kevin Byrne.

Papua New Guinea’s top two bankers, Loi Bakani, Governor of the Bank of Papua New Guinea and Robin Fleming, Chief Executive of Bank South Pacific, have asserted that the kina is not ‘controlled’. The shortage of foreign exchange is rather due to supply demand imbalances—but there is light at the end of the tunnel.

A new-format television program about business in Papua New Guinea will commence airing next week on national broadcaster EMTV.

The government of Bougainville wants to put the operation of the giant Panguna copper mine out to international tender as soon as possible, President John Momis tells Business Advantage PNG. But key considerations, including the exploration licence, the equity structure, landowner rights and dividends and the rehabilitation of the mine must be decided first.

In a bid to promote skills formation in Papua New Guinea’s LNG sector Kumul Petroleum Academy, trading as South Pacific Employment Institute (SPEI), has signed a K9 million technician development agreement with ExxonMobil PNG.