Finance minister Marape says PNG economy ‘doing well’, European Investment Bank invests in PNG for first time in 21 years and Memorandum of Agreements to be presented for seven copper and gold mines. Your weekly digest of the latest business news.
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The latest business news from Papua New Guinea and the region
The Bank of Papua New Guinea recently released its December 2015 Quarterly Economic Bulletin, which provides a snapshot of the nation’s economic and financial performance over 2015. Business Advantage PNG provides five key insights.
Bank of Papua New Guinea negotiating with ‘partners’ about foreign exchange, Oil Search to address competition issues and Travel Air to resume operations. Your weekly digest of the latest business news.
Financial institution Moni Plus is preparing to list on the Singapore Stock Exchange. Managing Director David Kelso tells Business Advantage PNG that the company intends to expand its shareholder base and move into new markets.
Moody’s recently downgraded its sovereign rating on Papua New Guinea to B2 from B1. But Christian de Guzman, a Senior Analyst in the Sovereign Risk Group for Moody’s Singapore tells Business Advantage PNG that the agency is ‘quite confident’ about the overall economy’s prospects over the medium-term.
O’Neill assures students 2016 Budget will be implemented, Singapore’s Jaya Holdings buys Moni Plus for K518million and Bougainville aims for mid-2019 independence vote. Your weekly digest of the latest business news.
Oil Search, Papua New Guinea’s biggest company and largest non-government employer, looks set to consolidate its position as a major player in the Asia Pacific oil and gas market with its $US2.2 billion purchase of InterOil. Chief Executive of Oil Search, Peter Botten, says it will allow the company to be ‘hugely influential in the further development of our world class PNG LNG and Papua LNG assets.’
PanAust has released its feasibility study into the Frieda River mine in Sandaun Province, claiming it is ‘one of the largest undeveloped copper-gold deposits in the world’, with an initial 17-year mine life. The company’s intention is to take a staged approach to development.
Lae business leader warns of job cuts if forex problem not solved soon, Tourism Minister says PNG lags behind Vanuatu and Fiji in tourism spend, and 1,000 SMEs to close when asylum seeker centre closes. Your weekly digest of the latest business news.
The Governor of the Bank of Papua New Guinea, Loi Bakani, told this week’s Australia–Papua New Guinea Business Forum in Cairns that the bank is ‘determined’ to obtain more foreign currency ‘as soon as possible’ to address the backlog in foreign exchange demand. However, he criticised claims that PNG’s foreign exchange problem could be solved by allowing a free float of the kina, reports David James.