Gas prices rose sharply, but oil and copper were down. Business Advantage PNG’s monthly review of Papua New Guinea commodities and financial markets.
News
Berry Mini, President of the Southern Highlands Chamber of Commerce, told Business Advantage PNG last Friday that there is an increased security presence in Mendi, particularly in front of key commercial and government buildings. The state of emergency is also affecting earthquake recovery supplies.
Mayur granted coal permit, Papua New Guinea signs up to China’s Belt and Road initiative and Newcrest settles insurance claim. Your weekly digest of the latest business news.
New chair for PNG AIR
ANZ Bank and Kina Bank have announced they have entered into an agreement for ANZ to sell its retail and commercial/small-to-medium-sized enterprise (SME) banking businesses to Kina for K24.2 million. Both banks claim the move is in line with their strategies.
An K331 million undersea cable linking Papua New Guinea, Solomon Islands and Australia is expected to be up and running by the end of 2019. It follows concerns by Australian officials that if China’s Huawei telco built the project, it could access Australia’s telecommunications infrastructure, creating national security concerns.
Prime Minister O’Neill on trade visit to China, state of emergency in Southern Highlands, and the future of trade tariffs on tuna exports to the UK. Your weekly digest of the latest business news.
The Director-General of the World Trade Organisation (WTO), Roberto Azavedo, has described world trade rules as being tilted towards the interests of more powerful countries. Speaking in Port Moresby recently, he said it is up to the private sector to lobby governments to act on its behalf.
The Paradise Annual 2018, featuring stories and photos about Papua New Guinea’s travel and culture, has just been been released. The special collectors’ publication includes the most popular stories and photos that have featured in the regular issues of Paradise, the in-flight magazine of Air Niugini.
Togolo and Abel acknowledged in Queen’s Birthday honours list.