Newcrest Mining reports drop in gold production, claims tourism can make strong contribution to Papua New Guinea economy and reports that foreign exchange shortage improving. Your weekly digest of the latest business news.
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Oil prices have recovered and coffee and cocoa are both strong. Business Advantage PNG’s monthly review of Papua New Guinea commodity and financial markets.
Vote counting in the Papua New Guinea general election is continuing, with the results yet to be announced. The final shape of the government will take time to emerge.
A new chairman for airlines association, CEO departs Heli Niugini.
Frieda River partners seek arbitration to resolve dispute, Livestock Development Corporation ‘defunct’ and food labelling remains an issue. Your weekly digest of the latest business news.
A survey of exporters in the Pacific Region has found that business confidence has increased. Although they are exporting to fewer countries the total number of exports has risen since 2014.
Funding the re-opening of the Panguna copper mine is a key concern for a newly-formed Joint Committee of landowners, BCL and governments, says Bougainville Governor, John Momis. Independent analysts believe it is likely to come from one of the global mining majors.
A simulated gas processing plant has arrived in Port Moresby for use at the new Kumul Petroleum Academy, and is due to begin operating by September.
Albert Schram, Vice-Chancellor of the University of Technology (Unitech) in Lae, tells Business Advantage PNG that the institution is undergoing a broad ‘cultural change’. The aim is to create closer ties with business in order to produce better qualified graduates.
Businesses in Papua New Guinea may be finding it hard to get foreign exchange, but credit quality within the domestic economy remains relatively healthy. Finance executives and analysts tell Business Advantage PNG that there has been only a slight deterioration of kina-denominated credit, despite the weak economy.