Highlands Pacific is expanding its focus from large projects and exploration, to controlling interests in smaller projects offering near term returns. Highlands Pacific Managing Director, Craig Lennon, tells Business Advantage PNG it is a response to market changes.
The Papua New Guinea economy is gradually stabilising as it adjusts to the impact of the PNG LNG project, according to the Bank of PNG’s latest Monetary Policy Statement. Real economic growth is predicted to be 2.8 per cent, the kina has been steady, and the 2016 balance of payments was in surplus. But there are financial stresses, as David James reports.
Commodity prices were reasonably stable over the month and precious metals strengthened. But the weakness in Liquefied Natural Gas (LNG) prices continued. Business Advantage PNG’s monthly review of Papua New Guinea commodity and financial markets.
A new Country Director for the Asian Development Bank, Vice-Chancellor of UPNG steps down, the new Chinese Ambassador presents his credentials, and PNG’s UK High Commissioner takes on a key EU role
BSP enters a joint venture deal in Cambodia, management restructure planned for PNG Power, and government shelves GST rise. Your weekly digest of the latest business news.
The Editor of Stella magazine, Amanda Donigi, claims Papua New Guinea risks losing its young entrepreneurs unless business conditions are enhanced. Her comments are echoed by House of Xen founder, Xenia Peni.
Michael McMillan, Director of Policy and Investment for the Townsville Enterprise, explains to Business Advantage PNG that, with Air Niugini now conducting direct flights from Townsville to Port Moresby, there is greater reciprocal interest between the two cities. He says a delegation of Townsville business people went in May to Papua New Guinea’s capital city to look at the business possibilities.
The lack of availability of foreign exchange is creating imbalances within the Papua New Guinea financial system, according to a report by Kina Securities. It says there is a build up of liquidity in kina, which may have implications for the financial strategies of domestic companies.
Oil Search Directors re-elected, Managing Director at PNG Ports, confirmation of Managing Director of the PNG Forest Authority, new French Overseas Territories Minister
Government seeking Budget support from World Bank, LNG partners seek huge savings by co-operating, Ok Tedi performing well after seven months. Your weekly digest of the latest business news.