Running a manufacturing business in Papua New Guinea is like being a farmer, Managing Director of SP Brewery, Stan Joyce, tells Business Advantage PNG. There are good years and there are difficult years.
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The new Stanley Hotel in Port Moresby will operate on a scale not seen before in Papua New Guinea, General Manager Geoff Haigh tells Business Advantage PNG. He says once all stages of the project are completed customers will not have to leave.
Papua New Guinea’s debt levels relative to the size of its economy could actually go down if the government increased spending, according to Satish Chand, Professor of Finance in the School of Business at the University of New South Wales. Mounting an argument that goes against conventional wisdom, he contends that as long as the government investment is well managed and receives a strong return, the long term benefits will outweigh the short term risks.
In brief: Inflation expected to hit 6 per cent, UNDP claims ‘timely’ expenditure reporting and POMSoX trading down 43 per cent
Glenn Dunstan has joined PNG Air as Manager of Service Delivery. Dunstan has worked with a number of resource sector companies, including ExxonMobil PNG.
Papua New Guinea’s agriculture export income in 2015 was less than half 2011 levels, according to data from Bank Papua New Guinea’s latest Quarterly Economic Bulletin. Income from palm oil exports was at its lowest level since 2009, coffee sales were less than half the level of four years ago and income from rubber exports almost halved in a year.
Economic conditions in Papua New Guinea may be challenging but Michael Kingston, Chief Executive of diversified manufacturer K K Kingston, tells Business Advantage PNG that the company’s diversified operations give it some strategic options. He also says a weaker exchange rate may also open up opportunities.
During May, forums were run in Port Moresby, Lae, Mt Hagen and Kokopo to solicit public responses to the Papua New Guinea government’s new land bill. The intent of the new bill is to protect the rights of customary landowners, by extinguishing any State leases, mortgages or sub-leases held by non-citizens. But the consequences for PNG industry and the economy could be dire, some observers are saying.
Kina Petroleum’s Australian based secretarial responsibilities will be assumed by Alex Mitchell, the company’s Chief Financial Officer.
Shortage of foreign exchange hindering investment, concerns about Customs procedures and the Crowne Plaza Port Moresby hotel up for sale. Your weekly digest of the latest business news.