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.
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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.
A new Chief Financial Officer at Nambawan Super, and board re-appointments at City Pharmacy Group
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.
The kina has fallen in value this year, but Papua New Guinea’s dependence on commodity exports means that it can be expected to fall further, says Rohan Fox, Lecturer and Research Fellow at the University of Papua New Guinea’s Division of Economics. He tells Business Advantage PNG that the country faces a difficult task managing the impact of sharp fluctuations in commodity prices.
Members of Central Supply and Tenders Board announced
BSP committed to IFC foreign exchange loan facility, PNG to have its first dairy farm, and Kina Asset Management investments up in first quarter. Your weekly digest of the latest business news.
E-commerce, empowering women in business and anti-dumping measures were highlights of last month’s APEC Business Advisory Council (ABAC) meeting in Port Moresby. Business Advantage PNG asked Douveri Henao, Lead Staffer for ABAC, for his response to the meeting.