Papua New Guinea’s proposed Sovereign Wealth Fund was intended to stabilise the kina and secure assets for the future. But, as Paul Barker from the Institute of National Affairs argues, the government’s borrowing plan for Oil Search shares may jeopardise the fund’s effectiveness.
Kina Group has launched Papua New Guinea’s first non-bank EFTPOS cash card.
Hundreds of millions of dollars is being spent in Papua New Guinea on road repairs and new roads, from Port Moresby to the Highlands and coastal provinces. Business Advantage PNG surveys what the country will get for its money, and considers what is still needed.
Patron and board of new Business Coalition for Women appointed
O’Neill defends loan to buy into Oil Search, economy vulnerable unless security boosted, Manus Detention Centre focus of Abbott/O’Neill talks. Your weekly digest of the latest business news.
2013 was a mixed year for PNG stocks. The Kina Securities Index fell by 14.9% over the year, but was largely influenced by the massive fall in value of the dual-listed Newcrest Mining, the largest company on the Port Moresby Stock Exchange (POMSoX). The Kina Securities Home Index, which excludes overseas stocks, fell only 2%.
PanAust Managing Director stepping down, new board members at Rio Tonto and IndoChine and other senior appointments.
O’Neill sacks two more Cabinet ministers, Exxon expects LNG exports to start early and Ok Tedi Mining profits plunge 80%. Your weekly digest of the latest business news.
Dataco board chair and MD appointments, a retirement at Ela Motors and a new Chief Operating Officer for Harmony Gold.
Moves to reserve small businesses for locals, Court rescinds orders preventing Ok Tedi from dumping waste and BSP records 11% profit increase. Your digest of the week’s business news.