The Papua New Guinea economy faces a conundrum: how to finance deficit spending as cheaply as possible. ANZ analysts suggest a global bond issue as a solution. At the same time, ANZ CEO Mike Smith urges a national discussion about how to capitalise on the Asian Century.
By opening a high-end hotel and corporate function centre targeting business travellers, TST Group of Companies is taking advantage of the need for more of these facilities in Port Moresby.
After years of relationship building, the BRICS nations-Brazil, Russia, India, China and South Africa-are setting up their investment bank. It’s a milestone for this strange mix of economies, but offers Pacific nations access to investment capital, says BRICS expert, David Thomas.
The Bougainville parliament has just passed an interim mining act, paving the way for its troubled Panguna copper mine to re-open. Even though the new act removes the automatic renewal of its lease to continue, Bougainville Copper Limited is still the preferred mine operator, as Kevin McQuillan reports.
Cashed up after the completion of several recent deals, oil and gas company InterOil Corporation has widened its exploration focus to include up to 40 promising new targets.
Grown almost entirely without pesticides in small village gardens, PNG coffee is cherished by aficionados around the world for its delicate fruity ‘winey’ and smooth caramel aftertaste. Ian Neubauer looks at how the coffee bean is processed for its major markets in Australia and Europe.
Despite its potential, the Papua New Guinea music industry is doing it tough. Music producers and promoters say it’s been in ‘massive decline’ for the last seven years, and without new laws and government support, that decline will continue.
The International Finance Corporation (IFC) has negotiated an additional US$50 million in funding for the Bank of South Pacific, to expand its financing and promote private sector growth.
A new player is preparing to enter Papua New Guinea’s palm oil industry, after Malaysian conglomerate Sime Darby was selected as the preferred bidder for Kulim Malaysia’s shares in PNG’s largest agribusiness, New Britain Palm Oil (NBPOL). What do analysts think of the move?
Two respected trade and industry leaders have urged the government to boost investment in agriculture and non-mining sectors, warning a failure to act soon could induce ‘the dreaded Dutch Disease’.