If Kina Bank’s acquisition of Westpac’s Pacific operation proceeds, it will be rebranded East West Commercial Bank, a stand-alone ‘Pan-Pacific’ bank to compete against its new parent. That’s according to a presentation made by Kina last week as it tries to convince Papua New Guinea’s Independent Consumer and Competition Commission of the deal’s merits.
The progress of Twinza Oil’s US$2.4 billion (K8.42 billion) Pasca A offshore gas project in Papua New Guinea has again stalled, following a draft gas agreement from the government which the developer claims ‘bears no resemblance’ to the terms it agreed last month.
With the Digital Government Bill scheduled to be presented to Papua New Guinea’s Parliament this month, Steven Matainaho, Secretary of Department of Information and Communication Technology, provides a glimpse of what eGovernment in PNG could look like.
The merger of two of the major players in Papua New Guinea’s oil and gas sector has taken a major step forward, with Santos and Oil Search agreeing terms. What would it mean for PNG?
In an interim determination, Papua New Guinea’s Independent Consumer and Competition Commission (ICCC) says it may not allow Kina Bank to buy Westpac’s remaining assets in the Pacific.
What does Papua New Guinea need to do to add more value to its produce? Chey Scovell, CEO of PNG’s Manufacturers Council has told a Business Advantage PNG briefing that the country is already doing better than many think, and that a ‘holistic’ approach is needed to boost the manufacturing sector further.
Australian telecommunications giant Telstra has been in negotiations to buy Digicel, Papua New Guinea’s largest telco. Meanwhile, gas company Santos has been pursuing PNG’s largest company, Oil Search. Why is PNG seeing such mergers and acquisitions activity, and are more likely?
The Papua New Guinea Government and Twinza Oil have concluded negotiations on terms for Pasca A, PNG’s first offshore gas project. While the terms are subject to approval by PNG’s National Executive Council, a signed gas agreement is expected as soon as the end of this month.
Australian miner Geopacific Resources has secured funding to develop the gold mine on Papua New Guinea’s Woodlark Island in Papua New Guinea’s Milne Bay Province. Business Advantage PNG spoke exclusively to Chairman Ian Clyne and CEO Tim Richards about their expectations for the project.
BSP Financial Group (BFL) has responded to allegations made by the Bank of Papua New Guinea’s Financial Analysis and Supervision Unit (FASU) that it was in breach of the country’s anti-money laundering laws. Meanwhile, the Bank of PNG’s Governor has distanced the central bank from the allegations made by its own unit.