The difficulty in getting foreign exchange is making goods made in Papua New Guinea more attractive, local manufacturers tell ‘Business Advantage Boardroom’, which aired last night on national broadcaster, EMTV. But a lack of protection against cheap overseas competition remains a problem.
The big mover this month was palm oil, which was up 20.5 per cent for the month according to Kina Securities. Oil prices have continued to hold up but LNG prices have eased. Business Advantage PNG’s monthly overview of commodity and financial markets.
Despite 2016 being ‘a relatively quiet time’, Steamships Managing Director Peter Langslow, in the first of a two part series, says his diversified company is becoming more efficient and continuing to invest in its operations in PNG in preparation for the next upturn.
‘Six month farmers’ are a big problem in Papua New Guinea’s coffee industry Tom Kukhang, the Coffee Industry Corporation’s (CIC’s) Chief Scientist tells Business Advantage PNG. But there is a solution.
InterOil shareholders have overwhelmingly approved a revised takeover bid from ExxonMobil, despite opposition from InterOil founder, Phil Mulacek.
Papua New Guinea’s forestry faces fierce competition and pricing challenges, Chief Executive of the Forest Industries Association, Bob Tate, tells Business Advantage PNG. He says developments in China are troubling for the sector.
The Chief Executive of Papua New Guinea’s Ok Tedi mine, Peter Graham, tells Business Advantage PNG that the company is now in the top quartile of global copper producers. He says revised company estimates indicate the mine—for many years one of PNG’s major sources of foreign exchange—should have a longer life.
The way banks operate will change dramatically over the next five years, according to Kina Group’s Syd Yates. Banks will need to be quasi-technology companies.
K92 Mining is preparing for its first export of gold concentrate from Kainantu mine and plans to ramp up to full production around April this year, company Chief Operating Officer, John Lewins tells Business Advantage PNG.
Changes in ANZ’s Asia-Pacific strategy could provide benefits to Papua New Guinea, ANZ’s Managing Director in PNG, Mark Baker. He also tells Business Advantage PNG he sees growth potential from PNG’s rising middle class, while mobile phone banking has moved past traditional PC based internet banking services.