The Papua New Guinea Government has increased its stake in mobile phone company Bemobile, following the collapse of a deal with the Fiji National Provident Fund.
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Last week’s legislation to nationalise the PNG Sustainable Development Program (PNGSDP) and Ok Tedi Mining Limited carries severe risks and negative implications for development in PNG, writes Stephen Howes, Director of the Development Policy Centre at the Australian National University.
While its aims of encouraging small and indigenous business are universally supported, the Papua New Guinea Government’s recent dealings with investors have created a ‘feeling of unease’ in some business circles.
Lukim PNG Nau 2013, a Papua New Guinea tourism promotion event designed to attract national and international operators and agents, has been a huge success, according to both the PNG Tourism Industry Association and PNG Tourism Promotion Authority.
The Californian-based Neptune Pacific Line has agreed to buy a 50 per cent controlling interest in the Pacific Forum Line from the Samoan government.
Expanding the small business sector, managing urbanisation and developing modern communications were the PNG Government’s three priority areas, Prime Minister Peter O’Neill said last week.
In an escalation of the public debate on the ownership of the Ok Tedi mine, the Chairman of the Papua New Guinea Sustainable Development Program Ltd (PNGSDP) has accused the government of ‘stealing’ Ok Tedi Mining Ltd.
There’s a new Liberal-National Coalition government in Canberra, led by Tony Abbott. Jenny Hayward-Jones considers the implications for Papua New Guinea and the Pacific.
After negotiations which have lasted since January, Bank of South Pacific (BSP ) and Credit Corporation have entered into a ‘Share Sale and Purchase Agreement’, whereby BSP will acquire of Credit Corporation’s financial services businesses, if Credit Corporation’s shareholders approve.
Construction of Papua New Guinea’s national broadband network is progressing, with major milestones set be reached by mid 2015, according to technology consultant Sundar Ramamurthy, who is assisting the PNG government’s Independent Public Business Corporation on the project.