The ratings agency Moody’s has cut Newcrest Mining Ltd’s credit rating, declaring its outlook as negative, after the gold miner announced a AUD$6 billion (K12.6 billion) in asset writedowns in June.
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As the Papua New Guinea Government prepares to negotiate the terms of a deal with Australia to improve health services, one solution may lie in the small African nation of Lesotho, which has successfully partnered with the private sector.
The signing of the Regional Resettlement Arrangement between Australia and Papua New Guinea has changed the nature of the bilateral relationship, says the Lowy Institute’s Jenny Hayward-Jones.
Three years ago, ‘Airport Economist’ Tim Harcourt came to Papua New Guinea to see how it was coping after the global financial crisis. In this excerpt from his forthcoming book, Trading Places – The Airport Economist’s Guide to International Business, he reflects on what he found.
Oil Search has reported that while it has discovered only ‘modest’ quantities of natural gas during a new exploration campaign in the Gulf of Papua, it will continue drilling in the area.
Harmony Gold has become the latest gold miner to write-down its Papua New Guinea assets, as a sharp drops in bullion prices force mining companies globally to reassess the profitability of their mines.
The luxury cruise line Carnival Australia has signed a three-year deal with AusAID to boost local business tourism opportunities in Papua New Guinea and Vanuatu.
The Bank of Papua New Guinea argues that the government should fund its spending plans from the domestic banking system. Meanwhile, the government is ramping up its borrowing from foreign sources. Who is right?
The Pacific’s tourist sector has been resilient to the falling Australia and New Zealand dollars, according to the July ANZ Bank Pacific Monthly update.
Telikom PNG is upgrading and expanding its network, after earlier this month signing a K600 million (US$200 million) deal with Chinese technology provider Huawei. Chairman Mahesh Patel outlines where the money will be spent and commits the state-owned telco to improving its customer service.