The imminent upgrade of defence facilities on Papua New Guinea’s Manus Island should provide significant opportunities for local business and labour, according to Australia’s Department of Defence. But the selection requirements are likely to be demanding.
Papua New Guinea’s currency, the kina, has been steady this year after weakening against a number of major currencies in late 2020. Should it be devalued further? We asked Jonathan Prince, Treasurer at Westpac PNG, to consider the consequences.
Recent changes to the National Energy Authority Act 2020 and the Electricity Industry (Amendment) Act 2020 introduce new requirements for electricity projects and change the way the sector operates. Vaughan Mills, Lisa Kudada and Andrea Moffatt from the independent law firm Corrs Chambers Westgarth, explain the changes.
The Ramu nickel mine in Papua New Guinea’s Madang province had strong first quarter production, according to Nickel 28, the junior partner in the joint venture.
Getting produce to market is one of the biggest constraints on Papua New Guinea’s cocoa industry, according to the Chief Operating Officer of leading cocoa exporter, NGIP Agmark. Steven Nightingale says his company is developing a model that is helping to improve the situation.
The future of one of Papua New Guinea’s highest profile green energy projects, PNG Biomass, appears under a cloud following the move by state-owned utility PNG Power to potentially cancel the power purchase agreement it has with the project.
BSP Financial Group, the Pacific’s largest bank, finally listed on the Australian Securities Exchange yesterday. The move creates a new market for its existing shares and positions the bank to tap into new sources of capital in the future.
Global telecommunications company Speedcast has been working in Papua New Guinea for over 12 years. Tony Waters, Senior Sales Director, says the advances in satellite communication could mean high-speed internet access at a good price for the country’s 22 provinces.
The annual Business Advantage/Westpac PNG 100 CEO Survey has captured the depth of the COVID-19 crisis and the sense of uncertainty that exists among businesses in Papua New Guinea. Westpac’s Senior Economist Justin Smirk takes a closer look.
It will take ‘the next two to three years’ before PNG Air, Papua New Guinea’s second domestic airline, can foresee a return back to pre-COVID levels of business activity, according to statement issued to Papua New Guinea’s stock exchange yesterday.