O’Neill assures students 2016 Budget will be implemented, a new World Bank report predicts the region could welcome more than one million extra tourists by 2040, and Bougainville aims for mid-2019 independence vote. Your weekly digest of the latest business news.
The Government is confident of implementing the 2016 Budget as planned, Prime Minister Peter O’Neill has told university students. He said with the sudden drop in commodity prices, the Government had to re-adjust its five years fiscal plan and one immediate decision made was to re-adjust the 2015 Budget downwards by K3 billion. Meanwhile, Loop PNG reports former Prime Minister Mekere Morauta saying PNG is in the midst of an extensive and deepening economic and financial crisis.
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A target date of 15 June 2019 has been set for the self-determination referendum in the autonomous region of Bougainville. Under the terms of the Bougainville Peace Agreement, a referendum must be conducted in Bougainville before mid-2020. (Radio NZ)
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Post PNG in partnership with the Bank of Papua New Guinea has launched new commemorative stamps to celebrate the 40th anniversary of PNG and the XV Pacific Games. (Post Courier)
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The Bank South Pacific Group recorded a group profit after tax in the first quarter of 2016 of K147.3 million. Net profit after tax was 10 per cent higher than the previous corresponding period.
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Air Niugini has been named the best State-owned enterprise employer for 2015 by the PNG Human Resources Institute, according to The National.
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East Sepik company, Aurosokwo Net, has signed a freight concession agreement with Air Niugini to export more than a tonne of cured vanilla beans to the US.
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The CEO of British Virgin Island’s-based K92 Mining (formerly Otterburn Resources), Ian Stalker, says plans are ‘on track’ for the restart of the Kainantu Gold Project in Eastern Highlands Province, following its reverse take-over of K92 Holdings International. K92 bought the mining rights from Barrick in 2014. The mine has reportedly lain idle since 2009. Barrick said in 2014 it could produce in excess of 100,000 ounces of gold per annum.
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The new operator of the Tolukuma mine in Central Province, Asidokona Mining Resources, is rehabilitating the mine, and continuing to dewater it, according to The National. Asidokona bought the mine last October. Executive Director Vincent Siow is reported as saying he expects to reach where Petromin PNG Holdings last mined within the next two months.
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Seventy-nine countries of the African, Caribbean and Pacific (ACP) Group of States will hold a three-day “pivotal Summit” on in Port Moresby at the end of May. They will discuss ACP’s international role, especially the future of ACP–European Union relations.
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Coffee farmers sign up for their first bank account. Credit: The Loop
More than 300 coffee farmers in rural Madang have opened bank accounts for the first time with Bank South Pacific under the Productive Partnerships in Agriculture Project (PPAP) scheme.
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A new World Bank report predicts that with careful planning, the region could have more than one million extra tourists by 2040. In 2014, a record 1.37 million visitors came to 11 Pacific Island countries, with Fiji, Papua New Guinea, Palau, Samoa and Vanuatu the top five destinations.
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And finally, Tonga’s bakers say not being allowed to open on Sundays will have a dramatic impact and lead to job losses. The ban follows protests by church groups angry at an anomaly that has existed since 1982, when bakeries were allowed to open on Sundays after a cyclone.
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Where do you get all these tourist’s from ? Real tourism is actually shrinking , tourists that actually pay and fly Air Niugini, that pay and go diving , that then do an extra like go up the Highlands etc . The Tourist figures you come up with are sexed up with the cruise ships coming up from Australia, where they are already provisioned and passengers spend the money on board and once in PNG waters go to spend 3 or 4 x 8 hr days ashore in places like Rabaul , Aloutau and Doini. Although not to be scoffed at and yes more ships will come , it is not Grass Roots Tourism like Fiji, that creates employment. Real Tourists spend between K 20, 000 and K 40, 000 ,Day Trippers we’d be lucky if they spend K 200 . Although K200 x 1000 – 2000 people can’t do Rabaul etc any harm for 1 day , I really think we should keep Grass Roots and Cruise Ships Separate.