Kina expected to weaken, Total aims for transparency, and Air Niugini defers planned flights to Shanghai. A weekly digest of the latest business news.

Papua New Guinea’s successful bond issuance in late September will likely put downside pressure on the government’s fiscal position over the coming years, according to Fitch Solutions Macro Research. In their outlook for PNG they said: ‘We expect the kina to weaken against the dollar by about 3 per cent per annum over the coming decade as the currency is overvalued (evident from the persistent foreign exchange shortage) and inflation in PNG is likely to average higher than in the US’.

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French oil and gas giant Total is the latest company to make a policy statement in support of contract transparency in the extractive industries. This is the first policy statement of its kind by one of the so-called ‘super majors’—the world’s largest publicly traded oil and gas companies.

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In light of the busy APEC, the holiday and Christmas season, and expected increased demand on domestic and existing international routes, Air Niugini has decided to defer its recently announced flights to Shanghai, China. The company said it will review the introduction of its China flights at a later date.

Port Moresby in the lead up to APEC 2018. Source: RNZ

APEC finance ministers, meeting in Port Moresby last week, said infrastructure is crucial to lifting productivity, enhancing connectivity and competitiveness, creating jobs and strengthening inclusive growth.

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Prime Minister Peter O’Neill has paid tribute to the late Sir Mick Curtain who initially sat down with him to design the concept of the APEC Haus which was officially handed over to the government last week. Credit: Rocky Roe