Prime Minister Marape asks China to consider a Free Trade Agreement with Pacific Island countries; Kumul Consolidated Holding reveals construction plans for Port Moresby, and an agreement has been reached to recommence the Carbon Trading Project in East Sepik Province. Your weekly digest of business news.

China’s Xue Bing and Prime Minister Marape. Credit: RNZ

Prime Minister Marape has asked China to enter into a Free Trade Agreement (FTA) with Pacific island countries to boost the economy in the region, particularly in PNG. Marape made the request during a meeting with the Chinese Ambassador to PNG, Xue Bing, in Port Moresby. (RNZ)

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According to Gary Seddon, COO of Kumul Consolidated Holdings (KCH), there are plans to develop ‘a new waterfront outlook for the CBD area’ in Port Moresby. Seddon said the waterfront would be a combination of commercial, residential, and public spaces. He also mentioned KCH is considering establishing a cruise ship terminal in the capital city. (The National)

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The Carbon Trading Project in East Sepik Province, which started in 2009 and then came to a halt due to landowner disputes, could recommence after an agreement was reached between the Ministry for Conservation, Environment and Climate Change and landowner representatives from project area. (EMTV)

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The Independent Consumer and Competition Commission (ICCC) announced new retail prices for petrol (13.39 toea per litre), diesel (9.81 toea per litre) and kerosene (9.94 toea per litre). The ICCC attributed the increase in prices in August to the depreciation of the kina against the US dollar. (LOOP)

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A delegation led by Ranjit Lamech, Regional Director of the World Bank’s Infrastructure Department in the East Asia and the Pacific, visited Papua New Guinea and met with Richard Maru, Minister for National Planning, to discuss priorities in the energy and extraction sectors. (LOOP)

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Last week, Prime Minister Marape announced the launch of an investigation into the Swiss bank UBS (UBSG.S) loan. (Reuters)

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Opening of Nambawan Super’s new office in Kimbe. Credit: Post-Courier

Nambawan Super has opened a new office in Kimbe, West New Britain Province. Members can do their transactions at the office and also attend awareness sessions to learn more about financial matters. (Post-Courier)

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Out of 1050 transmission towers covering 80 per cent of PNG’s population, over 300 aren’t profitable. Lorna McPherson, Senior Vice-Present of Digicel PNG, said in an interview: ‘We have over 1050 sites, we service 200 rural sites by helicopter that we also subsidize over 300 towers, as in we don’t make any money from them.’ (Post-Courier)

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Most landowner representatives are asking the government to take back the Porgera gold mine from its current operator, Barrick Niugini Ltd, Jonathan Paraia, Chairman of Justice Foundation for Porgera, reportedly said in a press conference in Port Moresby. ‘That’s why when the mining lease expires, we are putting our resolution up to the government not to renew the agreement.’ (Post-Courier)

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The Minister for Transport and Infrastructure, William Samb, has urged all vehicle owners and operators to get registered.  ‘I warn all vehicle owners, operators, companies and State-owned vehicles to get registered and fully serviced at all times so we have road-worthy vehicles on the road.’ (Post-Courier)

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PNG officials visited the facilities of the Chinese fishing firm Wenzhou Da Zhou Distant Water Fishing Co in Zhejiang Province. The officials also inspected six of the company’s vessels. It’s been reported that Yan Jin Ying, Wenzhou Da Zhou’s General Manager, said that entering Papua New Guinea’s waters would represent ‘the most cherished wish’. (Sea Food Source)

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The Embassy of the Republic of Korea has donated IT equipment worth around K500,000 to the Department of Foreign Affairs and International Trade. The equipment will help modernise the organisation.