In brief: Construction milestone for PNG’s tallest building, and other business news

Welcome,

Construction milestone for PNG’s tallest building,  renewed support for fisheries training and PNG launches legal action in Australia. Your weekly digest of the latest business news.

Kina to acquire ANZ’s retail and commercial/SME businesses in Papua New Guinea

Welcome,

ANZ Bank and Kina Bank have announced they have entered into an agreement for ANZ to sell its retail and commercial/small-to-medium-sized enterprise (SME) banking businesses to Kina for K24.2 million. Both banks claim the move is in line with their strategies.

Foreign exchange restrictions will not ease in Papua New Guinea until new investment flows come, says ANZ MD

Welcome,

The Managing Director of ANZ Papua New Guinea, Mark Baker, has said the foreign exchange restrictions are not likely to ease until a major new resources investment comes in. But in the interim he believes the Government is connecting well with business.

In brief: Papua New Guinea on the cusp of a ‘super cycle’ in mining investment, says the ANZ, and other business stories

Welcome,

Papua New Guinea economy on the cusp of a mining boom, kina’s fair value ‘around US 23-25 cents’, and niche tourism could nearly triple tourism numbers in 10 years. Your weekly digest of the latest business news.

In brief: More than just a Supplementary Budget needed says UN Country Manager, and other business stories

Welcome,

Roy Trivedy says Supplementary Budget is essential but not enough, Telikom and bmobile merger approved, visas for SME workers on hold.

In brief: Frieda River partners go into arbitration, and other business stories

Welcome,

Frieda River partners seek arbitration to resolve dispute, Livestock Development Corporation ‘defunct’ and food labelling remains an issue. Your weekly digest of the latest business news.

Signs of real recovery as big money shows interest in large resource projects

Welcome,

Sovereign wealth funds, private equity and ‘mega-families’ are showing a growing interest in investing in large resource projects, according to Graham Smith, Global Leader Mining M&A at KPMG Corporate Finance in Australia. The PNG Mining and Petroleum Investment conference was told that investment, debt and equity markets are showing signs of improvement.

Kina to continue to ease until 2018, putting pressure on foreign exchange, according to ANZ

Welcome,

Papua New Guinea has an improving current account, says Cameron Bagrie, New Zealand Chief Economist for the ANZ Bank. But he says if the financial imbalances are to be dealt with effectively, there needs to be a plan for fiscal consolidation and attention to small details at the microeconomic level.

Why modernising Papua New Guinea’s bond markets may help solve the foreign exchange shortage

Welcome,

The governor of the Bank of Papua New Guinea, Loi Bakani, says that the shortage of foreign exchange is ‘an issue based on supply and demand of foreign currency for kina.’ One way to increase demand for a nation’s currency is to modernise the bond markets. A World Bank report has looked at some options.

In brief: Maru wants Papua New Guinea-Fiji trade dispute resolved by October, and other business stories

Welcome,

Trade Minister Richard Maru wants trade issues with Fiji resolved this month, UBS buys into Kina Securities, and ANZ offers debit cards in PNG.