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.
ANZ (including ANZ PNG)
The long commodity bear market is coming to an end, according to Richard Yetsenga, Chief Economist for the ANZ Banking Group. He also observes that, in a world growing more sceptical about globalisation, there is growing competition for foreign direct investment.
BSP wants another US$100-200m foreign exchange injection, Air Niugini expects local business benefits from Rugby League games, and gold refinery to expand. Your weekly digest of the latest business news.
Roy Trivedy says Supplementary Budget is essential but not enough, Telikom and bmobile merger approved, visas for SME workers on hold.
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.
A new board chairman for ANZ, a new board member for BSP and a new General Manager at Goodman Fielder.
Changes in ANZ’s Asia-Pacific strategy could provide benefits to Papua New Guinea, ANZ’s Managing Director in PNG, Mark Baker. He also tells Business Advantage PNG he sees growth potential from PNG’s rising middle class, while mobile phone banking has moved past traditional PC based internet banking services.
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.
A new senior appointment at the ANZ, Santos appoints VP to manage non-core assets, Nautilus board member resigns, promotion for Digicel PNG’s Marketing Manager.
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.