Roy Trivedy says Supplementary Budget is essential but not enough, Telikom and bmobile merger approved, visas for SME workers on hold.
ANZ (including ANZ PNG)
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.
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.
Trade Minister Richard Maru wants trade issues with Fiji resolved this month, UBS buys into Kina Securities, and ANZ offers debit cards in PNG.
Competition Commission concerned about possible monopoly in gas sector, O’Neill to issue statement on government shareholding in BCL and ANZ Bank CEO says there may be a need for a Supplementary Budget. Your weekly digest of the latest business news.