The fall in global oil and gas prices will reduce the Papua New Guinea government’s revenue by at least K1.1 billion in 2016. A new Budget strategy is needed, argue economists Stephen Howe and Paul Flanagan, who suggest a solution may lie in the government selling its Oil Search shares.
Liquidity conditions have emerged as a major source of risk for the PNG economy, as the central bank governor reveals he spent US$570.9 million (K1.48 billion) to support the kina last year.
Motukea Island a ‘suitable site’ for Port relocation, majority of Papua New Guinea SMEs in retail, and PNG first Pacific nation to join alliance. Your weekly digest of the latest business news.
PNG Bank governor says shortage of forex affecting businesses, interest rates comparatively ‘very high’, and ANZ identifies small inflation rise. Your weekly digest of the latest business news.
Papua New Guinea is well positioned to benefit from rising LNG demand, despite falling prices, says InterOil Managing Director, Michael Hession.
LNG focus for Oil Search, ANZ warns on debt risk, and Barrick plans to offload Porgera mine. Your weekly digest of the latest business news.
Pacific leaders have been the recipients of largesse from India’s Prime Minister and China’s President, who met in Fiji last week. Meanwhile, a new ANZ report details the increasingly close links between China’s aid and its investment in the Pacific.
Westpac CEO to retire, New CEO for ANZ in Vanuatu
Failure to set up the Sovereign Wealth Fund criticised, Telikom undertakes ‘due diligence’ on EMTV, and a call to continue tax breaks for resource sector investors. Your weekly digest of the latest business news.
Call for government to lower interest rates, inflation rises and Air Niugini reduces fuel surcharge. Your weekly digest of the latest business news.