There is some relief ahead for businesses struggling to access foreign exchange, according to the CEO of the country’s biggest bank, BSP. Robin Fleming says investment in the mining and petroleum sector and a new Sovereign Bond are the keys to boosting foreign exchange inflows.
Pacific Marine Industrial Zone construction to start this month, personnel emoluments overruns costing PNG millions, and Newcrest Mining delivers profit. Your weekly digest of the latest business news.
Despite being the biggest Pacific nation, PNG is lagging behind its neighbours, holding only 10% of the regional tourism market, says the Governor of the Bank of Papua New Guinea, Loi Bakani. And on a global scale, PNG ranks last in terms of benefitting economically from tourism.
Chief Secretary indicates SABL leases will be returned soon, and Woodside CEO says Oil Search bid his ‘full price’. Your weekly digest of the latest business news.
The Papua New Guinea government will cut K1.6 billion in expenditure from its 2015 Budget, and may seek further cuts of K1 billion, according to Treasury Secretary, Dairi Vele.
Exports from Papua New Guinea rose 64 per cent in value during 2014 to K21,903.6 million, largely due to the start of LNG production, according to the Bank of Papua New Guinea.
Credit Corp profit down, companies begin closing offshore foreign currency accounts, and new air navigation system to be installed across Papua New Guinea. Your weekly digest of the latest business news.
Four new Knighthoods are among a total of 91 Papua New Guineans recognised by the Queen in this year’s Queen’s Birthday Honours list.
Falling commodity prices and rating outlook drop prompts Budget review, O’Neill supports Madang marine zone and new police chief to boost numbers in Port Moresby. Your weekly digest of the latest business news.
The impact of the fall in LNG prices since the 2015 Budget was prepared in October last year warrants a mid-year mini-Budget, according to prominent economist Paul Flanagan.