Banks trading ‘well and above’ preferred kina rate, minister wants business contracts under K10 million to be reserved for Papua New Guineans, and Bakani says reserves will last seven months. Your weekly digest of the latest business news.
In brief: Prime Minister resists arrest warrant and other stories
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18 Jun 2014 by Leave a Comment
Prime Minister Peter O’Neill refuses to step aside after corruption claims, courts approve UBS loan repayments and Papua New Guinea’s financial system is worth nearly K40 billion. Your weekly digest of the latest business news.
Stronger kina will affect exporters, say business leaders
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12 Jun 2014 by Leave a Comment
The Bank of Papua New Guinea’s move to strengthen the value of the Papua New Guinea kina against the US dollar has taken business by surprise, with some business leaders saying it will impact on primary industry producers.
Bank of Papua New Guinea intervenes on kina
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5 Jun 2014 by 3 Comments
The Bank of Papua New Guinea this week made a surprising move to support a weakening currency, at the same time acting to restrict the margins being made by the country’s foreign exchange dealers.
In brief: BSP’s bid for Credit Corporation fails and other stories
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23 Oct 2013 by
Credit Corporation shareholders decide not to sell up to BSP, while Papua New Guinea business visa fees rise sharply and Ok Tedi landowners threaten to close the mine in the latest dispute over the government’s takeover.
In brief: First LNG shipment on board ship this week and other business stories
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15 May 2014 by Leave a Comment
First LNG cargo loaded this week, O’Neill announces inquiry into asset sales by PNGSDP, and more room for mobile phone operators, says NICTA. Your weekly digest of the week’s top business stories.
Kina continues to fall after Christmas rally
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30 Apr 2014 by Leave a Comment
PNG’s kina has continued to fall against its major trading currencies, and is now at levels below those of September 2013, following a brief rally in late 2013 and early 2014.
Retail and manufacturing sales down in Papua New Guinea
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2 Oct 2013 by Leave a Comment
Papua New Guinea’s retailers and manufacturers alike reporting significant drops in revenue this year. How serious is the downturn?
Papua New Guinea kina’s sharp fall in value
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2 Oct 2013 by 2 Comments
The sharp fall of Papua New Guinea’s currency, the kina, over the past few months is a cause for concern, with Manufacturers Council of PNG CEO Chey Scovell describing it as a ‘real kick in the guts’ for local manufacturers.
Papua New Guinea Sovereign Wealth Fund coming in a nick of time
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25 Sep 2013 by
With Papua New Guinea’s Sovereign Wealth Fund (SWF) due to receive its first revenues next year, the Governor of the country’s central bank has given his approval. Meanwhile, the International Monetary Fund has sounded a note of caution.
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