The PNG Government plans to rebuild the country’s military barracks by 2017, InterOil halts drilling at Wahoo-1, and Bank of South Pacific plans share buyback. Your weekly digest of the latest business news.
Bank of Papua New Guinea (BPNG)
The rapidly weakening kina, deficit spending and the financing of government debt is piling pressure on the Papua New Guinea government to boost economic confidence. Economist Dr Mark Evans considers some of the issues facing both government and business.
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.
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.
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.
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.
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.
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.
O’Neill appoints Pruaitch as Treasurer, Somare appointed to PNGSDP and three new directors of Bank of PNG.
Officials reveal loan share deal signed two weeks ago, Abbott/O’Neill sign a new trade treaty and Bank PNG board happy with economy. Your weekly digest of the latest business and economic news.