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.
Bank of Papua New Guinea (BPNG)
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.
The value of the Papua New Guinea’s currency, the kina, is expected to fall as much as ten per cent over the coming year, after stabilising for the last two months, according to Lead Pacific Economist at ANZ Bank, Daniel Wilson.
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.
Papua New Guinea’s retailers and manufacturers alike reporting significant drops in revenue this year. How serious is the downturn?