Commodities update: palm oil reverses trend, LNG soars but oil continues to weaken

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LNG prices continue to surge and are now up by over a third this year. But oil prices eased and cocoa prices also fell slightly. Business Advantage PNG’s monthly review of commodity and financial markets.

It’s time to devalue the kina, says Business Council

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The Business Council of Papua New Guinea has present its latest macroeconomic outlook, which outlines the risks faced by PNG’s economy and what business needs to recover from the COVID-19 downturn.

In brief: Barrick removes Porgera mine’s production from guidance and other business stories

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Porgera mine output is removed from Barrick’s full year guidance, Westpac announces new division for Westpac Pacific and Australia and New Zealand agree on a ‘trans-Tasman COVID-safe’ travel zone. The business news you need to kick-start your week.

Thinking about PNG’s COVID-19 economic response [opinion]

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Three academics, Dek Joe Sum, Maholopa Laveil and Stephen Howes, analyse Papua New Guinea’s monetary easing measures in response to COVID-19.

How Papua New Guinea’s central bank plans to sell government debt

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The Bank of Papua New Guinea is looking to sell government debt to international and local investors. Its Governor, Loi Bakani, outlines the challenges to Business Advantage PNG and their connection to PNG’s ongoing foreign exchange shortages.

Less than 5 per cent of Papua New Guinea businesses getting foreign exchange when they need it: poll

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As far as business is concerned, Papua New Guinea’s foreign exchange challenges are far from over. That’s according to an exclusive Business Advantage PNG poll, which indicates the majority of businesses are still experiencing significant delays in meeting their foreign currency needs.

Digital ID, digital money: how the mobile phone can reach the unbanked in Papua New Guinea

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Three quarters of Papua New Guinea’s population is excluded from the financial sector, but there are differing thoughts about how to include them. David James looks at some of the options being proposed for PNG and notes the mobile phone is the key to all of them.

In brief: Bank South Pacific expands into Cambodia, and other business stories

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BSP enters a joint venture deal in Cambodia, management restructure planned for PNG Power, and government shelves GST rise. Your weekly digest of the latest business news.

Excess kina liquidity may open up opportunities for local companies in Papua New Guinea

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The lack of availability of foreign exchange is creating imbalances within the Papua New Guinea financial system, according to a report by Kina Securities. It says there is a build up of liquidity in kina, which may have implications for the financial strategies of domestic companies.

In brief: Government seeking Budget support of US$500 million, and other business stories

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Government seeking Budget support from World Bank, LNG partners seek huge savings by co-operating, Ok Tedi performing well after seven months. Your weekly digest of the latest business news.