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.
BSP (including Financial Group)
The Pacific’s increasing integration with Asia, elections in Fiji and more leadership from Papua New Guinea are just some of the factors likely to shape the region over the coming year, according to the region’s three top bankers. In exclusive interviews with all three, Business Advantage PNG canvasses their thoughts on the year ahead.
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.
Cabinet to ban SABLs, Telikom prepares for transition to becoming a retailer, and a possible eight-year delay in upgrading Lae airport. Your weekly digest of the latest business news.
Canadian mining company Nautilus Minerals will accelerate its range of seabed mining projects across the Pacific, after finally signing a US$120 million (K336 million) agreement with the Papua New Guinea government to develop its Solwara 1 mining project in the Bismarck Sea.
While businesses are open again in the centre of Honiara, Solomon Islands, after last week’s devastating floods, transport appears to be the main problem facing business owners.
O’Neill defends loan to buy into Oil Search, economy vulnerable unless security boosted, Manus Detention Centre focus of Abbott/O’Neill talks. Your weekly digest of the latest business news.
Moves to reserve small businesses for locals, Court rescinds orders preventing Ok Tedi from dumping waste and BSP records 11% profit increase. Your digest of the week’s business news.
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.
After negotiations which have lasted since January, Bank of South Pacific (BSP ) and Credit Corporation have entered into a ‘Share Sale and Purchase Agreement’, whereby BSP will acquire of Credit Corporation’s financial services businesses, if Credit Corporation’s shareholders approve.