Falling commodity prices and rating outlook drop prompts Budget review, O’Neill supports Madang marine zone and new police chief to boost numbers in Port Moresby. Your weekly digest of the latest business news.
Credit Corporation (including CreditBank)
New technology may reduce internet charges, Vanuatu assesses cyclone damage and Newcrest buys Wamum gold project. Your weekly digest of the latest business news.
Papua New Guinea’s credit finance industry has had ‘a challenging year’, according to Peter Burland, at one of the country’s leading finance companies, Credit Corporation Finance Ltd. Despite that, the company has expansion plans, he tells Business Advantage PNG.
China lifts freeze on funding for Pacific Marine Industrial Zone, only five SABL leases handed back and Malaysian company to build satellite township in Central province. Your weekly digest of the latest business news.
2013 was a mixed year for PNG stocks. The Kina Securities Index fell by 14.9% over the year, but was largely influenced by the massive fall in value of the dual-listed Newcrest Mining, the largest company on the Port Moresby Stock Exchange (POMSoX). The Kina Securities Home Index, which excludes overseas stocks, fell only 2%.
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.
PNG Teachers vote down selling Credit Corp and other local and regional news.
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.
Finance company Credit Corporation (PNG) Ltd has appointed two new board members.
Papua New Guinea enters 2013 with a new government in place, a major gas project nearing completion and some ambitious development goals, reports Business Advantage PNG’s Andrew Wilkins.