ICCC proposes to disallow Kina Bank’s acquisition of Westpac’s Pacific assets

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In an interim determination, Papua New Guinea’s Independent Consumer and Competition Commission (ICCC) says it may not allow Kina Bank to buy Westpac’s remaining assets in the Pacific.

In brief: Link PNG and PNG Air seek to join forces and other business stories

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Link PNG reapplies to get a shareholding in PNG Air, Air Niugini announces new requirements for international travel and BSP launches new cashless product. The business news in brief.

People moves: Kumul Minerals Holdings, ICCC, Karoon Energy

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Kumul Minerals Holdings welcomes a Registered Mine Manager, Papua New Guinea’s Independent Consumer and Competition Commission reappoints CEO, and new appointment for Oil Search’s former head.

In brief: Oil Search back trading on PNGX and other business stories

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Oil Search back trading on PNGX, new wholesale internet prices coming and ambitions plans for PNG’s cocoa industry. Your latest summary of the business news you need to know.

In brief: Prime Minister James Marape asks China for free trade deal and other business stories

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Prime Minister Marape asks China to consider a Free Trade Agreement with Pacific island countries; Kumul Consolidated Holding reveals construction plans for Port Moresby, and an agreement has been reached to recommence the Carbon Trading Project in East Sepik Province. Your weekly digest of business news.

In brief: ANZ Bank expects kina to rise with next round of LNG projects, and other business stories

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ANZ Bank expects Kina to rise above $0.35 cents from early 2020, Ramu 2 hydropower project to commence next March, and security preparations for APEC step up. Your weekly digest of the latest business news. 

In brief: Public debt stands at 31.9 per cent of GDP, and other business stories

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Total public debt stands at K23.5 billion, review of gun licences for private security firms likely, and People’s Micro Bank to be commercialised later this year. Your weekly digest of the latest business news.

In brief: Frieda River partners go into arbitration, and other business stories

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Frieda River partners seek arbitration to resolve dispute, Livestock Development Corporation ‘defunct’ and food labelling remains an issue. Your weekly digest of the latest business news.

People moves: Independent Consumer and Competition Commission, Geopacific Resources

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Competition Commissioner reappointed, Geopacific Resources appoints CFO

Rice policy may end our rice production in Papua New Guinea, says Trukai CEO

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The effect of the government’s proposed rice policy will basically ‘shut us down’, says Greg Worthington-Eyre, CEO of the country’s main rice importer and producer, Trukai Industries. His warning follows a prediction of price rises by the Independent Consumer and Competition Commission, and a warning by the Australian government the policy could breach WTO rules.