Central bank seeks temporary loan to cover backlog of demand for foreign currency, district grants and non-tax paying companies under fire and kina to fall to its lowest level since 2003 if current rate of depreciation continues. Your weekly digest of the latest business news.
The suspension of a second mine in Papua New Guinea has highlighted the impact of the El Nino drought, which is also severely affecting the agriculture industry. Just how long the drought continues for will determine the long-term effects, according to Paul Barker, the Executive Director of the Institute of National Affairs.
The El Nino weather pattern which has seen the temporary closure of the Ok Tedi mine could potentially last for up to a year, according to former senior PNG agriculture business executive, Bob Hansen, adding the loss of mining income could be as much as K2.77 billion a year.
China’s economy has promising prospects even as it adapts to a ‘new normal’ stage of its economic development. So what impact will a lower Chinese growth rate have on Papua New Guinea? Business Advantage PNG asks three regional analysts.
Exports from Papua New Guinea rose 64 per cent in value during 2014 to K21,903.6 million, largely due to the start of LNG production, according to the Bank of Papua New Guinea.
Credit Corp profit down, companies begin closing offshore foreign currency accounts, and new air navigation system to be installed across Papua New Guinea. Your weekly digest of the latest business news.
Papua New Guinea’s economy is now emerging from a period of hiatus following the completion of its massive liquefied gas project. Andrew Wilkins talks exclusively to some of PNG’s top executives to find out their views on the economy.
Progress in fostering economic and social development is threatened by the recent drop in global energy prices. Paul Barker provides practical ways to minimise the impact of the downturn.
Malaysian conglomerate Sime Darby has indicated it will expand processing operations through its takeover of New Britain Palm Oil, following its final purchase of Papua New Guinea’s largest agribusiness.
Papua New Guinea’s Parliament is likely to approve establishing the long-awaited Sovereign Wealth Fund by June, after unanimously voting for its enactment at its first reading last week.