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%.
Board changes at Air Nuigini, Talisman Energy’s CEO to step down and other senior appointments.
The sharp fall of Papua New Guinea’s currency, the kina, over the past few months is a cause for concern, with Manufacturers Council of PNG CEO Chey Scovell describing it as a ‘real kick in the guts’ for local manufacturers.
Papua New Guinea’s Treasurer Don Polye gave a comprehensive update on the nation’s economic outlook last week. We asked analysts for their reaction.
Three years ago, ‘Airport Economist’ Tim Harcourt came to Papua New Guinea to see how it was coping after the global financial crisis. In this excerpt from his forthcoming book, Trading Places – The Airport Economist’s Guide to International Business, he reflects on what he found.
Papua New Guinea’s currency, the kina, has lost around eight percent of its value against the US dollar over the past 12 months. What does this mean for business?
In what is believed to be a first for Papua New Guinea, Lihir Island landowners will have access to a new lending scheme to finance their small businesses and help foster economic development on the island.
Papua New Guinea’s economic growth and low debt has pleased international credit rating agency Moody’s, although local businesses and financial institutions will be largely unaffected by its latest rating.
The next six months is a ‘highly vulnerable period’, according to the latest market outlook from Papua New Guinea finance company and stockbroker, Kina Securities Ltd.
Kina Assets Management Limited (KAML), Papua New Guinea’s first and only listed investment company, has announced a return of 7.2% for the first quarter of 2013.