During May, forums were run in Port Moresby, Lae, Mt Hagen and Kokopo to solicit public responses to the Papua New Guinea government’s new land bill. The intent of the new bill is to protect the rights of customary landowners, by extinguishing any State leases, mortgages or sub-leases held by non-citizens. But the consequences for PNG industry and the economy could be dire, some observers are saying.
Oil Search leader says PNG ‘well placed’ to manage low commodity price regime, Ok Tedi expected to be profitable, and BSP reports 5 per cent profit increase. Your weekly digest of the latest business news.
The Chief Executive of the Papua New Guinea Forest Industries Association, Bob Tate, claims that PNG’s forestry sector is coming under increasing pressure. He points to a drop in demand from China, lower foreign capital investment and moves by the PNG government to lift industry turnover taxes.
Moody’s lowers Papua New Guinea rating outlook, Australians banned from Bougainville, and PNG to commence free trade talks with China. Your weekly digest of the latest business news.
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.
Banks trading ‘well and above’ preferred kina rate, minister wants business contracts under K10 million to be reserved for Papua New Guineans, and Bakani says reserves will last seven months. Your weekly digest of the latest business news.
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.
After a two-year investigation into the controversial Special Agricultural Business Leases (SABL) system, reports presented by two of the commissioners have found that only four of the 42 leases they examined had obtained landowner consent.
PM rebuffs Australian TV corruption allegations, criticism of Kokoda aid, and where Economist Intelligence Unit ranks Port Moresby.
Just over one third of Papua New Guinea’s logging exports in 2012 came from Special Agricultural and Business Leases, the majority of which may not have received approval from customary landowners, according to analysis by Paul Barker, Director of the Institute of National Affairs.
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