Conglomerates have become rare in developed economies; the strategy of diversifying across different industry sectors tends to be punished by investors who prefer specialized players. But in Papua New Guinea industry diversification is commonly used as a way to grow.
Oil Search and ExxonMobil buy into gas licences in Gulf of Papua, Sir Mick Curtain, founder of Curtain Bros, dies, and trade disagreement with Fiji resolved. Your weekly digest of the latest business news.
Despite short-term weaknesses, oil and gold prices are up over the year so far. Gas prices, although only half their 2014 peak, may be finding a floor while coffee prices are strong. Meanwhile, domestic equities have moved sideways, while some Australian miners have surged. Business Advantage PNG’s monthly overview of commodity and financial markets.
A new Company Secretary for Steamships, and Cue Energy’s CEO moves to AWE
Recently released results of some of Papua New Guinea’s major companies indicate that the economic downturn in 2015 put significant pressure on earnings. However, while energy companies suffered most, PNG’s finance sector proved resilient.
Ok Tedi mine reopens after drought causes suspension, Kumul Petroleum renegotiates UBS loan for Oil Search shares and Steamships announces 11% profit increase. Your weekly digest of the latest business news.
Steamships’ Chairman retires, a new ANZ CEO for Cook Islands
A new Executive Vice-President and a new board member at InterOil, and Steamships appoints a new Non-Executive Director.
Motukea Island Port project expressions of interest called for, PM dismisses ‘secret deals’ with Rio Tinto, and Star Mountains project JV launches exploration campaign. Your weekly digest of the latest business news.
The next 12 months or so is a time to digest and consolidate, says Peter Langslow, the incoming head of one of Papua New Guinea’s largest and oldest companies, Steamships Trading Company. He told Business Advantage PNG, however, it is also a time to prepare for fresh opportunities.