The fourth Extractive Industries Transparency Initiative (EITI) report, compiled by consultants Ernst & Young, shows that the sector dominates exports and is a major part of the nation’s GDP, but it is less of a contributor to employment and government revenue.
Transparency initiative reveals PNG’s extractive industries a big contributor to the economy
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30 Jan 2018 by Leave a Comment
Oil prices up and gold stronger: a monthly review of Papua New Guinea’s commodity and financial markets
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30 Jan 2018 by Leave a Comment
Oil prices continue their rise but LNG prices have eased. Cocoa and palm oil prices are slightly stronger. Business Advantage PNG’s monthly overview of commodity and financial markets.
BSP CEO says forex issues will continue but medium term looks positive
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30 Jan 2018 by 1 Comment
Foreign exchange issues will continue in the short term according to Robin Fleming, Chief Executive of Bank South Pacific [BSP]. But he tells Business Advantage PNG that there are better longer-term prospects and that Papua New Guinea’s biggest bank is thriving in a challenging economic environment.
Commodity cycle turning up, says ANZ economist
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23 Jan 2018 by Leave a Comment
The long commodity bear market is coming to an end, according to Richard Yetsenga, Chief Economist for the ANZ Banking Group. He also observes that, in a world growing more sceptical about globalisation, there is growing competition for foreign direct investment.
Five questions for Nihal Shah, Chairman of manufacturer Pacific Foam
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23 Jan 2018 by Leave a Comment
Papua New Guinea manufacturer Pacific Foam is celebrating its 40th year of operation in the country. Business Advantage PNG talks to Chairman Nihal Shah about the company’s history and its vision for the future.
New ports manager ICTSI outlines its plans for Lae and Motukea Island
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16 Jan 2018 by 2 Comments
Conducting stevedoring transactions in US dollars instead of kina is an opportunity to get in much-needed foreign exchange, according to Ted Muttiah, Director, Asia Pacific, for ICTSI South Pacific. He tells Business Advantage PNG the company, which has been appointed to manage new ports at Motukea and Lae, is aiming high.
IMF report says Papua New Guinea Government taking initiative but challenges remain considerable
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16 Jan 2018 by Leave a Comment
A report on the state of the Papua New Guinea economy by the International Monetary Fund (IMF) says the Government has taken some ‘bold steps’ in its economic management. But it contends that the challenges are considerable and would be best managed with an ‘active’ approach to macroeconomic management.
APEC planning on track says CEO
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12 Dec 2017 by Leave a Comment
Chris Hawkins, Chief Executive Officer of the APEC PNG Co-ordination Authority believes sceptics about Papua New Guinea’s ability to host APEC will be proven wrong. The policy areas that will be emphasized are improving connectivity, creating sustainable and inclusive growth, and implementing structural reform.
Frieda River MD announces ambitious rethink on project
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6 Dec 2017 by 2 Comments
The Managing Director of PanAust, Fred Hess, has announced a rethink on the company’s proposed Frieda River mine project. ‘It is no longer just a mining project’—it is a development project for the Sandaun and Sepik provinces, he told the Papua New Guinea Mining and Petroleum Conference in Port Moresby.
MRA executive calls for better protection of mining tenements in Papua New Guinea
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6 Dec 2017 by 3 Comments
The next decade could be a ‘golden’ one for the mining sector, believes Roger Gunson, Executive Manager, Regulatory Operations at the Mineral Resources Authority. But he has called for changes to Papua New Guinea’s government policy to better protect mining tenements.
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