Competition concerns over Elk-Antelope share holdings, ABG keen to re-open Panguna and Treasurer orders bank charges review. Your weekly digest of the week’s business news.

The Independent Consumer and Competition Commission has expressed concern that there may be significant competition issues with Oil Search proposal to acquire a 19.3% stake in the Elk and Antelope gas field development project from Total SA. Oil Search has a 29% interest in the PNG LNG project and the Oil Search plan would make it a significant stakeholder in both natural gas projects in PNG.

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The Autonomous Bougainville Government (ABG) says it still supports talks about reopening of the Panguna mine. ABG President Chief, Dr John Momis, has warned unreasonable demands for compensation by minority owners could make the mine unviable. He said once Bougainville had its own mining legislation, it could open potential geographical areas for exploration.

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Treasurer Don Polye says a Financial Services Review Committee will examine foreign exchange rates and fees imposed by banks on customers. National Capital District Governor Powes Parkop raised the issue in parliament, criticising the way commercial banks were taxing people on almost all transactions and services.

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The Asian Development Bank is to spend US$ 484 million (K 1.23billion) on transport infrastructure in the Pacific during 2014, with US$240m (K 613 m) of that spending on new projects in PNG.

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The world’s largest fishing vessel, the Lafayette has turned up near Norfolk Island in the South Pacific. It is capable of processing 1500 tonnes of fish per day. A spokesman for the owner, Hong Kong-based Pacific Andes, claims the fishing ships that supply the Lafayette will not exceed quotas.

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Barrick Gold has reported a fourth quarter net loss of US $2.83 billion (K 7.21 b) with a full year net loss of US $10.37 billion (K26.4 billion). In a statement, the company recorded an impairment charge of US$595 million (K 1.59 billion) at its Porgera mine, after changes to the mine plan to focus primarily on higher grade underground ore. As a result, Porgera’s estimated mine life has decreased from 13 years to nine years.

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The Chairman of Porgera Landowners Association, Tony Mark Ekepa, has blamed the Mineral Resources Authority for the recent increase in illegal mining activity at the Porgera mine site. He’s called on the MRA to fast-track the Memorandum of Agreement review, which would ‘undertake a resettlement program that will address the illegal miner’s problem once and for all’.

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Mining Minister Byron Chan says the government is proposing that landowners own 51% of any geothermal resources as part of its review of the 2012 draft geothermal policy. The NZ government is assisting in the review of what Chan calls a ‘new emerging industry’.

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Long-awaited planning to deal with power shortages in the Lae area are about to get underway, after the Japanese International Cooperation Agency (JICA), PNG Power and the Department of Petroleum and Energy signed an agreement allowing JICA to develop a master plan. JICA will write a plan for the Ramu Power System and also develop a plan for Lae Power Distribution Network.

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Canada’s Talisman Energy has posted a US$1 billion quarterly loss, saying it plans to sell a further US$2 billion of assets over the next 12 to 18 months. Talisman has been slimming its operations and cutting debt in an effort to boost its share price to satisfy disgruntled investors.

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ANZ has opened an ANZ Asian Business Centre in Fiji, the first in the Pacific. ANZ CEO Fiji and CEO Pacific, Vishnu Mohan says the centre will support intra-regional links of trade, investment and people.

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Newcrest Mining boss Greg Robinson believes the gold price is no longer captive to the direction of ‘quantitative easing’ (money printing) in the US and says his company should perform even better over the next six months than its surprisingly strong first half. He says Newcrest is now on track to deliver an unlikely profit in  2014 fiscal year, after delivering a A$40 million (K 92 million) statutory profit in the first half.

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A survey of PNG households’ financial needs, usage and capacity is about to commence in Morobe, Madang, Eastern and Western Highlands, Jiwaka, Central and Eastern New Britain provinces. The aim is to improve and increase ‘financial inclusion,’ particularly among lower income households. The survey is being conducted by Bank of Papua New Guinea, the INA and NSO, with the World Bank and the Korean Trust fund.

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A team of health officials is visiting Port Moresby businesses this week, to raise breast cancer awareness. Offices include PNG Power, City Pharmacy and PNG Ports.

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The IFC, a member of the World Bank Group, is expanding its operations in Solomon Islands, with the aim of attracting more investors to the country, strengthening the private sector to create jobs and improving incomes. Last year, IFC invested US$10 million (K 25 million) in tuna processor SolTuna, to help the company expand its facilities in Noro, Western Province. The expansion is expected to create an additional 500 jobs. Newly-appointed representative, Seva Payevskiy, a Uzbekistan national delivered his speech at the signing ceremony in pidgin, which, according to our sources ‘caused quite a stir’.

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Fiji’s military-led government is keeping up the pressure on Australia to scrap its travel restrictions on Fijian government officials. Attorney-General, Aiyaz Sayed-Khaiyum, claims the bans amount to ‘economic sabotage’. Australia’s Foreign Minister Julie Bishop says the sanctions are under review.

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Vanuatu has received the first of a series of solar power generators that will help produce fresh water. Developed by SolarCity NZ for Hitachi, the solar power system will power the first of two desalination plants for 11,000 people living on Ambae and Aniwa Islands.