Australia undermines Chinese bid to build undersea cables, gas-fired power project approved by NEC, and Frieda River gold project to start in 2019. Your weekly digest of the latest business news.

Australia will deliver a new undersea, high-speed telecommunications cable from Australia to PNG, adding it is in ‘close discussions’ with Solomon Islands to lay a similar cable, reports the ABC. Chinese company, Huawei, announced in July it had signed a contract to construct a cable from Sydney to Honiara. Lowy Institute Pacific Director, Jonathan Pryke, said the decision to build the cables was a way for Australia to maintain its presence and counter the growing influence of China in the Pacific region.

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The National Executive Council has reportedly approved a K375 million (US$115.1 million) gas-fired power project for Port Moresby. The 57.78-megawatt power project will be constructed near the LNG site outside Port Moresby by NiuPower Limited, a joint company owned by Oil Search Ltd and Kumul Petroleum Holdings Limited. It will then sell electricity to PNG Power.

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Construction phase for the Frieda River gold project in West Sepik Province will begin in 2019, says Mining Minister Johnson Tuke, after visiting the site.

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PNG League players celebrate their 64-0 win against the US.

Pacific Sports Media Marketing Executive, Hubert Warupi, says LIG merchandise has paid about K100,000 in royalties to the PNG Rugby Football League from sales of PNG Kumuls merchandise since March, 2017.

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The opening of the K1.5 million Lae fish market signals a boost in business for fishing co-operatives, fishermen and families, reports The National. The market is the 10th facility to be opened under a 2006 deal between PNG and the Japanese Overseas Purse Seine Fishing Association.

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The PNG Security Industries Authority has reportedly revealed that 364 security companies failed to remit to super funds their employees’ future savings. They also allegedly failed to pay their security guards the minimum rate of K3.50 rate per hour. The Authority believes 230 companies are operating illegally in the country.

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More than half of the leaders in the Highlands were elected through bribery in the 2017 National Election, according to the international corruption watchdog, Transparency International PNG. Electoral Commissioner, Patilias Gamato, told the Post Courier, that 54.4 per cent of voters claimed that they had experienced evidence of bribery or intimidation of voters during polling in June and July. But despite this he said the election was a ‘success’.

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Works Minister, Michael Nali. Credit: Post-Courier

Works Minister Michael Nali says there is a long-term government plan to link Madang by road to neighbouring Indonesia. He told RNZI he expects the government to free up money this year to breach the impasse between West Sepik’s capital Vanimo and Wewak in East Sepik. He said linking Wewak to the east with Madang was more difficult.

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International banks and energy companies have formed a consortium to create a new commodity trading blockchain tool, according to Deloitte in its Blockchain applications in energy trading report. It will use real-time tracking and certification technology to manage physical oil and gas transactions from trade entry, through shipping, to final settlement, without the need for third-party interaction while also providing greater transparency of commodity movements.

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And finally, weather agencies predict an increasing likelihood of a La Nina weather system developing over the next three months. New Zealand’s NIWA agency said there was a 70 per cent chance of La Nina conditions developing from now through January.