BSP CEO says second COVID wave will impact PNG’s economic recovery, disappointing formal employment figures and Facebook acts on vaccine misinformation. Your business news in brief.

Air transport has been particularly affected by the COVID-19 crisis. Credit: Air Niugini

Economy

‘Certain industries will see lower sales due to the COVID-19 measures, especially the air transport and hotel sectors, particularly hotels and guest houses outside of Port Moresby,’ according to Robin Fleming, CEO of Bank South Pacific.

He reportedly said that the second wave of the coronavirus the country was currently experiencing would, without a doubt, have an impact on the timing of and rate of recovery for PNG’s economy. (The National)

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The employment index from the Bank of Papua New Guinea shows that formal private sector employment declined by 5.5 per cent in the September quarter of 2020, compared to an increase of 1.3 per cent in the June quarter of 2020. (The National)

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For the month of April petrol prices increased by 14.56 toea per litre to 350.12 toea a litre; diesel increased by 6.91 toea per litre to 298.91 toea a litre; and kerosene increased by 5.80 toea per litre 265.56 toea. (Post-Courier)

COVID-19

Australia’s Prime Minister Scott Morrison last Friday said he was still seeking one million doses of the AstraZeneca COVID-19 vaccine to be released from Europe and sent to PNG. (Canberra Times)

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In response to misinformation about COVID-19 and vaccines on social media, Facebook has launched a public education campaign in PNG to help users learn how to identify and combat health misinformation. It will run for five weeks and include graphics and videos in multiple languages. (CNBC)

Trade

Superannuation

Superannuation fund Nasfund has partnered with City Pharmacy Limited Group, through its Hardware Haus brand, to provide affordable housing options for its members. Active Nasfund contributors are now able to benefit from discounts on selected Hardware Haus kit-homes. The partnership will also enable Nasfund members to get a 33 per cent discount on all medical prescriptions at City Pharmacy.

‘Given the country’s current economic situation, we continually look for ways to add value for our members, whilst they are still in active employment. Together with healthcare, quality affordable housing is a priority for our members,’ said Nasfund’s Chief executive Officer, Ian Tarutia. (PNG Loop)

SMEs

Minister for National Planning and Monitoring Rainbo Paita says that a new business incubation centre facility opened last week in Port Moresby will not only benefit more than 20,000 women in MSMEs in Moresby Northeast electorate but Papua New Guineans living in the city.  (Post-Courier)