New infrastructure fund for the Pacific, Horizon Oil reports strong quarter, and two online marketplaces launched. Your weekly digest of the latest business news.

The United States, Australia and Japan will reportedly be teaming up to establish a multi-billion dollar infrastructure scheme to pour money into poorer countries across the Asia Pacific to help build ports, roads and bridges. It is seen as an attempt to rival China’s big global infrastructure initiation, known as the One Belt One Road — a scheme that some see as a vehicle for China to exert its influence over that of US allies.

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At one level its an attempt to rival China’s big global infrastructure initiation, known as One Belt One Road — a scheme that some see as a vehicle for China to exert its influence over that of US allies.

The Australian Government has announced further support to develop the galip nut industry for an additional three years with the input of A$1.5 million (K3.5 million). Australian High Commissioner Bruce Davis announced the ongoing support to ensure the development of the commodity goes beyond East New Britain. Minister for Agriculture and Livestock Benny Allan has thrown his support behind the development of the nut as a potential major commodity for the sector.

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Papua New Guinea-focused Horizon Oil has had a strong financial year, with its recent June quarter report revealing a 16 per cent increase in production to 1.65 million barrels for the 12 months to June 30 at an average realised oil price of US$64.35 (K208)/bbl.

Two new online marketplaces will be launched on August 2 in Port Moresby that will facilitate communication between customers and SME businesses in PNG. The sites MyWantok.com and PNGhometask.com will be launched by Startup&Angels when it convenes in Port Moresby this week.

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BSP’s Robin Fleming

The government should consider issuing sovereign bonds in a foreign currency to attract more international investors, says Bank South Pacific chief executive Robin Fleming. He told The National that that would be a less risky way for the Government to raise funds outside of domestic buyers of bonds.

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Prime Minister Peter O’Neill is advising MPs to make use of the limited funds they are given to develop their districts, given the challenging state of the national economy.

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According to Radio New Zealand, a new report by the environmental NGO Global Witness says that illegal logging in Papua New Guinea could pose legal risks to the Chinese businesses receiving the wood.

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Innovative Agro Industries has reportedly launched its new Highlands produce depot at its 9-Mile farm in Port Moresby. The vegetable sorting facility was built to specifically handle and sort vegetables from the Highlands through its projects in the region.

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Founder of the Pacific Runway fashion show and creator of the Lepou Fashion label, Failepou Peni, will head the PNG 2018 fashion festival workshop this month. Fashion festival chair Janet Sios said the fashion design fabric development training workshop has been the most successful of the festival’s activities.

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The acquisition of Laga Industries by Paradise Company Limited will not be affected by the amendment passed by Parliament last week to the Independent Consumer and Competition Commission Act, the competition watchdog reportedly said.

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A recent Fiji Bula Wantok Investment Roadshow held at the Madang Resort last week generated great interest from farmers and businesses in Madang to supply primary kava roots to Fiji.  According to statistics supplied by the Pacific Horticultural and Agricultural Market Access (PHAMA) Program, kava in Fiji is a $F320 million (K415 million) industry with domestic sales valued at 92 per cent and exports at 8 per cent.

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Photograph of the week

Traditional dancers from Rigo district in Central Province welcome Prime Minister Peter O’Neill and Rigo MP Lekwa Gure at the launch of the district’s five-year plan. Source: The National