Kina Asset Management’s half-year net profit, Range View precinct under way, and a local tech company trials its own messaging app. Your weekly digest of the latest business news.

Kina Asset Management Limited (KAML) announced a half-year net profit after tax result of K1.22 million despite challenging global market conditions. Chairman of KAML, Sir Rabbie Namaliu, said the main contribution to the portfolio’s return came from valuation gains of K1.40 million, which were achieved by the strong performance of Oil Search Limited (OSH), up 10.79 per cent; CSL Limited (CSL), up 30.77 per cent, and Bank South Pacific (BSP), up 5.34 per cent over the half year reporting period.

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Work on the K296 million Range View precinct has begun after a groundbreaking ceremony last Friday in Port Moresby. The construction site is a major residential and commercial zone along Waigani Drive. The project was officially launched by its shareholders the National Capital District Commission, Lamana Development, and Nambawan Super.

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A PNG software development company is trialling a messaging app that is being marketed as the PNG version of WhatsApp. OneCloud PNG founder Trevor Gankarch said the app was being developed on the back of the company’s experience with the development of contextualised apps for state-owned entities like Air Niugini and the Mineral Resources Authority.

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Air Niugini has advised that it will be business as usual during the APEC Leaders meeting in Port Moresby in November. The airline sought to reassure customers it will be operating as normal, although there may be occasions for flight revisions. Customers with queries are advised to use the toll free numbers 1803 444 (PNG) or 1300 361 380 (Australia).

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A memorandum of understanding (MOU) has been signed with the United Nations Development Program (UNDP) to start a premium cocoa program. The purpose is to facilitate collaboration between parties and the identified local communities in the district. Pomio MP Elias Kapavore said the program will support the establishment of the community conservation areas and their livelihood activities.

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Project co-ordinator of CIC-PPAP lead partner Kaupena Coffee Growers, Michael Mini, left, with project field technical officer, Steven Tevo, at a drying shed. Source: The National

Seventeen Arabica coffee growers have reportedly passed a regional coffee competition by adopting new practices to produce better quality. The growers are improving their gardens under a public-private partnership arrangement with Coffee Industry Corporation’s productive partnerships in agriculture project (CIC-PPAP).

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PNG Power has reportedly signed a K224 million contract with KEC International Ltd India for the construction of the Ramu Transmission System Reinforcement Project. The objective of the project is to reinforce the efficiency and increase stabilisation of electricity supply from the Ramu Hydro Power Station at Yonki to Lae City. The company has also announced a major restructure of top management; 14 roles are being discontinued and 25 new roles added.

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Papua New Guinea has relaxed visa requirements for Chinese visitors as its national carrier prepares to launch direct flights between the two countries. Air Niugini said the first flight on a new Port Moresby-Shanghai route will depart on October 23.

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PNG Air and Virgin Australia have reportedly entered into a codeshare agreement. It will mean 900 seats per week between Port Moresby and Brisbane, in each direction. The agreement is for five years.

PNG Air has also reported an improvement in its performance, with total revenue growing by nearly 24 per cent in the first six months of 2018, compared with the previous corresponding period.

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Sai Business Group in the Morobe Province, a major shareholder group of Mainland Holdings, has signed a memorandum of understanding with Yauka coffee mill in early September to manage the mill at 14-Mile in Lae.

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The Australian government has reportedly put its proposed agriculture visa on ice. Australia’s Agriculture Minister David Littleproud was due to unveil the new scheme on September 18, but Pacific leaders and labour analysts warned that a new liberalised regime could spell disaster for the Seasonal Workers Program.

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Photograph of the week

Students in Huli attire mark the 43rd anniversary of Papua New Guinea Independence Day in Port Moresby. Source: RNZ