Papua New Guinea ready to seek sovereign bond funds, Air Niugini affected by economic slowdown, Qantas begins daily Brisbane–Port Moresby service. Your weekly digest of the latest business news.

Treasury Secretary Dairi Vele says PNG  is now ready to go out into the international bond market to secure the proposed US$1 billion sovereign bond. He says the funds will be used to restructure debt and for general financing.

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Air Niugini’s chairman, Sir Frederick Reiher, says the economic slow-down has adversely affected passenger numbers on its domestic routes. He says the fall in the value of the kina against the US dollar has cost the company K80 million. Sir Frederick was speaking at the naming ceremony for one of its Fokker 100 aircraft, Rabaul.

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Qantas has started a daily Brisbane-Port Moresby service, after ending its thrice-weekly Cairns-Port Moresby route. Qantas will use a 174-seat B737 800 aircraft, and says daily flights to PNG will better serve the business market, maximising customers’ connections to New Zealand, the Pacific Islands, and North America.

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MVIL offices. Credit: EMTV

State-owned Enterprise, Motor Vehicles Insurance Limited, has paid a K35.4million dividend to shareholder, Kumul Consolidated Holdings, reports EMTV.

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Eda Ranu’s CEO, Henry Mokono, says its dividend of K2 million to Kumul Consolidated Holdings would have been higher if government agencies had paid outstanding bills of about K50 million for water and sewerage services, according the Post Courier.

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Nasfund has introduced a new loan insurance product designed to ensure members are financially insured in the event of encountering disabilities from loss of employment or death, according to the Post Courier.

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Lands Minister, Benny Allan

Investors and businesses have been warned to check the authenticity and validity of people selling them land before finalising any transaction, The National reports. Lands Minister Benny Allan reportedly told Parliament that some people, in particular around Port Moresby, had been claiming to own pieces of land that in fact belonged to the State.

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The Government has recognised the formation of a landowner group in Hela Province to deal with issues relating to the Angore wellheads and the PNG LNG project, The National reports. It also reports the government has begun paying PNG LNG royalties to landowners in Central Province.

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Samarai Plastics, PNG’s sole manufacturer of fibreglass banana boats, has reportedly lost its K2.5 million a month business as a result of a factory fire in Alotau, Milne Bay Province, over the weekend. Toyota Tsusho PNG Chief Executive, Takeshi Abe, says he will try to source supplies from other local companies and importers.

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And, finally, one of the Pacific’s signature hotels has re-opened under new management are extensive renovations and refurbishments.  The International Dateline Hotel has re-opened for business in Nuku’alofa, Tonga as the Tanoa International Dateline Hotel. Located on the waterfront, with 122 rooms in total, the hotel has conference facilities, a range of dining options, and high-speed internet in every room. Tanoa Hotels, which also manages properties in Fiji, New Zealand and Samoa, is part of the Fiji-based Reddy Group.