China deal to benefit Highlands provinces, call for restructure of agriculture department and quarantine authority, and Pacific Assurance Group goes into liquidation. Your weekly digest of the latest business news.

Prime Minister Peter O’Neill says his government has signed a series of Memorandums of Understanding (MOU) with the Chinese government and the China Railway Corporation that will deliver a number of new infrastructure projects in the Eastern and Western Highlands. ‘These projects are taking place as part of the ‘One Belt One Road’ initiative that is creating more efficient trade corridors between the Asia-Pacific and Western Asia,’ he said. The three MOUs cover the China-PNG Integrated Agriculture Industrial Park; the High Priority Economic Roads Project; and the Goroka Town Water Supply Upgrade Project.

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Signing of MOU with China. Credit: PMO

New Britain Palm Oil Country Manager Robert Nilkare has reportedly called for the restructure of the National Agriculture Quarantine and Inspection Authority and the Department of Agriculture and Livestock. He called for the removal of regulatory powers from all commodity boards and the promotion of new investments.

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Pacific Assurance Group has been liquidated and a liquidator appointed to oversee and protect the interest and claims of policyholders, reports the Post Courier. Andrew Pini, the principal of Pini Accountants and Advisors has been appointed liquidator.

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The PNG Mining and Petroleum Conference will be held in Port Moresby next week.  There will be presentations by senior representatives of ExxonMobil PNG, Total E&P PNG, Oil Search, Ok Tedi, Barrack Niugini, Harmony Gold, Ramu NiCO, Nautilus Minerals, Horizon Oil and Twinza Oil.

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Tourism Promotion Authority CEO, Jerry Agus, has reportedly given K60,000 to Air Niugini for training ahead of an expected influx of tourists from China next year. China’s outbound tourism last year reached 122 million travellers, with a total overseas expenditure of US$109.8 billion (K350 billion).

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South Australian-based oil and gas producer Santos, which has a 13 per cent shareholding in the PNG LNG project, has rejected a nearly A$9.5 billion takeover bid from US investment firm, Harbour Energy. The Sydney Morning Herald says Santos’ share price rise since the failed bid may put it out of reach for a renewed bid by Harbour Energy. South Australian Treasurer, Tom Koutsantonis, claims Harbour Energy wants to break up Santos and sell its assets. He warned he would consider imposing a 15 per cent cap on shareholding to prevent a sale.

The Internal Revenue Commission says it will no longer accept business or personal cheques in payment of any tax liability or amount of K5000 or more from December 7. Taxpayers will have to make payment by way of a bank cheque or convert to making such payments electronically. Company and personal cheques will remain as acceptable for payment of amounts less than K5000.

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Vanuatu’s days as a tax haven are over, reports Bloomberg Market News. Its government has committed to joining the Common Reporting Standard, an information-­exchange system developed by the OECD and the G20 to fight ­financial fraud. Once that is set up, tax authorities will have an easier time tracking down offshore accounts. Prime Minister Charlot Salwai reportedly wants Vanuatu removed from the ‘grey list’: countries that fail to comply with international money-laundering standards. The situation was exacerbated by revelations about offshore corporate clients’ hidden wealth in the leaked Paradise Papers.

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Fiji farmers, traders and exporters have held a two-day workshop on how to develop import substitution of fruit and vegetables and addressing market opportunities. Discussions centred on the selection of produce and ingredients at Fiji’s resorts; trading of local produce; meeting the demands of resorts; accessing new export markets; and quality control.

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Finally, congratulations and commiserations to the PNG Kumuls, who were unfortunate to lose by a 36-6 scoreline last Sunday against England in the quarter finals of the Rugby league World Cup. The national side had previously won all three of its group games.