Papua New Guinea’s Prime Minister talks business during Independence dinner, Tari Airport reopens and Treasurer Ian Ling-Stuckey on the Central Banking Act. The business news you need to know to kickstart your week.

Prime Minister Marape during the Independence dinner. Credit: PNG Office of the Prime Minister via Facebook

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Last week during the Independence Dinner hosted at Parliament Haus, Prime Minister Marape thanked the business community and development partners for their support and contributions to the development of PNG. He said: ‘Contrary to popular opinion that the Marape/Steven Government [is] against business, I am in the interest of ensuring that businesses are consolidated and protected, and most importantly [we are] increasing the base of or economy so that we are resilient against negative economic forces.’

During the dinner, the Prime Minister also said that ‘advanced discussions are ongoing for P’nyang, Papua LNG, Porgera, Waffi-Golpu and [Pasca].’ He added: ‘These five projects have the potential to push our economy for K80 billion to possibly K200 billion in the next 10 years.

‘I have encouraged Exxon Mobil, Oil Search, Newcrest, Harmony and TOTAL to speak their mind.

‘We are all equal partners in as far as business is concerned in our country.’ (PNG Prime Minister Office)

Aviation

Flights to Tari in Hela Province, will resume this week after they were suspended because of a K55 million upgrade to the airport. Link PNG, a subsidiary of Air Niugini, said there will be three weekly direct flights between Port Moresby and Tari. (The National)

Trade

During a breakfast meeting, Keith Scott, the British High Commissioner to PNG, said that the Pacific Nation has a trade surplus of K260 million with the United Kingdom. Scott also said that trade between the two countries for the first quarter of the year was about K500 million, which is 10 per cent lower when compared to the previous period because of the COVID-19 global pandemic. (Post-Courier)

Technology

The Telikom Foundation has opened an information technology laboratory for the general public, students and SMEs owners. ‘You can go to your social media sites, access them and start setting up your business through ecommerce, you can also go through to update your websites,’ said Coordinator, Yolanda Bafmatuk. (The National)

Telecommunications

Reuben Kautu, Group Acting Chairman at Kumul Telikom Holdings Ltd, said last week during the celebration of Telikom’s 65th anniversary, that the company is set to complete the merging of bmobile and Telikom into a single entity.  He reportedly said: ‘The Government decision will be implemented by this board and management and we believe that will strategically place us in a very strong position to grow our business because that will enable us to offer converged solutions to customers.’ The merger is expected to be completed before the end of the year. (The National)

Banking & finance

Kina Asset Management Ltd recorded a net loss of K4.9 million for the half-year ending on 30 June. The loss was attributed to the fall in the global share market because of the spread of COVID-19 and the measurements governments have put in place to try to stop the pandemic. (The National)

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Credit Corp has announced an after tax profit of K24 million for the half-year endings in 30 June. Despite the challenges and costs of the COVID-19 pandemic, Peter Aitsi, Credit Corp’s CEO, said that ‘Credit Corporation’s balance sheet remains strong.’ (Credit Corp)

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Treasurer Ian Ling-Stuckey reportedly said that the government ‘will establish a thorough review on how to modernise the Central Banking Act’ that is expected to be completed within six months. He said that the International Monetary Fund, as well as national and international experts, will help modernise the Act ‘to better match international best practice’. He also said that current changes being made to the Act were ‘to deal with temporary cash advances to government. Not printing money!’ (LOOP PNG)

Photograph of the week

Prime Minister Marape during the reopening ceremony at Tari Airport on 16 September. Credit: NBC News via Facebook

Tari Airport in Hela Province was officially reopened last week after over two years of closure. The construction of the terminal and new runaway, a project funded by the Asian Development Bank and the National Government, cost about K55 million. The airport was severely damaged by an earthquake in 2018 and since then people have had to travel to neighbouring provinces to fly in and out. NBCNews