Prime Minister James Marape has made a pledge to raise Papua New Guinea’s cash revenue to K15 billion over the next two years, Kumul Consolidated Holdings falls K400 million short from what was budgeted for 2019, and a reconciliation ceremony is proposed between the National Government and the Autonomous Region of Bougainville.

Prime Minister James Marape during his first Independence Speech. Credit: PNG Facts/Facebook

During his Independence Anniversary message, Prime Minister James Marape said he will work with ministers to raise the country’s cash revenue to K15 billion in the next two years. ‘In the next few months, we will be working with ministers and their respective departments to tidy up these directions, plus their own policy views so that we can deliver better [outcomes].’ (The National)

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State-owned enterprise Kumul Consolidated Holdings is expected to pay a dividend of K400 million in 2019, a shortfall of K400 million. The 2019 Budget forecast a dividend of K800 million. Sasindran Muthuvel, Minister for Public Enterprises and State Investments, reportedly said that there are some ‘major reforms underway with all SOEs’. (Post-Courier)

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With less than 70 days remaining before voting in the Bougainville Referendum starts on November 23, Prime Minister Marape has proposed a National Reconciliation ceremony between the national government and the Autonomous Region. ‘There needs to be a greater detailed work by both sides of the agreement, and the two governments need to drive the post referendum results,’ he said. ‘We, as leaders, must use our Melanesian way of resolving conflicts.’ (EMTV)

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Oil prices have soared after the drone attacks on Saudi Arabia’s Abqaiq facility, the world’s largest petroleum processing plant. The attacks will affect global supplies. On Monday 16 September, oil prices reached six-months highs. (The Guardian)

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Paradise Food’s CEO James Rice has announced that the production of Queen Emma Chocolate has doubled since the company launched its kina bar milk white and dark chocolate in January this year. ‘It’s wonderful to be sourcing cocoa from over 2,000 independent family farmers across Papua New Guinea and, in turn, make a remarkable range of chocolates available in different sized bars—so there’s always a Queen Emma Chocolate bar for any occasion.’ (EMTV)

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Air Niugini’s Alan Milne during the announcement of the K44 promotion. Credit: Air Niugini

To celebrate Papua New Guinea’s 44th Independence Anniversary, Air Niugini reduced domestic ticket prices to K44 (plus taxes and fees). Air Niugini’s Managing Director, Alan Milne, said: ‘This is a first for Air Niugini, to trial a heavily reduced domestic fare.’ (The National)

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Researchers have found that illegal, unreported and unregulated fishing in the Pacific costs US$152 million (K505.1 million) annually. The results, which were published in a recent study by Forum Fisheries Agency, also highlighted that illegal fishing comes mainly from license breaches. (The National)

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Credit Corporation (PNG) Limited has delivered its half year results, recording a 31.5 per cent increase in core operating profits to K70.7 million and a 12.6 per cent increase in net profits after tax to K.78.4 million (compared with the same period last year). (PNGX)

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KINA Asset Management Ltd (KAML) reported its profits for the first six months of the year. Rabbie Namaliu, KAML’s Chairman, said the company’s profit for the half-year ending 30 June was K10.5 million. (The National)

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Tonga’s Prime Minister, ‘Akilisi Pohiva, passed away last week in Auckland, New Zealand. Prime Minister Marape sent his condolences to the Tongan people: ‘On behalf of the Executive Government and People of Papua New Guinea, I convey our heartfelt condolences to the citizens of Tonga and the immediate family of the late Tongan Prime Minister, Samuela ‘Akilisi Pohiva.’ (PNGFacts)

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Air Niugini has welcomed the investigation that the Independent Consumer and Competition Commission (ICCC) will conduct to understand why the aviation industry of PNG has such high fares.  (Post-Courier)

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Photograph of the week

Goroka Cultural Show 2019. Credit: Dek Joe Sum/Twitter

The Goroka Cultural Show is a fascinating showcase of PNG’s culture and diversity. Each year it is celebrated close to Independence Day (16 September) in the town of Goroka, in Eastern Highlands Province.