Papua New Guinea’s stock exchange changes its name, Oil Search signs MoU to help sustainable agriculture, and PNG Power reviews financial reporting. Your weekly digest of business news.

Last week, PNG’s national stock exchange, Port Moresby Stock Exchange Limited (POMSoX), changed its name to PNGX Markets Limited (PNGX). David Lawrence, PNGX Chairman, said in a statement: ‘After 20 years, the Board considered it appropriate that the name of PNG’s national stock exchange better reflect the interest of the whole of PNG.

‘As a centre of PNG’s capital markets, the new name reflects our intentions to meet the capital needs of other centres across the country. It also reflects our desire to modernise and to move into new markets and products within PNG.’ (PNGX)

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The Fresh Produce Development Agency (FDPA), PNG Mining and Petroleum Hospitality Services and Oil Search have signed a Memorandum of Understanding (MoU) to help extend sustainable agriculture programs in Oil Search’s area of operation.

‘This will allow farmers to participate and take ownership of the fresh produce market within our project communities, through sustainable use of their land,’ said Leon Buskens, Oil Search Senior Vice-President for External Affairs and Community. (The National)

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PNG Power Limited is undergoing a review of its financial reporting system given inaccuracies that include ‘under-reporting of expenses’.

The 2018 financial reports are being reviewed and an audited figure will be released later this year. PNG Power’s Acting Managing Director, Carolyn Blacklock, said: ‘The Board and management of PNG Power will not tolerate inaccurate financial data and thus have embarked on this plan to correct our financial records and have an accurate report produced by late September 2019’. (Post-Courier)

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The United Nations Economic and Social Commission for Asia and the Pacific (ESCAP) has suggested that the Asia-Pacific region continues the same trajectory, it may not be able to achieve any of its 17 Sustainable Development Goals by 2030. (RNZ)

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The Bank of Papua New Guinea cut its policy Kina Facility Rate from 6.25 per cent to 6 per cent to stabilise prices in the economy, according to Fitch Solutions. The firm forecasts that the Central Bank will hold the Kina Facility Rate at 6 per cent for the remainder of 2019, ‘inflation is likely to stabilise in the second half of 2019, which should reduce the Central Bank’s need to ease.’ Fitch Solutions also suggests that ‘inflation is likely to face further downside pressure over Q219 before stabilising in H219 and we forecast CPI inflation to average 4.2 per cent in 2019, slightly lower than the 4.5 per cent average in 2018.’ (Fitch Solutions)

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The Value Back Loyalty Programme (VBLP) for NASFUND Contributors Savings and Loan Society (NCSL) has seen a ‘significant increase in the number of service providers joining the discount program in the last two years.’ Members can obtain discounts from 5-20 per cent, depending on the provider. So far, NCLS’s VBLP has 139 providers. (The National)

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The firm Pini Accountants and Advisors has been appointed as liquidator of Tolukuma Gold Mine (TGML). Last week, the firm ‘offered for sale by public tender the mining lease 104 and other mine assets as a package,’ reported the newspaper The National.

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Bertie Ahern, former Prime Minister of Ireland and Chairman of the Bougainville Referendum Commission, has suggested that there could be an extension to the date of polling for the referendum, which is 12 October. The comment comes after a ‘recent upsurge in enrolment numbers. Ahern reportedly said: ‘I can tell you that this [referendum] will be finished this year [2019]. But to do it the way people are asking and requesting [for an extension of referendum roll verification] I need time.’ (EMTV)

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A five-kilometre road in Obura-Wanenara District in Eastern Highlands Province is now giving access to markets to coffee farmers. (EMTV)

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Conrad Tilau, West Sepik’s Provincial Administrator, travelled last week to Port Moresby to meet with National Planning and Monitoring Secretary, Koney Samuel, to present to him the province’s five-year development plan. ‘We hope to open up the province to have access to Vanimo and maybe Wewak … We are also looking at how we can work and benefit from opening up the border between PNG and Indonesia. We hope we can develop in the next three to five years.’ (LOOP PNG)

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Photo of the Week

Credit: Bank South Pacific

Bank South Pacific (BSP) has donated K8,000 to support the Port Moresby Arts Theatre (MAT) to stage the 7th Annual Youth Arts Programme. The annual program provides an opportunity for the new generations to explore social issues affecting the country. ‘BSP as a community orientated bank is delighted to lend a hand as co-sponsors of the event to help support an event that adds so much value to the communities through awareness and community empowerment.’ said BSP Corporate Sponsorship Manager, Amelia Minnopu, in a statement.