Papua New Guinea Prime Minister James Marape makes his first provincial visit, the Attorney General Davis Steven moves to establish an Independent Commission Against Corruption (ICAC) and companies that don’t comply with the Independent Consumer and Competition Commission (Amendment) Act could face automatic penalties. Your weekly digest of business news.

Prime Minister James Marape giving a speech during his first visit to Lae. Credit: EMTV

Last week, Prime Minister James Marape made his first provincial visit to Lae. His visit coincided with the celebrations of Pangu Party’s anniversary.

During his visit, PNG’s new Prime Minister also announced a ‘shift in policy and future spending by recognising Lae as an important hub for economic development.’ He also promised a report on the country’s economy and debt levels by 24 June.

***

Davis Steven MP,  Attorney General, has announced that the government will establish an Independent Commission Against Corruption (ICAC). ‘Two important aspects that need to be addressed are the protection of whistle-blowers and the establishment of an ICAC,’ he said in a statement.

‘The simple reality is that all corrupt conduct involves more than one person, so if people are not afraid to be whistle-blowers then it will be a quicker and cheaper way to deal with corruption.’ Steven said the relevant legislation will be be put to the National Executive Council (NEC) at its next sitting.’

***

Companies in PNG that fail to follow the new amendments of the Independent Consumer and Competition Commission (Amendment) Act 2018 will reportedly face an automatic penalty of K750,000.  (Post Courier)

***

The developer of the K300 million Noble Centre in Port Moresby has reportedly said that the project will be completed by the end of 2019.  The 23-floor building is set to become the tallest in the country according to Andy Chow, Deputy General Manager at China Railway Construction Engineering Group (PNG) Real Estate Company Ltd. ‘We are proud of developing such an impressive architecture in Papua New Guinea; we believe it will be the landmark of Port Moresby.’ (The National)

***

The loan approval process for Bank South Pacific’s First Home Ownership Scheme (FHOS) can be ‘as quick as 48 hours’. BSP’s Chief Executive, Robin Fleming, reportedly said that ‘if they have all the necessary information, the loan approval process is straightforward.’ The FHOS product is designed for new houses and a maximum loan amount of K400,000. (The National)

***

Coppermoly Ltd has received a notification from the PNG Mineral Resource Authority (MRA) granting the renewal of a two-year exploration license for EL 1043 Mt Nakru (EL1043), which hosts the company’s flagship project Mt Nakru copper-gold project in West Britain Province. (Loop PNG)

***

Air Niugini has resumed its operations to Tokua Airport, Rabaul. The services to Rabaul stopped temporarily due to maintenance work on the airport runaway. The National Airports Corporation has completed the maintenance. Air Niugini operates at least twice daily services to Rabaul, operating direct from Port Moresby to Rabaul as well as via Lae, Hoskins, Buka, Kieta and Kavieng. (Air Niugini)

***

NASFUND has launched the PORO Debit card and its own EFTPOS terminal. The card was designed to help contributors to NASFUND Savings and Loan Society access their savings more conveniently. According to EMTV news, more than 130 EFTPOS terminals have been installed in 29 outlets throughout PNG’s four regions. (EMTV)

***

The Madang government has issued a notice to Ramu nickel mine to ‘stop transporting chromite from the mine area in Kurumbukari to Lae for export’. (The National)

***