Post-Brexit deal signed with Papua New Guinea and Fiji, new digital identity scheme, and upgrades to Tari Airport in Hela. Your weekly digest of the latest business news.

Britain’s International Trade Secretary Liam Fox has signed an agreement with Papua New Guinea and Fiji. The deal eliminates all tariffs on goods imported from PNG and Fiji and ‘will gradually remove around 80 per cent of tariffs on UK exports to these countries’.

According to The Guardian’s Richard Partington, the post-Brexit deal with the Pacific islands ‘is part of the UK’s pledge to support developing nations and use trade to reduce poverty. It also comes as ministers rush to sign deals with about 70 countries that the UK trades with under EU free trade agreements—agreements that are due to end in two weeks’ time.’

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The Bank of PNG’s Loi Bakani

Accessing financial services will soon become much easier with the introduction of a new digital identity scheme. According to the Bank of PNG, YuTru will provide a fast, secure, and simple form of identification in a way that most banks will accept.

‘The YuTru digital identification framework is aimed at people who have otherwise struggled to meet the identification requirements to open a bank account or access other financial services,’ said the Governor of the Bank of Papua New Guinea, Loi M. Bakani.

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Civil Aviation Minister Alfred Manase has announced an upgrade to Tari Airport in Hela Province. The K77 million project is part of the Civil Aviation Development Investment Programme (CADIP) funded by the Asian Development Bank and PNG’s government. (Post Courier)

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PNG TV has ended its daily news bulletin PNG TV News. The closure is part of a ‘repositioning exercise’, which is aimed at recognising a change in the way viewers consume information. ‘This decision was not an easy one to make. Social media has changed circumstances in our market—cheaper internet and citizen journalism has meant that products like PNG TV are becoming lost in the crowd,’ said Richard Broadbridge, PNG TV’s Managing Director.  (LOOP PNG) 

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Despite challenging conditions, Credit Corporation profits have increased by 14 per cent to K86 million.

Credit Corporation’s CEO Peter Aitsi reportedly said: ‘We have focused on driving performance across the business, which is evident in the growth in the loan book within our finance division and improved occupancy, enhancing rental income in the property division.’ (The National)

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During NASFUND‘s first regional employer conference in Port Moresby, Arnold Topai, the company’s acting Chief Officer, Member Services, reported that membership contribution went past K500 million in 2018. (The National)

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Jeffrey Kennedy, who was appointed interim chancellor of the University of Papua New Guinea, has reportedly resigned. (RNZ)

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The Civil Aviation Safety Authority (CASA) of Papua New Guinea has reportedly prohibited the operation of Boeing 737-8 ‘MAX’ and Boeing 737-9 ‘Max’. CASA said in a statement: ‘This safety and operational directive is made in the interest of safety of operation and to protect the public following the accident of an Ethiopian Airlines Boeing model 737-8 ‘MAX’ aircraft on March 10th,’ stated CASA.’ The suspension, reports ONE PNG, will be in place until ‘appropriate’ safety measures are implemented.

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Telikom and Bmobile have opened their first joint retail shop at Bmobile’s office at Telikom Rumana. (The National)

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Picture of the Week

Hevea Booth with the Oil Search Hevea Cup. Hevea is the mother of Grass Skirt Project founder Tahina Booth. Credit: Grass Skirt Project

The inaugural Oil Search Hevea Cup Carnival & Wellness Expo, an initiative of the non-for-profit organisation Grass Skirt Project, took place on March 8 and 9.

Twelve women’s and men’s rugby league teams contested the carnival cup in their divisions and 20 organisation participated in the expo.

The women’s division was taken out by the NCDC Dragons, who defeated the Paga Panthers 14-12.

The Grass Skirt Project supports Pacific communities and educates on sexual and domestic violence.