Papua New Guinea’s national stock exchange partners with the International Finance Corporation (IFC), Prime Minister Marape calls for peace and order during the elections, and Telikom PNG warns about disruptions in services.

Credit: OTML

National

Last week, the Office of the Pandemic Controller published a set of price measures that will expire on 7 August. To ensure the prices stay in check, the Independent Consumer and Competition Commission has said it will be conducting checks on retailers to ensure the price of those goods, which include rice, flour, baby formula and canned meat, amongst others, doesn’t increase. According to the new measures, ‘a business that commits an offence is liable to a fine not exceeding K10,000’. (The National)

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Following the death last week of Deputy Prime Minister Sam Basil, a state funeral will be held for him tomorrow, Thursday 19 May. A public holiday on that day has been declared in his honour in his home province of Morobe only. (National Gazette)

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Following Sam Basil’s death, Rigo MP Lekwa Gure has been appointed as the leader of the United Labour Party. (Post-Courier)

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Prime Minister Marape has asked for peace and order as the election period commences. A total of 118 seats will be contested for, including seven new ones recently passed by Parliament (PM & NEC). RNZ reports that the writs which were supposed to be issued on 12 May were put back for a week. (RNZ)

Telecommunications

A defective DataCo switch at the Boroko Exchange in Port Moresby caused interruptions on data traffic for all mobile network operators last week. It’s been reported that disruptions are expected to continue towards the end of the month because there are planned outages to the Coral Sea Cable System (Telikom)

Airports

Mendi Airport in Southern Highlands is now taking fixed wing and aircraft with no more than 19 passengers. The National Airports Corporation’s Managing Director, Rex Kiponge, said that a team from the Corporation and the Civil Aviation Safety Authority will conduct an airport assessment an inform whether the runway is ready for normal flights. (The National)

Banking

A partnership between PNG’s national stock exchange, PNGX, and the International Finance Corporation (IFC) will see PNGX get additional advisory services, including reviewing its listing rules and technical elements related to the issuance of corporate bonds. The partnership aims to deepen PNG’s capital market and increase access to long-term financing for companies.

PNGX’s Chairman, David Lawrence said: ‘This crucial program is creating the potential for PNG investors and debt issuers to participate in well-regulated, efficient and transparent corporate bond market, laying the ground for more international investment into the country and increased economic development across the nation.’ (IFC)

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The People’s Micro Bank Limited has been granted a license to become a full-fledged commercial bank, State Enterprises Minister William Duma reportedly said. ‘This means the bank and Kumul Consolidated Holdings can now implement venture into retail banking and commercialisation of its operations,’ Duma said. ‘The commercialization will result in the creation of a new commercial bank, to be known as the National Banking Corporation of PNG Limited or NBC.’ It might take up to two years for the commercialisation process. (The National)

Economic zones

The Gazelle district Agro-Industrial Special Economic Zone project in East New Britain Province was launched last week. During the launch, Prime Minister Marape told that this project will link Rabaul and Kokopo, hence facilitating business in the province. (Post-Courier)

Training

Ok Tedi Mining Limited (OTML) has partnered with the Kiunga Technical Vocational Training Centre so that six students (three men and three women) are selected each year to join the Major Projects Business Unit, where they will increase their trade knowledge and gain on-hands experience. The program’s aim is to build better local capacity and human resources, and provide on-the-job training. (OTML)