Papua New Guinea’s growth forecast downgraded by Asian Development Bank, Bank of PNG says growth this year will partly be driven by non-mineral sector activity, plus claims PNG’s global corruption rating will depend on government commitment to accountability. Your weekly digest of the latest business news.
In brief: Bank of Papua New Guinea seeks K793 million loan to assist foreign exchange backlog, and other business stories
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30 Mar 2016 by Leave a Comment
Central bank seeks temporary loan to cover backlog of demand for foreign currency, district grants and non-tax paying companies under fire and kina to fall to its lowest level since 2003 if current rate of depreciation continues. Your weekly digest of the latest business news.
‘Worst period may be over’ in Papua New Guinea, says bank report
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3 Feb 2016 by Leave a Comment
In spite of a ‘challenging’ 2015 and tough market conditions, the latest Bank South Pacific analysis suggests that the ‘worst period may be over’ in Papua New Guinea. However, it is cautious about the prospects for the government’s planned US$1 billion ‘circuit breaker’ sovereign bond issue.
Relief in sight for Papua New Guinea businesses wanting foreign exchange, says BSP CEO
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9 Dec 2015 by Leave a Comment
There is some relief ahead for businesses struggling to access foreign exchange, according to the CEO of the country’s biggest bank, BSP. Robin Fleming says investment in the mining and petroleum sector and a new Sovereign Bond are the keys to boosting foreign exchange inflows.
In brief: PM to launch construction phase of Pacific Marine Industrial Zone project, and other business stories
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4 Nov 2015 by Leave a Comment
Pacific Marine Industrial Zone construction to start this month, personnel emoluments overruns costing PNG millions, and Newcrest Mining delivers profit. Your weekly digest of the latest business news.
Reserve Bank Governor says Papua New Guinea has a lot to learn from Fiji about tourism
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26 Oct 2015 by 7 Comments
Despite being the biggest Pacific nation, PNG is lagging behind its neighbours, holding only 10% of the regional tourism market, says the Governor of the Bank of Papua New Guinea, Loi Bakani. And on a global scale, PNG ranks last in terms of benefitting economically from tourism.
In brief: Hope that SABLs leases will be return to landowners soon, and other business stories
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7 Oct 2015 by Leave a Comment
Chief Secretary indicates SABL leases will be returned soon, and Woodside CEO says Oil Search bid his ‘full price’. Your weekly digest of the latest business news.
Spending cuts loom in Papua New Guinea Supplementary Budget; central bank governor to review kina restrictions
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2 Sep 2015 by 1 Comment
The Papua New Guinea government will cut K1.6 billion in expenditure from its 2015 Budget, and may seek further cuts of K1 billion, according to Treasury Secretary, Dairi Vele.
LNG sales drives massive rise in Papua New Guinea exports in 2014
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8 Jul 2015 by Leave a Comment
Exports from Papua New Guinea rose 64 per cent in value during 2014 to K21,903.6 million, largely due to the start of LNG production, according to the Bank of Papua New Guinea.
In brief: Credit Corp profit down after completion of LNG plant, and other business stories
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1 Jul 2015 by Leave a Comment
Credit Corp profit down, companies begin closing offshore foreign currency accounts, and new air navigation system to be installed across Papua New Guinea. Your weekly digest of the latest business news.
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