Ben Wong has been named temporary chief executive officer of Paradise Foods Ltd for a three-month period. Wong had had senior leadership positions in international corporations and the fast-moving consumer goods industry before joining the company as the group chief financial officer in September 2019, according to Chairman Anthony Smaré. James Rice...

The PNG Extractive Industries Transparency Initiative (PNGEITI) will extend to include three additional non-renewable industries, according to Chris Tabel, deputy head of the national secretariat. The forestry, agricultural, and fisheries industries, according to Tabel, sought to imitate the EITI model. He said that the EITI policy, which is present...

Photo Credit: PNGEITI / Lucas Alkan Among the 35 nations on the Extractive Industries Transparency Initiative list, the Papua New Guinea Extractive Industries Transparency Initiative has made significant progress. The EITI website listed 55 countries incorporated into individual countries at various stages of implementing the EITI Standard; nine cou...

PNG Ports Corporation is redeveloping and investing in its ports in the future as part of its 30-year master plan. Rodney Begley, the chief operating officer of the PNG Ports Corporation, said the company completed a 30-year master plan 18 months ago that included evaluations of every port in the country. “We did an economical assessment, environmen...

The Independent Consumer and Competition Commission (ICCC) has rejected Link PNG's proposal to purchase shares in PNG Air Ltd for the second time. PNG Air Ltd had asked Link PNG Ltd to buy 40% of the company from the National Superannuation Fund and 9% from other shareholders. Last week, the consumer and competition watchdog said that after completi...

Morobe Governor and Deputy leader of the ruling Pangu Pati Hon Ginson Saonu today opened the PNG Extractive Industries Transparency Commission Bill Momase Regional consultation in Lae and gave his backing for the establishment of the Extractive Industries Transparency Commission. He welcomed a State Technical working group comprising the Department of ...

Indonesia border at Wutung Photo: RNZ / Johnny Blades Indonesian Ambassador to PNG, H.E Andrias Supandi has paid a courtesy call on Prime Minister James Marape recently during which they discussed new and ongoing issues of mutual concern. The leaders discussed cooperation on COVID-19 and the reopening of the border, among other things. Both agree...

Prime Minister Hon. James Marape, MP says the PNG Government is fully aware of the Santos Limited and Oil Search Limited proposed merger as announced on 21 July 2021 and is closely monitoring it. Prime Minister Marape said his Government has also noted the recent board and management changes at the Oil Search Limited. “Oil Search Limited is a promin...

The Independent Consumer and Competition Commission is debating whether or not to accept Kina Bank's bid to buy Westpac's share in Westpac Bank PNG Limited. Commissioner Paulus Ain of the ICCC has also issued a draft determination on Kina Securities Limited's Authorisation Application for the planned acquisition of 89.91 per cent of Westpac Bank-PNG-Li...

From Left to Right: Shannon Kumalau (DPE), Richard Kassman Senior VP PNG Chamber of Mines and Petroleum, Lucas Alkan Head of National Secretariat (EITI), Paul Barker (INA), Arnold Lakamanga (MRA) The PNG Chamber of Mines and Petroleum congratulates and also expresses its support to the PNG Extractive Industry Transparency Initiative (EITI) on the relea...

Photo Credit: ADB Despite a weakening economic growth forecast for the Pacific, recent progress in vaccination rollouts and stronger public health measures are providing optimism for the safe reopening of borders in the near term, according to the latest issue of the Asian Development Bank’s (ADB) Pacific Economic Monitor (PEM) launched today. After...

Photo Credit: The National Fisheries Authority The National Fisheries Authority (NFA) is the latest Government organization to join the Expo2020 Team to tell the Papua New Guinea story on the fisheries industry.  The Authority will inform the world stockholders on Papua New Guinea’s efforts to commercialise our tuna resources in a sustainable way, i...

According to Bank South Pacific Group Ltd chief executive officer Robin Fleming, foreign direct investment (FDI) will play a key part in Papua New Guinea's recovery from the Covid-19. “Bank of PNG data indicates that in 2020 FDI flows into the country will be reduced by 66 per cent to K387 million from K1.1 billion in 2019,” Fleming said. “This stat...

At the annual general meeting last month, the board named Richard Sinamoi as interim chairman. “There has been an orderly transition to new leadership and the new board is stable and strongly aligned in our thinking,” Sinamoi said. He described becoming chairman of Credit Corporation as an "honour" at "such a critical period for the business and the...

After 17 months in charge, Oil Search managing director Keiran Wulff resigned owing to concerns about his behaviour and bad health. Dr Wulff has been dealing with a long-term medical problem that has lately worsened. According to Oil Search chairman Rick Lee, the board met with Dr Wulff after receiving recent concerns and accusations about him. A...

According to BSP Financial Group Limited (BSP), Papua New Guinea's GDP would increase by 4.2 per cent next year as the country recovers from a pandemic-induced slump. “Economic growth is anticipated to rise to 4.2 per cent in 2022 as PNG's economy continues to recover from a pandemic-induced recession in 2020,” according to the bank's Pacific Economic ...