In dealing with the power outages, PNG Power Ltd managing director Flagon Bekker said to either live with these blackouts or invest “hundreds of millions of (US) dollars”. “I personally believe the people of PNG are going to need to choose: start investing in the power system or live with blackouts that will get worse and worse,” he said. “There is no eas...

With the increased costs of minerals, Bank of PNG Governor Loi Bakani said that exporters should take advantage of these favourable costs at a time when the pandemic is still ravaging the country. “Mineral prices increased, with those for copper and nickel driven by a pick-up in growth in China,” he said. “Precious metal increased by 16.5 per cent, with ...

While many new manufacturing entrants haven't met the required industry standards which can be a setback for the industry, Manufacturers Council of PNG chief executive officer Chey Scovell believed that the industry may recover this year. According to him, many entrants lack The Hazard Analysis and Critical Control Points (HACCP) equivalents which is a fo...

Compared with the revenue of K2.86 billion generated yearly, state-owned entities (SOEs) are valued at around K10 billion.According to Isikeli Taureka, the managing director of Kumul Consolidated Holdings Ltd, this amount shows that SOEs are not doing well in coming up with revenues. “Our value of the portfolio is K4.4 billion and in terms of dividends la...

To bring capital into the business, PNG Power Limited, along with Kumul Consolidated Holdings and other shareholders, are reviewing all their options. Managing director Flagon Bekker said that this will be based on the cost of capital and getting the best deals available.“It will allow the broadening and deepening of the PNG financial sector, showing that...

The recent power outages have impacted trade and increased the cost of doing business, especially with refuelling and servicing generators. This was according to Brian Bell group chief executive officer Cameron Mackellar, who added that his company had strong back-up plans across the country despite the frequent power outages - which was not good, he said...

The COVID 19 pandemic has not only impacted local and international travel, but has grave impacts on livelihood, unemployment, and international labour mobility.A new World Bank report, Pacific Island Countries in the era of COVID 19: Macroeconomic impacts and job prospects, shows how the Pacific may take advantage of a changing environment, as well as o...

The Independent Consumer and Competition Commission (ICCC) has recently announced that the Paradise Company Limited can now acquire shares in Hugo Canning Company Limited. “This essentially means that, in its considerations of likely negative effects this acquisition may have on competition, the ICCC did not find any serious concerns,” stated the consumer...

According to Bank South Pacific group chief executive officer Robin Fleming, the key priority this year is to have a new banking system in Papua New Guinea and Vanuatu.He also added that they will be introducing a new payments platform so that clients can access payments through the internet. Another is to have an active promotion of school fee payments t...

For the next five years, the Ihu Special Economic Zone (ISEZ) project will receive K100 million, as allocated by the National Executive Council, said MP Soroi Eoe.Meanwhile, discussions are going on between the government departments and the project development office about partnership choices. “Kumul Petroleum Holdings Ltd, PNG Ports Corporation, Water P...

According to the Asian Development Bank as indicated by its latest “Pacific Economic Monitor”, PNG will have the equal highest real economic growth rate in the Pacific this year. “The ADB statistics highlight once again the extraordinarily bad economic impact the COVID-19 pandemic is having around the globe, producing the most challenging economic times i...

Like many other businesses, those in New Ireland will need more time to recover due to the COVID pandemic.According to New Ireland Chamber of Commerce and Industry President Nolis Thomas, the recovery would be slow. “Businesses will not recover to what it was prior to the Covid-19 and the restrictions,” he said. “We do not anticipate it (business) to reco...

Following the submission of the Autonomous Bougainville Government (ABG) 2021 budget, Treasurer Ian Ling-Stuckey delivered words of appreciation of a “concise and professional” ABG budget.He said, “I was pleased to receive the 2021 Budget Submission from the Autonomous Bougainville Government for an appropriation of K390,489,916. The budget was delivered...

In expanding its business operations, Paradise Foods Ltd. will invest K115 million this year, according to chief executive officer James Rice.He said that the firm is also introducing new products this year. “I believe the economy in PNG will remain the same unless some large projects that bring investment and jobs are approved,” he said. “The economy wil...

In response to one of the addresses of Prime Minister James Marape outlining key economic indicators expected in 2021, President of the Port Moresby Chamber of Commerce and Industry, Rio Fiocco said it would be hard for the government to come up with a K2 billion deficit as said by the Treasurer. He said this in particular to some businesses which have ma...

In his 2021 economic outlook, PNG Institute of National Affairs Director Paul Barker said that there is a need to review and update fiscal arrangements in the resource sector. He said that the requirements involved constructive dialogue with project investors and operators. “Review and updates also for individual projects when their licenses fell due for ...