Peter Aitsi has resigned from his post as director and chairman of Kumul Consolidated Holdings Limited (KCHL). In a letter addressed to Prime Minister James Marape, he said his resignation came after recent “changes to ministerial portfolios”, expressing his gratitude to the government for this privilege “to be chair of this prestigious and important orga...
Almost 85% of respondents claimed that COVID-19 has had negative impacts on their businesses, including revenue loss and damage to the local economy - with nearly a quarter temporarily closed and 43% somewhat operational. In addition, the top three challenges include the effect of closed international borders, poor cash flow, and not sure when the pandemi...
Goodman Fielder (PNG)’s K10.2mil rice plant has opened in Port Moresby. According to general manager Manish Randev, the rice plant has a capacity of producing 360 tonnes of rice a day. “This plant can produce 15 tonnes an hour which means in a day it can produce up to 360 tonnes,” Randev said. “We are putting a lot of money in investment and Goodman Field...
The government should be a facilitator for investment in the nation, said the Papua New Guinea Manufacturers Council (PNGMC). According to PNGMC chief executive officer Chey Scovell, “Investment provides many jobs, skills training and of course you’ve heard about a few hundred jobs created here (Goodman Fielder). But they will be using predominantly the S...
Parliament recently passed its 2021 budget again, following the Supreme Court’s rule that the sitting previously passed was not proper. According to Treasurer Ian Ling-Stuckey who tabled the budget, working on the budget was a challenge.“Since 1975, there has never been a global crisis such as the one we are now facing,” he said. “The latest world economi...
Prime Minister James Marape said that in the next year, the government plans to focus on stabilising the economy.“We are using our own budget to ensure stimulus is maintained in our economy,” he said. “The construction activity is taking place across the country.”Marape added that he wasn’t the cause of lost jobs.“Far from the truth. Companies shut down a...
The National Development Bank (NDB) desires to buy Westpac Bank.According to chairman Michael Mell, this is part of its long-term goals of going commercial. He said in a press conference in Port Moresby that a monopoly has no room and wants Westpac Bank to consider this offer. “I have set up a committee from both NDB and People’s Micro Bank. We have been ...
PNG has good investment opportunities, but fewer as compared to a few years ago. This, according to Trukai CEO Alan Preston, who said that it takes extra precaution to invest now. He added that this pandemic has brought many challenges to businesses and customers alike, and still, these people are coping better than most around the world. He said that ove...
In creating a steady stream of income, the people of Bana in Bougainville launched the Bana special economic zone (BSEZ), which is a project intended to form development by tapping into agriculture, tourism and the fisheries industry. This project also creates opportunities for Bougainville by attracting investments to the economic zone. The future of thi...
Swire Shipping recently enhanced both its North Asia Express (NAX) and Southeast Asia (SEA) servicesSwire Shipping operates 13 liner services connecting over 400 ports via an extensive network of services in the Asia-Pacific and globally. Dedicated to facilitating and growing trade in regions where it operates, the company operates a fleet of owned and ch...
The Papua New Guinea National Stock Exchange (PNGX) has encouraged foreign businesses in the country to register with the national stock exchange. According to chairman David Lawrence, this will give Papua New Guineans more opportunities to have an ownership interest in the wealth of the country. “Publicly listed companies are significantly under-represen...
Replace foreign fabricated steel in the market.This was a statement given by Steel Industries chairman Frank McQuoid who witnessed a significant decline in the steel fabrication market. He added that the way to move forward was to replace foreign fabricated steel. In the past two decades, PNG fabricators lost up to 80 per cent of the structural steel fabr...
Pioneering research being undertaken in Papua New Guinea by IFC and the Business Coalition For Women will for the first time measure the costs, and crucially, also the benefits to businesses of workplace responses to gender-based violence. The groundbreaking project, launched this month, aims to build evidence demonstrating the benefits to business of p...
For five years the Business Coalition for Women’s leadership training program has been getting results for PNG women and the businesses that employ them. Nearly 200 women from 60 organisations representing a diversity of industries all over the country have graduated from the Coalition’s Certificate IV in Leadership & Management, with many of them bei...
After an election of its new executives led by President Ian Taruita, the Papua New Guinea Chamber of Commerce and Industry (PNGCCI) said that it will build a 100-day work plan for its profile. Aside from Taruita, elected are the following: John Byrne (vice-president Momase and Highlands), Jeff Abel (vice-president Southern), David Stein (vice-president I...
In a statement released by the Independent Consumer Competition of the suggested take over bid, Paradise Company Limited has verified that they are in a dialogue with Kraft Heinz about obtaining Hugo Canning Limited. This makes submission seeking clearance for Hugo Canning Company Ltd, a subsidiary of Kraft Heinz Group. According to Paradise Company Ltd G...
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