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The East Asia and Pacific region’s recovery has been undermined by the spread of the COVID-19 Delta variant, prolonging the distress for firms and households, likely slowing economic growth and increasing inequality, the World Bank said. Economic activity began to slow down in the second quarter of 2021, and growth forecasts have been downgraded for mo...

The final leg of the Papua New Guinea Extractive Industries Transparency Commission Bill covering the Southern Region is underway in Port Moresby this week. Central Governor Robert Agarobe opened yesterday  the workshop with the key message that honesty and transparency must be the cornerstone principle guiding the management of PNG’s resource to deri...

CEFI, the Centre for Excellence in Financial Inclusion has signed a Memorandum of Understanding with PNGX Markets, the PNG Digital ICT Cluster and Emerging Venture Management (Unkapt), together the proponents of the DEFINE Initiative, to provide for a framework of cooperation and communication.  To achieve the targets of the Sustainable Development Goa...

Following the release of its issue paper on October 1st, the Constitutional and Law Reform Commission (CLRC) will review personal income tax rules. According to CLRC Secretary Dr Mange Matui, the Terms of Reference on the revision of Income Tax Laws in Papua New Guinea focuses primarily on the Personal Income Tax paid by public officials and private se...

Kina Securities (KSL) has called off its deal to buy Westpac's Pacific division. Kina and Westpac Banking Corporation have mutually decided to terminate their purchase of Westpac Fiji and Westpac's 89.91 per cent interest in Westpac Bank PNG, which was intended to broaden Kina's market reach. The transaction was subject to numerous regulatory cleara...

According to Investment Promotion Authority (IPA) managing director Clarence Hoot, the total value of the 249 foreign investment proposals in the nation up to last month was about K1.3 billion. He told a business conference that the energy sector had the most proposed investments, totalling K500 million. He stated that the Coronavirus (Covid-19) pandem...

As part of the American Rescue Plan Act, the US government announced $3.8 million in urgent COVID-19 assistance for PNG through the United States Agency for International Development (USAID). This assistance will assist in accelerating widespread and equitable access to and delivery of safe and effective COVID-19 vaccines, strengthening health systems,...

Nine members of the PNG delegation to the Dubai Expo, led by deputy commissioner Jacinta Manua, have already departed the country. They will erect the Papua New Guinea pavilion. “This is an important exercise which will go right throughout the world,” Manua said. “We have been preparing for over a year or so and are now ready for Dubai.” Forei...

Malaysia has a $5 billion (K17 billion) investment in Papua New Guinea, according to Mohamad Nasri Abdul Rahman, Malaysia's High Commissioner to PNG. Nasri stated that Malaysia was delighted and looking forward to contributing more to PNG's socio-economic development at the Malaysia Day celebrations over the weekend. “Both countries have been workin...

A new World Bank report on the challenges facing the Pacific region’s outer island communities identifies investment in people and livelihoods as a key for inclusive economic growth.     Archipelagic Economies: Spatial Economic Development in the Pacific looks at the challenges Pacific governments must address to provide services and infrastructure to ...

Telikom PNG Ltd interim chief executive officer Amos Tepi said the Telikom-bmobile merger should be finalized by the end of the month. Tepi stated that the merger was roughly 85% complete. “We are just looking at the regulatory and legal aspects and once that is over, we are going over the line so we should meet the deadline,” he said. “It’s all ...

The Independent Consumer and Competition Commission and the National Information and Communication Technology Authority have signed a memorandum of understanding to handle customer ICT concerns. According to ICCC Commissioner Paulus Ain, there has always been a missing connection between the ICCC and the NICTA in terms of where the legislation stands i...

David Manning, the Police Commissioner and Controller of PNG's National Pandemic Response, has approved the release of new measures to combat the COVID-19 pandemic. These new measures, which took effect on September 15, 2021, were developed in response to the ongoing threat of COVID-19 while also ensuring continuity and normalcy in all aspects, accordi...

According to PNGX chairman David Lawrence, listing on the PNG Stock Exchange (PNGX) for the benefit of PNG investors should be a requirement for doing business in the nation. After Santos said it had entered into a merger implementation agreement with Oil Search PNG Ltd, Lawrence said that the firms had not stated whether Santos will be listed on the P...

Kina Securities Ltd's attempt to purchase Westpac PNG Ltd was denied by the Independent Consumer and Competition Commission (ICCC) (Westpac). After going through the ICCC Act's procedures, ICCC commissioner and chief executive officer Paulus Ain verified this. On March 17, Kina Securities submitted an application to purchase 89.91 per cent of Westpa...

Retail internet rates would be decreased by around 50% by the end of next year, according to Dataco PNG Ltd chief executive officer Paul Komboi. Wholesale prices had already been slashed by nearly 40%, he said at an investment conference. However, due to market competition, it was not cut at the retail level. “I hope in 2022, we will see at least...

According to PNG Ports Corporation chairman Kepas Wali, the Motukea international port facility west of Port Moresby will undergo a multi-million kina makeover next month. It is estimated that the repair and reconstruction work will take ten months and cost K56 million. “The pavement covering the Motukea international terminal surface has deteriorat...

Market capitalisation will drop by 30 per cent if Oil Search leaves the PNG Stock Exchange (PNGX) due to a possible Santos merger, says PNGX chairman David Lawrence. The PNG stock market is currently valued at K120 billion, according to the PNG Securities Commission, with 13 businesses listed. According to Lawrence, Oil Search is an important compon...