Photo credit: World Bank / Denisa Maňásková, 2023 The World Bank has predicted that Pacific economies will return to growth this year after three years of economic contraction due to the COVID-19 pandemic. Stephen Ndegwa, the Country Director of Papua New Guinea and the Pacific, noted that "Pacific countries' economic prospects were clearly improvin...

Photo credit: PNG Tourism Promotion Authority Rodney Begley, the acting CEO of PNG Ports Corporation, has announced that Papua New Guinea will be receiving an exceptional number of cruise ships this year. Speaking at a business breakfast forum with the Port Moresby Chamber of Commerce and Industry, Mr Begley revealed that the country is expecting 100 c...

Photo: Greg Pawson. Credit: Kina Bank Facebook Page Kina Bank's CEO and Managing Director, Greg Pawson, has called for more competition in the banking sector in Papua New Guinea. According to Pawson, the recent 50% increase in corporate income tax to 45% will make it difficult for other banks to compete. He also stated that the decision to increase the...

Photo credit: PNG Office of the Prime Minister Facebook Page Prime Minister Hon. James Marape met with officials of TotalEnergies and Compagnie des Bois du Gabon (CBG), in Libreville, Gabon, recently. He was accompanied by Forests Minister Hon.Salio Waipo and Environment and Conservation Minister Hon. Simon Kilepa. Compagnie des Bois du Gabon (CB...

Photo: OTML Acting Chief Executive Officer Mark Thompson (fourth-left), General Manager Mining Derrick Kelly (far- right) with H.E Supandy and MP James Donald (centre) after the mine tour. The Ambassador of Indonesia to Papua New Guinea and Solomon Islands, His Excellency Andriana Supandy, recently visited the Ok Tedi mine on February 22. Ambassador...

Photo: Sir Kostas Constantinou The BSP Financial Group has announced the retirement of group chairman, Sir Kostas Constantinou, effective February 28. Sir Kostas joined the Bank of South Pacific Limited (now BSP) in April 2009 as a director and was appointed chairman in February 2011. During his tenure, he led BSP through many significant milestones in...

Photo credit: PNG Forestry Authority The PNG Forest Authority and the Australian Department of Agriculture, Fisheries and Forestry have signed a memorandum of understanding (MoU) aimed at transforming and reforming the forestry sector. The MoU outlines key platforms for collaboration, including the review of forestry legislation, the regulatory framewo...

Photo: BSP’s Acting Group CEO Ronesh Dayal BSP delivers a record K1.136 billion underlying profit, with BSP’s statutory profit reducing to K1.081 billion once the impacts of the new PNG government taxes are applied. Consequently, BSP’s shareholders K1.74 full year dividend was only marginally higher (0.6%) than the prior year’s K1.73. According to B...

Photo: Steamships new head office, the completed @345 on Champion Parade, formerly Burns House. Port Moresby listed Steamships Trading Company Ltd has announced a stronger than expected year in 2022, for the group, as the PNG economy recovered well from the constraints imposed as a result of the COVID-19 pandemic. 2022 results show improved revenue acr...

Photo: Greg Pawson Kina Securities Limited, has reported an underlying net profit after tax of K106.1 million for the financial year 2022, representing a 10.3% increase from the prior corresponding period (PCP). Kina’s CEO, Greg Pawson, said that the result was "pleasing" and demonstrated the company's commitment to its strategic plan. He also highligh...

Photo credit: PNG Tourism Promotion Authority National Fisheries and Marine Resources Minister, Jelta Wong, expressed his optimism regarding the future of tourism in Papua New Guinea (PNG). He believes that the country's tourism industry will experience significant changes within the next five years, particularly with the growth of the cruise ship sect...

Photo: (L-R) Myriam Ferran, Deputy Director General, European Commission/ Directorate General for International Partnerships; Paola Pampaloni, Deputy Managing Director, European External Action Service; Kapi Maro, Acting Secretary for Foreign Affairs; Jacque Fradin, EU Ambassador to PNG; and Buri Gari, Acting Director General Multilateral Division, Foreig...

Photo credit: Puma Energy Amid current economic issues in Papua New Guinea such as high inflation and unemployment, a shortage of foreign exchange currency last week crippled the country's fuel supply immensely, marking the second major nationwide fuel crisis within three months. This was the result of an ongoing situation between the Bank of Papua ...

Photo: Richard Maru International Trade and Investment Minister Richard Maru has expressed his concern about the ongoing fuel shortage in Papua New Guinea, stating that it could send the wrong signal to investors willing to do business in the country. Maru emphasized the need to resolve the issue quickly, saying, "This will leave a bad impression on ou...

Photo credit: International Trade and Investment Ministry of Papua New Guinea Facebook page The world experts on Special Economic Zones (SEZs) from Japan Development Institute (JDI) together with the local experts and the Ministry and Department of International Trade and Investment are now wrapping up their initial fieldwork of visiting the identified...

Photo credit: International Trade and Investment Ministry of Papua New Guinea Facebook page Kumul Petroleum Holdings Limited (KPHL) signed a Memorandum of Understanding (MOU) recently with the Ministry and the Department of International Trade and Investment to establish a long-term collaborative relationship where KPHL will be the energy solution prov...

Photo credit: Morobe Governor Luther Wenge Facebook page Morobe Governor Luther Wenge has expressed frustration at the slow pace of negotiations regarding the Wafi-Golpu project, a gold-copper mining project worth billions of Kina. According to Wenge, "the provincial government’s position is clear: mining must go ahead. We can sort everything else late...

Photo: Prime Ministers Marape and Rabuka in Suva, Fiji Prime Minister Hon. James Marape says Fiji and Papua New Guinea must work together for the greater good of the Pacific Islands’ family of nations. He said this on Tuesday (February 21, 2023) after a bilateral meeting with Fiji Prime Minister Hon. Sitiveni Rabuka in Suva. PM Rabuka is also Chair ...

K92 Mining Inc. is pleased to announce its latest high-grade results from the ongoing surface and underground diamond drilling of the Kora, Kora South, Judd and Judd South deposits in addition to the Kora Northern Deeps target at the Kainantu Gold Mine in Papua New Guinea. The results for the latest 89 diamond drill holes completed from surface and und...

Photo: Prime Minister Hon. James Marape Prime Minister Hon. James Marape announced recently (Sunday, February 19, 2023) that the economy is looking good with Papua LNG in Gulf to announce its Front-End Engineering Design (FEED) next week and negotiations on Wafi-Golpu Mine in Morobe nearing competition. FEED is the process for conceptual development...

Photo: An empty service station at 8-Mile in Port Moresby after the fuel bowsers ran dry. The Government is now in serious discussions with Kumul Petroleum Holdings Ltd (KPHL) and three multi-national petroleum companies to find solutions for the fuel shortage in the country, with a major announcement expected soon, Prime Minister Hon. James Marape has...

Photo: Prime Ministers Albanese and Marape at Commander’s Beach at Moem Barracks in Wewak last month.- PM’s Office Media Prime Minister Hon. James Marape has welcomed the successful outcomes of the 29th Australia–Papua New Guinea Ministerial Forum which was held in Canberra, Australia, on February 17, 2023 “I welcome the outcomes of the very-success...

Photo credit: International Trade and Investment Ministry of Papua New Guinea The Papua New Guinea-Australia bilateral relations must advance to another level and must be anchored on Trade and Investment relations between the two countries, says the Minister for International and Trade and Investment, Hon Richard Maru. Minister Maru said this during hi...

Photo credit: International Trade and Investment Ministry of Papua New Guinea Facebook page For the first time in over 24 years after approving the Pacific Balance Fund (PBF) and the Pacific Property Trust as Unit Trust Schemes, the Securities Commission of Papua New Guinea (SCPNG) recently approved the Lihirian Investment Fund Unit Trust as a new Unit...