Additional company tax on the banking sector will increase from 30 to 45 percent treasurer Ian Ling-Stuckey said when presenting the 2023 budget in parliament recently. This is expected to raise K240 million in 2023 to fund core vital services. The additional company tax was initially imposed on companies declaring huge profits such as BSP and Digicel ...

The Forestry Act 1991 (amended) is under legislative review after 30 years to accommodate the government agendas for the forestry sector, taking into account new and emerging issues in-country as well as globally. Papua New Guinea Forest Authority (PNGFA) in collaboration with the Constitutional & Law Reform Commission (CLRC) held a lockdown worksh...

Photo: Musje Werror The Board of Ok Tedi Mining Ltd announced that it has accepted the resignation of Managing Director and CEO, Musje Werror. OTML Board Chairman, Dr. Roger Higgins, made the announcement today. Dr. Higgins thanked Mr Werror for his contribution to Ok Tedi over many years, starting as a graduate trainee, working across all aspect...

Photo: Treasurer Ling-Stuckey delivers the 2023 Budget in Parliament today. Picture courtesy of PARLIAMENT MEDIA Prime Minister Hon. James Marape says the K590 million in cost-of-living relief, provided for in the biggest-ever K24.567 billion 2023 Budget handed down recently (November 29, 2022) by Treasurer Hon. Ian Ling-Stuckey, shows that it is a “Pe...

The Port Moresby Chamber of Commerce and Industry (POM CCI) held its 67th Annual General Meeting at the Lamana Hotel on the 24th of November 2022 , present to witness the occasion were its members, executives and various stakeholders.  The meeting was officially opened by the President and Master of Ceremony Mr. Rio Fiocco who gave his opening remarks ...

Prime Minister Marape headlines a star line-up of speakers at the 16th PNG Mining and Petroleum Conference, in Sydney in December, to promote international investment in PNG.   Already over 1000 attendees are registered to attend, as the Conference features a dynamic and engaging program centered around Prime Minister Marape’s announcement of 4 new mega p...

Photo: PM Marape and Governor Bird in discussions with representatives of Pacific Elite Palm Oil Group in Singapore on Monday (November 21, 2022). Prime Minister Hon. James Marape has given his support to development of the oil palm industry in Papua New Guinea on a massive scale. PM Marape gave his support after he and East Sepik Governor, Hon. All...

Photo: PM Marape and Chinese President Xi Jinping before their bilateral meeting in Bangkok, Thailand, on the sidelines of APEC 2022. Prime Minister Hon. James Marape says Chinese President Xi Jinping has given him an undertaking to buy more or all that Papua New Guinea produces. The undertaking was made during a bilateral meeting between President ...

The Papua New Guinea Trade Union Congress (PNGTUC) and its affiliated unions have supported the points that were raised by the Minister for international Trade and Investment, Hon Richard Maru on the urgency to investigate companies and businesses that have been operating on loss every financial year. PNGTUC Secretary, Mr Clemence Kanau said no sane pe...

The office of censorship has finally launched its Corporate Censorship Plan 2022 to 2026 in Port Moresby recently. In launching the plan, Community development Youth and Religion Minister, Hon Jason Peter said the document was important as it focuses on the organisations capacity and it will help them to implement ‘The National Censorship Policy II’ to...

The Minister for state enterprises, William duma has announced the approval that there will be a new commercial bank to be established in the country next year, He stated this when responding to the NCD Governor, Powes Parkop regarding banking related issues in the country in parliament recently. Minister Duma stated that the Marape-Rosso Government ha...

Photo: National Development Bank Head Office The National Development Bank (NDB) in partnership with the Sohe District has launched its Small to Medium Enterprise (SME) credit scheme program, last week in Oro, Northern Province. Member for Sohe and Minister for Commerce and industry, Henry Amuli, together with executives of The National Development ...

Photo: Kavieng Airport Minister for Treasury Ian Lin-Stuckey has stated that the upgrade of Airports in the Country is Vital for Papua New Guinea's Development. “I was honoured that Prime Minister James Marape opened the Kavieng Airport upgrade.  This was a historic day for Kavieng, making for safer and better linkages to the rest of PNG and the wor...

Since taking Office in 2019 and continuing his tenure as the Prime Minister after the recent elections, Hon James Marape has always been adamant about connecting the whole of Papua New Guinea through a road network that links the whole nation. Prime Minister Marape continues to be vocal about the Connect PNG Program of which his government has already ...

Minister for Tourism arts and Culture, Hon Isi Henry Leonard said the culture and creative industry in Papua New Guinea is an untapped industry and a sleeping giant. The Minister made a bold statement pointing out that the industry can also contribute immensely to the country’s economic growth. “Besides, we have so much to offer especially in tourism i...

Photo: Mr Musje Werror The Ok Tedi Mining Limited (OTML) Board Chairman Dr. Roger Higgins is concerned with the media reports on the purported removal of Mr Musje Werror. Mr Werror remains the Managing Director and CEO of OTML. Dr. Higgins makes particular reference to and agrees with the statement by the Minister for State Enterprise Hon. Willia...

Photo credit: PNGEITI - Porgera Mine The Porgera chamber of commerce and industry hopes that the re-opening of the mine will go ahead as planned. Chamber president Nickson Pakea said the mine must be re-opened next month as announced recently by Prime Minister James Marape. Pakea said the mine closure had led to criminal activities. “The mine ...

Photo credit: Shuttershock The government rating's outlook has been improved by Moody's Investors Service from "negative" to "stable." The move from negative to stable is attributed to "a stabilisation in the Government's debt load coming in part from the positive terms of trade shock from better global prices for Papua New Guinea's commodities expo...

The Queensland government through the Ministry of Treasurer and International Trade and Investment will be appointing a Queensland Trade Commissioner for the Pacific by next year 2023. This is part of the Queensland government’s effort in strengthening the trade, economic and relationship that exists between Papua New Guinea and Queensland. Queensla...

Photo credit: Papua New Guinea Today The Papua New Guinea Independent Commission Against Corruption (ICAC) launched its Anti-Corruption and Integrity Strategy 2023-2025 in Port Moresby recently. The two-year Strategy is a roadmap for combating corruption within ICAC. The document is an outcome of a Memorandum of Understanding between ICAC and its...

Photo credit: Papua New Guinea Today Kumul Consolidated Holdings (KCH) has paid dividends to the State after 7- years.  The country's Minister for State Enterprise William Duma officially handed over a dummy cheque of K80 Million Kina to Treasurer Ian Ling-Stuckey and Prime Minister James Marape this week.  The dividend amount from all state-owne...

According to an official, the National Energy Authority is enforcing stricter regulations on the energy and electrical industries in Papua New Guinea, and experts must hold a licence to practise. In Kavieng, New Ireland, recently, acting managing director Ronald Meketa made this statement at the start of the first electrical licensure exam for the New ...

As a result of climate change, international crime, and tax evasion, Pacific Island nations must continue to collaborate in order to solve security challenges. David Towe, the Chief Commissioner of PNG Customs, made this statement at the fourth Joint Heads of Pacific Security conference in Fiji. According to him, it was necessary to utilise the regi...

ransparency mechanisms built into the topical Papua New Guinea Sovereign Wealth Fund (SFW) will enable an effective functioning of the fund, according to the PNG Extractive Industries Transparency Initiative. PNGEITI welcomed the announcement of an initial injection of K5.6 million into the fund making it operational more than five years after the enac...