The Chairman of Capital Insurance Group, Mr. Michael Koisen OBE, announced on the 23rd of September 2021, the appointment of Mr. Jeremy Norton as the Group’s new CEO. Mr. Norton joined CIG as its Group COO in January this year to drive operational excellence and sustainable business growth and has been an invaluable addition to the team. He was appoint...

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...

According to PNG Power Ltd, more than K700 million in power investment has been committed for the remainder of 2021 and next year, with further projects to be announced. About ten projects will begin under the PNG electrification partnership, according to PNG Power's director of project delivery Eric Alom, who spoke at a PNG Business Council conference...

Despite an increase in export and revenue, gold output in the alluvial mining industry has remained stable for the past 13 years, according to an official. Export income has increased from K100 million to over K600 million yearly in 2019 and 2020, according to Mineral Resource Authority managing director Jerry Garry. However, he stated that manufact...

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...

Photo credit: Travel Triangle Domestic tourism should be pushed today, argued Tourist, Arts and Culture Minister Isi Henry Leonard, since the tourism industry is being impacted by the Coronavirus (Covid-19) epidemic. “The Covid-19 has awakened us to realise our full potential,” he said. “The answer is in culture and domestic tourism. We have to r...

According to Tourism Promotion Authority (TPA) chief executive officer Eric Mossman Uvovo, the tourism industry has lost roughly K500 million as a result of the Coronavirus (Covid-19). “PNG recorded an 82 per cent drop – 170,000 fewer arrivals compared to the 200,000 arrivals of international travellers in 2019,” Uvovo told a tourism convention yesterd...

The talks between ExxonMobil and the government on the P'nyang gas project have been hailed as "good" by Prime Minister James Marape. Last month, the two companies signed a letter of intent to commence project talks. “ExxonMobil will be resuscitating conversations on the P’nyang gas fields which is up north from the present PNG LNG. P’nyang will be ...

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,...

According to Mayur Industrials chief operating officer Trent Alexander, construction on the Central Cement and Lime (CCL) project will begin in the first half of next year. Mayur Industries is a Mayur Resources Ltd subsidiary. The first phase of the project, a 2 Kiln Quick/Hydrated lime factory, cost around K300 million, according to Alexander. A...

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...

According to an official, a firm awarded special economic zone designation for a K1.3 billion cement and lime project hopes to lower construction material prices in the country. Mayur Industries is a Mayur Resources Ltd subsidiary. Trent Alexander, the project's chief operating officer, stated that the project will now be able to establish cheaper b...

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...

Photo credit: Samo Trebizan/Shutterstock According to MP Douglas Tomuriesa, a K3 million hydropower plant capable of powering Goodenough Island in Milne Bay will be erected to serve the people of Kiriwina-Goodenough. “We have already contracted it out, we have just recently paid out K380,000 to the contractor and they have told us that it will cost ...

Danny Robinson has been approved as Credit Corporation's president and chief executive officer. He was designated CEO of Credit Corporation on a permanent basis along with the firm's new general counsel and company secretary, Robinson. Robinson has been interim CEO of Credit Corporation since February this year following the departure of former CEO Pet...

The first half of the financial year 2021 has started off well for Credit Corporation Group, indicating a small recovery in financial performance from the severe contraction last year. The Group is concerned about the impact of the pandemic on its Pacific points of representation in the second half of 2021, with borders staying closed, delinquency leve...

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 ...

Photo credit: Kainantu Resources Kainantu Resources Ltd, the Asia-Pacific focused gold mining company provides an update on completion steps to acquire control of the May River Project in the world-renowned copper-gold district of Frieda River, Papua New Guinea (“PNG”). Background In a press release dated June 15, 2021 (“June Release”), KRL annou...

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...