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...
City Pharmacy Limited had a profit of K6.8 million before taxes. This is an 8.1% decrease from the half-year figures for 2020. Chairman Stan Joyce stated that the first half of 2021 would be another difficult year for CPL Group as it strives to generate value in an increasingly tough local economic climate. Joyce stated that the company has exerc...
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 a market statement, Santos Ltd and Oil Search PNG Ltd have completed their merger through a merger implementation deed. Reciprocal confirmatory due diligence, which began on August 6, has been completed. Oil Search shareholders will get 0.6275 per cent new Santos shares for each Oil Search share held on the plan of arrangement's record ...
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...
Photo Credit: Ilya Gridneff/AAP The ABG Minister for Mineral & Energy Resources, Hon. Rodney Osioco, announced today that the Bougainville Executive Council (BEC) has endorsed for unlicensed gold and other minerals to be treated as “restricted items” at all port facilities (airports and wharves) in the Autonomous Region of Bougainville. Under re...
Today, the Electric Mine Consortium (EMC) launched the ‘Electric Mine Simulation’ crowd challenge in partnership with the OZ Minerals Think & Act Differently ideas incubator and Unearthed. OZ Minerals, IGO, South 32, Blackstone Minerals, Evolution Mining, Barminco and Goldfields have committed to significantly reducing their carbon footprint. These...
Weir Minerals and Andritz have signed an agreement at MINExpo 2021 expanding their shared commitment and strategic cooperation to supply equipment for processing tailings in the mining industry. The foundations of this agreement have been built on a shared understanding and vision to enable the sustainable and efficient delivery of the natural resources e...
Head of the PNGEITI Mr Lucas Alkan last week in Wabag at the opening of the consultation. The Head of the PNG Extractive Industries Transparency Initiative (EITI) Mr. Lucas Alkan has issued a strong challenge to stakeholders in the extractive industries to embrace and promote the work of EITI in Papua New Guinea to derive best value from the industry. ...
According to Nambawan Super Ltd, the 6% of wages that people must put to superannuation after income tax is too excessive. Chief Executive Officer Paul Sayer said the majority of members will pay at least 22% income tax on their employee contributions. He claimed it was unjust since some members would pay up to 42 per cent of their gross revenue in ...
Photo Credit: The Australian - Telstra CEO Andy Penn According to a source, Australia's Telstra CEO Andy Penn visited the nation last month to negotiate the possible acquisition of Digicel Pacific. According to the Australian Financial Review, Penn visited PNG to discuss the prospective purchase of Digicel Pacific with the country's political autho...
The government has improved its economic management to ensure that billions in concessional discoveries are brought into the country to help alleviate the country's currency problems. In a recent speech to Parliament, Treasurer Ian Ling-Stuckey stated. that the government is now attempting to assist businesses in creating a favourable climate. “Busi...
An economist claimed that earning more foreign cash through exports than imports is a simple strategy to ensure adequate foreign exchange. This was said by Corinna Economic Advisory economist Saul Eslake recently. Agriculture, he noted, was PNG's export strength. “PNG authorities need to manage the economy carefully that is through a monitoring p...
The Minister for International Development and the Pacific, Zed Saselja, stated that Australia wishes to assist the PNG government in addressing its budgetary and economic issues. During a press conference, Saselja stated that Australia has provided US$400 million (K1.3 billion) in loans to PNG's budget priorities over the previous two years. “This ...
Photo Credit: Loop PNG According to Petroleum Minister Kerenga Kua, the proposed merger of Oil Search Limited by Santos must be in the best interests of the country. While Kua recognizes the significant contribution Oil Search Limited has made to the country, he believes that a merger will result in the company's identity being lost and subsumed und...
Prime Minister James Marape of Papua New Guinea has charged the mining ministry, the Mineral Resources Authority (MRA), and the State Negotiating Team (SNT) with resolving the Wafi-Golpu project's delay by December. Marape was asked by landowner organisations to speed up the processes and resolve concerns that are delaying the project at a forum hosted...
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