According to the Bank of PNG's (BPNG) jobs index, structured private sector employment fell by 5.5 per cent in the September quarter of 2020, relative to a 1.3 per cent growth in the June quarter of 2020. This was recently illustrated in BPNG's quarterly economic bulletin for the September quarter. BPNG Governor Loi Bakani said that jobs dropped by ...

Governments in some coffee-producing countries have struggled to provide facilities that encourage the cultivation and processing of high-quality coffee. Strategies for improving coffee production and processing in Papua New Guinea: Lessons from the top five coffee-producing countries, a report by the PNG National Research Institute (NRI), highlighted ...

If the planned takeover of Westpac's Pacific company is authorised, Kina Bank said the new bank would have a new name and would be independent of Kina to increase banking sector competitiveness and consumer preference. Kina's plan, according to Chief Executive Officer Greg Pawson, is to establish a new-branded bank for the nation that is independent an...

If COVID-19 cases continue to rise, the government is considering a lockdown from the new Isolation Strategy. People are not listening or complying with the Niupla Pasin policies, according to Rainbo Paita, the Leader of Government Business. As a result, Cabinet has had to take drastic measures to save lives. “Another main factor is because people a...

The reopening of the Porgera Gold Mine at the earliest, according to the Porgera Mining and Allied Workers Union (PMAWU), is good news. This comes after the PNG government announced that Barrick Niugini Limited would ink a new deal for the reopening of the Porgera Gold Mine. The PMAWU Executives said in a statement that those directly affected have ...

Treasurer Ian Ling-Stuckey has started talks with the Asian Development Bank (ADB) on the goals for the ADB's $US2.2 billion in funding over the next four years. After a virtual meeting with ADB country director David Hill, the treasurer said the Marape Government needed to continue its emphasis on the war on coronavirus while also developing the found...

According to Oil Search, oil prices have risen steadily in recent months from the initial effect of the Covid-19 last year, when prices ranged about US$43 (K150) per barrel of oil (bbl), to levels above US$60/bbl (K210) since February this year. In response to questions, a group spokesperson said,“ To date, there has been no impact to production in our...

The Lae Chamber of Commerce and Industry (LCCI) said it welcomes any power plan that is long-term, environmentally friendly and creates jobs in the delivery of efficient, low-cost electricity in Lae and Morobe. President John Byrne referred to concerns regarding the PNG Biomass project in the province's Markham Valley when he said, “PNG Biomass has pro...

With the outstanding amount of government debt owed to the sector, pending landowner fees, and rising law and order woes, businesses are concerned about 2022. According to Chey Scovell, chief executive officer of the PNG Manufacturers Board, conversations within the business community revealed that the government owed companies more than K2 billion. ...

According to the Goroka Chamber of Commerce and Industry (GCCI), business is sluggish in Goroka, Eastern Highlands, but there is hope that the situation will change when the coffee industry picks up. In a market update, GCCI president Chris Anders said that coffee has always had a significant influence on the local economy. “Business has been slow t...

The Papua New Guinea Securities Commission has placed a new levy for all trades on the PNG Stock Exchange, the country's stock market (PNGX). The Securities Commission adopted the new levy on February 8 and it went into effect on March 8, according to PNGX chairman David Lawrence. Each buyer and seller are expected to pay an extra 0.75 per cent of the ...

The United Kingdom is the main contributor to the United Nations Peacebuilding Fund, which funds programs in Bougainville and the Highlands region of Papua New Guinea. Last week, British High Commissioner to Papua New Guinea Keith Scott said that the United Kingdom, as a Permanent Member of the United Nations Security Council, regularly engages in nego...

For the fiscal year 2020, Steamships Trading Company posted a profit of K78.9 million. This represents a 57.7% increase from the company's financial year 2019 figures. Consort's better efficiency, along with small contributions from the other logistics companies, helped to offset a loss in Coral Sea Hotels and a weaker outcome for Pacific Palms Prop...

Last month, five senior national workers from the halted Porgera Mine operations received resident mine manager certificates. All five are part of the Porgera mine's Care and Maintenance (C&M) Leadership team  Ezekiel Nori, Superintendent (Probationary) Open Pit Mining, Teddy Ulopo, Senior Mine Engineer, Deryck Akis, Alternate Manager Sorting, I...

The World Bank has funded a $30 million (PGK105 million) project to help the state-owned electricity provider PNG Power boost its operational and financial efficiency. The PNG Energy Utility Efficiency and Reliability Improvement Project (EUPRIP) arrives at a crucial time for PNG, with people around the country facing big problems with inadequate acces...

The role of the procurement team in PNG will evolve and change in 2021.  These changes will come off the back of some unforeseen issues which may not of been as pertinent prior to the pandemic. Due to regulatory penalties, unprecedented disruption caused by COVID, an increase in raw materials, high demand in shipping and an increase to freight prices d...

Prime Minister James Marape said in a statement that the government is willing to sign an agreement with Barrick Gold to reopen the Porgera Gold Mine in Enga, which has been closed for a year. The mine was abandoned after the State declined to extend Barrick Niugini Limited's mining contract (BNL). PM Marape said there was a breakthrough after deali...

According to the Japanese Embassy, Japan is allocating more than K32 million to support Papua New Guinea (PNG) in fighting the transmission of the coronavirus (Covid-19). The embassy said in a statement last week that its government will give international organizations in PNG K32,484,368 to introduce projects to combat Covid-19 infections. The Worl...

Caption: From Top Left: Issac Kwetok, OTML’s new Deputy General Manager for Processing, Hillary Turnamur, now Manager Process Operations, Beverly Pasen (Manager Finance), David Laulau (Manager Mine Technical Services), Dexter Wagambie (Manager Kiunga Operations), and Rueben Lapin who is now Manager of Business Continuity. As part of its vision to grow ...

The Investment Promotion Authority (IPA) is committed to ensuring that the Investment Promotion Act is properly reviewed in order to carry out its mandated duties and obligations. This is to ensure that all international and domestic investments are encouraged and facilitated. In its second issue of the Opportunity Newsletter for 2021, the IPA said ...

By the end of the year, the much-anticipated national demographic estimates and common roll update will be available. The National Statistics Office (NSO) gave this assurance when confirming that 95% of institutional listing has been achieved. Despite the COVID-19 pandemic, Acting National Statistician John Igitoi stated that the NSO was committed t...

The effect of the COVID-19 pandemic on the prices of seasonal produce and medical services pushed annual inflation higher in the second half of 2020. Loi Bakani, the Governor of the Bank of PNG, said annual headline inflation was 5.1% in the December quarter of 2020. The annual key indexes of inflation, he said, had also risen. According to Bakan...

Ok Tedi Mining Limited (OTML) has announced that mine operations will resume on Thursday, April 1, 2021, after being briefly halted on March 19, 2021, due to a spike in COVID-19 cases found at the mine site. While the start-up of operations will be incremental, the ramp-up to full production is estimated to take up to two weeks, according to OTML Actin...

Ok Tedi Mining Limited (OTML) has pledged PGK20 million to assist Papua New Guinea in combating the country's rising COVID-19 cases. Acting Managing Director and Chief Executive Officer Kedi Ilimbit, OTML General Manager Community and Operations Support, made the statement in March 2021, adding that OTML's dedication reflects the company's sincerity in...