Bank South Pacific (BSP) Group expects its financial results to be no less than last year’s.This was according to BSP chief executive officer Robin Fleming, who said that the year started off well for the bank. Ending December 31, 2020, the bank made a net profit of K806.2 million, a 9.5 per cent decrease compared to K890 million in 2019. The decrease was...

The Morobe government has recently passed its budget worth K662,675,000.Morobe Governor and finance chairman Ginson Saonu said that this budget is for developmental and rural growth, adding that the budget had K204,026,700 from internal revenue and K458,648,300 from the national grants.“The 2021 internal revenue total estimate is increased by 10 per cent,...

In order to achieve full radio, television and internet coverage, the Ministry of Information and Communication Technology plans to help the Autonomous Bougainville Government through improved tower infrastructure and fibre connectivity. In a statement, ICT Minister Timothy Masiu plans to seek cabinet approval to roll out these programs. He said that his ...

The Internal Revenue Commission has signed a Memorandum of Understanding with the Gulf Province in Port Moresby. IRC Commissioner-General Sam Koim said that they have also forged similar partnerships with other provinces except for Hela, Southern Highlands, and Gulf and that this partnership is very timely because they will also be forming relationships w...

The Global Sustainable Seafood Initiative (GSSI) has welcomed the country’s Fishing Industry Association (FIA) as a funding partner. According to Fishing Industry Association (PNG) president and chairman Sylvester Pokajam, this partnership was an achievement for them to improve and to raise their commitment to the conservation of the ecosystem and to prot...

To address the problems of electric supply in the region, PNG Power Limited has focused its efforts on addressing key issues in the country. According to Managing Director Flaggon Bekker, the organisation was split into two - corporate and execution - to see how to solve these problems. “With the split in the organisation, there are no-cost implicat...

Papua New Guinea has lost a great man. Grand Chief Sir Michael Thomas Somare, the man who led the country to independence in September 1975, died of pancreatic cancer at the Pacific International Hospital in the country’s capital. He was 84 years old. The national government has urged all flags to lower at half-mast to honour the great man.In a statement,...

With international borders shut down to contain the virus, PNG experienced a downfall in international travellers from January to June last year - 32,805 as compared with 75,556 of the same period n 2019, a drop of 57 per cent. In addition, tourism-related businesses and enterprises suffered major losses, and there is a dearth of tourists visiting shoppin...

The major cause of the lack of foreign exchange is trade imbalance.According to Acting Chief Trade Officer Richard Yakam, import service are costing the economy about K5 billion and that the constant increase and leakage in the economy is causing an imbalance in trade. “This leakage in the economy has resulted in the forex issue that means more currencies...

Crucial reforms have to be made so that the tourism industry can move forward.According to Minister for Tourism, Arts and Culture Isi Leonard, they need to ensure that the environment for the tourism industry is significant to these changing times. He added that the enforcement of standards will add value to competitive advantage as a destination to ensur...

The Wafi-Golpu landowners have finally voiced out their support to the National Government on the environmental permit given to mine developers. The five associations chairmen - Victor Geactuluc (Yanta Development Association), John Nema (Hengambu Landowner Association), Jack Raban (Babuaf Development Corporation) of the Special Mining Lease (SML) area in...

In the last two years, PNG exports to China Have risen over K13 billion.According to Deputy Prime Minister Sam Basil, “It is public knowledge that PNG exports to China have grown from K11.829 billion in 2018 to K13.185 billion in 2020.”He added that the dominant exports were from the liquefied natural gas (LNG) industry. “The three leading recipients of o...

The initiative of the Ihu special economic zone project will promote and boost international trade among countries trading with Papua New Guinea.This was revealed by Acting Chief Trade Officer Richard Yakam, who said that this project is very significant in promoting export and import between countries and increasing trade relations. He added that with th...

With the signing of the HR recruitment contract, the $US6 billion (K21 billion) Ihu Special Economic project spearheaded by the Kikori district development authority has moved into its second phase of development. Minister for Foreign Affairs and Kikori MP, Soroi Eoe said the signing is significant in that it enables the National Executive Council decisio...

Oil Search has brought a strong financial year in 2020 with a core net profit after tax of US$22.0million (K77m), also reported to a full-year production of 29.0 mmboe and the strongest safety performance since assuming operatorship in 2003.The financial results were significantly lower realised hydrocarbon prices in 2020 as compared to 2019, which result...

The government and Shenzhen Energy of China recently signed the K3.3 billion Ramu 2 hydropower project. According to State Enterprise Minister William Duma, although the conditional power purchase agreement with PNG Power had been signed, there were other financing arrangements that the project consortium needed to work on with their own parties before...

The Lae Biscuit Company (LBC) has met internationally recognised and approved food safety and control measures.One of 10 certified food manufacturing companies in Papua New Guinea, the LBC has been awarded the Hazard Analysis Critical Control Point (HACCP) certification by the Papua New Guinea Certification Services through the National Institute of Stand...

St Barbara Ltd’s Simberi operations in New Ireland is set to transition from mining oxide ore to sulphide. The mine which has been producing gold since 2009 said that its social and environmental impact studies (SEIS) are presently being finished for submission to the Conservation and Environment Protection Authority (Cepa) and Mineral Resources Authority...

St Barbara Limited’s Simberi operations in the New Ireland province has a new general manager in the person of Iso Ealedona.Ealedona was previously the head of operations for the past seven months and is a mining engineer and pioneer of the PNG University of Technology mining degree program. With over 26 years of experience in the industry working in Aust...

In spite of the effects of the pandemic, Swire Shippes continues to thrive as it unveiled its new office in Lae.In attendance during the opening were Swire Shipping country manager Alistair Skingley, partners, customers, employees, and members of the business community.According to Skingley, this new office signals the successes of Swire Shipping, which h...

If low-cost power can be produced, then the investment into the Ramu Two power project may proceed, said Prime Minister James Marape, who was responding to a report that a Chinese investor in the Ramu project had said that the government had nothing to do with this. Marape added that the investment was part of the public-private partnership, where the ...

Kingston Resources has appointed Geoff Callister to help lead the social responsibility programs and project approval at its 3.6-million-ounce Misima Gold Project in Milne Bay Province of Papua New Guinea.This will further expand Kingston’s in-country management team as the project moves further through regulatory approvals and mining studies. Among the r...

The closure of the Porgera gold mine has caused its people to feel the pinch. “We are feeling a lot of effects such as power outages, deteriorating roads, businesses shutting down and many schools and aid posts closed,” said acting district administrator Jerry Mapu, who added that the Paiela-Hewa local level government had all but closed down with an aid ...

Following a public forum in Lae last week, regarding the Wafi-Golpu project, Morobe Governor Ginson Saonu said that there must be a mutual understanding between all stakeholders - which includes provincial and national governments, and landowners and mine developers. He added that many people in Morobe allows the start of the multi-million Kina, except fo...