Pioneering research being undertaken in Papua New Guinea by IFC and the Business Coalition For Women will for the first time measure the costs, and crucially, also the benefits to businesses of workplace responses to gender-based violence. The groundbreaking project, launched this month, aims to build evidence demonstrating the benefits to business of p...
For five years the Business Coalition for Women’s leadership training program has been getting results for PNG women and the businesses that employ them. Nearly 200 women from 60 organisations representing a diversity of industries all over the country have graduated from the Coalition’s Certificate IV in Leadership & Management, with many of them bei...
Gold BCR (GBCR): Building an empire of enduring wealth based on innovative blockchain technologies with junior mining companies. In this new era, modern science and innovation technologies are changing rapidly every day. Innovative new disruptive technologies ideas in mining are now meeting together with blockchain. These new disruptive technologies such ...
Cabinet has approved the K20 million submission to establish the facilities of the National Agriculture Quarantine and Inspection Authority (Naqia) across the country.According to Agriculture and Livestock Minister John Simon, “The managing director Joel Alu and I took the submission to the Cabinet in which we got an approval of roughly K20 million to set...
In the next four years (2021 to 2024), the export and production value of spices is expected to rise from K200 million to K500 million.According to the chief executive officer for PNG Spice Industry Board Michael Waisime, plans are to promote and develop a spice industry towards a sustainable economy. He said that to increase the production, training of f...
By Roger Kewa Avinaga Like any other industries that have been impacted by the COVID-19 in 2020, the mining industry has been impacted by the pandemic. The industry has been confronted with numerous challenges. The operations of the mines shut down, some mines have suspended or scaled down operations while others have gone into isolation mode. On the comm...
Local contractors in Porgera have lost an estimated K111 million since the mine shut down.This was disclosed by the Porgera Chamber of Commerce and Industry (PCCI) who according to its president, Nickson Pakea, said there were around 136 local contractors who provide servicing, support and heavy equipment parts.He added that businesses in the area have fe...
After an election of its new executives led by President Ian Taruita, the Papua New Guinea Chamber of Commerce and Industry (PNGCCI) said that it will build a 100-day work plan for its profile. Aside from Taruita, elected are the following: John Byrne (vice-president Momase and Highlands), Jeff Abel (vice-president Southern), David Stein (vice-president I...
In a statement released by the Independent Consumer Competition of the suggested take over bid, Paradise Company Limited has verified that they are in a dialogue with Kraft Heinz about obtaining Hugo Canning Limited. This makes submission seeking clearance for Hugo Canning Company Ltd, a subsidiary of Kraft Heinz Group. According to Paradise Company Ltd G...
Kumul Training Institute – School of Aviation Studies, a privately-run institution, was recently given the signal to provide aircraft engineering training in the country.PNG Civil Aviation Safety Authority (CASA) acting managing director and chief executive officer Wilson Sagati has presented the school with Certificate Number 141/003 at CASA headquarters...
Kina Petroleum Corporation has submitted an application to delist from the Australian Securities Exchange (ASX).This follows a delist from Papua New Guinea’s stock exchange (PNGX) and ASX, but subject to receiving approval from ASX to continue with the ASX delisting.It added that the notice of meeting for the shareholders of the company would be convened ...
With the resealing and the road maintenance project to start next year on the New Britain Highway from Kokopo to Bitagunan, Cocoa farmers in East New Britain (ENB) will have better access to markets.This follows after the PNG-Australia partnership has awarded a K9.3 million contract. According to the Australian High Commission, connecting farmers has been...
The availability of foreign currency in PNG is still very challenging.This, according to ANZ PNG managing director Mark Baker, who said this was because the market was still imbalanced. He added that this demand for foreign exchange was outrunning supply which came mainly from the commodity exporters of Papua New Guinea. “This is a structural imbalance an...
An economist said that in light of the pandemic, the economy will come off as weak next year. According to Westpac senior economist Justin Smirk, “We expect that there will be weak economic growth in 2021 following the after-shock and recovery of the Covid-19 on businesses and the economy with mining output also expected to be low. The medium-term recover...
The initiative of the government in subsidising freight services for fresh produce through the transport freight subsidy scheme is continuing.According to Secretary for National planning and monitoring Koney Samuel, the program is still running. He added that they worked on the first phase with the Bismarck Maritime Limited which was done around July and ...
Westpac Group has announced the sale of its businesses to Kina Securities Limited (ASX:KSL) (Kina Bank) for up to $420 million. These are Westpac Fiji and Westpac’s 89.91% stake in Westpac Bank PNG Limited. According to Westpac Group Chief Executive, Specialist Businesses & Group Strategy Jason Yetton, the sale follows the decision of the group to foc...
Australian natural gas developer Santos Ltd has lowered its production cost guidance at US$8.00 (K28)-$8.50 (K29.80)/boe (barrels of oil equivalent) and has upgraded its 2020 production guidance to 87 and 89 million barrels. According to the firm, the upgrade was due to a strong operating performance across its base businesses and represents more than 50 ...
Australian natural gas developer Santos Ltd said that the PNG LNG is a world-class low-cost asset delivering above nameplate productivity. According to chief operations officer David Banks, opportunities for expansion can come in the future. “One core asset that is operated by others is the PNG LNG,” he said. “Exxon Mobil, the operator, does a very good ...
To keep PNG in line with the newest global trends on urbanisation, Papua New Guinea Prime Minister James Marape has launched the National Capital District (NCD) Urban Development Plan in Port Moresby.He thanked NCD Governor Hon. Powes Parkop for ensuring that the services for the people continue to function, for continuing to work to improve the lives of...
The budget for 2021 is critical after an economic downturn this year, said Kina Bank.In a budget review, the bank said that next year’s budget showed a shift in focus towards the non-resource sector - with the goal of establishing a foundation for tangible economic growth outside the resource sector. It added that fiscal consolidation was part of its over...
Palm oil prices have returned to normal.According to New Britain Palm Oil Ltd (NBPOL), the cost is presently at US$880 (K3,019.95) per metric tonne cost, insurance, and freight Rotterdam mark.Country manager Robert Nilkare said that this important achievement was a source of income for employees and smallholders and of foreign currency for the country. He...
The United States has begun rebuilding its relationship with the government of Oro.In a recent visit to the province, US Ambassador to Papua New Guinea, the Solomon Islands and Vanuatu, Erin McKee said that her courtesy visit to the historical sites around the area was an initial step in strengthening their relationship. To understand better service deliv...
In the past 18 months, strong international friendships have helped the government in its continuing economic reform policies.According to Treasurer Ian Ling-Stuckey, this included the chance to meet with the Australian High Commission last December 3 - which included a conference call with Australian Treasury officials - to discuss the robust strategic r...
The K400 million 23-storey Noble Centre building in downtown Port Moresby is set to finish early next year. According to China Railway Construction Engineering Group (PNG) Real Estate Company Ltd marketing manager Maksim Neil, the work was delayed because of the ongoing pandemic. “We have obtained the occupancy certificate from the National Capital Distri...
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