Photo: BSP Group General Manager for Corporate Banking, Peter Beswick The global economy remains constrained by inflated commodity prices, lingering pandemic effects, and supply bottlenecks. According to BSP Pacific Economic and Market Insight Q1 2022 Report, BSP Group General Manager for Corporate Banking, Peter Beswick said Russia’s invasion of Uk...

Quarter one of 2022 Foreign Exchange (FX) market inflow momentum is expected to continue into the half-year, assisted by firmer commodity prices, end of half-year dividend flows and foreign aid, according to BSP Group General Manager – Treasury, Rohan George. “As FX inflows can be lumpy, we expect there to be periods where outstanding FX orders build u...

Photo: IPA Haus Since 2019, the Investment Promotion Authority has seen a significant increase in PNG businesses registered. The increase in registration came when COVID-19 hit the country, according to IPA managing director Clarence Hoot. “We are slowly seeing registration of businesses, especially from international investors and international ...

“As Bougainville continues to make great headway in its political development, we must also ensure that our socio-economic development is on par with our independence ready mission.” President Toroama made this bold declaration in parliament, emphasising the importance of hastening internal economic development plans. “We already have several high i...

Pacific Trade Invest (PTI) Australia, an agency of the Pacific Islands Forum Secretariat, has launched its 2021 Annual Report. Despite the harsh climate, the report highlighted more than A$27 million in export sales and 17 investment deals brokered in the area. In the aftermath of COVID-19, PTI Australia continues to engage with businesses in Papua ...

PNG DataCo Limited (DataCo) chief executive officer Paul Komboi says there will be a planned outage on the Coral Sea Cable System (CS2) between Port Moresby and Sydney from May 14 to 21. However, according to Komboi, the date might be pushed back to October. “DataCo management has considered this outage a critical precautionary measure to mitigate s...

Photo: Digicel mobile towers in Papua New Guinea. Credit: Jason South The possibility of Vodafone, Digicel, and Telikom PNG sharing towers is still being discussed. Mr Lal stated that Vodafone had first discussed tower leasing and sharing with both Digicel and Telikom/BeMobile, but that no viable agreements had been reached, prompting the company to...

Photo: Qantas has resumed its operations after more than two years.  On Friday, April 22, 2022, services resumed with the arrival of flight QF057 and the departure of flight QF058. Qantas flew to Papua New Guinea to bring supplies to the front lines during World War II. Qantas began flying from Australia to Port Moresby and Lae in 1945, where the...

According to Vodafone PNG, the country's third mobile operator would spend K3 billion in the country, offering chances for Papua New Guineans in terms of growth, prosperity, job creation, and telecommunications affordability and accessibility an official said. Regional chief executive officer Pradeep Lal said the telco (telecommunications company) was ...

Photo credit: Post Courier Mineral Resources Authority and Department of Mineral Policy and Geohazard Management held a goodbye ceremony for Mining Minister Johnson Tuke. While the Minister for Mining, Johnson Tuke, prepares for the National General Elections in the coming days, the departments reporting directly to him said farewell to their Minist...

Photo: Harmony representatives present at meeting in Port Moresby with Prime Minister, Honourable James Marape MP (L-R) Mr. J. Van Heerden, Ms. B. Lekubo, Prime Minister, Honourable James Marape MP, Mrs. M van der Walt and Mr. K. Wali. Senior executives from Harmony’s offices in South Africa, toured company assets in PNG this week. They met with Prime ...

PNGX announces that the United Nations Sustainable Stock Exchange initiative has welcomed PNGX Markets, the Papua New Guinea National Stock Exchange, as a new member. PNGX has solidified its commitment to transparency and sustainability by becoming a partner exchange of the UN SSE initiative. The newest partner joins a network of now 114 stock exchange...

Photo: Picture of Ramil meeting new friends in Tari. The country has welcomed the first two tourists from Dubai after the visitors were convinced by the beauty of Papua New Guinea displayed at the world expo in Dubai. Ruslan Tarpan and Ramil Shaidullin from Ukraine and Russia respectively visited the PNG pavilion at the expo2020 and were blown away ...

Photo: OTML Deputy CEO & General Manager Community & Operations Support, Kedi Ilimbit pays his respects to the fallen during the Dawn Service at the Tabubil Country Club on Monday, 25th April Ok Tedi Mining Limited (OTML) observed ANZAC Day with a Dawn Service hosted in Tabubil. A number of employees, contractors, local dignitaries and membe...

Photo credit: BSP According to BSP Group CEO Robin Fleming, the pre additional company tax Q1-2022 financial results were driven by improving economic conditions and income growth, when compared to Q1-2021. “Growth in BSP’s offshore branches and PNG Bank were the main drivers for the overall uplift in underlying Group NPAT,” according BSP Group CEO ...

The new Additional Company Tax introduced following the March 2022 sitting of Parliament, will ultimately increase uncertainty and reduce investor confidence in PNG, says BSP Group CEO Robin Fleming. “Consequently, the Tax may well result in a further reduction in Foreign Direct Investment (FDI) at a time when PNG needs increased FDI,” Mr. Fleming said...